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Context of Business Assignment - Marks and Spencer

   

Added on  2021-01-01

9 Pages2655 Words468 Views
CONTEXT OF BUSINESS

ContentsINTRODUCTION.................................................................................................................................31: A Brief history and summary of the business and the rationale for choice....................................32. According to your research, discuss their vision, leadership style and management practices and the various strategies making use of various theories you have studied as evidence.........................43. Analyze how above have been achieved or implemented by this firm giving suitable examples...6Recommendations for improvements................................................................................................7CONCLUSION.....................................................................................................................................7REFERENCES......................................................................................................................................9

INTRODUCTIONLeadership refers to an ability and skills of individuals with the help of which they caninfluence the behaviour and perception of others in desirable way. In an organisation, managers havesuch kind of skills by which they can get work done from the workers in an effective and efficientway so as to achieve desired goals and objectives of an organisation. Leaders has perform variousfunctions such as motivating and guiding workers towards achievement of desired objectives, creatingbetter relations between workers and organisation through providing them appreciation for their work.For this, there are various types of leadership styles and management approaches such as bureaucratic,autocratic etc. which are required to adopt in order to bring efficiency in work of employees. Thepresent assignment report is based on Marks and Spencer which is engaged in providing multiplerange of products and services including clothing, luxurious food and home products. It wasestablished in the year 1884 by the Michael Marks and Thomas. The project discusses the briefhistory of company, leadership and management styles, vision of firm and their different strategies torun business more successfully.1: A Brief history and summary of the business and the rationale for choiceMarks and Spencer is UK-based organisation which deals in wide variety of products such asclothing, home and luxurious food products. It is operated in multiple number of nations such asIndia, USA and many more. Its headquartered is located in Westminster, London and run in form ofpartnership between Michael Marks and Thomas Spencer (Amagoh, 2019).HistoryMarks and Spencer is globally successful business organisation which was established in theyear 1884 by Thomas Spencer and Michael Marks in the year 1884. In the year 1884, Marks met IssacJowitt Dewhirst while doing work. Dewhirst give 5 Pound to Marks to establish his Penny Bazaar onKirkgate Market. In the year 1894, Marks acquired a permanent stall in Leed’s market where heinvited Spencer to join his hand and become a partner. From then to now, they both reach theirbusiness at global level by expanding to Afghanistan, Austria, France etc.Summary of the businessMarks and Spencer is multinational organisation who is more popular in UK due to havingspecialisation in selling clothing, home and luxury food items. The company is listed in the LondonStock exchange and named in FTSE 100 Index. M&S is currently operating its business with the helpof their over 979 stores out of which 615 stores are located in UK only. In the year 1998, M&Sbecomes the first British retailer to generate a pre-tax profit of over 1 billion pound. The company hasemployed more than 80,000 employees who contributed their maximum efforts in achievement oforganisational goals and objectives (Ardichvili, Cardozo and Gasparishvili, 2018).

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