Your contribution can guide someone’s learning journey. Share your
documents today.
DYNAMIC INNOVATION IN CLOTHING INDUSTRY 1
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
INTRODUCTION...........................................................................................................................3 PART 1............................................................................................................................................3 PART 2............................................................................................................................................5 PART 3............................................................................................................................................7 CONCLUSION...............................................................................................................................9 REFERENCES................................................................................................................................9
INTRODUCTION Innovation is stronglyaffecting allIndustriesincluding clothing industries. Astaste, preferences and fashion choices of customers and fashion industry are continuously changing it is essential for an organisation to continuously change their product designs with the help of continuous innovation (Pal and Gander, 2018). Innovation is effectively greening up fashion Industries thus, with the help of this company can effectively able to transform their industries and can take more competitive advancements. Present report has been conducted on Marks and Spencer, a British multinational retailing organisation headquartered in London. Company offers high quality products and services. In this report formative discussions has been made on internal and external strength of company, there competitive strengths and future strategies. Lastly, report includes strategic process model and business practices. PART 1 Internal and External strength and Weaknesses of Marks and Spencer Marks and Spencer is the leading retailing organisation in UK with having 1330 stores around the world. The company was established in the year 1894 with the mission to make inspirational quality products which is accessible to all. Mentioned below there are some internal and external strength and weaknesses of company are defined: 3
Internal Strength:Company is having high brand reorganization and has 1000+ stores across 40 countries. External Strength:Within their Marks and Spencer take advantage of innovation with the help of which they produce products and services of high quality. In addition with this company are having 80000 and more employees those who perform their role for company globally. In addition with this company is investing more in innovation technology in order to offer best quality of products to their customers. Weaknesses:Main weakness of Marks and Spencer is that they offer highly priced product as compared to their competitors in addition with this poor financial performance is also one of the major weakness that increase efficiency of company. Competitive Strength Competitive strength that has been hold by Marks & Spencer is this stand for quality as with the help of innovative tools and Technology Company continuously take advantage of innovations with the help of which they produce highly qualitative products that attracts customer’s attention. Position Marks and Spencer, currently offer their services all around the World company and is continuously growing every year by selling large amount of qualitative products and services. As per the present competitive environment Marks and Spencer takes advantage of crucial strategies with the help of which they maintain sustainable business around the year. As company is having 12.5 billion British retail shops now they are looking forward to expand their business services in Australia. Marks and Spencer now have excellent position in Marketplace in addition with customer support for their brand quality. Areas where improvement required Marks and Spencer is one of the recognisable brand who produce qualitative products and services in order to cope up with modern competitive world Marks and Spencer is required to enhance their Customer services by taking advantage of providing online shopping experience in this they can add user reviews with the help of which they can offer valuable help to customers while they make purchase decisions. With the help of online websites Marks and Spencer can effectively provide detail of delivery time and charges with the help of which customers can be highly satisfied. With the use of innovative technology Marks and Spencer can
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
increase their product quality against their competitors. Further by providing online mode of payment systems Marks and Spencer can provide is to their customers while they make a purchase and save their time and additional cost. By considering all these factors Marks and Spencer can effectively able to increase their organisational efficiency with the help of which they can able to serve the customers with best as per according to current scenario and can increase company productivity and profitability. PART 2 Future strategies for the company using appropriate tools In order to gain high competitive advantage Marks and Spencer are required to take advantage of strategy development in order to formulate future plans of company. As per the evaluation of Marks and Spencer strategy development with the help of ansoff Matrix Company is driving towards change with the help of innovation. Marks and Spencer offer their products with a Moto which is to provide good quality of products and services for customer satisfaction. Company mainly offer their products and services higher than their competitors thus, it is necessary for company to invest in this region and offer prices lower as compared to their Rivals. In addition with this company can take advantage of strategy clock model which is a hybrid strategy with the help of which company can able to provide low price products and services as compared to their competitors. Market Penetration:It is essential for Marks and Spencer to focused towards increasing their market share by achieving competitive advantage in this they can further take advantage of sales promotion, pricing Strategies and Advertising with the help of whicg they can offer aggressive promotional campaigns alone with best effective rising star trees with the help of which they can able to attract attention of customers. Market development: It becomes essential for Marks and Spencer to move towards due to graphical area in order to increase their market share with the help of this taken for the able to develop their market that will let them towards more profitable incomes. Product developmentwith the help of innovation Marks and Spencer can introduce new productsandservicesinexistingmarketforthiscompanycantakeadvantageofnew competencies and financial services with the help of which company can effectively there are goals. 5
Diversification: In this it is essential for company to take advantage of diversification strategies in order to build clear ideas. Along with this company is required to honesty assess to the risk as to reach new markets and successfully meet their organisational goals. Explain and justify strategic choices By taking advantage of strategies development Marks and Spencer can effectively able to offer their products and services with low range as compared to their competitors with the help of which they can not only overcome their one of the major weakness but can also able to gain firstpositioninclothingindustry.Furtherwiththehelpofinnovationintheirproduct Development Company can offer best effective and qualitative products and services to their competitors that will simultaneously help them to increase their profitability and productivity. By choosing the strategy of market development Marks and Spencer can able to offer their products and services to those Areas where the services are still untouched. With the help of all these strategic choices company can effectively able to increase their efficiencies and strength with the help of which they can able to get high profitability (Chiu, Chu and Chen, 2018). The company’s pursuit of competitive advantage Marks and Spencer in order to take high competitive advantages as compared to their competitors penetrate towards innovation in manufacturing of their clothing line with the help of this company can effectively lead towards production of best quality products and services as per according to the customers taste and preferences along with trends that are prevailing in Marketplace. In addition with this with the help of attractive pricing strategy company can effectively able to offer their products in low price range that will simultaneously help them to increase their competitive edge as compared to their competitors. With the help all these pursuits Marks and Spencer can effectively increased their Market Positioning and shares that lead them towards high profitability and productivity. Business practice that consider social and environmental impact In order to ensure long-term sustainability in Marketplace it is essential for Marks and Spencer to follow evolving business ideas they are required to provide positive impact on environmentalandsocialfactors.Thiswillhelpthemtobuildtheirpositiveimagein Marketplace and in customers mind. For this it is essential for Marks and Spencer to abide corporate social responsibility in context with environmental sustainability and conduct their practices in ethical manner. In context with social impact it is essential for company to conduct
their services by analysing customers believes and values with the help of which they cannot hurt the sentimental with any of their activity (Zou and Zhao, 2018). While in terms of environmental impact company is required to ensure that their production and manufacturing process do not harm environment in any way. With the help of abiding all this measures company can effectively able to ensure long-term sustainability in this Marketplace and can gain high customers attraction against their Rivals. PART 3 The Strategy Process Model With the help of strategic planning model marks in Spencer can effectively able to perform strategic planning and can initially access threats, weakness, opportunities and strengths. Further company can implement and evaluate best effective strategic management plan with the help of which they can effectively able to fulfil organizational missions and goals. It is essential for Marks and Spencer to clarify their visions and gather information’s with the help of which they can further able to formulate strategies. Thus, by implementing strategies company can evaluate and control their activities with the help of which they can effectively able to offer best effective services and products. Figure1Strategy Process Model 7
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
Refection As per the evaluation of model it has been identified by me that Marks and Spencer can effectively able to provide best effective products and services with the help of innovation as innovation will help them to increase their market sustainability and can further ensure high competitive advancements against their competitors. Further with the help of lower pricing strategy company can able increase their market position in order to expand their services. Company is required to take advantage of market development strategies. Further I have evaluated that company products are highly qualitative does it is essential for company to offer their products at lower prices as to increase their market competitiveness. CONCLUSION As per the above mentioned report it has been concluded that in order to sustain in Marketplace it is essential for an organisation to take advantage of innovation and different strategies with the help of which they can able to gain high competitive advantages. By considering all these Factors Company can effectively able to satisfy needs of customers and can further increase their competitive image in Marketplace.
REFERENCES Books and Journals Pal, R. and Gander, J., 2018. Modelling environmental value: An examination of sustainable business models within the fashion industry.Journal of cleaner production,184, pp.251-263. Zou, Y. and Zhao, W., 2018. Searching for a new dynamic of industrialization and urbanization: anatomy of China’s characteristic town program.Urban Geography,39(7), pp.1060-1069. Adam, M., Strähle, J. and Freise, M., 2018. Dynamic capabilities of early-stage firms: Exploring the business of renting fashion.Journal of Small Business Strategy,28(2), pp.49-67. Ayertey,S.andOzuem,W.,2018.DevelopingCompellingOnlineRecoveryStrategies: Implications for the Fashion Clothing Industry. InDigital Marketing Strategies for Fashion and Luxury Brands(pp. 264-288). IGI Global. Balsiger, P., 2018. Explaining dynamic strategies for defending company legitimacy: The changingoutcomesofanti-sweatshopcampaignsinFranceandSwitzerland.Business& Society,57(4), pp.676-705. Chiu, M.C., Chu, C.Y. and Chen, C.C., 2018. An integrated product service system modelling methodologywith acasestudyof clothingindustry.InternationalJournalofProduction Research,56(6), pp.2388-2409. 9