Entrepreneurial Project: Analysis of Internal and External Environment of Marks and Spencer

This report analyzes the internal and external environment of Marks and Spencer, including SWOT and PESTLE analysis. It also explores the opportunities and risks present in the market. Aims, objectives, and data collection methods are discussed.

Entrepreneurial
Project

Table of Contents
CHAPTER 1: INTRODUCTION....................................................................................................2
Organisation review....................................................................................................................2
Data collection and analysis........................................................................................................3
CHAPTER 2: LITERATURE REVIEW.........................................................................................3
To evaluate about the various models that can be used by Marks and Spencer to have better
analysis of its internal and external environment........................................................................3
SWOT Analysis..........................................................................................................................4
PESTLE Analysis.......................................................................................................................5
To analysis about the key opportunities and risk which are currently present in the market
environment of Marks and Spencer............................................................................................6
Scenario Planning.....................................................................................................................12
CHAPTER 3: RESEARCH METHODOLOGY...........................................................................14
CHAPTER 4: DATA ANALYSIS AND DISCUSSION..............................................................15
VRIO analysis...........................................................................................................................15
Porter's five forces model..........................................................................................................17
CHEATER 5: CONCLUSION......................................................................................................18
Conclusion................................................................................................................................18
REFERENCES..............................................................................................................................20
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CHAPTER 1: INTRODUCTION
Entrepreneurial projects refers to a tool that is used to implement the programmes for
attaining the objectives that are stimulate work of multifunctional groups, integrate the experts
with the organisation and developing the networks, encouraging the short terms returns related to
the investment that made by the organisation for gaining the higher profits (Di Muro, Lecoeuvre
and Turner, 2020). Management defines as a process of managing, planning, organising, staffing,
directing the task within the organisation or industry so that work can be done smoothly and
efficiently. This report is based on the identification of organisation, data collection and analysis
with the use of secondary sources, reviewing the literature and at last reflects the growth strategy
proposal that helps in sustaining and gaining the more profitable results. This report is based on
the Marks and Spencer that is an emerging organisation in UK that is a largest retailing British
multinational company. The organisation can deals in selling clothing, food, home wares,
financial services etc.
Aims :
The major aim of this study is to evaluate the several models which is adopted by the
Marks and Spencer to examine the internal and external factors along with opportunities and risk
that is currently present within the market and developing the strategies that helps in higher
growth and success for longer survival of the company.
Objectives :
 To evaluate about the various models that can be used by Marks and Spencer to have
better analysis of its internal and external environment.
 To analysis about the key opportunities and risk which are currently present in the market
environment of Marks and Spencer.
Organisation review
Marks and Spencer is a largest British multinational retailing company that is
headquartered in the London, England United Kingdom. The organisation mainly deals in the
several products and services that are home wares, clothing, good products, financial services
with their own label. This business enterprise can deals in all over the globe and have 959 stores
in the UK. Marks and Spencer can adopted the several promoting tools to promote their goods
and services that are television, social media etc. In recent time company will focus on attracting
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the several opportunities and for this they can highly emphasised the internal and external factors
by using the various aspects. In this management of the company play a essential role to gain the
higher profits and revenues. Within the organisation there are approx 80000 employees are
working under the several brands. In recent term firm will focus on grow their market to
analysing the opportunities and risk present within the market so that success can be enjoyed by
the organisation in their long term survival (Günzel-Jensen and Robinson, 2017).
Data collection and analysis
Data collection refers to the process of gathering, collecting, storing, measuring the
information in a systematic manner that is helpful to giving the answer for the research
questions. For researching the project on Marks and Spencer, this project study used the
secondary sources such as internet etc. to complete the objectives. It helps in providing the
reliable and validity solutions in an systematic way. For research strategy the researcher can
focus on proper guidance, planning and evaluation so that targets related to the research can be
complete (Mariño-Garrido, García-Pérez-de-Lema and Duréndez, 2020).
CHAPTER 2: LITERATURE REVIEW
To evaluate about the various models that can be used by Marks and Spencer to have better
analysis of its internal and external environment.
As per the viewpoint of Simeon Belov, there are several resources which is used by the
Marks and Spencer that are financial resources, Physical resources, Organisational resources. All
these resources are very helpful to examine the internal factors. These resources are very
effective for the company to gaining the high profitable results and capturing the more
opportunities. In this entrepreneurial orientation is also to be included that can show the
processes, decision making style of the company. This will helps in growing the market and
profits within the business industry. In this the founder of the Marks and Spencer, Micheal
Marks is influenced by the trends within the customers, competitors presents within the
marketplace etc. all these helps in identifying the internal factors so that firm will concentrate
effective in their growth.
As per the author viewpoint Thomas Bush, it is reflected that Marks and Spencer can
adopts the use of environmental analysis for gaining the higher opportunities and threats so that
profitable results can be enjoyed. In this researcher can used the socio cultural influences for
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examine the preferences of customers, identifying the global, regional and emerging markets and
also the competitive advantage that helps in examine the rivals that are present within the
marketplace. In environmental analysis helps in identifying the several aspects related to the
environment that will affect the company growth and sustainability. It is very vital to understand
the several opportunities and risks that are present in market (Schön, Voigt and Jagrikova, 2018).
SWOT Analysis
In context to M&S, the SWOT analysis is discussed below-
Strength
 The company Marks & Spencer have a
high recognition of brand. It is called
the giant of UK market as it is known
in the market for its high quality which
it is providing from the last many years.
Customers go to this brand and finish
their shopping in one go (Ratten, 2020).
 The organisation Marks & Spencer has
a wide variety of products in their
every store which helps the customers
to chose from the best. It has around
400 varieties and 1200 suppliers which
add to its strength. The company has large number of
stores as of around 900 stores
worldwide and 600 stores across the
country UK. This shows that it has
wide business and sales due to its
reasonable cost and the high quality
products.
Weakness
 The company Marks & Spencer uses
old techniques where the manual
working enhances the cost. It does not
follow the new techniques due to many
aspects like increased time, money, etc.
As large companies keep focus on new
technologies but the main drawback of
this company is that it does not utilise
technology which decreased work
efficiency.
 The bad publicity of the organisation
Marks & Spencer has become a major
drawback where the company is out of
fashion and also non trendy. These
wrong assumptions are making the
company non trendy which affect the
business.
 The company has poor financial
planning as its liquid asset ratio and
current asset ratio depicts that it can
utilise its fund in a more efficient
manner.
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Opportunities
 The decreased cost of transportation
may open an opportunity for the
company as it can lower its shipping
price and boost its profitability and
sales and capture larger market share. The company can utilise new
technological advancement where it
can practise differentiated pricing
strategy in the new market.
Threat
 The changing trends in clothing sector
may be threat to the company as it vary
time to time and company manufacture
its own clothes under its brand name.
 The competition in the market is
another threat where the company has
threat to lose the scope in the business
(Behrens and Hummel, 2016).
PESTLE Analysis
According to Murphy, F (2019), PESTEL analysis can be referred to as the tool which
can be devised to conduct the external analysis of the business environment where the company
exist. It is an important step where the organisation devise the particular strategy in an effective
manner so that it can enhance the sustainability and profitability of the company. In context to
Marks & Spencer, the PESTEL analysis is done below- Political- It involves the political environment of the area where the business is operated.
The free trade which have been established between multiple countries have benefited the
company M&S. The organisation now operates in many locations and gets great benefit
from it. This allows the company to import foreign products at cheap prices which helps
in maintaining the good profit margin (Lai and Wan, 2019). Economic- It involves the economic factors like inflation, foreign exchange, economic
stability and many other. The monetary and fiscal policies of the UK are strong enough as
the government have strong finance and has maintained low rate of inflation. This helps
the company to increase its profitability. Social- It is concerned with the needs and preference of the customers. The company
keeps up to date with the coming trends by expanding its brand. Earlier in the past, the
cheap clothing trends affected the business of the company but the organisation M&S
keep up with the trends and provided less expensive version of its clothes to its
customers.
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 Technological- It involves the adaptation of technology into the business. The company
M&S initiated the technology transformation program where it become the first digital
business and worked towards growth and success. It understands the role of technology
and adopt it in order to enhance the productivity. Legal- It is concerned with the legal compliance and consequences of non compliance.
The company m&S conducts regular training session for its employees so that they can
get familiar with the changing laws of different countries.
 Environmental- It involves environmental concerns which is affected by the operations
of the business. The company works towards saving the environment and has recently
come up with the green policy so that a positive impact can be made on the community,
well being and the planet (Rodrigues, Ferreira and Silva, 2020).
To analysis about the key opportunities and risk which are currently present in the market
environment of Marks and Spencer.
Analysing opportunity for market development:
According to Schmidt. S, (2018), opportunity analysis is the process which narrow down
separate opinions which are provided from different sources and make sure that the focus is
made on that so that it results in highest potential for the success. It refers to the establishment of
the demand and the competitive analysis together with the market environment and condition
study so that strategy and plans can be made accordingly by having clear vision for it.
According to situation analysis which has been conducted, it is identified that there are
mainly two strategies which can be exploited by M&S (Xue and Mason, 2019). The external
market condition and the current scenarios suggest that coronavirus and Brexit are two
influential factors which has affected the working of the company. The company can opt for
market development where it can enter new market with its existing product. It can be an
international market where it has not expanded its operations like India so that it can explore new
market and another strategy can be product development where it can improve its product
portfolio and add more products to it so that it can attract more customers.
In view of Aven, (2012), the process involved in strategic dissect begins with researching
and conducting investigation about the different approaches and strategies for the respective
business entity (Gabay-Mariani, 2020). The process is important and necessary to follow for
enabling in developing strategic planning and decision making. Marks and Spencer can make use
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of three parameters to make their assessment those are Risk analysis, Scenario Planning and
Assessment of Ethical and Corporate Social Responsibilities within the company.
According to Miryam, (2020), risk analysis is a wide process which is used for
identifying and analysing number of potential issues and future events which can cause negative
impacts over the brand and how much each risk will be impacting the business. The key
objective behind holding and conducting this assessment is to make effective review of future
situations through which company will go through in case of managing and facing the risk and
related situations (Lai, Zhao and Wan, 2019).
For Marks and Spencer, the risk analysis is performed in order to determine risks and
mitigate their impacts to a certain level. As well as to recognize some of the opportunities while
doing so. The risk analysis of Marks and Spencer is presented underneath:
RISK RISK
SOURCE
DESCRIPTION LIKELIHOOD
OF THE RISK
IMPACT
OF THE
RISK
MITIGAT
ION
STEPS
Authorisati
on
restrictions
Market
developm
ent
This risk will be
faced by Marks
and Spencer,
while planning to
move and grow
by expanding in
other regions
and countries.
Every nation has
its barriers and
challenges which
can cause huge
risk for company
while moving
and conducting
their business.
5 1 The risk
arising due
to market
expansion
can be
easily
mitigated
and by
using the
best tool
that is
research
and
developme
nt R&D.
Through it
the
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company
cam easily
recognise
the
potential
areas which
needs to be
focused in
case of
making
appropriate
measures
and
balances
(Ferrandiz,
Fidel and
Conchado,
2018).
Competitio
n
Market
developm
ent
Another potential
risk which can be
in path of marks
and Spencer
while developing
new market in
other Nation is of
increasing
competition
which can lead
the opportunity
into a threat by
turning the
4 5 The best
way to
reduce the
implication
of
increasing
competitive
ness of
existing
competitors
in the new
market the
best useful
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positive aspect of
growth and
expansion into a
negative one
indulging huge
cost, resources
and time (Kun,
2017).
resource is
again the
research
and
developme
nt
department
of marks
and
Spencer
which can
help in
mitigating
the risk to a
certain
level.
Rapid up
gradation
of
technology
Product
developm
ent
Another risk
which will be
encountered by
marks and
Spencer while
adopting the
opportunity of
diversification
and development
of new product.
This is because
according to
present scenario
of market trans
are constantly
5 5 In order to
reduce the
risk of
failure of a
new
product a
major
approach
which can
be adopted
by marks
and
Spencer is
to develop
a product
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changing with a
very high pace
and this rapid
change in need
and requirement
of people can
lead the company
towards a risk of
unfavourable
Ness been
created in the
market for the
new product
which is
developed.
according
to the
current
market
trends and
also to
make it
strong
enough that
no other
substitute
can replace
its value in
the market
(Verzat and
Liu, 2019).
Exceeding
costs
Product
developm
ent
Moving along
with risk analysis
another type of
risk which can be
faced by marks
and Spencer in
future while
developing new
product is in
regarding to its
cost and
inclusion of huge
amount of money
as well as other
resources.
3 3 The only
option
which is
available in
front of
marks and
Spencer to
reduce this
type of risk
is ensuring
that the to
monetary
resources
from which
the
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company is
funding its
product
developme
nt are valid
and some
provisions
are also
developed
by the firm.
Less
employmen
t
Firm
alliances
There are
different types of
entry roots which
can be adopted
by company
(Zhongru, 2017).
While doing so
making alliance
with the
competitor is a
very strong and
potential option
available but this
is a risk as well
for the company
as company can
use its workforce
and potential
employees.
2 4 This is a
kind of a
risk which
is needed to
be taken by
marks and
Spencer but
can be
managed.
The
company
needs to
make sure
that every
employee is
getting
employmen
t when they
are merging
with
another
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company or
acquiring a
new
competitor
in the new
market.
From the evaluation conducted in the table it is highly prominent at marks and Spencer
will be facing the discussed risks while making efforts to grab different opportunities of growth.
But according to the table there are certain ways in which the organisation can mitigate and
manage these risks as well as can eliminate them with the help of effective steps and procedures.
Scenario Planning
According to Diam, (2013), scenario planning is a process by which the management of
the organisation develop certain assumptions in regard to the future of the company. Wine
making assumptions and predictions for future the management of the organisation also
identifies the future stages about how things are going to be in coming period. as this is a
assumption based approach its accuracy is not high enough. The process of scenario planning has
four different stages that are elaborated below in regards to marks and Spencer for analysing the
opportunity and the associated risks with it according to the risk identification conducted about.
Thus, scenario planning of marks and Spencer is presented below (Martens and et. al., 2018).
Identifying driving forces is the first stage of the planning process where all the different
factors that can drive change towards company are identified. In regards to the same basically the
factors identified are based on shift taking place in economies, technological changes, political
differences and societal changes. Marks and Spencer operates in retail sector and fashion
industry which is highly influenced due to the economical change that is generated because of
Covid-19 pandemic around the globe.
Identification of uncertainties is the second stage of the scenario planning framework in
which the driving forces that are identified in the above stage that is economic variations can
bring in significant uncertainties for the company in near future and even in long run (Latif and
et. al., 2020).
Developing scenarios and discussing implications is it third and the fourth stage where
a matrix is developed on the basis of both the driving forces and the uncertainty is found out in
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the two stages above. According to the evaluation The Matrix will be having to access
representing two critical uncertainty that are found out which will be presenting different
possible scenarios which will be causing you trouble for the organisation today and in future as
well.
Growth strategy proposal:
Growth strategy can be referred to as the plan which focuses on growth of the business
operations into the market. The growth strategy proposal is the plan which is developed which
includes many approaches and strategies which is based on the growth opportunity of the
company. There are three opportunities of growth for M&S and by considering these
opportunities, there are three growth strategies which have been identified and illustrated below- Resource led approach- It is an approach which includes the strategies for growth which
is provided by the resources of the company. M&S can utilise this opportunity and grow
by launching new product or service into the market. The company can improve its
supply chain by using the resource led approach and grab opportunity for growth and
success (Bolli, 2018). Market led approach- It is that growth strategy which is driven by market forces. As
Marks & Spencer is a large company which is operated in multiple locations of the world.
For grabbing the opportunity which is led by market, the company M&S can launch its
products in the area which has not been explored yet. This can be most influential growth
strategy for the organisation. The company M&S can launch its products in India where it
can adopt new opportunity for growth (Sedkaoui, 2018).
 Partnership and alliance- This opportunity can be grabbed by the company by making
any partnership and alliance with the competitive companies either by way of acquisition
or merger. The company may grab this opportunity by merger or acquisition with its
competitors like Tesco. Through various ways, this opportunity can be grabbed.
Partnership is the technique where M&S can partner their operations with the companies
which operate in same sector. Alliance is another technique by which M&S can merge
with other competitor enterprise in order to reduce the competition. Alliance can also be
formed through acquisition where the company M&S can acquire the competitive
company and use its resources in order to gain competitive advantage.
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CHAPTER 3: RESEARCH METHODOLOGY
This section of the research report comprises of the information relating to approaches and
methods which can be used to conduct the investigation which involves collection and the
analysis of the data in order to reach the suitable and viable result so that desired objectives can
be achieved in an efficient manner. With respect to the investigation on M&S, implication of the
research onion is prepared to opt the suitable method whose description is given below- Research philosophy- It consists of the first layer of the research onion which contains
four types of research which are realism, interpretivism, pragmatism and positivism.
From the above research philosophies, interpretivism is best suitable for Marks &
Spencer as it gives support to the qualitative nature of the data and provides the efficient
way for developing better perception about the understanding of the reality (Hichri and
et. al., 2017). Research approach- This research onion has divided the layer into two types which
consists of deductive and inductive approach. Inductive approach is best suitable for the
current investigation as it will lead them to the theoretical way of the research in order to
support and effectively analyse the qualitative data. Research strategy- It consists of wide range of the research strategy which consists of the
action research, interview, survey, experimental research, case study research and also
the systematic literature review. For the current investigation, survey strategy is made
which comprises of the analysis and the review of the secondary information which is
available to get and meet the better understanding of the set objectives. Choices of method- This layer consists of the two main kinds of research method which
are quantitative and qualitative. For the current research, qualitative research method is
suitable as it provide more in depth information in the theoretical form so that a better
perception can be gained and an understanding can be made about the set topic and the
objectives (Kuesshauer and Baum, 2020). Time horizon- It is the fourth and outer most layer of the research onion which consists
of two time frames which are longitudinal time horizon and the cross sectional. For the
current research, cross sectional shall be most suitable as it ensures the completion of the
work in the shorter period of time and can help to present the activities of the research in
the single and specified time period.
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 Data collection- It is also called the gathering of the information and data from many
different resources which are present in an internal and external environment of the
company. Generally there are two main tyoes of sources of data which are primary and
the secondary. The former consists of the collection of the data directly from the
respondent which is considered as the time consuming and the complex process. And the
later is the secondary source which consists of pre collected data or information which
exist priorly and is easily available from the past literature and the facts. The data is
sorted and the required information is collected from it. The data which is collected from
different methods and sources are required to be processed in order to extract the required
information and the improvement in the knowledge (Colom Molés, 2017). In context to
Marks & Spencer, secondary data collection method is used and also situational analysis
is done for the company so that appropriate growth opportunity can be identified. The
secondary method of research is chosen as it is less time consuming and give a better
understanding and the support about the topic which will help in analysing and evaluating
the pre existed data so that set goals and objectives can be accomplished in less time.
CHAPTER 4: DATA ANALYSIS AND DISCUSSION
In regards to all the discussion and investigation conducted in the report above it can be
easily stated that management is a process which involves different stages and processes
comprising of planning, decision making, organising, directing, motivating and controlling
different elements and factors associated with the company such as different resources of the
organisation and many more. Thus, in regards to be more specific and relevant to the
organisation there are certain internal table it is and strengths of marks and Spencer which can be
identified with the use of different tools and frameworks like VRIO analysis and porter’s five
forces.
VRIO analysis
In regards to the framework it is identified as a model which has four variables that are
valuable, rare, imitate and organised. All these four factors signifies certain resources of the
organisation which enable it to gain assistance in regards to getting higher competitive position
in the market against all rivals. Along with it the model also helps the company in assessing and
15

identifying the availability of resources in the marketplace. The VRIO analysis of marks and
Spencer is conducted below:
Resources V
Valuable
R
Rare
I
Inimitable
O
Organized
Financial
resources
Yes Yes Yes Yes
Products Yes Yes Yes No
Skilled workforce Yes Yes No No
Patent Yes No No No
 Valuable: The financial resources of marks and Spencer are its most valuable resources
as it enabled The entity and opportunity to focus on its diversification and expansion
strategy with the change in period of modernization providing vast growth opportunity.
Along with it the product line of the brand also valuable offering great boost in entities
sales and profitability. The workforce and the patents are also valuable to the entity as it
enables the company power to stay competitive and unique in the market from rivals.
 Rare: The rarity factor is provided to marks and spencer through its financial resources
product offering and employees. The financial resources of the company render it a
strong cash flow and financial position in the market which cannot be easily influenced
by the entry of new organisations (Secundo and et. al., 2017). Along with it the human
resource of the organisation, their skill sets as well as their experiences are there which
offers them rare capabilities that are used by them in the organisation while working. The
third is a resource of marks and Spencer is its product offering which is unique, new and
aligned with the current market trends as well as requirements offering rare value
amongst competitors.
 Imitable: Moving along further to the inimitable factor the financial resources off marks
and Spencer are highly innovative as the company uses most of the resources from its
profits that are earned in the previous year. Along with it the product offering of the
company is also inimitable because of the patents company gets on their unique designs
and fashionable materials.
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 Organised: The money and funding sources of the company are organised by using
proper planning processes in order to make appropriate investment in the most potential
areas for appropriate time period and gaining the best result. Thus, the only resource and
capability of marks and Spencer which is organised is its funds and extra money available
with the firm.
Porter's five forces model
Apart from the above framework of VRIO one more tool which will provide better
knowledge to the company in regards to its competitiveness and the implication of different
forces available in the market is Porter’s five forces. The framework is useful for identifying
different forces and their power over the organisation in the long run. Therefore, the porter’s five
forces of marks and Spencer is conducted below in regards to conduct competitive analysis as
well as understanding the aggressiveness of competitors that are available in the market.
PORTER’S FIVE
FORCES
DESCRIPTION
Threat of New
Entrant
The first aspect of the model is related with the force that are imposed
by the new entrants within the industry. The force imposed by the new
competitors developing in the market and the industry where marks and
Spencer deals is very low on the organisation. This is because the
company is huge holding a position and presence in the whole world
which is why it is difficult for beginners to impose high level of force
over it and its competitiveness (Malsch and Guieu, 2019).
Bargaining Power
of Suppliers
The next force is of suppliers and their bargaining power which is also
low in concern of marks and Spencer because the company is dealing in
different markets with number of products and range of services. This
type of portfolio of the entity offers at an advantage of being
independent. Therefore the external suppliers do not hold any sort of
power or force over marks and Spencer.
Bargaining Power
of Customers
The third force is of customers and the potential buyers of the
organisational products as well as services. This force is not High but it
is moderate. The sole reason behind it is increasing uncertainty of
market and revolution coming in the fashion industry as well as retail
17

sector. This leads to handing over a little more power in hands of
customers and increasing their aggressiveness over the company.
Threat of
Substitutes
The second last force talks about the power of substitutes over marks
and Spencer which is significantly moderate as the threat of substitute
develops because of innovation and creativity taking place within the
market. In regards to the same marks and Spencer already make sure
that it is competitive enough in the market for which it always takes up
innovative approaches to serve its customers and to present a unique
design of clothing as well as services in front of them every season
(Berbers, Van Hemelrijck and Londers, 2018).
Existing Rivalry The last force that exist in the market is of rivalry that is the existing
competitors of the organisation. The industry in which marks and
Spencer deals is highly competitive and aggressively changing. This
leads to the end result of imposing high force marks and Spencer by
other competitors in the market due to their increasing aggressiveness
and strategic approaches to sustain and stay highly competitive in the
market. Therefore this force is extremely high for marks and Spencer
and the company needs to make appropriate steps in order to keep up
and fight back.
CHEATER 5: CONCLUSION
Conclusion
From the above analysis it is to be concluded that management and entrepreneurial is a
prominent concept within the business industry. These two terms helps in gaining the higher
profits and revenues in the global and international market. Entrepreneurial concepts contains
the major opportunities within the business industry for enhancing the growth and satisfying the
requirements of the customers. It inculcates the overview of organisation that helps in enhancing
the knowledge related to the business that helps in researching the market and gaining
competitive advantage for a longer period of rime. In this data collection is very helpful to
examine the several factors effectively and effectively. After this literature review helps in
examine the several concepts related to the entrepreneurial projects and at last growth strategy
18

proposal is to be adopted for growth and enhancing the business in the globe by attracting the
more and more customers.
19

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European Society for Engineering Education; Brussels.
Bolli, M., 2018. Open Innovation for Development: An Educative and Entrepreneurial Project
between Shenzhen and Addis Ababa (No. POST_TALK).
Colom Molés, A., 2017. Entrepreneurial project: the black truffle a sustainable business.
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entrepreneurial project-oriented organizations: The case of Pagani
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Ferrandiz, J., Fidel, P. and Conchado, A., 2018. Promoting entrepreneurial intention through a
higher education program integrated in an entrepreneurship ecosystem. International
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