Formation and Early Stages of Marks & Spencer

INDIVIDUAL
REPORT

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................2
MAIN BODY..................................................................................................................................2
Formation and Early stages of Marks & Spencer........................................................................2
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8
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INTRODUCTION
Entrepreneurship denotes to the concept of evolving and managing a business enterprise
concerning to gain profit by taking no. of risks in the corporate world. It plays a crucial role in
the economic development of country and enlarging global market. Entrepreneur is a person who
undertakes the responsibility and risk to start new venture by involving capital and labour to
produce goods and generate profits by selling those goods and services.
Marks & Spencer Plc frequently known as M&S is the Britain’s multinational retail company
offering superior quality clothing, home and food products. Company was founded by Michael
Marks and Thomas Spencer and is headquartered in London, England, UK. Marks & Spencer
has number stores across the world and also sells its food products online food and beverages
delivery app and sells its clothing and home products through its own website and app and by
collaborating with other e-commerce websites. This report examines the formation and the early
stages of Marks & Spencer.
MAIN BODY
Formation and Early stages of Marks & Spencer
Marks & Spencer plc was started in 1884 in an open market as a stall in Leeds, Yorkshire
(Marks and Spencer History, 2020). At that time, the business was run by the Michael Marks as
Marks Penny bazaar offering toys, home products, and haberdashery. At the early stage, when he
came in Yorkshire as a Jewish refugee he just acquired product from someone and sell them
saying everything cost a penny. Michael to expand and grow his business decided to look for
partner who can invest in his business, initially he contacted Isaac Dewhirst, who lend him
money for setting up stall business but he declined and referred to contact Thomas Spencer who
may invest in his business. In 1894, Michael Marks did partnership with Thomas Spenser and
Marks & Spencer came into existence. Thomas invested £300 and had good accounting and
administrative skills which benefitted Michael in business and helped him with selling and
dealing extremely well to people (Marks & Spencer Plc, 2020). Marks & Spencer at their stores
which they called “penny bazaars”, keep the stores slogan as penny price product with the
addition to it Admission free, this was there successful marketing strategy at that time which
encouraged customers to browse the products at stores without any obligation of buying them, it
was innovative and unheard at that time, made every possible customers stop at their stores and
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