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Integration of Business Functions: Assignment

Added on - 09 Dec 2020

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INTEGRATION OF BUSINESSFUNCTIONS
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................1Theme 1: Strategic changes observed in past few years in business functioning of Mark &Spencer........................................................................................................................................1Theme 2: Impact of strategic changes on marketing strategies..................................................3Theme 3: Variations in business culture due to changes in strategic directions:.......................3Theme 4: Impact of strategic changes on Structure of the organisation:....................................4Theme 5: Impact of strategic changes on leadership:.................................................................4Theme 6: Impact of strategic changes on internal and external environment of M&S:.............4Theme 7: Business functions and impact of marketing business function on performance ofMarks & Spencer.........................................................................................................................5Theme 8: Role of human resource management in M&S...........................................................6Theme 9: Role of operation management in influencing performance of M&S........................7Theme 10: Significance of finance business functions in organisation......................................8CONCLUSION................................................................................................................................8REFERENCES..............................................................................................................................10
INTRODUCTIONBusiness function integration is defined as the strategy which provides understanding ofexternal and internal factors influencing the organisations in context of management andbusiness (Sanyal and et.al., 2018). The essay will explore strategic advancements observed inpast 10 years, which have completely altered the management and business operations oforganisation. It will consider the role of business functions like human resources and operationmanagement, marketing and accounting operations in relation with Marks & Spencer (M&S) thatis one of the most successful multinational retail organisations. It has its dominance in retailingof clothes, food products as well as home appliances. The essay will also explain the impact ofvarious strategic changes on marketing forces, leadership approaches and organisationalenvironment of Marks & Spencer.MAIN BODYTheme 1:Strategic changes observed in past few years in business functioning of Mark &SpencerThe last decade has marked significant changes in strategic direction of organisationsespecially in retail sector. The biggest change observed by M&S is that with changingtechnologies, it is now expanding its operating frame globally via online retailing. Theorganisation provides the facility of e-commerce also sothatcustomers can receive products andservices without reaching to M&S stores.The profit share of M&S in online environment is greater than compared to that inestablished stores. So organisation is continuously engaged in improving its website, which haseasy user interface, convenient interaction facility, safe and secure payment tools and quickmonitoring services for resolving complains and feedbacks at the earliest (Gillespie and Riddle,2015).Instead of focusing and targeting potential buyers, M&S focuses on implementing use ofSTP strategy (Segmentation, targeting and positioning), which assists the firm in targeting widerange of buyers at one time according to their buying preferences.For instance, M&S providesclothing range as well as food products and home products without restricting to any single typeof product and service.1
The most drastic advancement implemented by M&S is in its marketing strategies.Before 10 years, the main policy of an organisation was to advertise with brand value and qualityof products without considering the cost factor. The organisation aimed at maintaining highprices with strong belief that brand name of M&S will force customers to pay even high prices.Nevertheless, in the last few years with huge competitive environment, M&S is trying to sustaincustomers by providing discounts and other benefits. The main cause for this is that onlineretailing has increased transparency, competitive forces and thus customers have great number ofchoices.M&S is trying to introduce innovations in business functioning. Innovations wereconsidered as the least priority by M&S in earlier decades but from last few years, it maintainedthe strong position among its competitors and is trying to keep its approaches and strategiesinnovative.Contrary to the trends of previous year's, organisation now involves corporate socialresponsibilities (CSR) in its strategies so that customers can consider M&S as responsible andsocial and can connect with organisation emotionally (Spence, 2016). M&S achieved thismarketing strategy by involving in charity programs and making environment friendly products.Organisation is strongly making strategic directions such as establishing long-term publicrelation, maintaining brand equity to resolve difficulties for customers. Since customers havevariety of choices so M&S is not leaving any stone unturned to retain its customers.Earlier Marks & Spencer was involved in expanding its market in UK only but since2010, it started investing great amount to make its presence visible in international market. Theaggressive expansion strategy in the international market by M&S Is the result of easy globalexposure provided by digital technologies.Organisation is also aiming at effective human resource management. Before 2010, M&Swas aiming at human resources with great communication and management skills but withonline expansion of M&S, The organisation is concern about technical skill development of itshuman resources sothatthey can also adopt the new strategic directions of digitalization (Whittleand Myrick, 2016).2
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