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Business Strategy for Marks and Spencer (Doc)

   

Added on  2020-10-22

11 Pages3105 Words412 Views
Planning the FutureStrategy of Business
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Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1a). Methods of expansion.............................................................................................................1b). Success of business against performance indicators..............................................................3TASK 2............................................................................................................................................4a). SWOT Analysis of business...................................................................................................4b). Barriers to growth...................................................................................................................5TASK 3............................................................................................................................................51. Legislation relevant to employing others.................................................................................52. Legislation relevant to staff welfare........................................................................................63. Recruitment process for a business..........................................................................................6Task 4...............................................................................................................................................71. Management of staff in business..............................................................................................7Task 5...............................................................................................................................................71. Options for growing a new business........................................................................................7CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
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INTRODUCTIONPlanning involves the process of thinking about future activities required to attain goalsand objectives in effective manner (Austin and Dopson, 2018). All organisations plans futurestrategies along with directions for allocating available resources in order to accomplish desiredtargets. To understand the planning of future strategies of business, Marks & Spencer is selected.It is a multinational retailer who wants to start a sister establishment in another area. For such,executives are planning to expand the business in Latvia country. This project report includesbusiness plan, methods of expansion, success of business against performance indicators. Itfurther includes documentations along with SWOT analysis, barriers to growth of businessexpansion. Further, it involves various legislation relevant to employing others, staff welfare andrecruitment process for a business. It also discusses about provisions to manage staff in abusiness as well as options for growing a new business. TASK 1a). Methods of expansion.Business plan is a set document which includes organisational future objectives alongwith strategies to expand the business. It is a strategic tool which helps in focusing on each stepin order to achieve success of new ideas as well as achieving short term and long term objectivesin effective manner. Planning for expansion requires the identification of needs to expand,determining expansion effect, preparing and developing staff personnel through training,considering various methods to expand the business, making investments, planning logistics,implementing strategies, reviewing each stage. Assistant Project Officer of Marks & Spencerwants to expand its business from London to Latvia (FranSource International Inc, 2017).Methods of expansion used by selected firm to expand business are the following: Mergers: It is an agreement between two existing entities to unite into one company.Managers of selected firm uses such method to expand its business with already establishedcompany at Latvia which will help in expansion of new business by expanding market reach,gaining economies of scale and many more. Acquisition: It is a process of acquiring something. Under such method, one companypurchases or acquires all the shares of another company for the purpose of gaining control.1
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Assistant project officer of chosen enterprise uses this method as it reduces barriers to enter inanother areas, getting new as well as innovative ideas to expand the business. Joint ventures: It is a business arrangement where two or more parties join hands oragrees to pool resources in order to accomplish tasks in specified manner. The company ownersof respective firm gives possible control to other companies at another area for the purpose ofexpanding business. Limited Partnerships: It is similar to general partnership where the owners of businesssystem performs roles as well as responsibilities of general partners by using Limited Partnershipsolely for raising capital. Selected company uses this method to raise the capital in order toexpand the business.Marks & Spencer adopts limited partnership method in order to expand its sistercompany in Latvia company. Latvijas Tirgotaju Savieniba is a famous company having itsheadquarters at Latvia country. Selected company expands its business in Latvia by doinglimited partnership which results in maximum market share, defining visibility and many more. Comparison of selected business with another business in the same industry.Marks & Spencer and Asda both the business performs their operations in retail sector atLondon. Comparison is as follows:Basis of comparisonMarks & SpencerAsdaExisting customersMarks & Spencer provides overallsatisfaction to its customers byopening various stores at differentplaces and provide products as wellas services through online modes. Asda is in top five retailsupermarkets in Unitedkingdom and hence, maximumproportion of existingcustomers attracted towardsthe company. Target new marketMarks & Spencer targets new marketon the basis of geographicalsegmentation and customers of allage group to expand its businessoperations. Asda targets new market onthe basis of demographicsegmentation and differenttypes of shoppers. Thecompany has targetted almostall segments in UK society. Introduce new productsMarks & Spencer focuses less onAsda focuses more on2
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