Report On Mark & Spencer - Business Strategies | Differentiation
Added on 2020-02-05
17 Pages5936 Words60 Views
Research methodologies1
EXECUTIVE SUMMARYIn the highly uncertain, competitive and complex business environment, companies arerequiring to make best strategies and decisions which can bring competitive success to the entity.Although in UK, rapidly growing retail sector and growth in market demand brings opportunitiesfor the retailers, but still, at the same time, number of large-sized retailers gives rises to thecompetition level. As a result, it becomes very important for the players to bring someadvancement, uniqueness and innovative in their goods and service delivery system to meet theirconsumer expectation appropriately. The present research report has focused on different strategieslike differentiation, technological innovation and up-gradation, quality management system, productdevelopment, marketing and resource-based system that can strengthen competitive position of thefirm. In such respect, one of the global retailing organization, Marks and Spencer (M&S) has beentaken into account that deliver home products, food and clothing items to the global consumer base.The report also identified that competitive benefits help business to maximize their audiences,turnover, profitability and strategic capabilities of the firm to defeat rivalries and reach goals in thetough competitive market place. 2
Table of ContentsTITLE...................................................................................................................................................4INTRODUCTION................................................................................................................................4Significance......................................................................................................................................5Rationale...........................................................................................................................................5Research questions............................................................................................................................6Research objective............................................................................................................................6LITERATURE REVIEW.....................................................................................................................6Concept of competitive advantage and its importance.....................................................................6Different strategies and ways to gain competitive benefits..............................................................7Impact of competitive advantages over business performance and success...................................10RESEARCH METHODOLOGIES AND DESIGN...........................................................................10Research paradigm..........................................................................................................................10Research approach..........................................................................................................................11Type of investigation......................................................................................................................11Research design..............................................................................................................................11Source of data collection................................................................................................................12Sampling technique........................................................................................................................12Sample size and respondents..........................................................................................................12Analytical method...........................................................................................................................12Limitation of the study....................................................................................................................12ETHICAL CONSIDERATION..........................................................................................................13OUTCOMES......................................................................................................................................13TIMESCALE AND GANTT CHART...............................................................................................13CONCLUSION..................................................................................................................................13REFERENCES...................................................................................................................................153
TITLE“To identify various business strategies to gain competitive advantage”, A case study ofMarks and Spencer (M&S) INTRODUCTION With the changing era and dynamic corporate world, each and every enterprise is highlyconcern about the ways by which they can gain competitive success over rivalries. The reasonbehind this is over the years, the need and desires of the society has been changing rapidly anddynamically, henceforth, now-a-days, only those enterprises can run their business successfully whoare offering great value and some uniqueness in their goods and services to the people. Competitiveadvantage or benefits is the key that drive success to the entity in varied ways (McNabb, 2016). InUK, retail sector plays an inevitable and important role in the success of the economy as this is oneof the private industry that contributes excessively to the economic growth and development. It canbe evident from the 2015 statistical reports that measured that British retail industry generatedturnover worth 339 GBP billion, employed 2.8 million people and contributes 5% to the GrossDomestic Product (GDP). Currently, there are more than 290,315 retail outlets that are deliveringretailing services to the British consumers. Moreover, the proportion of online sales is 12% which isrising continuously increasing at a growth rate of 10% annually. Tesco Plc, M&S, Sainsbury, WMMorrison, Arcadia Group, ASDA and Aldi etc. are the top most leading retailers and key players inthe retail sector. In addition to this, as per British Retail Consortium report (BRC), it has beenpredicted that by the end of 2025, UK retail industry will offer 900,000 additional jobs to thecountry, which in turn, helps to minimize unemployment rate and grow economy (UK RetailEconomics, 2015). Growing market demand is the main reason that attracts more and more entrepreneurs tostart operations in retail industry. However, at the same time, industry is also facing several issuesand difficulties in running a successful business. Tough and immense competitive market is themain difficulty that British retailers are facing, in such respect, every merchandiser have to competewith each other to deliver superior quality and excellent services to the consumer (Nguyen, Nguyenand Bosch, 2016). Henceforth, the main focus of the organizations is on evolving and integratingvarious business strategies and tactics by which they can gain competitive success over rival firms.Companies are striving with the competitors by focusing on their omni-channel retail services torender a seamless shopping experience using different mediums like online, physical stores, mobile,phone and so on (Overview of retail sector in UK, 2016). Moreover, change in society’s need anddemand makes it essential for the firm to address regularly that consumer preferences and deliver4
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