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Strategic Management Assignment - Marks and Spencer's company

   

Added on  2020-10-05

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Strategic Management
Strategic Management Assignment - Marks and Spencer's company_1

Table of Contents.........................................................................................................................................................1INTRODUCTION...........................................................................................................................2TASK 1............................................................................................................................................3Types of strategy in relation to the schools of strategy and strategic concepts .........................3TASK 2............................................................................................................................................4Model to explore competitive advantage of the company..........................................................4TASK 3............................................................................................................................................6Internal tool analysis ..................................................................................................................6TASK 4............................................................................................................................................9Strategic choice models to sustain the company’s competitive position ...................................9TASK 5.........................................................................................................................................12Resource implications that the company has to address...........................................................12CONCLUSION..............................................................................................................................13REFRENCES.................................................................................................................................141
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INTRODUCTIONStrategic management refers to the process where continuous planning, controlling,determination and assessment of all the resources which are required by a company to achieve itsgoals and objectives. It includes the creation and implementation of the goals and capacity ofwillingness taken by a firm's top level managers on the behalf of the owners and guides theorganisation to make strategies and procedures to follow up to achieve the goals of theorganisation. There are two types of strategy that is business strategy and corporate strategy.This report is about the strategic management of the Marks and Spencer's company. Thiscompany is a retail public limited company which was founded in 1884 by Sir Michael Mark andhas headquarters in London (Barney, 2012). It sells clothes, home products and luxury foodproducts. It includes the types of strategy and relevant models and concepts, exploringcompetitive drivers and the impact on the competitive position of the company. Exploration ofstrategic choice models to sustain the company's competitive position and resource allocation ofthe selected strategy is also mentioned. 2
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TASK 1Types of strategy in relation to the schools of strategy and strategic concepts Marks and Spencer are focusing their main marketing efforts by incorporating in helpingthe communities to do less wastage and more recycling and doing market development. It is amethod where the company is selling its present goods and services into the new market place.The developments in the market might enhance the business of the products of the company tonew segments of the market, there will be new utilisation for the products and services of theorganisation or the new geographical areas which will able to attract new customers for theorganisation (Bettis, 2016). There are several other possible conditions for adopting this strategy,which also includes new market segments for geographical areas for example delivering thegoods and services to a fresh or a new country or place. Marks and Spencer has announced thestarting of the world's most significant store of Marks and Spencer beyond the UK at DubaiFestival City in February 2007. On October 2008 , the company has opened up its first mainlandChina store in Shanghai, which are treated as some exceptional cases of market development.Schools of thoughts for strategy formulation Most of the companies have devoted workforce for the formulation of the strategies andis a very crucial process for the companies because it guides the company as to which directionthe company has to lead and the methods in which a company can get succeeded. School ofthought of strategy formulation is mentioned below:The design schoolIn regard to the process of formulation of strategy, the concentration is on the thought ofideas and to create new ideas and technologies (Boyd, 2012). The internal analysis of the company is done with the help of SWOT analysis. After doing the internal analysis, the organisation makes efforts to match its internalstrength which is needed.This is suitable in a environment which is stable, here stable environment refers to thescenario where the competitors do not interrupt the market all of a sudden and it givesminimum time to the firm to adapt to the marketing conditions. But, conducting an internal analysis of the company is dependent on the knowledge of the firmabout itself. Likewise, to match the internal abilities of the firm to the external market, needs theinformation and description of the external market. Eventually, the limitation of the design3
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