Table of Contents INTRODUCTION...........................................................................................................................1 QUESTION 1...................................................................................................................................1 a. Critically evaluating company's approach.........................................................................1 b. Presenting the main area of concern with regards to Marks and Spencer's external environment............................................................................................................................3 QUESTION 2...................................................................................................................................5 a. Critically evaluating company's risk management in strategic planning process...............5 QUESTION 3...................................................................................................................................7 a. Presenting stakeholder theory and critically analysis of the organization's relationship to each stakeholder groups in M&S...........................................................................................7 b. Corporate Social Responsibilities (CSR)...........................................................................9 CONCLUSION..............................................................................................................................11 REFERENCES..............................................................................................................................12
INTRODUCTION Strategic Management is continuous process of planning, monitoring and analysis of all that which are necessary for an organization in order to meet out the goals and objectives of a company. The report main aim is to understand the importance of strategic management in an organization and the chosen firm for this report is Marks and Spencer (M&S) which is one of the multinational retail company in UK who provides the best products at reasonable rates such as food, grocery, clothes and accessories etc. The report will critically evaluatedM&S approach to strategy development that consider the planner, emergent and incremental approaches. Further by using PESTLE analysis, the report also provides the main areas of concerns with regards to its external environment. Then it also evaluate the company's risk management in strategic planning process. Apart from this, the present study will further define stakeholder theory and provide justification for each of the stakeholders of M&S. Further, it also describes the meaning of Corporate Social Responsibilities (CSR) and critically analysis the CSR of M&S. QUESTION 1 a. Critically evaluating company's approach Due to change in external and internal environment, the company functions are also fluctuated and that is why there is a need to re- evaluate the strategy by using some approaches and Marks and Spencer also uses this strategy which are as mentioned below: Planned Approach:As there are many factors that affect the business performance and there is a need to re- evaluate the strategy development for Marks and Spencer. For this reason, the quoted firm may used planned approach in which issue based strategic planning model may be used. This Is an enhancement of a basic plan which is used by cited firm in order to go deeper the planning process and to determine the fluctuation in market(Golembiewski, 2019). For this reason, the company initially determine the internal capabilities by using SWOT analysis and then the stakeholders of the company will identify the major issues i.e. external and internal factors. After this, the reviewing the mission, vision and values of the company and make necessary changes as per fluctuation. In addition to this, after reviewing, the managers should develop action on yearly basis to cope up those factors and keep monitoring the plan at every interval of time. In this way by using planned approach, Marks and Spencer will easily make planning for its smooth function as well. 1
Emergent Approach:it is another approach, which develops when an organization takes a series of action with time and that also turns into consistent pattern of behavior and some specific intentions as well(Webber, Pesty and Balacheff, 2018).In the same way, in the context of Marks and Spencer, as it face the rapidly change environment, there is a need to develop some emergent strategy rather than to rely on planned approaches (Amiri and Agrawal, 2019).Even this strategy is also not drawn up separate activity and the min concern of this approach is to make company able to compete at global level. This approach is also critical in advancement of the technology that is being used in market.For instance, Marks and Spencer refine or develop the products then it must provide new and innovative products to their customers that further helps them to understand the competition. In this way, by adopting new technique into the working area, the quoted firm may also re- evaluate the strategy to gain better competition in market. Incremental Approach:This approach is also the best suitable for Marks and Spencer such that this approach is based upon the assumption and its prime mode is to used for strategy setting. Even the theory is also used to integrate some psychological, political and informational needs of an organization for setting up a strategy (Riks, 2019). In the same way, Marks and Spencer is also wants to re- evaluate the strategy and this is possible only by using Incremental Approach into the working area. Apart from this, the theory also helps to improve the quality of information which is utilized in order to take corporate strategic decisions and it also helps to deal with personal resistance and many external environmental factors or any important strategy change encounter (Yun and et.al., 2019).incremental strategy identifies the changes in a firm that needs to implement in order to improve the specific condition. Further it also provides clear directionrelated to political and funding priorities. Using this approach, the company can also determine the strategy that will help to take better decision.Beside this, the approach also decreases the uncertainty in the surroundings by allowing the interactive learning between the enterprise and different impinging environment as well. Thus, in this way the company may use this strategy to re- evaluate the strategic development in management process. From the above, it has been cleared that all the three approaches areused to determine the changes to internal environment,but among all, Incremental approach is the best suitable for the company because the approach analyses the needs, build awareness, generate partial solutions, identify zones of opposition and indifference.As to re- evaluate, it has been analyzed that this 2
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
Importance of Change Management in Strategic Management Processlg...
|14
|3301
|69
Report On Marks & Spencer - Innovation Strategylg...
|17
|6203
|53
M&S Stakeholder Analysis and CSR Policy in Emerging Economylg...
|16
|4469
|305
Context of Businesslg...
|13
|4023
|68
Issues and Benefits of Adopting Corporate Social Responsibility in Retail Sector: A Study on Mark and Spencer'slg...
|25
|7885
|307
Solved: Assignment on Strategic Marketing managementlg...