Strategic Management in UK - Marks & Spencer
Added on 2021-01-02
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STRATEGICMANAGEMENT
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1Strategic direction of Marks and Spencer...................................................................................1TASK 2............................................................................................................................................3Use of appropriate frame work...................................................................................................3TASK 3............................................................................................................................................5Strategies drift faced by company...............................................................................................5Demand of marketplace aligned with mission and vision of company......................................6Strategic capabilities of company...............................................................................................6Use business canvas model.........................................................................................................7TASK 4............................................................................................................................................8Possible strategies of business....................................................................................................8TASK 5..........................................................................................................................................12Recommendations of resources implication.............................................................................12CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14
INTRODUCTIONStrategic management is a process of continue analysis, planning and monitoring that isessential for company to achieve their objectives and goals. This process helps in makinginnovation and use new technology to fulfil the customers' need and expectations to organization.It helps leaders to manage their firm in recent situation. Strategic management is also used at thetime of crisis in organization to create new ideas and plans that help to get overcome in it. Marksand Spencer is private limited company, it is leading British international retailer (Doz, 2017).There headquarter in London, UK and other states. M&S spread smile on the face of customersby making their products for men, women and kids such as beauty products, home, foodproducts, wine, gifts hampers, baby products like shoes, clothes for new born kid etc. ArchieNorman is the chairman and Steve Rowe is chief executive of this company. They both help eachother to run their business successfully by taking help of their staff members, leaders, managersand other management department of different stages. According to research in 2017 there are84,939 employees are work inside the firm. In this project strategic consultant play there role bycreating plans and strategies for future and present situations. It explains strategic direction thathas been followed in past and also describe strategic thinking has developed in the past 5 years.This report discusses possible strategies of company and focused on assets implications that hasrecommended in company. TASK 1Strategic direction of Marks and SpencerM&S is very famous for their good services and products. This organization establishedin 1884 by Michael marks, Thomas Spencer is their business partner. They want to service theirservices through making products according to people needs. They served their services a longyear ago. In 2004 Stuart Rose has appointed as chief executive of this company. At present SteveRowe is CE of marks and Spencer after changes in board structure (Werhahn and et.al., 2015).M&S is a retail industry in UK; their work is to make clothes and beauty products for all humanbeing. Organization has long history in United Kingdom marketplace. Their aim is to make goodbrand name in retail market. The function of this firm is to sell clothes, flowers and luxuryproducts to people. They make creation and innovation in their products and services accordingto client demands. This industry gets interested to work with suppliers and clients of differentvalues or culture. They take people requirement as challenge and happy to complete it. They1
make changes in production process according to recent trends in economy. Customer behaviorimpact on business growth. Towards the product of Marks and Spencer consumer behavior is positive in way becausethey provide good quality products according to demands and requirement of people. Costumeruse their services in good price that is valuable. Client buys some products that might be attachedwith their emotions and feeling, thus for this M&S is good choice for purchasing useful things. Marks and Spencer used market penetration and market development strategy in theirbusiness. They followed both strategy in past of their services. Source: Marks & Spencer Strategic Analysis, 2018Market penetration strategy: this function is used by Marks and Spencer to expand theirbusiness in marketplace and all over the world. They follow this strategy in their past businessprocess. Market penetration carries low level of risk, thus for this every organization used it.Penetration defines the process of selling products to old customer and to new one (West, Ford,and Ibrahim, 2015). Company make strategy according to this function that help them to spreadtheir branches under the economy or society, through making good quality products. Dominategrowth markets, increase or decrease products market shares is the strategy of this function.Penetration also help to drive out the planning of M&S competitors. Market development strategy: Marks and Spencer developed their business through usingmarket development strategy. This will help them in past and in recent business activity.Company need to established their existing business and products within new marketplace orstate. They need to spread their businesses by supplying products such as clothes, home furnitureand shoes for men and women. 2Illustration 1: Market Penetration
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