Strategic Planning Assignment - Marks and Spencer
Added on 2021-02-19
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STRATEGICPLANNING
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1Explanation and Relationships between organisational vision, mission, strategy and businessplans............................................................................................................................................1Affect of external environment on organisation and its strategies..............................................2Evaluation of influence of stakeholders' expectations on organisation......................................3TASK 2............................................................................................................................................4Importance of review in developing organisational strategies and business plans.....................4Evaluation of tools used to review organisational strategies and business plans.......................5TASK 3............................................................................................................................................7Strategy options for organisation using modelling tools.............................................................7Criteria for reviewing potential strategy options........................................................................8TASK 4............................................................................................................................................9Structure of a plan needed to deliver the strategy.......................................................................9Stakeholder involvement in formulation of plan......................................................................10Dissemination Process to ensure information and commitment of stakeholders......................11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTIONStrategic Planning refers to a management activity which is adopted by an organisation toset priorities, focus resources and energy, improve operations, etc., that helps them in gaining abetter and competitive edge within the market (Bryson, 2018)(Smith, 2017). The report below isbased on Marks & Spencer, which is one of the most recognised organisations in the UK. Thisassignment focuses on a detailed explanation of vision, mission strategy and business plans andrelationships between them, along with impact of external organisation and stakeholderexpectation on organisation and its strategy. Moreover, it also deals with importance of review indevelopment of organisational strategies and evaluation of tools which could be used to reviewthe same. Additionally, it covers strategy options for a smaller organisation and criteria forreviewing potential strategy options.TASK 1Explanation and Relationships between organisational vision, mission, strategy and businessplansIt is very important for an organisation to determine their vision, mission, strategy aswell as business plans which provides the company with an effective pathway to attain itsultimate business objectives. Below is the explanation of these elements as well as theirrelationships with one another.Organisational Vision: This refers to the ultimate position which the company wants toattain in future. It means the end goal which the company wishes to achieve. Forexample, the vision of M&S is to appropriately provide a standard within the marketagainst which the other organisation could be measured, and is inclusive of care forcustomers, environment, community as well as employees (Cassidy, 2016).Organisational Mission: It means the purpose of existence of an organisation. It helps inestablishment of a framework for the organisation in order to attain the objective withinthe company. M&S wishes to provide effective quality accessible to everyone by a widerange of its products.Strategies: These are all the actions and processes which are adopted as well asimplemented within an organisation in order to achieve its business goals effectively. The1
current strategy of M&S is to adapt with change within the market and to shifts itschannels frequently, renew its stores as well as enhance its offline and online operations.Business Plan: It is a detailed and well established planning of how the firm would beoperating in order to achieve its short and long term goals. M&S plans to bring inappropriate transformation in its clothing line, as well as its marketing strategies in orderto enhance its sales and profit margins (Bryson, 2015).Relationships between Organisational Vision, Mission, Strategies and Business PlansThere is quite an effective relationship between these elements in context of M&S. Forinstance, vision of the company plays a crucial role in influencing mission adopted by theorganisation. It lies a founding stone as to what direction the firm would be taking. In contextwith the strategies and business plans, the former is formulated in context with the latter. All thestrategies adopted by the company are directly related to the business plans formulated to attainthe vision. Thus, all these elements are interlinked and each of these elements are formulated tosatisfy one another and to ultimately take the company forward.Affect of external environment on organisation and its strategiesExternal environment refers to the amalgamation of several factors that are outside abusiness' inner circle. There are certain pointers which impact a company as well as its strategies.Some of these factors are mentioned below:Political Factors: Such factors undertake the political scenario prevailing in the countryand its influence on organisations. These include policies and regulations which areessential for companies to follow in order to ensure government support. As far as M&Sis concerned, within Singapore, the political risk is very low and businesses within thenation enjoys political stability. Thus, this would have a favourable impact on itsstrategies (Kerzner, 2019). For instance, the firm plans to renew the stores, which couldbe supported by the government due to stable policies.Economical Factors: These factors reflect the economic performance of a nation. Theper capita income of Singapore is highest in ASEAN. In addition, its GDP is highlyprogressing each year, which is mentioned in the graph below:2
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