Unit 7 Business Strategy of M&S
18 Pages5222 Words31 Views
Added on 2020-09-08
Unit 7 Business Strategy of M&S
Added on 2020-09-08
ShareRelated Documents
UNIT 7 BUSINESSSTRATEGY
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Assessing the business vision, mission and objectives of M&S......................................11.2 Formulating the strategic plans for M&S.........................................................................21.3 Effectiveness of organisation over the strategic plans.....................................................3TASK 2............................................................................................................................................62.1 Organisational Audit on the basis of Strategic positioning..............................................62.2 Environmental Audit of M&S with the help of various tools..........................................72.3 New strategies for M&S in assessing the significance of stakeholders.........................102.4 Organisational Audit and stakeholder analysis..............................................................11TASK 3..........................................................................................................................................113.1 Alternative strategies relevant with new entrants, Substantive growth or retrenchment ofM&S.....................................................................................................................................113.2 Justifying the selected strategies for M&S.....................................................................12TASK 4..........................................................................................................................................134.1 Assessing the role and responsibilities of the professional in implementing plannedstrategies...............................................................................................................................134.2 Identifying the requirements of resources in implementing such plans for M&S.........134.3 Evaluating SMART contribution in achieving the targets.............................................13CONCLUSIONS............................................................................................................................14REFERENCES..............................................................................................................................15
INTRODUCTIONDeveloping or crating and identity in this rivalry world there is need of planning variouskinds of strategies that would help the organisation in having effective operational activities.Hence, in the preset report, the study is based on the various strategic plans including BCGmatrix, SWOT analysis and PESTEL analysis over the organisation. Thus, such research willhelp the firm in gaining adequate information relevant with external environment as well ascompetition they are going to face. Hence, there will be suggestions given to the managerialprofessionals in the organisation in accordance with such researches.TASK 11.1 Assessing the business vision, mission and objectives of M&SBusinesses must have the vision or objective for the smooth run in the organisation.Hence, there is need to make the team of the highly qualified and experience professionals whowill develop objectives or goals of Marks and Spencer as well as make effective plans inaccordance with attaining such targets (Torkkeli and et.al., 2016). Hence, the firm is known UKoriented retail MNC which normally deals in the Luxury food article, clothing and otherhousehold products with including various big brands such as Kellog's Corn Flakes etc. Thus, themain vision of the entity is to design the products in accordance with the consumer preferencesas well as requirements.Business mission: In accordance with the successful years of Marks and Spencer in theperiod it can be said the firm is operating in various nations in the world as well as have obtainedthe revenue approximately 10622 pounds for the 2017 annual year analysis. Hence, it can be saidthe firm is having better operational strategies as well as good consumer retention techniqueswhich are helping them in gathering the Adequate amount of profit. Thus, they design theproducts or services which brings the utmost satisfaction to their buyers as well as they canbecome brand loyal (Van den Steen and et.al., 2016).Vision: there is the motive of M&S in terms with analysing the consumers needs anddesign the products which will helpful in satisfying their needs. Therefore, this vision will behelpful for the organisation in terms of attaining the good brand image as well as it will befruitful for them in making the adequate increment in the profitability1
Goals and objectives: the necessity of aims and targets will help the firm in making theeffective efforts to attain such desires. Hence, it will help the executive managers in the firm tomake the effective decisions on which they could be able to make the strategies. Hence, Marksand Spencer operating in various nations and has created the great brand image as well as havethe good consumer strength (Forte, Forte and Pinheiro, 2017).Core competencies: In accordance with the analysing the FTSC 100 companies in whichMarks and Spencer has obtained the 55th rank which indicates that the firm has good capitalrevenue as well as better investments which will help them in making the expansion of thebusinesses unit throughout the world. Thus, the firm has the good Quality monitoring whichreflects the profit earning of the firm in the long run (Arditi, Burnand and Peytremann-Bridevaux, 2016).To have the successful growth and operational activities of the business must on the right phasethere is need to have the strong and effective strategic plan such as:1.Determine the current strategic aims and objectives of the business.2.Evaluate the business vision and mission such as component part of the strategic plan.3.Identifying the factors which are affecting the strategic plan for the entity.4.Develop a unique plan for the achieving the business goals and targets.1.2 Formulating the strategic plans for M&SThe strategic plans for Marks and Spencer can be determined as making the effectiveoperational strength of the firm. Hence, there can be use of various techniques which are listed inthe steps that need to be followed by the firm.Self assessment: To achieve the success in rivalry environment there is need to initiallyanalyse the internal or external strength of Marks and Spencer. Hence, these techniques will helpthe professionals in examine the loopholes of the firm as well as they will be able to gaininformation relevant to the areas of weaknesses (Mohapatra and Choudhury, 2016).Strategy Formulation: After getting the information about weak points of the firm themanagerial professionals need to organise a meeting or workshops which will help them inmaking adequate decisions. Hence, this will help business in having adequate strategic plan as2
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
Business Strategy of M&S - Studylg...
|14
|4705
|104
Business Strategy of Marks and Spencer (PDF)lg...
|15
|4351
|209
Developing Strategic Plans for Businesslg...
|16
|4612
|211
Marketing Assignment | Marketing Planning Assignmentlg...
|14
|3820
|34
Strategic Plans and Objectives of Marks and Spencer : Assignmentlg...
|18
|4827
|158
Business Strategy - M&S Assignmentlg...
|14
|4183
|78