Business Plan for Marks & Spencer: COVID Challenges and Strategies

This report analyzes the business plan of Marks & Spencer, focusing on its response to the challenges posed by the COVID-19 pandemic. The report begins with an overview of the company, highlighting its product lines and commitment to quality. It then delves into the specific challenges faced during the pandemic, including workforce issues, sales declines, and profit reduction. The core of the report presents a proposed business plan that emphasizes the integration of digital technology to improve operational efficiency and adapt to changing market trends. The report details the marketing mix, including product, price, place, promotion, process, people, and physical evidence. A key recommendation is that the company should develop innovative pricing strategies to strengthen its customer base and maintain a competitive advantage. The conclusion summarizes the plan's objective of increasing efficiency and adapting to the retail industry's changing dynamics. The report includes references to relevant books and journals.

Business Plan

Content
•Introduction
•Overview of the company
•Challenges faced by Marks and Spencer in COVID
•Business Plan
•Marketing mix for the business plan
•Recommendation
•Conclusion
•References

Introduction
• In last few years, business industry has made
several changes in their method of production
and other factors which has helped in the
growth of the business. One thing is very
common in this process, which is utilization
of digital technology which has made it easy
for each of the business organisation.

Overview of the company
• Marks and Spencer is one of the famous in
United Kingdom which is dealing in different
product line such as clothing, home appliances,
food products and other. Company is working
with an objective to promote better quality of
goods and services to the customers in the
global market. Company was started by Michael
Marks and Thomas Spencer in the year 1884

Challenges faced by Marks and Spencer in
COVID
• Reduction in the efficient workforce
• Shortfall in the sales activities
• Decreased profit rate
• Shut down of stores

Business Plan
• Marks and Spencer is planning to transform their
activities in digital mode. It is the best way through
which company can develop new ways through
which management can works in channelizing their
store activities. For this company have to start
focusing in the current trends which are developing
in the industry of digital technology.

Marketing mix for the business plan-
• Product
• Price
• Place
• Promotion
• Process
• People
• Physical evidence-

Recommendation
• Company should be aware about different things that will be consider as the important
aspects for the particular business plan administration is trying to develop in its
operation. As per the marketing mix which developed by the company must be more
innovative and developed. In this way it must be concentrated developing such pricing
structure in the management that will support in developing the strengthen customer base
which will give the competitive advantages to the customer in the global market.

Conclusion
• In the conclusion of above given report, Marks and Spencer is planning to launch a new
business plan in the business to increase the efficiency of the company in the retail
industry. Company has developed this strategy to solve the various issues which are
faced by the employees and other members of the company during COVID period. For
the same, company has decided to integrate their overall activities with the application of
digital technology in the working of the company.

References
Books and journals-
• Bernon, M., 2018. Sustainable supply chains: Marks & Spencer’s Plan A. The Business
& Management Collection.
• Barrow, C., Barrow, P. and Brown, R., 2018. The Business Plan Workbook: A Step-By-
Step Guide to Creating and Developing a Successful Business. Kogan Page Publishers.

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