BUS3005 Report: Strategic Planning & Evaluation of Marks & Spencer

This report provides a strategic planning evaluation of Marks and Spencer, a British multinational retail company. It includes a performance evaluation, strategic plan, and reflection on the company's strategic view. The performance evaluation covers competitive strength and market position. T...Read More

bus3005

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
PART A(1).......................................................................................................................................1
Performance evaluation of Marks and Spencer..........................................................................1
PART A(2).......................................................................................................................................2
Strategic plan of Marks and Spencer..........................................................................................2
Strategic Plan of Company..........................................................................................................2
PART B............................................................................................................................................6
Reflection on strategic view of company....................................................................................6
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................8

INTRODUCTION
Strategic planning is defined to be method of guiding path for company that relates in
execution of proper strategy across company (Grishnova, Bereziuk, and Bilan, 2021). This
process carries to in take effective integration of different units as well as coordination of
prominent efforts that are related to accomplishment of particular goals. For that strategic plan
requires to present suitable offerings for long term goals of company for represent their mission
as well as vision of company. It basically carries effective development of proper suitable
priorities which could consider completion of proper planning as well as implementation of
appropriate resources. This report is based on strategic planning evaluation of Marks and
Spencer which a British multinational retail company that deals selling home products, food
products as well as clothing. This report consists of performance evaluation of company,
strategic plan, reflection on strategic view of company along with its conclusion.
MAIN BODY
PART A(1)
Performance evaluation of Marks and Spencer
As objective of Marks and Spencer is to build a sustainable business by having
consistency, profitable growth along with ensuring that they are acting responsibly in fulfilling
their accountability to its shareholders as well large stakeholders. And for this company requires
to face certain challenges in competitive business market which could tend to cause due to some
external factors. Generally companies always keep their focus on sustaining in unique as well as
competitive market by developing a strong customer base. For dealing with this situation
company is required to serve more companies across global world for having effective services.
In relation to evaluate effective performance some of elements are explained as follows: Competitive strength: It generally represents strength of company that is develop by
offering effective time period as well as serving for their customers in an efficient way.
For carrying business practices Marks and Spencer is required to maintain effective
customer base at international level that could be beneficial for providing strong
customer relationship (Bedenko, and et. al., 2019). Along with it also needs to enhance
their proper level of productivity as well as it could also enable to accomplish their
planned goals as well as objectives. It is beneficial for carrying out proper promotion as
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well as branding ways for attracting their customer base for avail their services. Besides
this Marks and Spencer should bring feasibility as well as consistency in relation of
working for effective price to cut strategies. It also lead to improve future profit margin
as well as convert their brand into leader of corporate markets.
 Market position and areas: Marks and Spencer is suitable company in terms of opting
for prominent strategies to improve possibilities for expanding their operations of a
company. For dealing this, company requires to maintain effective picture of company in
order to offer value that is added to their customers to achieve goals as well as objectives
in relation to maintaining of strong communication. It could tends to represent effective
marketing channel which is beneficial in order to reach towards customers across proper
areas along with it could improve their productivity level. So as an outcome Marks and
Spencer is effectively impacted by various external factors by considering various
political situations to prevail across different areas. It is also helpful to generate suitable
opportunities as well as take corrective actions to increasing prominent opportunities
along with it also tends to enhance customer satisfaction by accomplishing suitable
efforts of management.
Therefore, Marks and Spencer requires to maintain a strong brand value that is beneficial
for managing supply chain of company in an effective manner. For this Marks and Spencer is
required to invest capital for having prominent funds to keep a proper workforce. Therefore,
company requires to implement technology in a precise manner. Along with company could use
value chain for delivering prominent services at international level. As result Marks and Spencer
is required to implement different strategic resources that could be beneficial in an accurate way
for use of value chain and network (Li, Zhu, Guo, Wang, and Tao, 2017).
PART A(2)
Strategic plan of Marks and Spencer
Strategic Plan of Company
The strategic plan refers to the plan which includes the core business activities of a
business and based on several strategic decision of a business organisation. Marks and Spencer is
a UK based company having their operations and stores in various parts of the world. In order to
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develop a strategic plan of M&S it is essential to consider some of the important aspects of a
business that are explained below:
Mission: The Mission of M&S is to provide their customers aspirational quality of
products with the help of the depth and range in their goods and services.
Vision: The Vision of the company is to became standard for their customers when
compared to others.
Strategic objectives: The strategic objectives that will help M&S to enhance their
business operations are provided below:
 To increase their profits by 50% in the next 3 years.
 To maximise the customer satisfaction by the company as much as possible.
 To apply the customer centric approach in the company.
Strategic Models for the Company
In order to formulate effective strategies Marks and Spencer have various models that can be
used for the same (Dwi, and Sri, 2019). These models helps a company to provide a base for
creating their effective strategies. The model which are included in this case are the Ansoff
matrix and Porter's Generic Model. Both the models are explained below in detail for Marks and
Spencer.
Ansoff Matrix:
Ansoff matrix is a strategic plan which contains four quadrants which can help Marks and
Spencer in formulating their effective strategies and are explained below:
 Market Penetration: Market Penetration is a situation in which a company wants to
enhance their market share in the existing market with existing product. In this strategy
the company is require to consider more promotional activities in the same market to
attract large customers base (Li, and et. al., 2018). In case of M&S, the company is
require to focus on their retail sales in in United Kingdom by enhancing their quality and
fulfilling the demands of their customers. Apart from this the company has also an option
to use promotional activities for their existing product in the same market.
 Market development: In case of market development, the company has decided to enter
into new market with existing product. For this purpose the company is require to analyse
the need of their product in the new market and analyse various ways to take entry into
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that new market. In case of M&S, if the company wants to enter into a new market with
their existing products online sales with exports is the best possible method for the
company as it is the simplest method to increase the customer base in the new market by
the company (Mahmoudi, and Aghaie, 2019).
 Product development: Product development refers to the situation in which the company
has decide to offer new and innovative range of product and service to the customers in
the existing market. In case of M&S, the company should bought a new range of products
in the market by analysing the needs of the customers. The company is lacking behind in
terms of their variety in clothing and have an option to develop new product as a
strategical tool to grow in the market.
 Diversification: Diversification refers to the strategy in which a company wants to
diversify their business by entering into a new market with new products. In order to
diversify Marks and Spencer has an opportunity to diversify their products range in
beauty products, food, etc. with the help of retailers in different market with the help of
partnership with them.
After analysing the various quadrants it has been analysed that in order to achieve the
strategic objective Marks and Spencer has an opportunity to develop their existing market with
the help of product development. The company has a weakness that they are unable to provide
variety in their clothes and product development will help the company to overcome this
weakness.
Porter's Generic Model:
This model is used to guide a company about the strategy related to their price and
quality to be offered by them (Schröders, Verfondern, and Allelein, 2018). In the case of Marks
and Spencer the company is also required to use this strategy to effectively formulate their
strategic plan that are given below:
 Cost leadership: According to this quadrant of Porter's generic strategy, a company
should focus on their cost of products in order to gain competitive advantage in the
market. This strategy helps the company to attract more and more customers for the
affordable products in a market.
 Differentiation leadership: In case of this strategy, a company is require to focus on their
quality of products and a strategy to make them different from others instead of the cost
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as this strategy founds that innovative products and services matters the most for the
customers.
 Focus: In case of Focus, a company is require to have their focus on both the quality or
innovation and cost of the products.
In case of M&S, the company is based on Differentiation strategy in the business which
has cause a company a great decline. In order to manage this situation and achieve the strategic
objective of the company Marks and Spencer should use the Focus strategy in which they should
focus on both the quality of the product and cost of the product (Wu, 2018). In detail, the
company should use cost focus strategy in which they should although focus on both quality and
cost but have mush focus on their cost as customers finds it very high as compare to their
competitors.
Action Plan for the Company
In order to implement the plan an action plan will help Marks and Spencer. The company
should formulate effective strategies on the basis of decisions taken in the given models which
will help them to achieve their strategic objective. Apart from this the company is require to have
a proper controlling and monitoring system at each stage which will help them to have aproper
check on their operations.
Particulars Amount (£)
Marketing 5000
Human resources 12000
Technological advancements (Considering
the delivery on stipulated period of time)
250000
Raw materials 40000
Controlling and Monitoring
In order to measure the performance of business on different levels there are so many tools that
are used by organisations like KPIs, 360 degree Feedbacks and many more. In order to control
and measure the performance of M&S, KPI is used by the company. The results which helps KPI
to reach is –
 The company has achieved a increase in their sales by 30 %.
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 The company has started getting positive reviews for their new products in the market.
 The client satisfaction level for the products of company is increased by 45%.
PART B
Reflection on strategic view of company
In order to sum up learning of strategic planning, it has provided me an effective
learning. As I now I am able to understand concept as well as relevance of strategic planning
which is required for required for carrying out business practices. By carrying out this analysis I
understood about concept of strategic planning (Yuan, and et. al., 2021). I evaluated that there
are different practices as well as elements which are required to be assessed to devising strategies
I an effective manner. With that I got a brief idea about evaluating performance of Marks and
Spencer that could be identified for sustaining in market place for longer term. From this
discussion I am able to conclude my discussion that it is necessary for company to identify its
strength as well as weaknesses and according to that formulate strategy plan so they company
could be able to achieve its objectives. This discussion has provided me a brief learning of idea
(Yeom, and Sridharan, 2021).
CONCLUSION
It has been concluded from above report that strategic planning is an essential tool which
is to be used by company in order to maintain its effectiveness as well as achieve its objectives
with in a specified period of time. This report explains about critical evaluation of performance
of company by examining its strengths as well as weaknesses. And according to that strategic
plan is formulated where certain elements like mission, vision, objectives and others aspects are
been discussed that are required to carry their growth practices on regular basis. At last it carries
an explanation of learnings from this project that has been performed by carrying out reflection
of strategic views which is beneficial for examining working practices.
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REFERENCES
Books and Journals
Grishnova, O., Bereziuk, K. and Bilan, Y., 2021. Evaluation of the level of corporate social
responsibility of Ukrainian nuclear energy producers. Management & Marketing, 16(2),
pp.152-166.
Bedenko, S.V., and et. al., 2019. A fuel for generation IV nuclear energy system: Isotopic
composition and radiation characteristics. Applied Radiation and Isotopes, 147, pp.189-
196.
Li, M.J., Zhu, H.H., Guo, J.Q., Wang, K. and Tao, W.Q., 2017. The development technology and
applications of supercritical CO2 power cycle in nuclear energy, solar energy and other
energy industries. Applied Thermal Engineering, 126, pp.255-275.
Dwi, I. and Sri, A., 2019. Evaluation of 2015-2019 deputy of National Nuclear Power strategic
planning.
Mahmoudi, S.M. and Aghaie, M., 2019. Evaluation of fuzzy based HS and GSA on reloading
cycle length optimization of PWR nuclear power plant. Annals of Nuclear Energy, 134,
pp.1-10.
Schröders, S., Verfondern, K. and Allelein, H.J., 2018. Energy economic evaluation of solar and
nuclear driven steam methane reforming processes. Nuclear Engineering and Design,
329, pp.234-246.
Wu, Y., 2018. Multifunctional neutronics calculation methodology and program for nuclear
design and radiation safety evaluation. Fusion Science and Technology, 74(4), pp.321-
329.
Yuan, G., and et. al., 2021. The theory of inventive problem solving (TRIZ)‐based strategic
mapping of green nuclear energy investments with spherical fuzzy group decision‐
making approach. International Journal of Energy Research.
Yeom, H. and Sridharan, K., 2021. Cold spray technology in nuclear energy applications: A
review of recent advances. Annals of Nuclear Energy, 150, p.107835
Li, M.K., and et. al., 2018. The digital simulation and fuzzy evaluation to reduce the likelihood
of unsafe behavior in nuclear decommissioning. Annals of Nuclear Energy, 119,
pp.331-341.
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