Strategic Planning and Business Development for Marks & Spencer

This report provides a comprehensive analysis of Marks & Spencer's strategic planning, encompassing the organization's vision, mission, strategy, and business plans. It explores the relationships between these elements and evaluates the impact of the external environment, including political, economic, social, and technological factors, on M&S's operations. The report also assesses the influence of various stakeholders, such as employees, customers, and shareholders, on the company's strategies. Furthermore, it emphasizes the importance of reviewing strategies and business plans, discussing tools like SWOT and Porter's Five Forces analysis. The report concludes by examining strategy options and the criteria for reviewing them, along with the structure of a plan needed to deliver the strategy and stakeholder involvement in the formulation and dissemination process.

Strategic Planning

INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
Explanation and Relationships between organisational vision, mission, strategy and business
plans........................................................................................................................................1
Affect of external environment on organisation and its strategies.........................................2
Evaluation of influence of stakeholders' expectations on organisation..................................4
TASK 2............................................................................................................................................4
Importance of review to develop organisational strategies as well as business plans............4
Evaluation of tools used to review organisational strategies and business plans...................5
TASK 3............................................................................................................................................7
Strategy options for organisation using modelling tools........................................................7
Criteria for reviewing potential strategy options....................................................................8
TASK 4............................................................................................................................................9
Structure of a plan needed to deliver the strategy..................................................................9
Stakeholder involvement in formulation of plan..................................................................10
Dissemination Process to ensure information and commitment of stakeholders.................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................13

INTRODUCTION
Planning is a future related concept that involves different degree of futurity. Strategic
planning on the other hand is termed as a process to formulate business strategies, implement
them and further evaluate their impact based on organisational objectives. It is mainly a
management activity which is undertaken by an organisation as to effectively set formative
priorities and further improve operations as to gain competitive advancements (Albrechts,
2015). Present report has been conducted on Marks & Spencer a multinational organisation
which is operating their operations in UK. In this project formative discussions has been made
on, mission strategy, business plans, vision and relationship between them. In addition with this
report cover review importance in relation with development of organisational strategies along
with evaluation tools. Further report includes strategy options for small scale organisation along
with criteria to review potential strategy options.
TASK 1
Explanation and Relationships between organisational vision, mission, strategy and business
plans
Organisation is essentially required to determine their mission, strategy, business plan
and mission as to effectively provide pathway to company as to effectively accomplish business
objectives. Mentioned below expectation of all these elements are defined along with their
relationships with each other.
Organisational Vision:
Organisational vision provide formative guide to company that further take them towards
accomplishment of business objectives in a well defined manner. It is also consider as an end
goal which desired by an organisation. For an instance, M&S operate their business with a
Vision which is to offer their products and services with a define standard along with inclusive
care for community, environment, employees and customers.
Organisational Mission:
Organisation mission is termed as a purpose of existence of an organisation. This lead
towards helping an organisation for establishment of their framework as to attain objectives in
best effective manner. M&S operate their business operations with a formative mission which is
to provide qualitative accessible products and service range.
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Strategies: Strategies are those set of actions as well as process that are undertaken by an
organisation as to effectively accomplish their business goals in an effective manner. M&S have
shifted their current strategy perspective towards adopting change in a frequent manner and
further renew their stores along with enhancing their online as well as offline operations.
Business Plan:
Business plan is termed as a detailed and well established plan that reflects a manner in
which organisation is required to operate their functions as to effectively accomplish their short
as well as long term objectives. M&S perform their operations with a formative set of business
plan which is related towards bringing appropriate transformation within their clothing line along
with in their marketing strategies as to enhance their sales as well as profit margins.
Relationships between Organisational Vision, Mission, Strategies and Business Plans
There is a formative and effectively relationship among all these elements in relation with
M&S. For example, organisation vision acts as an one of the most important role that effectively
influence mission which is implemented by an organisation. Vision mainly acts as a founding
stone that further direct a company a company to undertake necessary directive actions as to
effectively accomplish organisation goals and objectives in best effective manner. In context
with business plans and strategies, it is formulated by an organisation as to achieve business
vision in a well defined manner. Thus, it has been identified that all these elements are mainly
interlinked with each other that further provide a directive path to organisation as to accomplish
business goals and objectives in a well defined manner.
Affect of external environment on organisation and its strategies
External factors are termed as a factor that resides outside of an organisation. Mentioned
below there are some pointers that further lead towards impacting a company along with their
strategies:
Political Factors:
These are political scenario that prevails within a country and influence an organisation
in many different ways. All the guided rules and regulations are important for an organisation to
abide as to effectively ensure government support. It it is considered for M&S, in Singapore
political risk Is mainly low and organisation within country operate their business while enjoying
political stability. This will effectively provide favourable support to organisation strategies. For
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example as to renew their stores organisation could get maximum support by government
because of stable policies.
Economical Factors:
Singapore is having highest per capita income in ASEAN along with continuously
progressin GDP. There is a graph mentioned below:
Illustration 1: Singapore GDP per capita
(Source: Singapore GDP per capita, 2019)
In addition with this country is having positive competitive marketplace that further offer
benefits to M&S. This will allow company to invest more in R&D as well as new equipments as
to effectively transform their clothing line according to progressing market.
Social Factors:
This factor is mainly related with social trends that are prevailing in a nation. It has been
seen that clothing trends within Singapore are highly influenced by western markets. This will
effectively aid M&S to operate their business while gaining suitable profitability.
Technological Factors:
Singapore effectively undertakes fast phase technological advancements. In context with
M&S, by using technologies like Automation and Artificial Intelligence they can effectively able
to increase efficiency via both online and offline mode in best effective manner.
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Evaluation of influence of stakeholders' expectations on organisation
Stakeholders are those individuals that are associated with an organisation and get
affected by each and every decision that are undertaken by an organisation. Mentioned below
there are some certain stakeholders of M&S that have major influence over organisation:
Employees:
These are those individual who perform their roles in an organisation as to achieve
organisational goals and objectives. Employees have expectation to get healthy as well as
effective workplace environment. Thus, M&S is required to offer great working environment to
them as to make contribution in their personal growth as to gain long term engagement as well as
loyalty.
Customers:
They are the main source of company profitability and are one of the most important
reason for survival of company. Consumer range of M&S desired for best quality products with
affordable price range. Thus, company is required to conduct research in a defined manner as to
gain maximum loyalty from customers.
Shareholders:
Shareholders make investment through financial assets with organisation and get majorly
influenced by company operations as well as strategies. Thus, it become essential for M&S to
draft strategies as to offer them profitability in best effective manner.
TASK 2
Importance of review to develop organisational strategies as well as business plans
Developing organisational strategies is one of the most prime concerns of an
organisation. Moreover, it is also important for companies to appropriately indulge into
developing effective business plans which assist the company in doing the same.
However, it is highly important that the organisation review its strategies and business
plans as it allows the company to excel in several pointers that are discussed below:
 Reviewing the strategic plans enable the company to analyse the direction which the firm
is operating in. It would also allow the firm in enhancing the scope of improvement
within the company in order to modifying the vision and other objectives which are
realistic and attainable. This is done through appropriate and essential analysis of current
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position and strategies of the organisation, along with the desired state of affairs required
by the organisation. Thus, this allows the firm to get an insight on their performances and
presents with opportunity to act accordingly.
 Another effective importance of reviewing strategies and business plans is that it allows
the organisation to operate with effective operational efficiency. It would allow a firm
like M&S to develop a roadmap of all the processes which are being used by the
company. This, further, would enable the company in modifying its functionality which
suits the purpose for which the strategy and business plans were formulated at the first
place. In addition to this, it enables the company in gaining effective access to all the
required targets and ways of operation to accomplish the same. Hence, it allows the firm
to work towards getting access to these techniques and work appropriately towards
accomplishing the targets.
Evaluation of tools used to review organisational strategies and business plans
In present scenario there are various tools are exist in market that are appropriate and
favourable for organisation. As it helps them to review their their work, strategies and plans to
complete their work effectively. Some essential tools which is used by management of M&S is
mention as follow:
SWOT Analysis: SOWT is a framework which is associated with determining strength,
weaknesses, opportunities and threats of an organisation. This is beneficial for organisation to
develop an effective business plan in a company. Moreover, this framework is more appropriate
for analysing strength as positive factors and threats as weaknesses for a particular strategy. At
last with execution of SWOT in organisation upcoming opportunities and threats are also
recognised by organisation.
Porter's Five Forces Analysis: This tool works as an analytical aspect for organisation
that allows them to predict and evaluate industry attractiveness in market. This refers it is
essential for them to accomplish their work in minimum time period. The major factor to
complete their work is related with strategies and business plan of an organisation. For M&S this
helps them to determine the position of M&S in industry. Along with this essential factors for
reducing negative impact of organisation by predicting them before completion of work.
The current position of M&S is mention as follow:
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Buyer's bargaining power- M&S is operating their business in retail and clothing
industry. Due to this it is mandatory for them to monitor regular changes that take place in
country. Customer base of Singapore is quite small. Therefore, bargaining power of consumers is
high also, the switching cost of customers is also favourable for buyers. So to overcome from
this M&S must focuses on innovative and creative products.
Supplier's Bargaining Power- This entities deliver raw materials to the organisation in
order to convert them into final offering. For M&S there is low competition exist between
supplier's. It results that the bargaining power of supplier's is high towards the corporation. To
deal with this, M&S formulates an effective communication channel in order to purchase product
at reasonable rate.
Threat of Substitutes- M&S operates their business in retail, clothing and food sector. In
context of clothing there are various substitutes are present in market. Moreover, food market is
also giving tough competition to M&S. This governs that local food provider also covers a larger
area. Thus, the threat of substitute is low in market. M&S providing their food items at low rate
to reduce down negative impact of substitutes.
Threats of new entrance- This is complex for a new organisation to invest such a huge
amount into a new sector or industry. M&S is leading brand of food and retail sector and
operates their business at global level. Hence for new organisation it is difficult to make such
huge investment for competing with M&S. It refers that threat is of new entrance in minimum
due to less scope.
Competitive Rivalry- M&S is facing competition from local as well as international
organisation. Like Sainsbury, Tesco, Asda and Singapore cold storage are dealing in similar
industry and able to generate loyal customer's base for its products. So this threat is high in
market of Singapore. To minimise this threat M&S modify its marketing strategies, policy and
rules to retain customer's for longer period for reducing upcoming threats.
Marketing introduce as an effective strategy for an organisation to promote their products
and services in market place and to the customer's. Some of the essential elements for existing
strategy is mention under-beneath:
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BASIS DESCRIPTION
*Strengths
 This effectively allow organisation to conduct their marketing of
product portfolio in a unify way
 With the help of brand image company can effectively able to
promote their products to customer's with an easiness.
Weaknesses
 Diversified products require different types of marketing, which
makes the strategy ineffective.
 One strategy might fail in attracting wider markets.
Opportunities
 Undertaking use of advanced technologies such as AI and Digital
Marketing promotions can be done in best effective manner.
 Use of social media platforms
Threats  Increase in competition from companies like Sainsbury's.
 Rise in impressive content marketing.
TASK 3
Strategy options for organisation using modelling tools
It is important for an organisation to effectively evaluate each and every strategic options that
are currently available. This will further help organisation to choose most appropriate path as to
effectively accomplish organisation objectives. Mentioned below there is an strategic options
that can be consider by organisation in Singapore with the name of myCK, department store
within organisation.
Market Penetration:
Within this organisation would deal in their existing services and products. Out of all the
options, there is low amount of risk as in this organisation is required to effectively channel their
resources within marketing as to offer their products and services more effectively.
Product Development:
In this organisation develop new offering in marketplace. With the help of this company
can further able to gain more market share. In this they are required to conduct market research
as to effectively increase success rate of company.
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Market Development:
Within this myCK offer already existing products within marketplace. With the help of
this they can able to cover more geographical areas. However, with the presence of competitors
there is constant threat along with wide scope for profitability (Kemp, 2018).
Diversification
In this process, the firm would be offering new product in new markets. Thus, myCK
could deal in several other diverse products in clothing or food as per the demand of its new
markets.
Criteria for reviewing potential strategy options
It is essential for an organisation to effectively review their potential strategy options as
to select most appropriate. Mentioned below there are some possible criteria that are required by
company to undertaken:
Suitability:
From the all available options, Diversification turns out to be most effective for
organisation. With the help of this presence of company can be effectively enhanced. For this it
is important for organisation to offer wide product range to customers.
Acceptability:
Stakeholders hold the responsibility to accept most suitable strategic options. Mentioned
below there are analysis of three stakeholders perspective towards strategy.
Employees: They seek for continuous growth thus diversification will aid them to learn
new techniques according to market need as to further increase their career opportunities in an
effective manner.
Customers:
Customers seeks for affordable pricing along with innovations. For this it is important for
company to regularly engage in market research as to gain current prevailing demand relating to
a product or service. This, diversification help consumers to attain their desirable offerings.
Shareholders:
The risks is mainly linked with diversification and Market development are high with
having wide scope of profitability. Apart from that expansion in nee markets along with new
offering will aid an organisation to get better effective results. Thus, diversification aid
stakeholders as to gain more effective profit returns.
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Feasibility:
In this it is essential for an organisation to analyse resources as well as capabilities that are
further required by them to implement strategy. In this there is a requirement of human resources
along with equipments as to effectively enhance technological inputs. Market penetration allow
organisation to introduce new marketing methods for new product development, thus, in this
organisation only have the requirement of advance technical resources as to effectively
implement diversification as strategy.
Thus, apart from all strategies myCK is required to employment diversification with the
help of which organisation can effectively evaluate more opportunities and further determine
gaps as to offer products in new as well as in existing marketplace in well defined manner.
TASK 4
Structure of a plan needed to deliver the strategy
In order to successfully accomplish organisational objectives it is essential for M&S to
formulate well defined plan which is mentioned below:
Defining Mission and Vision Statement
At the initial stage M&S is required to define Vision and Mission statement as to set
objectives and formulate plan with the help of which they can able to achieve set vision.
Analysis of Position
At this step company is required to evaluate the current position which is hold by company in
a market place and where they want to further see themselves. Thus as implementation of
diversification it is essential for organisation to evaluate current industrial position in addition
with standards.
Communication to Stakeholders
In this process it is required to communicate every detail analysis with stakeholders related
with implementation of diversification along with their strategies. With the help of this they can
gain maximum support that enhances company business plan successfulness.
Implementation of Strategy
In the final stage organisation is required to effectively implement diversification as a
strategy in this M&S is required to include technical resources, human resources in their strategy
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and further conduct research in context with trends in Marketplaces’ to identify the needs and
perceptions of customers in Singapore.
Monitoring the Strategy
At the final stage company is required to monitor implemented strategy plan that can be
done with the below mentioned points
Key Performance Indicators:
It is an initial method with the help of organisation can effectively able to ensure that
implemented strategy is being effectively adopted. M&S can further take use of performance
standards and productivity to monitor their implemented strategy.
Benchmarking:
In this organisation can develop targets that can be further with the help of this company
can effectively able to monitor their business plan and can identify which benchmark is not
achieved (Cassidy, 2016).
Stakeholder involvement in formulation of plan
In order to gain maximum support of stakeholders it essential for M&S to engage every
stakeholder in their strategic planning for this it is essential for company to identify stakeholders
group that are required to be involved in strategy with the help of this they can narrow down the
stakeholders that can be impacted by decision. Further company is required to communicate
plants with stakeholders along with possible benefits to each and every identify group. Lastly it
is essential for company to acquire feedback and modify strategy as per according to
stakeholders requirement in order to ensure the long-term commitment and engagement.
Dissemination Process to ensure information and commitment of stakeholders
Dissemination process refers to the procedure undertaken by an organisation in order to
share crucial piece of information with the stakeholders. Mentioned below there is a
insemination process which is required to be follow by M&S:
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Illustration 2: Dissemination Process
(Source: Information Retrieval and Dissemination, 2019)
 Initial stage is related to identify from information from different types of identified
sources.
 After the process of identification, company is required to analyse information as to
allocate useful set of information along with their reliability and validity.
 Further it is important for communication the decision with stakeholders.
 After the information is assessed, the next step calls for acquisition of feedback from
stakeholders.
CONCLUSION
As per the above mentioned report, it has been concluded that strategic planning play key
essential role as to implement strategies within organisation structure in best effective manner. In
this it is important for company to ensure that their vision, plans and mission are well defined
and structured. In addition with this, it is important for company to evaluate influence of
stakeholder as to satisfy their interest. This report include SWOT and Porter's Five Force
analysis with the help of which company can effectively able to develop business plan as to
effectively accomplish goals and objectives in best effective manner.
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