However, in terms of responsibilities, those at the bottom are mostly involved with the daily activities of Organizations while those at the top are mostly involved with policy issues and public relations activities. It contains thousands of paper examples on a wide variety of topics, all donated by helpful students. The database is updated daily, so anyone can easily find a relevant essay example. It has been analyzed that Marks and Spencer have been working in a highly competitive market where the degree of rivalry among competing firms is high because of the similar price and quality products produced by other retailers in the industry. The marketing strategies of the Organization involve advertisement on various platforms on the internet. BCG matrix is the matrix which determines the level industry relative share of the industry and the business with the help of four dimensions. In this case, Nordstrom uses these types of tool in developing their strategic plans which are the BCG matrix and SOAR analysis. The external environment analysis pays attention to the factors affecting the company and is often referred to as the macro environment. And Marks & Spencer (M&S), despite 10 years of effort, still hasn't got anywhere near to the operating profit margin it had back in the 1990s. Copyright 2003 - 2023 - UKEssays is a trading name of Business Bliss Consultants FZE, a company registered in United Arab Emirates. Marks & Spencer has unveiled details of a 480m radical reorganisation of its shops, including plans to open 20 bigger stores. Sims, R 2007, Human resource management: contemporary issues, challenges and opportunities, Information Age Publishers, Greenwich, Conn. Slideshare.net: Marks & Spencer strategic analysis 2015, Web. To build networks within the Organizations and outside, Moving to the position of a chief executive, Meeting personal goals and those of the Organization, Setting the vision of an Organization and realizing it, Creation of a conducive culture for the growth of Organizations, Managing the external environments for the benefit of Organizations, Building networks with international Organizations. Marks and Spencer, originally known as Penny Bazaars, was founded by Michael Marks in 1884 as a clothing sales company in Northern England. Specifically, in Q4 2018's revenue was $3.9B. The reason is that many people use their e-mail addresses to register with Twitter and Facebook. M&S uses the google+ feature to market its products and services. M&Ss communication strategies interface with the prospective consumer in the following ways: M&Ss communication strategies interface with the actual customers in the following ways: The following are the communication strands used by M&S: M&S has incorporated technology in its business and as a result; it has been able to boost its revenues by 40% in the past decade. Jeremy, H & Steve, P 2012, Beyond performance management: why, when, and how to use 40 tools and best practices for superior business performance, Harvard Business Review Press, New York. M&S in a western world is a managerial giant (Drucker, 1974). The company's stores and outlets are strategically located across London. The discussion has been described in detail about the core analysis of M&S' internal and external environment, SWOT analysis of M&S has been included. Dynamic capabilities such as SWOT analysis, is a combination of internal and external analysis to reflect an organizations ability to adapt to volatile markets (Teece 2009)., This assignment will focus on identifying the mission, values and key objectives of Marks and Spencer PLC and also access the influences of three of their stakeholders. The competitive retail landscape and evolving shopping behaviors of customers means it is essential for M&S to have access to the most efficient and effective technology throughout its . However, Marks and Spence assessed all of these aspects at the planning phase of new product line which ensured that organisation have feasibility to manage specific strategic changes effectively with respect to timing. Stuart Machin, the chief. M&S can achieve better competitive advantage through managing the people at work in other words utilising human resources. M&S has a responsibility to ensure our products are responsibly sourced and uphold ourGlobal Sourcing Principles. For example, a centralized training centre could be used to train store supervisors and section managers on sales. Over the last 12 months, it has taken measures aimed at boosting its position at the global level. Marks and Spencer acknowledges the fact that consumer is the real king of market. The analysis of external environment enables M&S to understand the changes in business environment and brings ahead of its competitors. P PoliticalExternal environment scanning is concerned with the forces and factors that impact on M&Ss business. There are minimal political risks for the business, both in the UK and in other countries where it has operations. Weakness are the areas where Marks & Spencer can improve upon. On the side M&S has earned reputation in meeting the customer demand. Gattorna, J 2009, Dynamic supply chain alignment : a new business model for peak performance in enterprise supply chains across all geographies, Gower Pub, Burlington, VT. Harman, W 2014, 5 google+ tips to improve your networking, Web. M&S: From transformation to delivery 2014, Web. The store rotation programme plans to modernise stores and create a retail environment that customers want today. must. This system reduces the cost of business transactions and brings the business more close to the customers. But we cant do it alone; were collaborating with industry experts and inviting all our customers and colleagues to help us. Coles and Woolworths are too leading supermarket giants in Australia. The Organization, therefore, needs come up with strategies which would boost customers confidence in its clothe-ware. Every key business function has affects on marketing and physical limits on the amount that can be produced and the sorts of marketing strategies that can be implemented. Price has always been a big factor in the retail industry, but the last few decades have seen numerous budget retailers pop up in the United Kingdom.From budget clothing stores to budget supermarkets, these new competitors are stealing away market share from more premium brands (like Marks and Spencer), by encouraging customers to enjoy similar . This model has enabled the Organization to satisfy the shopping needs of many customers within a short time without incurring huge costs. The core strategy of M&S is quality, value, better service, innovation and trust. M&S has to change its behaviour of slow response to consumers changing needs and preferences. Customers at M&S stores can leave their feedbacks freely. Marks and Spencer known also as M&S is a constituent of the London Stock Exchange's list and is present in the FTSE 100 Index. And the second target of M&S is the well paid job holders. The analysis as a whole, however, has a number of limitations, including the fact that the companys financial factors for 2011 are not available. Marks & Spencer is set to open 20 new stores, creating 3,400 jobs, as part of a 480million investment to overhaul its estate. The political environment under which the Organization operates is very stable. The whole idea behind differentiation is to create a market niche for that particular product or service. As the students are the most valued customers due to frequent money spenders, Primark attracting them by officering cheap and fashionable clothes. Its competitors have faced a financial crisis in 2020. M&S entered the market in the late 1880s with a 'no frills' strategy (Johnson G & Scholes K. 2002. pp320-323). Based on the mission of the business the organizational strategies are put into words. Strategy is about making choices and weakness are the areas where a company can improve using SWOT analysis and build on its competitive advantage and strategic positioning. Need more investment in new technologies. M&S has been acknowledged as a legendary UK retailing organization and therefore they are exemplars of best practice in society. The above positioning statement does not fit with all the targeted audience. It would therefore advise them to engage in charity work as a way of giving back to the community (Jeremy & Steve 2012). predictable outlook of their business and shift from process-focused to customer-centred is an important leap towards competitive edge and service efficiency. External environment in which M&S operates can be identified through PESTEL analysis that shows what is exactly happening outside the organization. Consequently, their perception of M&Ss brands has been strengthened. Also, the forecast for the British economy does not always remain constant, leaving the future unknown., Talk of a consumer downturn has resonated about the City and government in recent weeks. (2021, April 26). However, pre-eminent retailer the John Lewis Partnership ('the group'), with its partnership structure so unusual in retail, seems to be fitted with some kind of antigravity device. Responsible Sourcing & Human Rights in Foods, Responsible Sourcing & Human Rights in Clothing & Home, Sustainability Report 2022 - Resetting Plan A to Deliver a Net Zero M&S, Results, Reports, Webcasts & Presentations, M&S Teams Up With Agrisound To Boost Pollinator Activity On British Farms. The reason is that there are many products that resemble each other and therefore, it is easy for customers to shift loyalty from one product to another. In food, M&S needs to build a clear position as a specialist of food retailer. Marks and Spencer need to market their products well thats one thing they need, Internal analysis tools are used to identify and evaluate an organizations strengths and weaknesses in terms of its resources, operational capabilities and core competencies. To serve such a high number of valued customers visiting 600 stores in the UK the company employs more than 75,000 staff worldwide (Company Overview | MarksandSpencer.com) . M&S is lacking the ability to understand the changes in social trends. 26 April. It simply means that M&S has positioned itself to attract all types of customers. Handling competition in business can be a directly linked to the success or the failure of the company. If you are the copyright owner of this paper and no longer wish to have your work published on IvyPanda. The main aim of marks and spencer is to maximize profit and become the worlds most sustainable major retailer by 2015. The brand image has both physical and psychological aspects. First year to refocus on the business by changing its corporate culture to be customer oriented. The net income of the competitors decreases because of the COVID-19. The Organization has adopted technology in most of its operations and service delivery. The price sensitivity of the customer has produced more competitive environment. In order to take competitive advantage, Marks & Spencer should have good relation and understanding with their buyers and suppliers.
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