The Organization, therefore, needs to establish a division to deal with the designing and production of the customized products for customers who need such products. Due to its ability to store huge files, google+ enables the Organization to share as much information as possible with its customers, a feature that is missing on Facebook and Twitter. Discover M&S and our different businesses, including Food and Clothing & Home. Responsible sourcing and human rights are fundamental in allowing individuals to lead a dignified and independent life, free from abuse and violation. Under the 480m investment plan M&S is to open 12 new food halls in communities including Stockport, Barnsley and the seaside town of Largs in North Ayrshire, Scotland. M&S has been acknowledged as a legendary UK retailing organization and therefore they are exemplars of best practice in society. Available: http://corporate.marksandspencer.com/documents/publications/2011/annual%20review%202011. 2021, ivypanda.com/essays/marks-amp-spencer-companys-marketing-environment/. Even though focusing on specific segments may enable the Organization to make huge profits within a short period of time, it may not be sustainable in the long-term. Those three processes are people, strategy, and operations. In terms of controlling, the management of Marks and Spencer has frequent reporting of expenditures with costs to provide a form of feedback. It has been identified as one of the best managed companies in Europe (Tse, 1985). 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. Disclaimer: This is an example of a student written essay.Click here for sample essays written by our professional writers. Recycling is the most important part in Plan A. M&S sells the products of high standards to its customers. One of the most effective ways that the Marks & Spencer brand has evolved to adopt new ideas of "value" in the modern world, is with their "Plan A" strategy. This is the strategy for the next three years. Changing store environment, design, fashion, food and change in lay out can attract more customers. Beaver, G 1999, Competitive advantage, corporate governance and reputation management: The case of Marks & Spencer, Journal of Communication Management, vol. M&S operates in dynamic social, political, and economic environments. Marks & Spencer is set to open 20 new stores, creating 3,400 jobs, as part of a 480million investment to overhaul its estate. M&S is using less packaging and less bags to save environment and natural resources. In other words, it should avoid operating at the extremes and embrace modesty. He expressed M&S will begin by focusing on the core UK business. Examples are Aldi, Lidl, Ryan Air etc Through differentiation and positioning, the Organization plans to become a global leader in the retail industry. McDonalds is the largest fast food restaurant chain in the United States and represent the largest restaurant company in the world, both in terms of customer served and revenue generated. Marks & Spencer's An analysis on HRM 2. VRIO analysis of Plan Spencer is a resource oriented analysis using the details provided in the Tough Decisions at Marks and Spencer case study. According to the scientific theory of management, employees are remunerated according to their positions and qualifications, meaning that those at the top of the hierarchy get higher remuneration than those at the bottom (Taylor 2008). 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. Company Overview As shown above, M&Ss customers are classified into various segments. Human resource cannot be imitated and helpful to firms value. The top 10 competitors average 5.7B. The analysis of external environment enables M&S to understand the changes in business environment and brings ahead of its competitors. Mission And Goals Of Marks And Spencer Commerce Essay. Increase in number of food stores is required with British and world flavours. The paper analyses M&S external environment. In this book, along with an in depth analysis of the competitive strategies which are Cost leadership, differentiation and Focus, he also concentrates on the firms value chain. In the field of strategic management, the concept of differentiation refers to the process of making a product or a service popular among customers. Competition 2015, Web. Over the last 12 months, it has taken measures aimed at boosting its position at the global level. This is IvyPanda's free database of academic paper samples. The Organization also has a Twitter handle where those who want to know more about it are requested to follow the Twitter handle. M&S should introduce e-commerce, the use of web-based ordering system. Its main competitors include NEXT PLC, GAP, and H&M. 2. Group Members Davis D Parakal ( 3357394) Ehigiator, Osamudiamen (3314607) Inu-Umoru, Zekeri (3362859) Prandzioch, Aleksandra Teresa(2896971) Abdullah M Almurabt , Sultan(3333929) ANIM, Edmond(3378827) 3. This assessment on Marks & Spencer Companys Marketing Environment was written and submitted by your fellow , It is rated number 80 in the list that entails businesses whose total value add up to more than 5500 million euros in the world. The Organizations strengths and internal resources can be summarised as shown below: Some of the key issues which the marketing department of the Organization must address over the next 3 years are as follows: M&Ss overall objective is to become a global leader in the retail industry over the next decade. In this case, Nordstrom uses these types of tool in developing their strategic plans which are the BCG matrix and SOAR analysis. If we compare the prices with BHS or top shop we will find that BHS has lower prices than M&S. At M&S you can shop around many things for your daily life use and life-style i.e. The motivating factors of the customers in these segments include differentiation and positioning. -Provide content in a systematic way to the existing way of looking at strategy All employees are therefore selected through a transparent and competitive process (Strinfellow 2010). The reason is that those women have expressed a lot of interest in womens outfits which are currently sweeping across the UK and in other markets. But it can help in making appropriate business decisions as management will be aware of all the advantages as well as difficulties that lies in incorporating specific changes. Mission, Objectives and Responsibilities of Mark & Spencer with its environment. The last three years have been useful for the Organization because it has developed a strong foundation for the growth of its business. Need more investment in new technologies. Firstly, the Boston Consulting Group (BCG) matrix that concentrate the market position of different products. Consumer concept in the market place has been changed. External environment in which M&S operates can be identified through PESTEL analysis that shows what is exactly happening outside the organization. After analysing M&S business environment we come know that M&S should have to make some changes in its operations and research and development department. Criteria for comparison Marks and Spencer Morrison Sales in the last five years (increment in amount) 10.300 billion 8.200 billio n Revenue of the company in last five years 481.7 million 389.8 million Presence in markets Marks and Spencer is present in various markets and it has 852 stores all over in UK. The retailer focuses mainly on manufacturing of the clothes, furnishings and homeware accessories, luxurious food. You can use them for inspiration, an insight into a particular topic, a handy source of reference, or even just as a template of a certain type of paper. (P1.3) Once the business strategy is formed, there are different techniques in developing the strategic plans of the business using various tools by the organization. Read our latest Family Matters Index report here. For M&S to increase its bottom line, it should stop focusing on specific market segments and revise its marketing strategies to target all its core customers. And grocery retailers such as Tesco, Sainsbury's, Asda etc. It is achieved through the description of the unique characteristics of the product or service is differentiated. Here there are number of aspects that are necessary to take in consideration such as company should make sure can the developed business strategy be funded, organisation have the capability to meet the required level of performance in terms of products quality, store services and other. RBV is therefore complementary to the Industrial Organization (I/O) perspectives that look more at . Out of all the stores, two stores were not making any profits, so Company Q has recently closed those two stores. 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. This statement is based on the Organizations business model. Stuart Machin, Chief Executive of M&S commented: "Stores are a core part of M&S's omni-channel future and serve as a competitive advantage for how customers want to shop today. Coles has started first supermarket in 1960 and till 1973 company achieved its primary aim of having supermarket in every Australian city. In clothing market other retailers are performing aggressively with their brands to compete M&S. Reinventing strategic management: New theory and practice for competence-based competition. M&S should operate home furniture business separate from food and clothing. All work is written to order. In order to understand how M&S still keeping its trust on people hearts and growing in tough market environment, it is important that we first go through with how the company is structured and how the flow of information passes from customers to policy makers. The reason is that all customers are important. Cost Leadership: In cost leadership, an organisation aims to become the low cost provider in its industry. The company has good relationship with employees. Through the initiative, M&S has managed to outperform its competitors in household and food markets (Yudelson 2009). M&S: 2015 A year in preview for sustainable business 2015, Web. How they are opening even more stores within different areas and how their profit is rising., businesses. Clinique - Counter Manager - Marks and Spencer - 37.5 Hours The Este Lauder Companies Inc. Watford, England, United Kingdom 4 hours ago Be among the first 25 applicants External analysis tools such as Porters five forces gives a view of the immediate competitive environment to reveal market opportunities and threats. When people like the page they are able to access the Organizations business information such as services offered, physical addresses, the Organizations mission and vision among other information. 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. M&S should add one more thing to their strategy and that is modern. New technology can also be used to identify the new fashion in and trend change in different parts of the world. Operation decisions are influenced by marketing strategies while marketing strategies are affected by the outcomes of other KBFs. Taylor, F.D 2008, The principles of scientific management, Digireads.com Publishing, Philadelphia, PA. Marks and Spencer is one of the most profitable companies in the United Kingdom and across the globe. The store rotation programme plans to modernise stores and create a retail environment that customers want today. In food, M&S needs to build a clear position as a specialist of food retailer. Here you can choose which regional hub you wish to view, providing you with the most relevant information we have for your specific region. . As a result, it has been able to open many stores in the UK and in other countries. Summary. Marks and Spencer Environmental Analysis SWOT Analysis Strengths M&S markets high quality and competitive products. There were many reports that M&S no longer understood the customers' needs and had misread its target market. M&S can gain competitive advantage through producing different products and services from those of its competitors. It also helps in adopting the new environment and response to market demands. As external environment is one of the most important factors for businesses, it cannot be ignored. Although M&S has very good quality of the clothes but on the other hand their clothes are very expensive and old fashioned. Developing a vision, mission and values is the foundation for the log term success, as demonstrated by Collins & Porras in Built to Last. And the second target of M&S is the well paid job holders. The Marks & Spencer (M & S), celebrated their 120th anniversary in the year 2004 and for company's chief Executive position, Stuart Rose was appointed. M&S has a responsibility to ensure our products are responsibly sourced and uphold ourGlobal Sourcing Principles. IvyPanda. At the same time, it is also essential for Marks and Spencer to determine the marketing and management capabilities needed to maintain the achieved market and competitive position. These factors affect Marks and Spencer's marketing position, low price theory and . It did not represent the modern womans taste for a more casual look. Today, the economic environment -- in UK especially, but also globe wide -- raises the threats of higher credit costs (Floud and Johnson, 2004). April 26, 2021. https://ivypanda.com/essays/marks-amp-spencer-companys-marketing-environment/. It can also be both costly and disastrous if you arent up to par with others in your particular business or industry. The UK economy, however, does not look very optimistic, since inflation is predicted to decrease below Bank of Englands target and VAT taxes were forecasted to rise. As M&S products are older fashioned and expensive, they have to make a strategy that deliver more customer oriented product on less prices. Introduction. Marks & Spencer as such then is challenged by this trend particularly from rival discount and supermarket competitors., Marks & Spencer: Competitive Advanteges and Future Stragegies. According to a Yougov.co.uk analysis, Marks & Spencer is the brand that British women connect with best, above competitors like John Lewis, Heinz, Boots, and BBC One. We think M&S should work on three years plan to regain the dominance of the market. M&S operates as a family of businesses, selling high-quality, great-value, own-brand products and services, alongside a carefully selected range of third-party brands. In 2014 IBISWorld market research estimated MCD held an 18.6 % of market share of the entire global fast food industry; Burger King in at just 4.6%. Marks & Spencer, purveyor of 10% of the nation's clothing and specialist in foodie treats, is hurting. These can all be restricted by other KBFs. M&S Plan A is very environment friendly. In each part of the business M&S has a lot of competitors like BHS, NEXT, Burton and Gap. PESTEL analysis gives us an idea about the external environment of M&S. M&S trades in clothing, ready meals, bakery, and households. Newstatesman.com: Marks & Spencer: great food, bad clothes 2013, Web. Weakness are the areas where Marks & Spencer can improve upon. There are three broad categories of clothing articles and accessories as defined by the store management itself at M&S. these three categories are different in the sense that they have different levels of various features attached to them. Once that happens, the users are able to receive updates on various products and services in their e-mail inbox (Pearson & Saunders 2013). M&S is lacking the ability to understand the changes in social trends. Handling competition in business can be a directly linked to the success or the failure of the company. Sir Richard Greenbury, insisted that the profit loss was due to the competitive environment. 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. Diversity: Marks& Spencer have around80,000 employees who work in their showrooms . -This school emphasis on analysis and calculation can be a very strong support to the strategy development process It also operates a website where it posts business information for access by potential customers (M&S: student information 2010). Headquartered in the UK, Marks & Spencer is a unique retailer with more than 1,400 stores in 57 countries, serving 32 million customers in stores and online. Superior organizational strategy are generated by the top level management whereas the middle level management and lower level management of the company implements objectives and strategies to accomplish the complete strategy gradually. Also there will be, analysing the two companies in terms of size and perception, in the sense of the growth of both companies over the years and perception on how the Tesco and Sainsburys are perceived by their customers and also themselves., Marks & Spencer have recognised that they havent responded quickly enough to consumers changing needs and preferences. It would therefore advise them to engage in charity work as a way of giving back to the community (Jeremy & Steve 2012). As a result, it is important for Organizations to ensure that they have elaborate communication strategies to reach their customers effectively. Following is highlighted some factors of M&A's external environment and how they effect Marks & Spencer in executing its strategies: (P)OLITICAL The core strategy of M&S is quality, value, better service, innovation and trust. Shadequr Rahaman Email: circlebiz96@gmail.com Like this: Loading. In terms of controlling, the management of Marks and Spencer has frequent reporting of expenditures with costs to provide a form of feedback. 1. Even though its general merchandise division didnt do well over the last three years, the organization has developed strategies for overcoming that challenge. M&S has to control the prices of their products to compete in the market. M&S has an excellent communication strategy which has enabled it to maintain a good relationship with its customers and stakeholders. Employees are considered essential assets by all Organizations. It is remarkable that M&S promotes its website in-store to the people that are not aiming to shop initially but later they might wish to browse the website and become valuable customers. M&S business news, financial results, presentations, company reports and the latest share price. Marks & Spencer's main products and services are clothes, food and edible items, and home products. Consequently, their perception of M&Ss brands has been strengthened. For instance, their clothing range - especially womenswear - has suffered from lack of novelty. Marks and Spencer (M&S) has a tough and competitive external environment. 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 fact, the closure would make some of the customers to shift their loyalty to the competitors of M&S (Beaver 1999). M&S is growing in menswear and kids wear market rapidly. Specifically, in Q4 2018's revenue was $3.9B. In the world Coles and Woolworths ranked 19th and 15th among the selling retailers (Knox, 2014). Marks and Spencer, originally known as Penny Bazaars, was founded by Michael Marks in 1884 as a clothing sales company in Northern England. For You For Only $13.90/page! Lowering costs lead to lowering prices, which can increase demand for products or services, but if the product or services cannot be produced at a lower cost it also reduces profit margins. An introduction, Pearson Education Company, Prentice-Hall. The Organization, therefore, needs come up with strategies which would boost customers confidence in its clothe-ware. Our people bring our values to life. The database is updated daily, so anyone can easily find a relevant essay example. Similarly, in the food section, although they have retained their market position, sales were less significant - this means that competitors are quickly catching up (Interim results presentation 2004)., The clothing retail industry has been and is undergoing significant changes resulting from processes of globalisation, changes in consumer demand as well as changing corporate activities in terms of strategic marketing decisions. Due to these circumstances, some recommendations for John Lewis are to take all or most of taxes on itself and be aware of new entrants. Caring about our impact on the world today and in the future is good business. (Drummond and Ensor, Strategic Marketing Management, p. 149, Butterworth Heinemann) Marks & Spencer is a perfect example of a company that had a successful strategy but failed to adapt to the changing environment and have therefore suffered from strategic wear-out. predictable outlook of their business and shift from process-focused to customer-centred is an important leap towards competitive edge and service efficiency. Thompson, J & Martin, F 2010, Strategic management: awareness and change, Cengage Learning, South Western. The other reason is that M&S derives most of its profits from selling expensive clothes, especially to middle-aged men and women with high-income. 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. Social The analysis as a whole, however, has a number of limitations, including the fact that the companys financial factors for 2011 are not available. No plagiarism, guaranteed! It will also explain the responsibilities of the organisation and the strategies employed to meet them, overall showing a general understanding of the purpose of business of Marks and Spencer., Marks and spencer is a major British retailer that specify in the selling of clothing, home products and luxury food. Marks and Spencer (M&S) has a tough and competitive external environment. 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 . In 1985, Harvard Business School Professor Michael Porter published his new book The Competitive Advantage which focuses the organisation internal environment. M&S entered the market in the late 1880s with a 'no frills' strategy (Johnson G & Scholes K. 2002. pp320-323). Resource-based strategic analysis is based on the assumption that strategic resources can provide Plan Spencer an opportunity to build a sustainable competitive advantage over its rivals in the industry. We listen to our customers, colleagues, and local stakeholders to make sure we understand their changing needs and support the communities we serve. At the local level, it has taken various measures aimed at boosting growth in the UK. 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. - Spencer Marks has launched numerous new products in last few years, keeping in mind evolving customer preferences and competitive pressures. Doing the right thing is in our nature and as a company, embedded in our values. Copyright 2023 - IvyPanda is operated by, Continuing to use IvyPanda you agree to our, Marks & Spencer Companys Marketing Environment, HelpMe.com: Marks & Spencer strategic analysis, Amazon offers amazon pages for brands to customize with their own urls, and amazon posts for social media marketing, Airbus Company's Operations and Design Management, Supplier Organisation's Financial Performance, Marks & Spencer Company: Effective Specific Innovations, Marks & Spencer Company's Strategic Planning, Marks & Spencer Companys Service & Carbon Footprint, Marks & Spencer Company's Organizational Behavior Issues, Marks & Spencer Company's Carbon Management, Marks & Spencer Firm's Plan A on Carbon Emissions, How the Recent Economic Downturn Affected the Marks & Spencer Strategy, Honda Motor Company's Sustainable Management Future, Anytime Fitness vs. Jetts Firm's Business Model, Marks & Spencer Company's Strategic Analysis in 2015, India recorded the highest growth in terms of international sales, Gross margin for general merchandise decreased by 11% in the UK, The total gross margin in the UK decreased by 40% in 2013, Operating costs in the UK increased by 3.5%, Drop-in capital expenditure by 500million per annum, Significant improvement in the gross margin in general merchandise due to operational improvements which are currently underway, Significant improvement in free cash flow due to completion of the single-tier logistics network, Strength 1: The managers have the leeway to make business decisions based on the situations on the ground, Strength 2: Few centers of power in the Organizations structure, Strategy: 1 specializing in food products, clothing, home products, and other luxurious domestic products (, Strategy 2: To meet the needs of customers by providing them with high-quality products and services at affordable prices, Strategy 3: Quick procurement of business decisions, Strategy 4: Use of social media for marketing, Strategy 5: Regular review and change of business strategy, General merchandise- 41% of the UK market (, Availability of customized products and services, Availability of children-friendly services, Sensitivity to customers needs, concerns, and worries, Interactive customer care on social media, Integrated marketing communication campaigns, To make aspirational quality accessible to all, High-quality products and services at affordable prices, Taking care of the welfare of the less privileged, Doing market research to identify the gaps in sales, Understanding what the competitors are doing, which is not being done by M&S, Investing more resources in promotions and advertisements, Employing more designers at the clothing division. 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