Business strategies play a vital role in the growth and development of each and every organization. In the competitive market, there are large number of organizations offering similar products and services to customers. In order to gain competitive advantages within market, it is essential to develop effective strategies for a business or organization. The present report will analyze current business strategies adopted by a UK based organization, Marks and Spencer. Various barriers faced by the organization in implementing its business strategies will be determined in the report along with management style and means of communicating the strategic plan. Furthermore, the assessment will also focus on providing effective recommendations for organization to develop beneficial strategic plan to achieve success.
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1. Current strategy and the way it has been elicited in terms of organization's mission statement
Business strategy is the arrangement of plan and systems cap are been utilized by an association to satisfy its vision and accomplish its focused on objectives which are been chosen by the entrepreneur or the administration of the association. The association of setting is Marks and Spencer's. It is a UK based retail firm. It has an aptitude in dress, home products and extravagance sustenance things. It is working in numerous nations like India, Finland, Russia and Spain. In the current time frame, the offers of the garments brands of M &S have been diminished in UK in any case, then again it has a huge ascent in the extravagance nourishment items. The organization began with the strategy of offering just British merchandise however with progression of time and globalization, it incorporated brands and results of different nations at its store. Next to this, the organization manages the attire and nourishment fabricating units that give the completed items to M&S(Spender and et.al, 2014).
In 1957, organization presented the stocking and size estimating framework. Imprints and Spencer's are known for giving its clients an items and administrations that are great incentive for cash. In 1973, the organization started to grow its retail business outside the UK. However, the horrible areas and littler size of the outlets constrained the organization to shut down 38 stores in UK. IN 2001, the organization began utilizing the Master-cards for the method of payment at its outlets and furthermore upgraded its plan of action to pick up a manageability in the market. By 2009, the organization had embraced a cost cutting measure that is been used to pick up a superior usage of accessible assets and decrease the wastage. In 2016, M&S entered the German and French market with inter garments and children wear. In the current time, the organization has seen a noteworthy decrease in its business which has profoundly influenced the execution and productivity of the organization. The organization needed to take vital measures to handle this circumstance and manage its market nearness. This report will cover the different missions, vision, objectives or target that is been chosen by an association with respect to its center skills.
Additionally, the parts and obligations of different staffs as well as evaluated asset requirements are been considered(Amran and et.al, 2016). Aside from this, the commitment of SMART targets is been discussed about for system usage.
2. Description of current strategies
Marks and Spencer uses various strategies in order to achieve its business goals in the market, these strategies are as described below -
- Market Penetration – The organization focus on maintaining and increasing share of existing services and products through various types of pricing and promotion activities. It uses excessive marketing to eliminate intense competition.
- Market development – Marks and Spencer focus on developing a market in a new geographical area through exporting goods and services. The organisation also focus on developing new product packaging and design.
- Product development – In order to attract new customers Marks and Spencer try to innovate and introduce new products. It focuses on developing its services product continuously.
- Diversification – Another strategy followed by the organisation is diversification of its products, which refers to launching a new product within a new marketplace. Marks and Spencer focus on understanding customer demands and needs in targeted market(Das and et.al, 2017)
3 Obstacles to strategy execution
The major challenges or obstacles in execution of business strategy are as following -
- Lack of understanding related to design in the execution process and role of organizational structure.
- Conflicts related to the existing organizational structure.
- Lack of guidelines with regards to strategy execution.
- Inappropriate or lack of incentives in order to support execution goals.
- Improper communication of accountability and responsibility for execution actions or decisions.
- Employee lack of ownership feeling regarding execution plan or strategy.
4. Translating strategy into actions
Marks and Spencer follows the following process in order to translate its strategies in to effective actions -
- Step 1: Define your strategic focus areas. …
- Step 2: Create at least one measurable outcome for each focus area. …
- Step 3: Design Pathfinder Projects with milestones. …
- Step 4: Draft a short Strategic Action Plan. …
- Step 5: Commit to a 30 day review process.
5. The right activities, assessing strategic risk management and development of strategic performance management;
- Examination of client's PM condition
- Development of key needs action outline and accomplice buy in measures
- Top-down definition of essential goals and key execution pointers using the balanced scorecard strategy inside the "MIS" approach
- Definition of use thought and execution of the overhauled PM framework on the client's information structure organize
Stage 1—Develop the Strategy: This stage fuses making mission, values, moreover, vision; crucial examination; and strategy design. At this stage, a Strategic Risk Assessment could be fused that could use the Return Driven Approach framework to verbalize and enlighten the method and the Strategic Risk Management structure to recognize the affiliation's fundamental perils.
Stage 2—Translate the Strategy: This stage consolidates making system maps, indispensable subjects, goals, measures, targets, exercises, and the fundamental course of action as strategy maps, balanced scorecards, and essential employments. Here the Strategic Risk Management framework would be used as a piece of making danger based targets and execution measures for balanced scorecards and framework maps(Buckley and et.al, 2016).
Stage 3—Align the Organization: This stage fuses altering claim to fame units, support units, laborers, also, sheets of administrators. The Strategic Risk Management Alignment Guide and Strategic Framework for GRC would be useful for changing danger and control units toward more effective and beneficial risk organization and organization and for interfacing this game plan with the strategy of the affiliation.
Stage 4—Plan Operations: This stage joins developing the working course of action, key process upgrades, bargains masterminding, resource scope evaluation, and arranging. In this stage, the Strategic Risk Management Action Plan can be reflected in the working course of action and dashboards, checking danger dashboards.
Stage 5—Monitor and Learn: This stage consolidates method reviews and operational studies. Key Risk Reviews would be a bit of the advancing Strategic Risk Assessment, which reinforces the critical consistent, close hover approach for convincing Strategy Risk Assessment and Strategy Execution.
Stage 6—Test and Adapt: This stage consolidates advantage examination and creating methods.
Rising threats can be considered bit of the nonstop Strategic Risk Assessment in this stage. The Strategic Risk Assessment can supplement and utilize the method execution shapes in a relationship toward gaining ground risk organization and organization(Klettner and et.al, 2014).
6. Organisational design and system
- Coordinate project and operational effectively by establishing a comprehensive project management system. Study meander proposal on a month to month or quarterly begin to pick which ones gets sponsorship. Join particular commensurate endeavors under one program pioneer; this has a tendency to connect with the utilization of key assets all the more adequately and enable you to make basic due dates.
- Utilize programming instruments, such undertaking association programming, for example, Microsoft Project, dotProject.net or Base-camp, to see project tasks, oversee assets enough, maintain a strategic distance from over-allocation and kill master burnout. Support spending outlines, complete dates and the measure of adaptability in the due dates on the off chance that you are an affiliation specialist to help extend directors settle on choices concurred with the affiliation's key goals(Leonidou and et.al, 2017)
- Yield tasks until the point that staff have time accessible to handle them or split up errands and get extra stars to shield staff from working over 40 hours in a typical week and finding the opportunity to be obliterated.
- Outsource routine tasks to affiliations that address broad master in a specific point of confinement, for example, finance dealing with, client association or particular help.
- Prepare experts so they have the required limits and occupation activities get finished on time to guarantee accommodating development of things and associations. Train and develop less experienced specialists to finish work errands on the off chance that you encounter bewildering interest or destroying. Acquire specific preparing from asserted suppliers to guarantee that your affiliation runs a secured working environment that consents to neighborhood, state and government regulations.
7 Management style and internal and external environmental changes affecting business strategy
In order to analyze external factors that can influence business activities the management in Marks and Spencer apply two major approaches, Pestle analysis and Porter's five forces model.
PESTLE Analysis: The PESTLE of Marks and Spencer's is as per the following:
- Political: As M&S is working in numerous nations it is subjected to the political and different changes that happens in the political level of the nation and influences the business.
- Economic: The economy additionally assumes a vital part as a positive development in the economy will enable M&S to make its business to work. On other hand, depressive economy may prompt business disappointment(Cascio and et.al, 2018).
- Social: The social factors additionally assumes a profound part in the development of the matter of M&S as it will decide the customers write and its requests which should have met by the organization.
- Technological: With the progression of time, there have been numerous specialized way that are should have been thought about
- Legal: M&S must be in await under the laws to manage its business rehearses, to meet the vital objectives of the organization.
- Environmental: With the climatic changes, M&S needs to receive key changes to meet the necessities of the business.
Porter's five forces-
- Level of rivalry: M&S is subjected to meet the opposition issues that can influences its business hones. As M&S offers both apparel and sustenance items, it can confront rivalry in the two sections.
- Threats of Substitute: As with the progression of time, M&S can confront a tremendous risk of getting its items substituted and supplanted by modest items from its rivals.
- Threats of New Entrants: As new organizations are been entering in the retail advertise, M&S has a danger of confronting an opposition that will influence its efficiency and profitability.
- Haggling energy of Buyers: The purchasers or the customers will deal and search for the less expensive option of the administrations or items that are been given by M&S which will influence its income age.
- Bargaining power of Suppliers: the providers will likewise consult with the organization as to their benefit share which will influence the general productivity of M&S.
8 & 9. Strategic recommendations and good practices
Another methodology or plan for Marks and Spencer can be concentrating on separation, the organization can plan to separate itself from the contenders. The referred to firm can focus on the working class individuals with the assistance of new items at low costs. Components of the new system are as depicted underneath -
- Mission – The new mission of Marks and Spencer ought to offer new items at low costs to draw in the working class individuals in the market(Johnson and et.al, 2016).
- Vision – The vision concerning the new methodology is to be the main general store in the retail business with clients shapes each fragment or class.
- Esteem – The estimation of association is identified with the effortlessness, consistency and duty. Every single techniques ought to be executed thinking about the estimations of the association
Examination of market and appropriate technique for Marks and Spencer
There are different methodologies that can be utilized as a part of request to enhance the execution of the business inside a commercial center, key techniques which can be utilized by Marks and Spencer are as depicted underneath -
- Market entry strategy – The referred to firm uses different kinds of systems and plan go into various markets, with the assistance of different plans and exercises Marks and Spencer go into various markets these plans are as portrayed beneath -
- Merger: It is a gainful system which causes an association to consolidate different business exercises with different organizations. Utilizing this arrangement the organization can accomplish productive outcomes.
- Acquisition: It is another imperative technique which alludes to obtaining other organization or business. This aides in expanding the benefit of the general association or firm.
- Vital cooperation – Strategic collisions are at least two associations cooperating keeping in mind the end goal to accomplish singular objectives. This aides in upgrading the business results and results and in addition accomplishing a decent brand esteem.
- Substantive development – Another compelling technique of Marks and Spencer to accomplish development and advancement is the substantive development. The different components of this procedure are as portrayed beneath -
- Related diversification – When the association expands their capacities and tasks in leaving line of merchandise it is alluded as related expansion.
- Random diversification – It alludes to receive and actualize new capacities or association activities other than the current line(Scholes and et.al, 2015).
The primary target of Marks and Spencer is to enhance the nature of the items and administrations which can accomplish great execution and in addition comes about inside the market. The Marks and Spencer can receive and actualize substantive development technique with a specific end goal to accomplish advancement and create income from different business exercises. Broadening the capacities and items can pull in new clients from various fragments, territories and class. The referred to association can successfully expand its benefit by offering exceptional and extensive variety of items to their clients at low costs. Broadening items can help the association to enter in to different markets which prompts development and extension of the association.
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The above report concluded that business strategy plays a very essential role in success of each and every organization. This report included a description of the current strategy and how it has been elicited in terms of the Marks and Spencer's mission statement. Various strategies used by the organisation are determined in the assessment. Furthermore, assessment of management style and organizational designs and systems have been also described in the report.
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