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Introduction on M&SThis is a report on Marks and Spencer a well-known retail company in the UK. Marks and Spencer hasalso recently been in the news for falling profit and salesin 1999/2000. So Marks and Spencer is now on its way to recovery. It’s famous for setting the highest of standards in the retail industry, pioneering its own charge card and generating such snob value on its products, yet controlling prices to bring their products within most people's reach. Marksand Spencerhas extended its brand overseas where it continues to achieve substantial growth.This is likely to be its main source of growth in the near and long term future as the company develops its franchise business. Change of Strategies to Restore Profitable GrowthThere are around 628 locations for Marks and Spencer’s. The company makes great weight of how it is run - first class customer service, operating efficiency (through economies of scale), long-term partnership with suppliers, financial services, staff rewards and overall packages the best in the high street. Following a wide-ranging and detailed strategic review of its business, the Board of Marks & Spencer has announced significant changes to the Group strategy and structure. The Board and management team is committed to restoring profitable growth. This will be achieved by total focus on the recovery of the UK Retail business. Marketing ObjectivesThe organization has always monitored its performance by first making clear objectivesfor the business. Without clear objectives it is difficult to evaluate what a marketing plan is trying to achieve or whether the plan has been successful. It is usual to translate marketing objectives into quantifiable “result areas”, such as market share, market penetration or growth of sales. Some of these may be further broken down into specific sales volumes, value goals or geographical targets. Marketing objectives allow Marks and Spencer to have a basis for evaluation which can then be analysed after a certain period of time. Each department most make sure that the organisational activities are co-ordinated in such a way that marketing objectives are met. Constraints which affects the Marketing PerformanceEvery organization including Marks and Spencer involved in a marketing activity is faced with a number of constraints which seem to hinder their performances when monitored. Internal constraints relate to the resources available for Marks and Spencer, while External constraints involve a series of factors within the business environment that limit in one way or another, the organization’s activities. Examples are below: 1. Consumers2. Competitors 3. Economy 4. The law
Market Focused to Convert Weaknesses to Strengths and Threats to OpportunitiesMarks and Spencer seem to monitor their performance by being market focused as they research all these constraints fully and will try to find solutions that enable it to turn weaknesses into their strengths and threats into opportunities.