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Bachelor of Arts in Business and ManagementModule Code : UGB 161Module Title : Introduction to MarketingTitle of Assignment: Assessment 1Name : Abbosov MuhammadaminStudent ID : SCKD1610556Date of submission :INTRODUCTION
Marks and Spencer is a british multinational retailer headquartered in City of Westminster, London. More than 21 Million customers visit them around the world every single week, and thisis substantially increased prior to christmas and other such holidays. Recently they started selling amazing and extraordinary gift articles and gift baskets for every occasion of the utmost excellence in quality, curated by the best retail gift makers. This was a response to declining traditional retail sales year over year, and their rather unsuccessful years in the ecommerce market segment. In the competitive market environments, retailers have good opportunity to gain favourable position in the market. They can access a great wealth of feedback and have a sustainable business model, especially compared to looming threat of e-commerce. Another advantage traditional retailers may have is the fact that they can provide immediate service, which is crucial in the gift industry. (Chase, 2001) Background The company was built with partnership among Michael Marks and Thomas Spencer, Michael Marks was a refugee living in what was formerly known as Soviet Russia and Thomas Spencer was working as a cashier from england market town of skipton and north Yorkshire. Marks used to work in company “Barren” in leeds, which used to hire refugees . while Mark was looking for ajob, he met Dewhirst who lend him 5 Euro and Marks established it in his penny bazar which was in kirkgate market, located in Leeds. Marks learned english from Dewhirst. Well in 1894 when Marks obtained a permanent stall in Leeds, Marks invited Spencer to join the partnership. In 1894 Spencer had 300 pounds, Marcos helped them in establishing Marks and Spencer. From then onwards till the mid twentieth century, Marks and spencer became the mainstream store. In 1926, M&S had become famous and established a branch in every single state in UK and were known to be the largest retailer in UK. Till now M&S is known to be the world’s largesthigh-yielding retailers. In 1999, started a brach of retail ecommerce, they were competitive in the early days but have since lost out to the likes of Amazon, etsy and other such platforms.Porter’s Five Competitive strategyPorter's competitive strategy mainly consists of:1.Five Forces Model2.General strategies3.Value chain4.Diamond system5.Industrial clusters. Five forces model
Basically the five forces is a framework that helps to identify and study the competitors in the industry, and how to propose a stronger strategy against the target market. Porter believed that the strength of any competition in the market are estimated by the five factors.