BMP6002 Strategic Management Assignment Sample

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Introduction Of Strategic Management Assignment

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In the era of the competitive business, the large and SME's are following several strategic notions. These effective notions are helpful for the business to enhance the performance of the company. The different strategic ways are amalgamated into the business entity that holds the opportunities of the business that is helpful for the growth of the business. Several internal and external factors have implied the business implementation of the company. The strategic process of the business can drive the different wheels of the business effectively (Thomas, 2021). The strategic management process in a company can accelerate the whole business with fluency. The proper strategic management of the company is reflecting the accuracy of the image in the global platform.

Based on the potential strategic planning the companies produce their venture with an effective business plan. The strategic business plan helps to arrange the whole business in a very defined path that can drive the overall business through profoundly. Regarding this matter, this particular report has described the definition and importance of strategic management. The overall report has implied its focus on the Marks and Spencer Company which is situated in United Kingdom (Leite, 2020). Marks and Spencer is a leading supermarket in the UK that can excellently adjust itself with the internal and external factors with proper strategic management.

This report has focused on the strategic management process of the Marks and Spencer Company. Alongside, this report has determined the internal and external factors and introduces a strategic business plan of the selected company.

Definition of strategic management

Strategic management is the vein of a business to expand the chain all over the globe. A proper strategic management process can define the exact image of the business (Bryson and George, 2020). Strategic planning is a process of creating goals, procedures, and goals to improve a business's or institution's competitive. Strategic management typically involves strategy evaluation, organization's internal research, and strategy execution across the company.

There are many philosophies in strategy formulation. A didactic process of strategic planning describes the steps necessary to develop strategies, whereas a qualitative design focuses on the steps required to accomplish plans. These schools disagree as to whether tactics are created analytically, taking into consideration all risks and opportunities, or if they are more akin to basic core values to be implemented.

Business culture, personnel skills and competencies, and organization structures are all critical variables affecting an agency's ability to accomplish its stated goals. Inflexible businesses may struggle to thrive in a changing marketplace (Ioannis and Belias, 2020). By establishing a barrier between strategy creation and execution, managers may struggle to identify whether goals have been fulfilled effectively where effective strategic management is important to resolve such kinds of issues.

A critical assessment of the process used by organisations to determine their strategy

Marks & Spencer’s success is guided by strategy formulation. Establishing the plan via strategic plan is the procedure of outlining the organization’s appropriate and convenient strategy. It may also be described as the collection of criteria proposed by managers and supervisors for the organisation in order to facilitate the achievement of an organisational objective and to improve organisational effectiveness (Rafiq et al., 2020).

Strategic management is an ongoing activity at M&S that involves evaluating the company and sector in which their company operates. Additionally, they evaluate their rivals while establishing organisational objectives to confront all of their opponents in the present situation with the appropriate approach.

Although strategy formulation demands a high level of patience, it may be a stimulating duty for the M&S organisation to decide on a method of strategy formulation that leads to high satisfaction.

Five stages describe the strategic planning:

  1. Identification

The first and most critical stage in strategic management is to ascertain the business's strategic position. It develops the whole of an organization's strategic planning to accomplish the organization's objectives and goals, resulting in a distinct organizational strategy. The identification process encompasses both short and long term objectives (Pirogova, Zhilinkova and Zasenko, 2021).

It may be described more simply as what M&S wishes to accomplish while identifying the actions necessary to accomplish these goals. While defining the company’s strategic stance, they must keep in mind that their objective should be true and quantifiable. To accomplish this stage, Unilever should consult its stated mission, company values, and company culture.

  1. Gather the information

The second stage after the process of determining is gathering the data and information. Marks & Spencer ensure that the project plan includes those who are genuinely qualified for this stage. They must guarantee that whatever data they use is completely accurate since this enables them to make factual judgments backed up by evidence (Livermore et al., 2021). In that case, while they have the personnel and knowledge necessary to investigate any internal or external problems that may jeopardize their goals. It may be helpful to solicit contributions from other workers who are a part of an organization, such as consumers, workers, partners, investors, and investors.

  1. Situational analysis

When a business establishes its purpose and vision, it must evaluate its existing position in the market. This involves assessing an organization’s internally and externally surroundings, as well as doing competitive analysis (Clarke, 2021). Regarding this matter, the M&S Company have used an effective analytical process that can easily access the severe aspects of the internal and external market in the global platform.

  1. Formulate a plan

After establishing its strategic mission and objectives then the next stage is to formulate the planning for the business market (Kraska et al., 2021). They are interested in working on it and build their strategy with an eye toward determining which measures need to be done so that M&S can simply increase earnings and strengthen their brand reputation. To verify that their strategy formulation is effective, they should be involved in regulating the most effective method for tracking their performance and ensuring that their objectives are apparent to the company.

  1. Implementation

Whenever a strategic procedure of the company has been established and placed in the proper location then they are ready to execute it in their firm (Ingabire, Gitahi and Mwangi, 2021). In this instance, the organisation engages all employees and educates them about the plan and strategy. Because they must assign positions and responsibilities to each individual or department in order to avoid a single person or group from becoming silent.

  1. Monitoring

After completing the next five stages, which include the whole strategic plan, it will not be proven correct until everyone performs their duties successfully (Brönneke et al., 2021. To carry out the strategy successfully, they must constantly monitor each and every worker. Additionally, they must monitor staff performance and squeezing any wheels that are not producing satisfactory results.

A critical evaluation of the impact of internal and external environmental variation on organisational strategy

In the organizational process of there are several factors that are impacted on the strategic process of the Marks & Spencer Company. In that case, several internal and external factors can critically evaluate through the analytical tools described below (Lumbanraja, Dalimunthe and Siahaan, 2021):

SWOT Analysis for internal analysis

Strengths

Weakness

· For 140 years, Marks and Spencer is in business. It is among the country’s largest merchants. The business has developed many important connections across the world over the years.

· Marks & Spencer's shops have featured a slew of well-known designers from a variety of different companies. North Coast, Signature, Collezione, Big & Tall, Blues Harbour, Indigo collections, Showcase, Classic, Per Una, and Limited Compilation are just a few of the brands.

· By the beginning of 2019, sales in certain M&S shops were decreasing. It was the result of an inefficient supply chain and a shortage of overall demand. Recently, the company has been confronted with a slew of dangers as a consequence of the pandemic situation.

· The wider populace has an impression that M&S does not sell clothing for children and adolescents. Many believe that the business caters only to senior citizens. Even though this impression is incorrect, it has come at a high cost to the business.

· One of the company's primary drawbacks is its significant dependence on human labour. It's costly. Various well-established companies and organisations have mechanized different steps via use of cutting-edge technology. If a business uses cutting-edge technology, the brand will save time, money, and be more effective.

Opportunities

Threats

· Furthermore, Marks and Spencer has an online store. Nevertheless, when compared to other nation online retail e-commerce merchants such as Amazon or eBay, when it comes to content success. Then M&S is significantly out of step with the competitors (Taherdoost and Madanchian, 2021).

· Segmentation is the process of categorising consumers according to common features. If one analyses M&S's approach, it appears to be pursuing the same goal of constructing superstores across the country. If the business adheres to a market segmentation strategy that prioritises product offerings customer-specific.

· The retail market in the United Kingdom and across the globe is becoming tougher. eBay, Amazon, John Lewis, ASDA, Primark, Aldi, Sports Direct, Sainsbury's, Gap, and Next are just a few of Marks & Spencer's primary rivals.

PESTEL Analysis for external analysis

Political Factors

Marks & Spencer has a strong brand image in a number of nations. The brand runs over 1300 locations worldwide and is headquartered in the United Kingdom. The business has benefited from EC’s trade agreements, which has resulted in a reduction in seller account. Recently, Brexit-related political problems have harmed Marks & Spencer's prospective future (Cook, Harris and Barber, 2021).

Economic Factors

The financial crisis, on the other hand, may result in a decline in demand for Marks & Spencer's high-quality goods as a result of customers’ low disposable income, further reducing their capacity to purchase prestige or apparel (Perera, 2017). Marks & Spencer has been impacted by the pandemic crisis of COVID-19, with the firm forced to eliminate 2% of its 70,000-strong workforce.

Social Factors

The kind of clothes available and the amount of space allotted to it are mainly influenced by the region’s demographics and geography. Certain shops in London do not stock the Legacy Selection, preferring to stock the limited-edition selection and the whole Signature line.

Technological Factors

The company has based mostly on the manual features in the operating process. Regarding this matter, Marks & Spencer has launched a Computer Network Program that will enable the firm to transition into an online economy and provide a more diverse shopping experience (Fahy and Jobber, 2019).

Environmental Factors

At the time, the Broad Street Marks & Spencer shop was undergoing renovations when ceiling panels carrying the leukaemia substance falls to the ground. However, the business is failing to handle the whole problem and looked the other way to it and faced charges from the government.

Legal Factors

They have consistently served as facilitators for bringing about significant change, with around 75,000 workers and 2000 vendors of Marks & Spencer serving as connections for decreasing societal inequalities. They have worked on a range of issues, including eliminating Tran’s fats from food, decreasing energy use, and encouraging fair trade.

A review of an organisation’s strategic plan (Business Plan), providing an action plan for the organisation on the basis of a change in either the internal OR external environment (The Business Plan is included as an Appendix)

In the above section, the overall performance of the management has been analysed through external and internal analytical tools. In that case, it has been seen that the company has faced various opportunities as well as obstacles in their organizational process. Regarding this matter the company have to take some initiatives that will work in their action plans which are executed in below:

Mission and Objectives:

Regarding the analysis from the SWOT and PESTLE analysis, it has been seen that the company have to introduce some new objectives to resolve such kind of issues. Regarding this matter, Marks & Spencer Company has to focus on its quality of the products and produce something innovative and latest design.

Implementation of the process:

In order to implement the overall process, the management of the company has to fix the price low. Pricing a product too cheap sends the message to customers that it is inferior to other comparable goods and services. While cheap pricing may not provide the highest profits, the more and more goods produced, the higher the profit. On the other hand, it has been seen that the company has faced economic issues due to the pandemic situation of the coronavirus (Hadaya and Gagnon, 2017). Therefore, the company have to introduce the better financial strategies to get the better result from the business.

The management of the company has to fix comfortable prices that will help them to execute their business with low prices. In the competitive business market, therefore, the popularity of the products will gradually grow among the customers.

The company also have to think about producing clothing products for every age of the people. It has been seen that the company has mainly focused on the aged people and their collection is back-dated. Regarding this matter, the company have to execute the modern design on their production of cloths.

Targeted Customers:

In the implementation process of the business market, the most important factor is to target the customers (Pradeep, Appel and Sthanunathan, 2018). Targeting customers are the major aspect of a business that can help a business expand the whole business properly. Therefore, in that case, the company have to target the proper customers for their business. They have to target all levels of customers and produce all types of designs that will fit everyone's fashion.

Timeline: These overall changes will be reflected within the 6 months (Expected)

Business plan

Main objectives

Task

Timeline

To increase the financial stability and fix the product at low price

When a product is priced too low, it communicates to consumers that it is superior to similar products and services. While low prices may not always result in the greatest profits, the more products produced, the greater the gain.

4 to 5 months

Promote the better fashionable products

Additionally, the business must consider producing clothes for individuals of all ages. It has been shown that the corporation's primary emphasis has been on the elderly, and their collecting is back-dated. In this respect, the corporation's fabric manufacturing must include contemporary design elements.

5 to 6 months

Conclusion

In today’s competitive business environment, both big and small businesses adhere to a variety of strategic concepts. These successful concepts benefit the firm by enhancing its performance. The many strategic approaches are combined to form the commercial enterprise that contains the company's possibilities for development. Numerous internal and external variables have impacted the company's business execution. The company's strategy process may successfully drive the many wheels of the business. A company’s strategic management approach may effectively accelerate the whole company. The company's effective strategic management reflects the correctness of the picture on a worldwide scale.

Regarding this matter, this report has focused on the marketing strategies of Marks and Spencer companies. The overall report has analysed that, there are several factors from the internal and external factors. Regarding this matter, this report has suggested some suggestions that would help them to resolve the issues in their marketing plan.

Alongside, this report has targeted proper strategic planning for the business. Based on this planning the proper strategic planning has been executed a proper business plan.

References

Brönneke, J.B., Müller, J., Mouratis, K., Hagen, J. and Stern, A.D., 2021. Regulatory, Legal, and Market Aspects of Smart Wearables for Cardiac Monitoring. Sensors21(14), p.4937.

Bryson, J. and George, B., 2020. Strategic management in public administration. In Oxford Research Encyclopedia of Politics.

Clarke, A.E., 2021. From grounded theory to situational analysis: What’s new? Why? How?. In Developing Grounded Theory (pp. 223-266). Routledge.

Cook, R., Harris, M. and Barber, D., 2021. Management Consulting Projects: A Step-by-step Experiential Guide. Routledge.

Fahy, J. and Jobber, D., 2019. EBOOK: Foundations of Marketing, 6e. McGraw Hill.

Hadaya, P. and Gagnon, B., 2017. Business Architecture: The Missing Link in Strategy Formulation, Implementation and Execution. ASATE Publishing Inc..

Ingabire, F., Gitahi, N. and Mwangi, F., 2021. Stakeholders’ Involvement and Success of Strategy Implementation. Journal of Strategic Management5(1), pp.70-92.

Ioannis, R. and Belias, D., 2020. Combining strategic management with knowledge management: Trends and international perspectives. International Review of Management and Marketing10(3), p.39.

Kraska, T., Minhas, U.F., Neumann, T., Papaemmanouil, O., Patel, J.M., Ré, C. and Stonebraker, M., 2021. ML-In-Databases: Assessment and Prognosis. IEEE Data Engineering Bulletin44(1), p.3.

Leite, B.T.D.S., 2020. Marks & spencer out of fashion the case of an outdated brick and mortar (Doctoral dissertation).

Livermore, J.J., Holmes, C.L., Cutler, J., Levstek, M., Moga, G., Brittain, J.R. and Campbell-Meiklejohn, D., 2021. Selective effects of serotonin on choices to gather more information. Journal of Psychopharmacology, p.0269881121991571.

Lumbanraja, P., Dalimunthe, R.F. and Siahaan, E., 2021. Developing Business Strategies for Featured MSMEs in North Sumatera: SWOT Analysis Approach.

Perera, R., 2017. The PESTLE analysis. Nerdynaut.

Pirogova, O., Zhilinkova, I. and Zasenko, V., 2021. Identification and analysis of market risks in the activity of business associations. In E3S Web of Conferences (Vol. 284, p. 07017). EDP Sciences.

Pradeep, A.K., Appel, A. and Sthanunathan, S., 2018. AI for marketing and product innovation: powerful new tools for predicting trends, connecting with customers, and closing sales. John Wiley & Sons.

Rafiq, M., Zhang, X., Yuan, J., Naz, S. and Maqbool, S., 2020. Impact of a balanced scorecard as a strategic management system tool to improve sustainable development: measuring the mediation of organizational performance through PLS-smart. Sustainability12(4), p.1365.

Taherdoost, H. and Madanchian, M., 2021. Determination of Business Strategies Using SWOT Analysis; Planning and Managing the Organizational Resources to Enhance Growth and Profitability. Macro Management & Public Policies3(1).

Thomas, R.K., 2021. Strategic planning. In Health services Planning (pp. 215-245). Springer, New York, NY.

Appendix: The Business Plan

Main objectives

Task

Timeline

To increase the financial stability and fix the product in low price

When a product is priced too low, it communicates to consumers that it is superior to similar products and services. While low prices may not always result in the greatest profits, the more products produced, the greater the gain.

4 to 5 months

Promote the better fashionable products

Additionally, the business must consider producing clothes for individuals of all ages. It has been shown that the corporation's primary emphasis has been on the elderly, and their collecting is back-dated. In this respect, the corporation's fabric manufacturing must include contemporary design elements.

5 to 6 months

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