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Introduction Of Marks & Spencer's Financial Growth & Operational Challenges During COVID (CMI-708)Assignment
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Based on Marks and Spencer PLC's financial condition produced positive growth in the previous year however its organization faced challenges in coved period managing financial growth. Additionally, the growth of uncertainties in Operation needs to be adopted by management to improvise the productivity of the organization with less consumption of cost and productivity. According to Marks and Spencer business operations with strategic plans affected the economic movement of the economy. Additionally, the Inflation rate increased the cost of production for distribution-oriented activities gets impacted product pricing positively. The increasing cost of productivity Mark and Spencer challenges to establish a competitive advantage in the international market.
1. Report "Mark and Spencer"
1.1 Critically appraise strategic risk within an organizational contex
Strategic risk analysis of Mark and Spencer
Strategic risk organized or organization impacted on profitability, operational activities, and expansion plan. Mark and Spencer's company regarding strategic risk identification would be presented in this assignment to analyze productivity and growth opportunities if the organization has been disrupted by the adverse impact of the strategic plan (Ozdemir, 2018). The business operations of Mark and Spencer operated through online services that extra leverage to gain financial benefit through online and offline business operations. Extra leverage to gain financial benefit through online and offline business operations Strategic plans of this organization are oriented with different prospects because the different strategic plan implementation team provides business productivity and profitability.
Merger and acquisition-related risk
Merger and acquisition-related activities of this organization provide extreme leverage to expand the business. Cited by Abdurakhmonov et al. (2022), Mark and Spencer PLC concentrate on the productivity enhancement equation of different small enterprises so that it would be possible to gain productivity and profitability along with different types of risks. According to the merger and acquisition process the organization always consumes acquired company liabilities and expenses. Recent acquisition news regarding Mark and Spencer PLC provides information about the acquisition of Gist group increases logistic support for this organization and provides extra beneficiaries to the distribution of food products. Based on organizational activities, the merger and acquisition risk of this organization has been considered as liabilities of Gist group. Financial reports regarding this PLC for white external financial burden have been consumed by this organization to improve productivity; however, it could be impacted negatively by Mark and Spencer PLC due to consuming financial liabilities of Gist group.
Change of market sentiment
Strategic plan of an organization has been identified by a market survey whereas the change in market segment disturbs the strategic plan of Mark and Spencer PLC . The online business segment of Mark and Spencer if it positive on business growth however the change in productivity affected profitability. Period of covid-19 organizations had challenges to operate businesses through detailed stores where Mark and Spencer adapted online marketing services for customers that consume additional financial requirements in business operations.
Strategic planning regarding online services provides a positive impact on profitability and how to work cost consumption during productivity increases. Opined by Ridwan et al. (2019), the distribution and marketing of products by Mark and Spencer's true online digital platform increase competitive challenges for this organization that affect as negative to maintain competitive advantage. Market segment needs to be adopted for strategic planning because uncertainty in the market movement would harm the profitability and affect as huge consumption of operational costs. E-commerce-related competition in organization issues regarding Competitive market organization not be affected to present growth in revenue at initial state that could be impacted as the fiscal deficit in the primary stage of strategic plan implementation.
Financial risk
Financial rest-oriented strategic planning of Mark and Spencer is the overconsumption of allocation of financial resources for adopting new strategic plans. According to Baloyi and Ozumba (2020), organizational activity has been operated with budget planning that consists of expected returns and expenditures throughout operational activities, where unexpected catches and if advised in operational activities could harm the strategic plan as a financial deficit. Implementation of strategic plans for online business operations could be impacted as a negative potentiality of growth by online business services.
Economic risk
Economical risk of strategic plan oriented with different types of financial elements impact the organization. Economical research on strategic planning is oriented toward inflation and interest rate because the projected budget for the strategic plan could be changed to increase inflation on the interest rate. Cited by Vaintraub et al. (2020), the forecasted balance sheet regarding this organization is going to help to present expected outcomes and explain injunctions regarding Business expansion whereas economical elements like government rules, and international market entertainment impact budget planning of the organization.
Chances of fiscal deficit in the strategic plan have been considered in forecasted financial reports because of mitigating this financial crisis through different aspects. Expansion of business by Mark and Spencer has become possible by equity and debt financing, in this financial term increasing interest rate impact on organization profitability. In this statistic, Marks & Spencer's group profits before taxes are shown from 2014 to 2020. Profit generation by the group has increased over the observed period. The group made 67.2 million British pounds before tax in the year ending March 28, 2020, an increase of 20% from the previous year. Profit before tax for the group increased by 20% to 67.2 million British pounds at the end of the year ending March 28, 2020.
1.2 Critically assess strategies for managing risk in an organizational context
Risk acceptance
Mark and Spencer PLC organize risk acceptance regarding planning to adopt the additional requirement of the strategic plan than going to mitigate the unexpected risks of a business plan. Mark and Spencer's business operated through detailed change that required a sufficient source of distribution for continuous operation, where risk acceptance policies regarding business operations would be effective for mitigating this challenge through adopting various supply chain management. Cited by Slagmulder and Devoldere (2018), productivity to distribution products retail stores Mark and Spencer has adopted various distribution channels that make a productive supply chain for this business.
Risk acceptance in organizational productivity management of Mark and Spencer PLC increases human resource management productivity regarding the fault. Risk management strategy based on reducing threats to aid workers by reducing the motivation of others. Risk acid acceptance in organized and activity organizations need to be added to productivity-related issues identification that is going to help to mitigate certain risk in Business expansion.
Risk transference
Risk transference by managerial activity Mark and Spencer's organization has become effective to gain knowledge about operational productivity. The operational cost of Mark and Spencer has to be maintained by reduction of raw material consumption along with productivity enhancement going to help reduce the average cost of production. Opined by Schulte et al. (2020), the established average cost of production in favour of Mark and Spencer helps to gain a competitive advantage by providing products to customers less than competitors' prices. Operational activity in risk management Mark and Spencer PLC going to involve their production at all costs throughout implementing raw material and operation expenditure for growth management.
Risk transference regarding activities has been provided through electing a new strategic plan to improve wise operational productivity of the organization and gain profit through less average cost pricing methods. The best non-productive measure of risk transference organization has adopted an enhancing process to mitigate exited challenges in productivity along with continuous adoption of mitigation plans to reduce risk of operations.
Risk avoidance
Risk avoidance strategy has been adopted by organizations to implement effective Results at the end of business operations. The strategy has been adopted by organizations to implement effective results at the end of business operations. According to business operations, Mark and Spencer established risk evidence policies to gain knowledge about productivity that would be affected positively on profit-making (Al-Hawajreh, 2020). Economical research on strategic planning is oriented toward inflation and interest rate because the projected budget for the strategic plan could be changed to increase inflation on the interest rate. Based on risk avoidance policies organisational productivity has been enhanced by the adoption of quality-based production by waste management policies that reduce excessive use of raw material and produce an effective amount of production for organizations.
Based on the operational activities of this organization Mark and Spencer also established green energy use in business operations to improve cost management policies that directly increase the chance of profitability. Risk Strategies for operational growth as identified through productivity analysis of the Mark and Spencer that explain the master budget has been prepared by this organisation considering additional financial requirements to manage uncertain risk.
Risk reduction
Risk production approach in organisational productivity is required to mitigate the chances of issues. Mark and Spencer organized productivity and distribution operations depending on disk management policies that reduce risk in supply chain activities. Additionally, reduction policies regarding this organisation help to manage risk consumption along with higher productivity growth in business operations. Cited by Bezrodna, (2019), the risk management process regarding organisational benefit of Mark and Spencer evaluates the productivity nature of the business to identify the process of risk management along with product planning of business operations. Risk productivity management in organizations would be effective to manage the financial resources of Mark and Spencer which helps to gain the advantage in cost consumption activities for financial resources use. According to these reduction policies, this organisation has produced profitability in collective resource management and would be able to improve voice productivity through minimum resources that help to gain financial leverage in the cost of production.
In this post, we will explore the concept of "stakeholder management" as it has been applied to strategic management, and also develop a brief history of the concept. In this section, we will propose that marks and spencer's stakeholder approach to strategic management differs in several key ways. Open syste ms, closed systems, and isolated systems fall into three categories. Unlike closed systems, open systems can exchange matter with the surrounding environment while closed systems are unable to do so.
2a. Leadership skills for strategic management
2.1 Critically appraise the leadership skills for strategic risk management
Time management skill
It is now widely acknowledged that competency frameworks are essential to achieving high organizational performance as they focus on and assess the potential and capabilities of each individual. Individuals who possess Future Skills have the ability to solve complex problems in highly emergent contexts and act in a self-organized manner. An organization's complexity can be managed by analyzing, evaluating, and optimizing it. The role of information technology is to secure data and information for a company, create and administer databases, and assist employees with computer or mobile device problems. Adapts well to change; can switch gears without needing the whole picture in front of them; and is capable of deciding and acting without having the full picture. In an attempt to discover a significant pattern, it may appear as background noise at first, but by viewing it through a different perspective and connecting it with other pieces of information it may become apparent as part of a larger pattern.
Providing a better quality of work could be improved by time management skill is required for a leadership approach because the implementation of a strategic plan in a business organization needs to be relevant to market sentiment. Organizational productivity of leadership management delivered time management-oriented tasks to employees that again productivity within the allocated time zone. Cited by Cheng et al. (2018), time management skill is also required to manage the whole operational plan for productivity analysis with expansion possibilities that would be possible through time management. According to time management, a financial budget has been established for a certain time period that indicates possibilities of possible outcomes with expected risks.
Time management skill drives work with a location that reduces consumption less productivity along with huge growth potentiality in business operations. The time management approach also produces confidence in all employees which helps to gain ultimate productivity in operational activities. Financial resource management becomes possible through time management activities because excessive time consumption for productivity reduces the operational productivity of organizations. More productivity and efficiency become possible by adopting time management policies in organisational activities because the allocated time for each business operation reduces cost consumption by operating activities using better volume-based financial resources. Cited by Sax and Andersen, (2019), time management activity also helps to implement more time for leisure and recreation that improve organisational productivity with resource management. Operational activities in time management policies provide external benefits in business productivity improvisation through operational activity-based productivity.
Negotiation skills
Negotiation skill in leadership is required to identify potential employees who are willing to work in connection with full potentiality. Additional negotiation skills of this organisation need to be adopted in leadership management to increase productivity of organisational benefit by adopting a negotiation process to manage resource allocation and distribution of products to suppliers. Actual identification of requirement in negotiation skill would be possible by supply chain management because organisational operations need to be negotiated with other supportive organisations to gain more financial benefit using effective negotiation policies . Negotiation skill is also effective in leadership because managing people at Global context helps to improvise the productivity of organisation with effective results. Negotiation with employees also gained to establish productivity relationships between employees and organisational management (Kryvych and Goncharenko, 2020). Negotiation skill in leadership helps to gain knowledge about other supportive elements impact on business operations that are going to generate possible mitigation policies to reduce risk percentage.
Financial resource management skill
Financial resource management skill in leadership is required to determine possible outcomes that could be gained by an organisation with allocated financial resources. Budget planning of operation is determining financial resource use in business operations, where allocated resources for organisational productivity gain financial advantages by profitability improvisation. Forecast budget planning for business is going to hold the organisation as effective leadership because using financial resources with efficient allocation is going to improve productivity along with minimum cost consumption.
Financial resources of an organisation have been collected through equity or debt financing that impact on financial reports as expenditure or cost, where effective financial resource management provides benefits to gain financial advantage in operational activities. Financial Resource Management provides profit maximisation related positive results to organisations. Additionally, proper mobilisation of financial resources increases availability of working capital and reduce cost consumption regarding external financial resources.
Balanced structure of financial resource could be possible by effective management, which impact as positive result to profitability growth. Efficiency improvisation regarding activities would be implemented in organism by leadership management because of using various financial tools to identify growth of the organisation and what are the possible errors could affect financial benefits. According to Tepeli et al. (2021), utilisation of financial resource with efficient allocation to each financial activity uncertainties in business could be mitigated by this approach. Possibilities of business survival could be improved by effective leadership management because implementation of financial resource with effective leadership approach organisation become able to minimise impact of uncertain risk and provide excessive benefit to financial condition. According to profitability in organisational operation could be improved in financial Resource Management by adopting new strategies in leadership like average cost minimisation and maximisation of productivity.
Relationship-building skills
In order to improve relationships with the individual, communication is crucial to develop positive relationships among individuals. Soft combination skills are required to efficiently communicate which is necessary to develop relationship-building skills. Individual managers are trying to identify how to improve the relationship-building skills which are mandatory to managing workplace culture (Tien and Thuan, 2019). Apart from that, to improve the interpersonal skills of the individual most business organisations are trying to identify how to minimise major difficulties by solving problems and that can be attributed to developing interpersonal skills. Verbal as well as nonverbal communication is also important to improve the relationship among the employees which is efficiently dealing with complex situations. In order to manage the financial risk, as well as the non-financial risk of the organisation, it is necessary and relationship building skill is mandatory for that.
Problem-solving skills
A problem-solving skill is considered a separate skill that is mandatory for the business and that efficiently contributes to the job search process. Most business organisations are trying to identify how to generate a maximum return which is necessary to achieve profitable outcomes. A problem-solving skill is crucial and that makes creative communication in the business which is efficient communication with numerous employees and trying to identify how to eliminate major problems (Chen and Zhu, 2019). Problem-solving skills are mandatory and they help to manage the critical situation of the business. In order to continuously improve creative skills, problem-solving factors are mandatory and that can easily identify how to maximise future scope. Negotiation skills are also important for the business and individual managers are trying to improve strategic leadership skills which are mandatory for the business.
2b Risk management framework
2.2 Propose a Risk Management Framework to deliver strategic objectives
A risk management framework always creates positive support for the business and can effectively identify how to generate more returns by continuously monitoring and evaluating. In order to, identify the organisational structure necessary for the business which is effectively achieving strategic objectives, and identify how to improve the risk management framework. There are some crucial information processes to deliver strategic objectives by using a risk management framework which is listed below:
Identification of strategic risk
Companies often create specific and measurable goals for progress. Strategic objectives allow businesses to plan steps that help make their vision a reality. Understanding what strategic objectives are and importances of that can help better take part in and shape these objectives through your contributions to the workplace (Ringland et al. 1990). The potential risk of Mark and Spencer is limited knowledge of customers' choices and poor variety of the products which reflect the aggregate risk of the business. Risks undermine the value propositions that attract customers and generate profits. Majority of contemporary web developers possess their own list of frameworks as well as libraries actually allow the completion of their work speedily, efficiently and conveniently. It will lose its value proposition, for example, if a competitor from a low-wage country suddenly enters the market and undermines the company's business model.
In order to identify the common structures of the business most business organisations are continuously monitoring the risk management framework and protecting organisations from the strategic risk effect (Syreyshchikova et al. 2020). In order to identify the potential threats to the business most organisations are trying to identify how to maximise the major return of the business and make a clear decision during a complex situation. Smooth business functioning requires competent people, from top to bottom. People with the mettle for taking responsibilities and performing or delegating efficiently by using managerial competency. In order to, strategic leadership skills are also required to identify how to maximise future scope by minimizing business difficulties.
In addition, to identify the potential threats to the business most organizations are using an innovative strategy which is also necessary to address them. Apart from that, financial opportunities as well as nonfinancial opportunities both are necessary for the business which can efficiently maximise the future scope. Apart from that, strategic risk management is also important and can efficiently identify the final estimation in a financial year (Lenkova, 2018). The probability of the risk is identified from the risk management framework and that can identify how to manage the potential risk of the business. The executive leaders' skills are also mandatory for the business.
Relationship to strategic objectives
Managing multiple business functions of the organisation most businesses identify how to maximise the major return which continuously increases the future scope. In order to manage the financial as well as the nonfinancial risk of the business, identifying multiple business functions is the first step in efficiently monitoring them to improve sustainable performance. Strategic risk is always related to the individual companies that can efficiently manage how to maximise sustainable performance. Remote managers are responsible for managing employees who work from home, or otherwise outside of the office. Managing strategic risks is an essential part of any business's success, whether it's going to market with an innovative solution or trying to keep up with the competition.
Limited financial opportunity directly affects organisational factors which hamper the overall results of the business (Dana et al. 2021). In order to, external strategic risk factors are also mandatory for the business to manage multiple business functions. In order to identify the financial structures of the organisation continuous monitoring by the individual efficiently managing the long-term financial risk.
In order to continuously monitor the critical business functions of the organisation it is mandatory to efficiently manage how to maximise the major return. In order to, the inner business choice is also mandatory and that can be managing how to maximise the business return. Effective communication tools improve sales functions and multiple effects of the organisation can be changed (Hutsaliuk et al. 2021). Prioritizing and synthesizing risk management is also mandatory and that can effectively develop a risk management framework to identify and controls the major risk. The external strategic risk factors are always used by the individual who is necessary to generate sufficient scope by minimising the obstacles. Internal business choice also depends on the manager’s decision-making process and effectively maximises environmental opportunities. Staying calm is also a good way to manage an ambiguous situation. To remain calm when you face ambiguity, take a moment to consider what you should be doing and what outcomes your actions can achieve.
Strategies to measure and manage risk
A comprehensive risk-based approach is necessary to efficiently manage supply chain risk management. Organizations are using comprehensive risk-based approaches which are mandatory for an individual organization. The problem-solving skills are mandatory and they efficiently identify how to get maximum return from the business. The comprehensive risk-based approach always uses a system development lifecycle which is efficiently managing major risks. A comprehensive risk-based approach is important to meet the special requirement of the customer (Howe and Monaghan, 2018). Apart from that understanding, the business concept is also mandatory and risk-based approaches always maximize business ideas to identify the technological risk. Managing long-term financial risk as well as major problems of the organisation is important to manage the strategic risk of the entire organisation. A comprehensive risk-based approach is always useful for the individual business organization to involve risk mitigation strategy.
In addition, to fix numerous problems of the business most business organizations are trying to identify how to improve the sufficient measurement for reporting on major risks. The notion of risk management is always mandatory for creative ideas that efficiently maximize how to manage the financial risk of the business (Willumsen et al. 2019). In order to, manage the financial performance of the business most business organizations are trying to improve financial performance.
Monitoring and reporting processes
There is often no clear or explicit statement of the business goals and technical risks of the business and that can able to identify how to minimize technical risk. Environmental scanning is a constant and careful analysis of the internal and external environment of an organization in order to detect opportunities, threats, trends, important lessons, and weaknesses which can impact the current and future strategies of the organization.Direct financial loss, brand damage, regulatory violations, liability exposures, and increased development costs are all possible effects of business risks. It helps to define and steer the use of particular technical methods for extracting, measuring, and mitigating software risk according to various software artifacts through the identification of business risks (Yang et al. 2018). In order to, identify how to manage the systematic risk of the business individual managers continuously monitor and prioritize the risk which is directly created more value through synchronizing of risk.
In order to, maximize the appropriate priority resolution is mandatory for the individual business organizations which are managing the financial structures of the business. In order to, identify the risk mitigation strategy always useful for the individual and that can efficiently manage complex situations. Different people have different attitudes toward the risk-return tradeoff. People are risk averse when they shy away from risks and prefer to have as much security and certainty as is reasonably affordable in order to lower their discomfort level. Fixed problems and efficiently validating the fixes is the process that is played as a risk mitigation strategy and trying to identify and rectify the major difficulties. The affordable structures of the organization are important and efficiently managed by the risk mitigation strategy (Shad et al. 2019). A software risk management strategy can only be successful within a business context, as risks are inescapable a crucial component of software development. Creative skills are always involved in a coherent strategy that can efficiently identify how to resolve business risks after identifying them. A suggested mitigation strategy is an important and coherent strategy to identify validation techniques that are efficiently managing organizational resources. A risk mitigation strategy is always important for the business and individual managers give more priority to efficiently mitigating the risk.
Measurement and reporting on risk
Identifying activity measuring, tracking, and insuring the risk and reporting to eliminate boundaries. Relationship-building skills are always useful for the individual and efficiently reporting maintained different types of stages to continuously execute the software lifecycle. The multiple loops are always necessary for the individual and efficiently identify how to minimize organizations' barriers and validate them by reporting (Durst et al. 2019). The risk management factors of the organization can involve some crucial ideas which are necessary to clearly describe the major impact of the risk. The technical risk can be involved by software defects which is involves technological disruption in an organization. On the other hand, the software is directly protected by financial activity but sometimes third parties can be involved in technological disruption which is directly affected financial health and the company's reputation. The idea of describing risk impact clearly is at the heart of the notion of risk management.
The risks, defects, and similar issues that are not directly tied to business or mission consequences are often not compelling enough to compel action on their own. These risks, however, will not likely be addressed unless they are described in terms that decision-makers and business people can understand. Since business processes and IT systems are becoming increasingly integrated, software risks often have serious and specific impacts on the mission of businesses and organizations (Ivanova, 2021). Motivations for business activities have a profound impact on risk management, including risk aversion and technical tradeoffs. Organizational productivity of leadership management delivered time management-oriented tasks to employees that again productivity within the allocated time zone.
Identify business and technical risk
Thus, the first stage of software risk management involves assessing the business situation. There is often no apparent or explicit statement of business goals. The goals you are trying to achieve may even be difficult to express clearly and consistently in some situations. As part of this stage, the analyst must identify and describe business goals, priorities, and circumstances in order to determine which types of software risks should be focused on and which business goals should be prioritized. Increased revenue, meeting service level agreements, reducing development costs, and generating high returns on investment are some of the business goals we strive for.
Software risk management relies on continuous and consistent identification and storage of risk information as it changes over time. The strategy has been adopted by organizations to implement effective results at the end of business operations. According to business operations, Mark and Spencer established risk evidence policies to gain knowledge about productivity that would be affected positively on profit making. There is no way to overemphasize the value of identifying, tracking, storing, measuring, and reporting software risk information. Risk management should be implemented according to a master risk list at all stages of RMF implementation and should be reviewed continuously.
A business' motivation has a profound impact on risk management, including risk aversion and technical tradeoffs. A software risk management process begins with an assessment of the business environment. The goals of businesses are rarely explicitly stated nor are they obvious. The term business model refers to a company's plan for making a profit. It identifies the products or services the business plans to sell, its identified target market, and any anticipated expenses (Simon, 1979). Depending on the situation, you may even find it difficult to express these goals clearly and consistently. In order to, understand which types of software risks are important and which business goals are most urgent, the analyst must extract and describe business goals, priorities, and circumstances.
Defining the Risk Mitigation Strategy
There is often no compelling reason for action when technical risks, software defects, and the like lack a clear and compelling link to business or mission consequences. Unless these risks are described in terms that business people and decision-makers understand, they will likely not be addressed in this portal. In order to, identify the organizational structure necessary for the business which is effectively achieving strategic objectives, and identify how to improve the risk management framework. The risks emphasise in this portal have all been directly tied to software and all have security implications. Since business processes and IT systems are increasingly integrated, software risks can often have serious and specific impacts on an organization's mission or strategy.
Conclusion
Based on the above discussion it can be concluded that, the concept of risk management emphasizes the importance of clearly defining impacts. Risks, software defects, and the like are rarely compelling enough on their own to spur action in the absence of a clear and compelling tie to either the business or mission. An organization or business' mission can often be seriously affected by software risks because IT systems and business processes are increasing in the integrated. In order to, identify the financial structures of the business and understand the business context is necessary which is efficiently prioritizing the critical situation and manage them to increase the future scope.
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Website
Markandspencer.com, 2022, Annual report. Available at: https://www.marksandspencer.com/ [Accessed on:09 th November,2022]
