This sample will let you know about:
- Discuss about the impact of macro environment
- Discuss about McKinsey 7s model.
INTRODUCTION
Business strategy define as set of different activities and decisions which assist an individual person to gain their organisational goals. Main focus of a business organisation is to attract huge amount of consumers towards the business entity by creating various strategies and policies (Johnson 2016). In the current project, M&S is the base organisation which was founded in the year 1884. Founder of the company is Michael Marks & Thomas Spencer and its headquarter is located in London, UK. In this report, influence of macro environment has been examined for which PESTLE analysis is going to be discussed. Along with this for internal capabilities & environment SWOT as well as VRIO analysis are examined in a detail manner so that the strategies will be formulated in an appropriate way. In addition to this, Porter Five Force model is also included in this report so that the overall analysis of the industry will be done in an effective manner.
TASK 1
Examine the influence and impact of macro environment
For every organisation, for maintaining long term growth success at the marketplace, it is quite necessary to study the macro environmental elements. With the assistance of this, executives of the business entity will identify the impact and influence of all the external factors on the functioning of organisation (Akter and et. al., 2016). It is very vital for the directors to examine their mission, objectives, vision, strategies and many other factors which leads towards the success of an organisation.
Mission statement: Marks & Spencer mission is to make aspirational quality which can easily be accessible to every person, through the extent and wide range of is goods and services.
Vision statement: In context of vision statement, they want to be the benchmark or standard against which different organisations are going to be measures.
Objectives of Marks & Spencer: Organisational objective is to make sure to maintain the sustainability of business entity at the marketplace:
- To be the biggest fashion industry across the whole wide world.
- To improve the growth rate by doing business expansion at different international marketplace.
Define strategy:It has been said that strategy define as the course of activities which is undertaken by the management team of an organisation for attaining long term organisational objectives effectively. Furthermore, strategy refers to the path of individual towards accomplishment of pre define task.
The role of strategy to achieve business objectives: Strategies play very essential role in the improvement and evolution of corporate entity at the marketplace. With the aid of effective strategies, managers can accomplish their objectives & goals within given time frame and in effective manner (Aithal, 2016). Strategies help in attaining objectives in an effective manner as employees have clear roles and objectives working within Marks & Spencer. Order assignment help from our experts!
Stakeholder analysis
Stakeholders are considered as the most essential and very crucial element of an organisation who have the right and power to contribute in every decision making activity of the company. Apart from this, they have the ability to influence the overall operations of a business entity. For this, a stakeholder analysis matrix is used which is a strategic framework categorised stakeholders according to the power and interest taken by them in the business functionality. In this context, external stakeholders as well as their influence on the working of Marks & Spencer are going to be discussed as follows:
|
Stakeholder |
Influence on Marks & Spencer |
|
Customers |
It is said that consumers are one of the most essential and element for any business entities as the whole success of organisation mainly depend on them. It is essential for the managers of Marks & Spencer to perform their business functions in such a manner that they can satisfy the needs and wants of consumers. If Marks & Spencer does not satisfy the requirements of customers, then they will be out-powered by their competitors available at the marketplace (Akter and et. al., 2016). |
|
Suppliers |
Suppliers define as the people who deliver required resources and materials to the business entity so that they can operate their organisational activities effectively. In reference to Marks & Spencer, suppliers of the company wants that the management team made payments within given time frame while they provide materials on credit. |
|
Trade unions |
In context of M&S, it is said that the primary focus of trade union is to create high wages as well as create healthy working atmosphere to their staff members so they can produce high quality goods and services in an effective way. |
|
Local communities |
All the business activities performed by Marks & Spencer have essential influence over the local communities as well as they desire to perform all the functions in such manner that they can develop the overall society and business environment (Bull and et. al., 2016). |
|
Governments |
The Government of UK develop strategies, policies and laws which needs to be considered by the management team of Marks & Spencer so they can maintain long term sustainability at the competitive marketplace. |
All the investors who belongs to this section are the management team and owners of the company. In this group the strategy which is adopted by them is to manage them to become more close.
High power, low interest
In this type of section, these are the stakeholders mainly belongs to the administration & trade unions. In this strategy adopted by Marks & Spencer is to manage them in order to keep their needs and wants satisfied (Chatzoglou and et. al., 2018).
Low power, high interest
In reference to Marks & Spencer, it is said that it includes all those individuals who have low control but high curiosity in the business functions of organisation. It includes investors such as suppliers & customers and strategy adopted by the top management team of M&S in order to keep them satisfied is that they provide all the information and data to them which is needed by them.
Low power, low interest
At the end, it has been said that it includes all those stakeholder who have low power as well as interest in the overall business operations of Marks & Spencer. It includes local communities and strategy adopted by them is to examine and monitor all the work on a regular basis so their interest can be develop (Dawes, 2018).
Benchmarking
Benchmarking refers to a process of examining the performance of an organisation's product, process or service against another business which is considered as one of the best company in the sector. The main aim behind this process is to examine the internal opportunities for further improvement (Johnson, 2016). In reference to M&S, it has been analysed that the managers of this organisation adopt this method in order to examine different internal capabilities. Benchmarking provide external perspective on the sustainable performance as well as transparency. It will assist in improving both in an effecti
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