Spencer is a leading grocery store which has covered wider market place. It is the very well recognized organization which is established to flourish the service In terms of clothing, food stuffs, home ware and gifts, and accessories for this survival and growth of business. It Is quite expensive but also maintaining the position In the top 10 In UK. Goods are tangible whereas services are Intangible which provides satisfaction to the human beings.
Marks & Spencer Is one of the most renowned glossary retailer store which has understand the modern needs and desires of customers. It has played vital role in the service sector management. Though there are various retailed stores in UK and abroad but Marks & Spencer put them back and move ahead to provide quality goods with standardized products. Marks & Spencer should design fashionable clothes and then try to increase its investment in advertising in order to build its brand image on the values of fashion.
Strategy developments are the future plan of the company, where they want to move. We can analyses the strategy development of Marks & Spencer. Marks & Spencer ailing own brand products where Its strategy Is to provide quality goods and customer satisfaction. Market penetration has been participating for Marks & Spencer since long time. They have been following a growing path through joint ventures with established suppliers and stores. In this approaches company expand the product into different geographical areas.
Marks & Spencer have focused their business activities into developing new products in I-J market in later sass’ by offerings different goods and services. The industry in which Marks & Spencer pirate is mature and market is likely to be stable so it is more difficult to gain market share. It’s assumed that Marks & Spencer is a decline phase organization. Marks & Spencer competitors in the growth stage trying to gain market share, It Is necessary to Invest In order to regain Its market share and dominance.
This can be done by reducing the product and service prices lower than competitors and spend high amounts on advertising and selling. Using the strategy clock model, the hybrid strategy is the best option for Marks & Spencer to achieve differentiation and a price lower than its competitors. Strong brand name and stability could be internal strengths for Marks & Spencer. With the involvement of higher management, it is possible task to evaluate the market opportunities for market development, product development and integration.
Marks & Spence’s innovative and diversified culture can be a positive influential factor for new strategy development. To find out right people with appropriate skills are the Important factors for Implementations of strategies In an organization. The key functions Like marketing, finance, customer-care and network business, their roles ND Important Is one of the Inseparable needs of Marks & Spencer. Marks & Spencer can achieve its objective by improving customer focus and management.
It can understandable, (Robert, 2000) always good strategies will help to anticipate focus on possibilities and learning that its’ important to eliminate choice. To achieve the organizational goals, it needs to expand its service and products in different geographical areas. It is hard to formulate corporate strategy for Marks and Spencer as it needs to apply various approaches to the target segments which have been identified and arrive at value suggestions. Marks & Spencer, a leading company is looking to enter into the new markets within the country and abroad.
