Understanding the Purpose of Business of Marks and Spencer PLC
This assignment will focus on identifying the mission, values and key objectives of Marks and Spencer PLC and also access the influences of three of their stakeholders. It will also explain the responsibilities of the organisation and the strategies employed to meet them, overall showing a general understanding of the purpose of business of Marks and Spencer.
Categories of Organisation
Marks and Spencer plc is a public limited company this means that they trade on stock markets such as the London stock exchange, and provide an annual report highlighting the company’s financial performance. Being on the London stock exchange allows the public and businesses to monitor the company’s current share prices and performance and allows them to purchase shares in the company and potentially benefit from dividends; a share of the company’s profits and the end of their financial year, and be involved in future and current plans that Marks and Spencer wish to for fill. Marks and Spencer is part of the tertiary sector so their way of business revolves around delivering/providing products and services to the customer.
The Mission, Value and Key Objectives of Marks and Spencer’s Marks and Spencer is sums up their goals and objectives into one small statement ‘’To make aspirational quality accessible to all’’ this mission is a statement that the public/stakeholders uses to identify Marks and Spencer’s as a company, and get a overall idea of its continuing plan and what it wishes to accomplish as an organisation. The values that Marks and Spencer aim to achieve is summed up in 5 simply words’ ‘Quality, value, service, innovation and trust’’ these words are incorporated into everything at Marks and Spencer do on a day to day basis, and keeping to these ethical standards may restrict them from working alongside a supplier, if a supplier were offering poor quality produce for a cheaper price, Marks and Spencer would be obliged to decline. The main objectives for Marks and Spencer is to be profitable as a company via sales of their products and service, Marks and Spencer has over 450 in 30 different countries and they are continuing to grow as a company. As a company they control 3.9% of the UK market share for food, to influence growth Marks and Spencer’s between 2010-2013 aims to have a store within 30minutes to 95% of the population. This is done by pumping capital into the opening of new stores, in order to receive a return on the capital employed. Return on the initial investment is obtained by through sales of products and services in Marks and Spencer’s stores, once the store begins being profitably a return maybe seen. A high level of service must be shown to the customer to influence high customer satisfaction; this is important to retain customers and increase spending in Mark and Spencer stores and help the growth of sales and profits.
The Influences of Stakeholders
Stakeholders are a very important part to the start and progression/growth of Marks and Spencer, and also have a continuous affects on the running of the organisation and general operations of Marks and Spencer. Stakeholders such as suppliers provide the goods to the stores so they can operate and sell to the customer, suppliers are expected to be paid to influence future business. Employees and owners play a huge part in the operation and success of Marks and Spencer and how the company functions, as they are employed by them and dedicate part of their lives to work as managers, check out staff, cleaners, supervisors, all of which assistant in keeping the company successful so that they can maintain and income. Stakeholders like banks/creditors may help finance future plans that Marks and Spencer aspire to achieve, the creditor would...