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Decision making reflections
Decision making
Decision making process
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1. Introduction This report will investigate the British retailer Marks and Spencer. It will analyse why decision making, planning and goal setting are important to the organisation. Decision making is a process of identifying problems and opportunities then resolving them. Mission planning is the way that organisations aim to achieve their goals. All organisations have goals, these are the reasons that the company exists. Boddy (2005:178) states “A goal is a desired future state for an organisational unit. Goals provide a set of detailed objectives for an organisation’s desired outcomes”. Within this report there is a brief outline and history of Marks and Spencer. It will then look at the missions and goals of the organisation and will go on to critically evaluate planning and decision making processes that the organisation could be using. To conclude it will summarise the findings. 2. Introduction to Marks and Spencer British retailer Marks and Spencer (M&S) is a private limited company, their main aim is of a commercial nature. It is one of the most iconic and widely recognised chain stores in the UK. They have 520 stores located throughout the UK and 240 stores worldwide. It is the largest clothing retailer in the country. (Source: M&S website) 2.1 Key environmental factors impacting on M&S This part of the report will highlight the problems within the external environment that affect Marks and Spencer. Before planning and decision making can take place an organisation must be aware of these issues. The key factors that impact upon all organisations are Political, Economic, Social and Technological. These factors are commonly referred to as PEST factors. Political changes like change of government could affect the minimum wage that M&S workers are paid. Economic factors such as inflation could affect the pricing of garments. The Social factors that would need to be taken into account are lifestyle changes and demographics, M&S would need to consider where their target market stood. Technological advances could also affect M&S sales just recently their website has been updated from a corporate site to a new website offering online buying. Globalisation is a huge environmental factor affecting M&S. Globalisation is the increase in cross-border economic, social and technological exchange. For organisations it increases competition and the search for cost advantages.
This report investigates and evaluates the reasons for ASOS failed in China market. ASOS, standing for “as seen on screen”, is a British online fashion and beauty retailer firstly operating in 2000 in UK. To become the top 1 fashion brand, one of the ASOS’s strategies is to be truly global. With the confidence of being successful in China market, ASOS entered China market in 2013. Two years later, having suffered a loss of profit, ASOS discontinued to operate in China and prepared to exit China market. A general background of general ASOS and ASOS China is given and the main reasons for ASOS to enter China market are justified. Next is the comparison of operation performance between ASOS UK and ASOS China will be demonstrated.
Some factors that have contributed to the change of economy are through the quantity of jobs, the increase of diversity, and the increase of women in the workplace.4. Some causes of the changes in business environments over the decades have been the changes in values and technological differences.5. A company's culture has a great effect when it comes to the role of a successful business environment. Customers like to feel comfortable when shopping so a company would have to adjust to certain types of individuals that they would expect to shop around in their stores.6. Human resources hires and fires employees for the culture of the company. This process is done by screening the application of the applicant and screening the applicant itself.7. Quality Inn time play are two factors related to a customer being satisfied or dissatisfied by organizations deliverables or products.8. When organizations select the delivery method for product of services they get the best approach to take from the customers of course.9. The six key components of a customer service environment are the customer, the organizational culture, human resources, product and deliverables, delivery system, and services.10. Many organizations are changing to learning or organizations to become more observative customers and potential
The first chapter in this book explains a business’ mission and values. When discussing the mission, Welch states that in order to create an effective mission statement, one must explain how they intend to win in that particular business. The key is profitability, “Delineate their strengths and weaknesses in order to assess when they can profitably play in the competitive landscape,” (Welch, 15). This means to define the business’ strong and weak points to evaluate where they can efficiently and profitably fit within that specific business sector’s scheme. In order to come up with the mission, one can receive input from any source, but one should especially listen to the intelligent ones from all of the different sectors. Although, it is the responsibility of the top management or whoever is held responsible for it, to put it in place, it is their “defining moment,” (Welch, 17). The mission is what a business plans to do to win and values are ...
The Organizational Culture of Quinlan's Introduction Quinlan has been UK’s foremost retail giant for a long period of time. By end of 1998 there was evidence of a crisis and since then the company has been on a decline. The company has been ignoring market changes and trying to maintain its corporate image and identity. This has caused the customers to drift to more fashionable brands causing huge loss of business to Quinlan. Presently the company is on a restructuring exercise to improve sales with particular emphasis on customer satisfaction and marketing.
Walmart is one of the largest supermarket chains in America. They have mastered the technique of how to get customers to buy their products once in their store. Walmart has an abundance of products ranging from groceries to gardening to automotive. Walmart’s easy flow and strategic placement of an abundance of products entices customers to buy more than the customer anticipated.
Marks & Spencer is one of the UK's foremost retailers of clothing, foods, homeware and financial services, boasting a weekly customer base of 10 million in over 300 UK stores. Marks & Spencer operate in 30 countries worldwide, and has a group turnover in excess of £8 billion. It has specific values, missions and visions. It’s main vision is ‘to be the standard against which all others are measured’, it’s main mission is ‘to make aspirational quality accessible to all’, and it’s main values are quality, service, innovation and trust. (www.marksandspencer.co.uk).
The organization has had to ensure that it has retail stores in many countries globally and website options in more than 100 countries. The company further enhances access of online stores in more than 37 countries which is accessible all the time and people are able to access the services regardless of their location. Globalization further affects the organization in the sense of international market management which requires it to engage in strictly global decision making. The organization’s production networks have been geared to enhancing global competition (Lüsted, 2012) .The Company is further good when it comes to seizing the opportunities available in global market. For the organization to find efficient as well as cheap means of production, it has to bargain hard so as to allow its contractors to have low profits. This mostly is consequential to the suppliers cutting corners with the use of cheap
The competitive rivalry is high as the industry is comprises of many clothing retailers. For instance, ASDA’s brands George and Matalan, which provide not only quality garments but also sell them in a low price. Primark may lose a significant number of customers due to the intense
Tesco’s aspiration for multinational status had proved successful. Just about any country they chose to do business in ultimately made them the world’s third largest retailer. Their niche, however, was in emerging economies and they had entered all the emerging economies of the world that they felt were of importance. Japan for many years had been an interest because it was known to be the second largest retail market in the world. When the two existing supermarket chains went up for sale, Tesco decided it was time for entry into the Japanese retail market. Eight years later Tesco would learn its lessons on the uniqueness of the Japanese culture.
In the last category, Tesco’s goals are to make major improvements of its stores in the UK by 2017 and to open 450 convenience stores annually (B...
Strategic planning directs every movement in a business and is very essential to business performance (London 2002, pp.26-33). The strategic plan and operational plan are extracted from Best Buy Form 10K to better clarify the current situation and future direction of Best Buy.
However a continuous rise in globalisation could be presented as a challenge for Sainsbury’s. One of the biggest economic factors is the rising costs of fuel which will impact right through the supply chain of Sainsbury’s leading to increase of its products. Social factors to consider due to increase in trend in healthy foods, so for Sainsbury’s to keep up with trends, it would be something to consider. The use of technology for great retailers such as Sainsbury’s is an important factor, persistent upgrading of technologies such as self-checkouts, computerised stock control etc., means less room for human errors. Concerning environmental, reducing carbon footprint is emphasised to big companies. “Companies like Sainsbury’s can contribute a lot of impact on the environment. To do this Sainsbury’s would have to put in more towards the green issue” (UK Essay 2014) Legally, Sainsbury’s would have to make sure to follow policies concerning label and packaging which could be an added financial load to Sainsbury’s. Sainsbury’s should act on its threats, to achieve its goals and
Bibliography: Lawson, A. (2013). Analysis: Is Asda’s five-year strategy the right one?. [Online] Retail-week.com. Available at: http://www.retail-week.com/sectors/food/analysis-is-asdas-five-year-strategy-the-right-one/5054989.article [Accessed 23 Jan.
The statement of a mission encourages one to progress to succession. A mission statement involves strategic planning in ...
The lack of success at Omega, Inc. rested in the hands of an incompetent sales staff who were not informed of the company’s mission statement and goals. The staff received limited training on the jobs they were to perform. Omega was faced with the challenge of getting the employees to achieve their sales quotas. According to (Aguinis, 2007), “There are two important prerequisites required before a performance management system is implemented: knowledge of the organization’s mission and strategic goals and knowledge of the job in question.” The benefit of superior knowledge of the organization combined with clear and agreed upon mission and strategic goals of their unit would afford employees the opportunity to make contributions that will have a positive impact on the organization as a whole. In addition, one must possess the knowledge of the job in question to execute the tasks necessary to be done and how they should be done. This knowledge is obtained through a job analysis. Omega failed to implement strategic planning throughout all the franchises. According to Aguinis (2007), “Strategic planning allows an organizati...