Critical success factors: Marks and Spencer

Critical success factors: Marks and Spencer Company Background In 1894, Micheal Marks, created a joint venture with Tom Spencer to enter the retailing business (company website). In 1904, the first shop opened at Cross Arcade in Leeds, West Yorkshire. The Marks Spencer (M S), celebrated their 120th anniversary in the year 2004 and for companys chief Executive position, Stuart Rose was appointed. The company was originally headquartered in Baker Street, London for many years, but later it shifted their registered office, at Waterside House, Paddington. At present, the company runs worldwide 600 stores, of which in UK alone 450 are located and 150 outlets remaining operating in 30 countries around the globe. In the year 2005, the company sales was amounted to US$14.6 billion with a market value of US$ 11.6 billion and profits at US$1.1 million and total assets of the company was US$8.1 billion. In retailing industry, Mark and Spencer are successful for several reasons. First, in terms of market understanding, they have created brand image, and provided a clear image to the consumers. In fact, their market strategy was not much deviated and thus much focused and moreover, they havent confused the consumers with competing brands. Another contributing factor to their success, was their proactive approach to human resources as in the UK, since many employees belongs to Marks and Spencer. In addition, it is likely that future employees and customers are familiar with current employees for Marks and Spencer who would be active in the decisions that in turn affect their jobs. Marks and Spencers one of the critical success factors is that they understand their customers by offering good value for the prices they charge rather than focusing only on price. Furthermore, the company could assure the same level of quality for goods throughout all their stores firstly, by using brand of St.Michael throughout the store and secondly, with their suppliers, they have exercised considerable control (by virtue of their size and the influence they have on their vendors). Marks and Spencer, relationship that has with its suppliers would be good for the company, however, for the suppliers, such relationship is difficult. Since company maintains such large customers that could dictate terms and conditions, but if it came from other customers, that would not be acceptable by the company. The companys other important critical success factors are efficient supply chain activities and an appropriate store inventory system. Main Organisational Challenges in Managing Global Supply Chain Today, a corporate challenge for each and every organization facing would be the acquirement of customer loyalty. Increase in competitors, expansion of market place, and provision of profitability by the customers would all work towards the advantages of the host organization. In addition, change in business pattern made customers to change their buying behaviour too. In order to meet the change in demands and address the change in consumer behaviour, organization administration had shifted their attention towards customer oriented for the purpose of being successful in business. To be success in the market, the companys need to entirely reformulate their predictable outlook of their business and shift from process-focused to customer-centred is an important leap towards competitive edge and service efficiency. In todays business environment, with the advancement of technological innovations, logical decisions about delivery operations, warehousing, stockholding and scale of economie s get more complex solutions. In managing the global supply chain, the following are considered as main organizational challenges. Innovation of products and development In order to survive in the competitive world of growing market of the business, the efforts wield in hunting for opportunities which are of potential in terms of profit making and development of new products based as per the requirement of target market would be valuable. In general, before started operating a profit-oriented company, there must be products that is being offered. The change in preference of the consumer and their lifestyle prompted each and every company worldwide to target on their offerings by creating innovative products and improving their existing products. Superior customer service satisfaction: Experts from the Marketing field stated that â€Å"in achieving business success, all you need is a customer† (1998). In addition, they further explained that the concepts and theories are no longer necessary on how to manage the concern and problem solving is also not guaranteed to be efficient. Effective implementation of Marketing Mix: According to and , Marketing mix is the â€Å"standardised set of fitting marketing variables that every business and any other profit-motivated industry implements, in order to come up with a desirable outcome or answer on the target market they choose to penetrate†. They are popularly called as 4Ps, consists of product, price, place and promotion. Marks and Spencer, and the management, used marketing mix efficiently and moreover it noteworthy to restate their research on marketing mix that with the constant research and development in all 4ps, today, in the UK retailing market, their product remained as the global leader, thus they could able to maintain their product with high quality. Competition: The first problem encountered in every business environment is the adverse competition. Companies always looks competitor product in a different way, as they examine their products by dismantle in different parts and compare with their own products, this tactics was used because, in order to make sure that competitor product is no way different from the existing product, if it so, then that part alone would be copied or adapted. They use this as a benchmarking and extend this concept to every process of their business. According to . (1994), to compare performance between competitors, competitive benchmarking has been utilized, where as to compare performance of a business or production process, process benchmarking has been used, this is not necessarily among competitors. In the same way, as discussed above, if Competitor Company has a better process or operation, then benchmarking company would tried to adapt or copies to their own needs. Conclusion In order to remain in todays global competitive economy, key strategic initiatives for companies like MS from the point of view of supply chain Management (SCMS), are service improving and costs reduction (1998). The SCM is one of the business strategies, which focuses on the quick response to needs of ever-changing market and lead time of shortened purchasing and in addition, add values to demanding customers, who has been increased recently at the minimum time and cost (2002). Relying on a single party, would not be feasible today to fulfil the sophisticated needs of customers, thus requires a full collaboration, integration, a total commitment and synchronization among all business partners (1999). Marks Spencer, as a profit-oriented organization is purely dedicated to provide products, with the benefit to their employees, protects the environment, and customers who utilizes them. The firm is striving to maintain their dedication, by showing their extreme interest to both the external and internal environment in which they operates. MS and its management, in building and sustaining supplier relationship would easily refer to present culture of supply existing culture being used by their company presently throughout the operations of long years. In order to retain good supplier relationship, integration and acquisition are potential methods. In addition, awareness increase to the conditions of subsidiaries and affiliates would determine somewhat about the potency of the company. To international success of subsidiaries, training and retention are deemed crucial (and 2003). Although the company is successful in term of customer satisfaction, there are certain critics to the comp any, who are really not satisfied with the business performance. As available figures and statements from expertise revealed that in order to better stay with their competitions, continuous effort has been taken to make sure that they are will be the better if not best and works above the standards. Thus, managerial decision would always work towards the company stated vision. The distinctive competence of MS in terms of applications, technical expertise, managerial aptitude are the important foundation of heterogeneity, that would substantially become an factor of competitive advantage of sustainable. According to (1995), â€Å"corporate success is based on the distinctive capabilities of the firm those things, often the product of its particular history, which competitors cannot reproduce even after others realize the benefits these capabilities bring to the company that enjoys them† (). Thus, with the effective implementation of the concepts mentioned, and competitive adv antages in an organization is not beyond its reach.

The Conditions For Factory Workers In Nineteenth Century Britain Essay

The Conditions For Factory Workers In Nineteenth Century Britain In the nineteenth century some people thought that factories were the best thing that ever created in Great Britain, however, workers inside them thought differently. No group was as exploited as children, who were put to work before they could read or write.Children were employed in industry and agriculture as soon as they started using their hands and were able to walk. They worked in farms, mills, factories, coalmines and on the streets. They sacrificed having an education for working long hours for little money, working in unacceptable conditions for employers who had no interest in safety. Children were put to work because in cities with overpriced rents and plenty of expenses, families could not get by on simply two incomes. Children who worked indoors were often exposed to toxic fumes, extreme heat, and dangerous machinery. Those who worked in glass factories often cut or burned themselves on broken or hot glass. Children in textile mills were forced to breathe in dust and cotton fibers. Many suffered permanent lung damage. Small and nimble children were assigned to equipment that required quick motions. Those who operated machinery designed for adults often lost fingers. Working long days meant they sometimes fell asleep on the job, putting them at risk for serious injury. A Manchester spinner explains that they are "locked up in factories eight stories high, (the worker) has no relaxation till the ponderous engine stops, and then they go home to get refreshed for the next day; no time for sweet association with their families; they are all alike fatigued and exhausted." In 1831, John Hobhou... ...arse. This oatcake was put into cans. Boiled milk and water was poured into it. This was our breakfast and supper. Our dinner was potato pie with boiled bacon it, a bit here and a bit there, so thick with fat we could scarce eat it, though we were hungry enough to eat anything. Tea we never saw, nor butter. We had cheese and brown bread once a year. We were only allowed three meals a day though we got up at five in the morning and worked till nine at night. Matthew Crabtree was interviewed by Michael Sadler's Parliamentary Committee (18th May, 1832): I began work at Cook's of Dewsbury when I was eight years old. We had to eat our food in the mill. It was frequently covered by flues from the wool; and in that case they had to be blown off with the mouth, and picked off with the fingers, before it could be eaten.

The concept of challenging authority Essay

The construct of disputing authorization is one that is popularly portrayed in modern-day literature. Challenging authorization defines a person’s rebelliousness against the set regulations and commands of a certain power. Ambitious authorization can impact an single adversely by devolving them. or positively by helping them in happening their topographic point in the universe. Challenging authorization itself is filled with determination devising and important alterations. The construct of disputing authorization is explored in the two texts: Dead Poets Society ( 1898 ) a movie directed by Peter Weir and Raw ( 1998 ) . a fresh written by Scott Monk. Both texts affect an person or group who challenge the authorization of a certain power. The composers of these texts utilise movie and literary techniques to broaden the audience’s apprehension of disputing authorization. Challenging authorization Teachs of import lessons. Following an individual’s challenge to authorization. he/she may larn from their errors. This subject is reflected through the concluding chapter of the fresh Raw. when Brett Dalton walks off from the battle with Caitlyn’s male parent. This indicates that Dalton. by his initial challenge of authorization. has assimilated that force is non the reply: â€Å"He’d lost one battle but won another. † Monk’s usage of third-person omniscient develops the reader’s apprehension of how ambitious authorization can educate an individual’s polar lessons by leting them to see how others feels. In the epilogue of the novel. Dalton admits that to many past wrongs. turn outing that disputing authorization does so educate persons. Challenging authorization frequently opens the possibility of the devolution of the individual/group. An single found conflicting the regulations of a higher power is punished. in bend physically and/or mentally harming the person. In Dead Poets Society. this is apparent in the scene of Neil’s decease. Neil challenged the authorization of his male parent by prosecuting his dream of moving. and because of this. had his freedom stripped. climaxing in his self-destruction. In the concluding minutes of Neil’s life. Weir uses many utilizations dark illuming and non-diegetic sound to raise a cliff-hanging and eerie atmosphere. This creates an emotional connexion between the movie and the spectator. further developing their apprehension of the construct of disputing authorization. Challenging authorization can nevertheless positively impact an person by assisting them detect their topographic point in the universe. This is seen in the concluding scene of Dead Poets Society. where Todd Anderson backs up Keating. By disputing the authorization of Welton and going a member of the Dead Poets Society. Anderson displays his true colors. being the first to toast Keating. In this scene. Weir utilises low-angle shootings on Anderson. stand foring him as a important and powerful being. a apposition to his weakness in the beginning of the movie. Furthermore. a collage of the student’s determined faces was included to show how ambitious authorization has besides helped them turn as persons. These techniques further emphasised the passages of the characters through ambitious authorization. Ultimately. disputing authorization affects an person in both positive and negative facets. These impacts have been demonstrated through the Peter Weir’s Dead Poets Society. and Scott Monk’s Raw. The composer’s usage of movie and literary techniques assist in conveying their thoughts by puting the temper and adding context. The protagonist’s challenges and alterations reflect the importance and necessity of disputing authorization.

The Increase Of Higher Education - 859 Words

Currently, the difficulty to pay for higher education are hindering not just thousands of students, who cannot afford the tuitions, but also the economic growth of the United States. Since 1970’s, the income of American families has been stagnant and the price to attend universities has increased three times, which has led the student debt to an incredible rise, and now it is bigger than $1 trillion. The effects of this huge student debt are terrible for the economy, and will prevent a sustainable growth, because the students enter the labor market owing money, so they avoid making risky investments that could have been successful. Phelps (2014) gave an example of a student who worked thirty to forty hours a week, during junior and†¦show more content†¦At first, the benefits for the whole educational system would be worth the change in the loans policy. To get a student loan free of interest rates, the pupil should have earned high grades in high school and middle school; it would work as an incentive for the students to study more and would also introduce meritocracy, which is another base of capitalism, in their lives. The consequences of this need for high grades are more engagement to the classes and more knowledge acquired. The exams average grades would increase, and so the competition for the spots in big universities. When the teachers start to feel that the students are getting higher grades and are been more engaged to classes, they will be more comfortable and happy to teach. Thus, the whole educational system would be benefited: students, teachers, schools and universities. In addition, the economy would also be stimulated by the student loans at no interest rates. Initially, the labor market would be benefited, because the students could work while in college, and start paying their debts earlier. There are a lot of working opportunities at universities’ campuses, so the students can take advantage of it. Jones (2014) claims that some schools are collaborating with programs that help students to pay for their loans even before graduating, so they can start their professional careers without a very big debt. If the