Financial Services Strategic Development – A Long Term View

Question: Describe about the Financial Services Strategic Development for A Long Term View. Answer: Introduction This report aims to analyze the strategic development at Marks and Spencer. The study not only analyzes the current strategic development of the company, but it also evaluates the past strategic development that had taken place in the same organization over the last 5 years. At the same time, the future strategic direction has also been identified. The study begins with a discussion on the past strategic developments and the changes and thereafter identifies the changes. After that the current strategic development trends are analyzed the report identifies the future strategic development direction based on the past and present development. The study ends with the conclusion, which is derived by considering the overall findings of the study. Evaluating the recent strategic development history Marks and Spencer belongs to the retail industry in the United Kingdom. The company has been operating a successful business over the last 132 years (Marksandspencer.com 2016). The company was established in the year of 1884 and currently, it has spread its wings in different countries in this world. As per the latest information, the company has earned 10300 billion revenue and net profit of 481.7 million (Marksandspencer.com 2016). This long life span and huge success of Marks and Spencer clearly indicates that it has developed its business from time-to-time by improving its operational and other business strategies (Marksandspencer.com 2016). If the strategic movements of the company are seen for last ten years, then it can be easily identified that the company has always focused on the sustainability. It always tried hard to maintain its sustainability standard. Freear (2015) stated that the company has mainly taken three strategies in the past years sustainable use of resources, promoting social equality and providing healthy lifestyle. These three key strategies were the main influencer of Marks and Spencers success. As per 2012s data, the company has reduced the waste level at Zero, which was very difficult to achieve (Islam 2016). However, the best strategic step taken by Marks and Spencer in last 5 years is Plan A. Plan A was introduced by the company in the year of 2010, by keeping the natural and environmental concerns in mind. Toms and Zhang (2016) mentioned that before 2010, the higher management of the company identified that the people in the UK and in other countries are becoming more conscious about the environmental factors and the environmental issues caused by the business operations are the biggest challenge for the company. The Plan A strategy of the company included 180 commitments to fight against the environmental issues (Morgan, Tallontire and Foxon 2015). However, after few days, the company again added 80 more commitments to the existing commitments. The commitments of Plan A were mainly focused on five factors and these were climate change, natural resources, health and wellbeing of the society, waste and fair partner (Wilson 2015). The management at Marks and Spencer identified that climate change is a big environmental issue and main reason behind is the emission of greenhouse gases. The company, before introducing Plan A, already reduced the carbon emission by 8% in 2006-07 and aimed to achieve the energy efficiency by 35% till 2015 (Purvis 2015). In case of waste reduction, the company reduced the waste level by 16% in 2010 after introducing Plan A and achieved 88% recycling level. On the other side, Gray (2015) commented that the Plan A of the company included the use of natural resources as the raw materials of the products. The company included 62% sea food and palm oil in its product range. In Plan A, Marks and Spencer aimed to strengthen its relationship with the communities ensuring better working environment. This particular strategic step brought the employee turnover rate at 14% which was the lowest employee turnover rate in the retail industry in the UK (Bright et al. 2015). As per the commitment i n Plan A, the company encouraged the people and the employees to live a healthy life by having healthy foods. Morgan (2015) noted that in the year 2011, the company that is Marks and Spencer concentrated on expanding its market. The higher authority of the company took the decision to sell food products along with the Cloths in the international market. The company emphasized on producing higher quality food products as per the tastes and preferences of the customers. The company always gave high priority to the differences in the tastes and preferences of the people in different countries (Ahmed 2016). In the same year, the company opened several food outlets in France and other countries (Marksandspencer.com 2016). The company invested huge amounts of money in restructuring the stores and outlets. The business expansion and store restructuring of the company continued till 2012. At this time, the primary strategic aim of the company was to make the financial health stronger than before (Angeles 2016). As stated before, sustainability is always the main strategic motto of Marks and Spencer and it was very important to take care of the financial health of the company. At the same time, the company also concentrated on the environmental issues as well. The carbon emission was reduced by a remarkable percentage that is 28% (DesAutels et al. 2015). In 2013, the company again concentrated on the Plan A. The management of the company mainly emphasized on building better relationship with the society or communities (Janda et al. 2015). Several corporate social responsibility activities had been undertaken by the company. Some of the CSR activities were providing placements to the physically disabled people, influencing the people towards green concept and many others. The company concentrated on improving its supply chain in the year 2014. The company took the strategy to provide fair wages to the workers engaged with the supply chain of the company (Jones, Comfort and Hillier 2015). At the same time, the company always made the working hours fixed for the supply chain employees. The company engaged itself with the suppliers who work ethically. The same agenda continued till 2015. As per the 2015 annual report, the sustainable slogan of the company during 2015 was enhancing lives every day (Corporate.marksandspencer.com 2016). During this year, the company was highly focused on enhancing the quality of its products and services. In the above discussion, it has been identified that the main strategic motto of Marks and Spencer was maintaining the sustainability by solving the environmental issues. However, the discussion has also shown that in last five years the company has changed its strategic movements on year-to-year basis. In 2010, it made full concentration on solving the environmental issues; however, in 2011, its strategic aim moved towards business or market expansion. In 2012, the strategic aim of the company included both solving the environmental issues and business expansion. In 2013, the company focused on Plan A and tried to build a good relationship with the communities. The strategic motto of the company in 2014 was improving the supply chain and in 2015 the strategic aim was improving the products and service quality. Therefore, in each year, the company tried to improve its business. In other words, it can be said, that in order to improve the business performance and achieve sustainability, Marks and Spencer changed its strategic direction. However, as mentioned by Jones (2016), the only common factor present was solving the environmental issues in the society. Bek et al. (2016) noted that the strategic movement of the company has changed in the last few years in order to grab the future opportunities in the market. In support of this, Jones, Comfort and Hillier (2016) added that the reasons and effectiveness of the changes in the strategic movement of Marks and Spencer can be easily identified in the financial performance of the company. In 2010, the revenue of the company was 9536.6 billion, which increased to 10.554.6 billion in 2016 (Statista.com 2016). However, in this context, Peter, Daphne and David (2015) argued that the financial performance of Marks and Spencer in last five to six year s was not that much impressive in terms of clothing. In 2013-014, the clothing sale dropped by 2.5%. On the contrary, Daniel (2015) commented that the overall financial performance of the company has increased steadily. However, by evaluating all of the strategic movements of Marks and Spencer in the recent past, it can be said that the company has taken several unique and effective strategic steps, which have helped the company to develop its business more. The main reason behind the change in strategic movement was business development and creating a good corporate image in the national as well as international market. Analysing the current strategic situation Currently, Marks and Spencer is one of the largest retailers in UK as well as in the international market (Jones, Comfort and Hillier 2015). This indicates that the strategic position of the company is better and the macro environment of the company is favourable. However, Hearn (2016) stated that the actual condition of the macro environments and the competitive position of the company can be better understood with the help of Porters Five Forces and STEEPLE analysis. According to Savigny et al. (2015), these two tools are the best tools for analyzing the current strategic situation of a company. The analysis of the strategic situation of Marks and Spencer using Porters fiver forces and STEEPLE is stated below: Porters Five Forces analysis: Five Forces Current strategic situation Industry rivalry Industry rivalry is at high level in the UKs retail industry. Most of the companies in this particular industry are currently trying to diversify their business and due to that they are improving their performance day-by-day. This is actually enhancing their competitive strength. In this type of industry situation, Marks and Spencer also needs to take innovative strategies to survive in the market. Atkins et al. (2016) stated that the current strategic situation of Marks and Spencer is much competitive because the product range of the company is wide. The company always tries to differentiate its market position by proving higher quality products and services. However, recently, due to the increased market competition, the company has reduced the price range of its apparel (Rathnasiri et al. 2015). Therefore, on overall basis it can be said that the industry rivalry is very high for Marks and Spencer. Threats of new entrance Retail business requires huge investment to set up a store in the market like UK. Due to this, many entrepreneurs cannot start their business in the retail industry. However, this does not mean that there is no new organization in the UKs retail industry (Formnkov, Chldkov and Hanusov 2015). However, the number of new companies or new entrants is less. There is another reason behind this low number of new entrants and that is the high brand image of the existing companies. As Marks and Spencer is already a giant retailer in UK and international market, the threat of new entrance is low for the company (Gypteau, Otero and Kampouridis 2015). The high brand image of the company can easily compete with the new retail organizations. Threats of substitute products The product range of Marks and Spencer includes food and clothing items. There are many other organizations in UK and in other countries, which are also dealing with the same product range (Kennedy, Kapitan and Soo 2016). However, due to the high brand value, the competitive position of Marks and Spencer is also at good level, which makes the threats of substitute products moderate. Bargaining power of the suppliers The bargaining power of the suppliers of Marks and Spencer is low because the company itself is a high brand. The yearly turnover of the company is quite high and the company is listed under top 100 companies in United Kingdom (Slack and Munz 2016). Moreover, the business of the company is not that much dependent on the suppliers because the company mainly deals with the products of its own brand. However, the company needs to deal with the suppliers to get the raw materials for its products and in that case the company focuses on building good relationship with the suppliers (Peter, Daphne and David 2015). This helps the company to control the bargaining power of the suppliers. Bargaining power of the customers The bargaining power of the customers or the buyers is high because in the retail market, the customers are having number of alternative products, which are available at low price (Morgan, Tallontire and Foxon 2015). At the same time, customers always prefer the products as per their taste and preferences, which is ever changing. Therefore, the company needs to track on the changes in tastes and preferences of the customers. At the same time, as the competition in the market is high, the power of the customers becomes also high because the companies are agreed to reduce their price level to attract more customers. Table 1: Porters Five Forces Analysis (Source: Daniel 2015) STEEPLE analysis for Marks and Spencer: Factors Current situation of the factors Social factor Society in the United Kingdom is very fast moving. The people in these societies are always busy and they are highly dependent on ready to eat food products (Toms and Zhang 2016). Due to the hectic day-to-day schedule, people prefer to have sandwich and snacks more than the home made meal. In case of homemade meals, people want ready to cook ingredients. At the same time, the spending capacity of the people has increased with the increase in their income level. Due to this, people prefer to wear better quality clothes. Therefore, for companies like, Marks and Spencer, the social factor of the macro environment is favourable. Technological factor The UK is a technologically advanced country. In this country, the maximum companies try to use better technology to improve their performance. The use of technology is high in the retail sector of the country. At the same time, the advanced technology infrastructure is easily available for the companies. The companies can easily sell their products online. The companies like, Marks and Spencer is currently focusing on online sales and the online sales growth of the company has reached to high level (Rathnasiri et al. 2015). On the other hand, the country is also trying to improve the technological infrastructure more in order to make the business activities easier to operate. Therefore, from the technological point of view, the macro environment is favourable for Marks and Spencer. Economic factor After the credit crunch in the international or global economy, the economy of the United Kingdom has been also affected. The economic downturn of the country affected the income level of the people, which ultimately affected the financial performance of the companies. However, recently, the UK economy has improved than before. In the words of Gypteau, Otero and Kampouridis (2015), the condition of the UK economy has not been improved much after the negative effects of credit crunch or global financial crisis and this may affect the financial performance of Marks and Spencer. In support of this, Savigny et al. (2015) mentioned that the high price of the products of Marks and Spencer may be the main barrier for the business growth of the company because the purchasing capacity of the people has decreased. This indicates that the economic factor is negative for Marks and Spencer. Environmental factor Environmental issues are becoming the main macro environment issues in not only the UK but in the international market. The government and the companies are trying to reduce the greenhouse gas emission. As per the current environmental situation in the United Kingdom, it can be said that waste level of the country needs to be decreased as soon as possible and at the same time, the companies in the country needs to take special care to maintain the pollution at low level (Jones, Comfort and Hillier 2015). However, in case of Marks and Spencer, the management has taken several steps to solve the environmental issues. The Plan A taken by the company is one of the great step in this context. Due to this, the brand image of Marks and Spencer has been improved in the national as well as international market. Therefore, from the environmental point of view, it can be said that the macro environment of Marks and Spencer is more or less favourable. Political factor The political environment in the UK is more or less stable, which is good for the companies operating their business in the UK market. Trade barriers in the country have decreased at a high level, due to which the business operations became easier for the companies. At the same time, the government of the company has also reduced the corporation tax by 2% that is the corporation tax reduced from 30% to 28%, which is very helpful to reduce the cost level of the companies especially for the big companies (Corporate.marksandspencer.com 2016). Therefore, it can be said that the political environment is favourable for Marks and Spencer. Legal factor In the current scenario, the consumers are more knowledgeable regarding their rights and business regulations. Due to this, the companies needed to be more conscious regarding their business activities. There are several legislations in the UK for operating the business. The companies are bound to provide proper safety to the employees along with the wages and salaries. However, Marks and Spencer has maintained the legal guidelines of the country, which has made the legal factor favourable. Ethical factor Ethics is the most important part of the business in todays context. In UK the people are very conscious about the ethical rights of them. They avoid the products and services of the companies, which do not act ethically. However, in this context, Peter, Daphne and David (2015) stated that the business activity of Marks and Spencer follows each ethical guideline carefully. The company pays proper remuneration to its employees and at the same time, the company has shown its responsibility towards the society. Table 2: STEEPLE analysis (Source: Freear 2015) Therefore, from the above analysis through five forces and the STEEPLE model, it can be said that currently, the competitive environment of Marks and Spencer is more or less favourable. However, due to the economic downturn of the country in recent past, the company needs to take better strategies for the prices of its products and services. According to Hearn (2016), the current trend in the macro environment of the company clearly shows that the macro environment is improving day-by-day and at the same time, the competition in the market is also increasing. The political, social and technological factors have been changed and development is taking place in the macro environment. On the other side, the internal situation of the company is also much stable. The company is having good employee strength of 83069, which is an important factor behind the huge success of the company (Marksandspencer.com 2016). The high quality human resource of the company has helped the company to come up with unique strategies. At the same time, as the company has focused on using the natural resource as the raw materials of its products, which has also increased the current capabilities of the company. If the current internal situation of Marks and Spencer is analyzed by Resource Based View or RBV theory, then it can be said that the company is having the competitive advantage in the present context. As per last years annual report of the company, the total assets base of the company is 8196.1 million, which is better than many other companies in the same industry, while the intangible assets of the company are 858.2 million (Marksandspencer.com 2016). As per the analysis through the RBV theory, it can be said that the company needs to maintain its current competitive advantage position. Therefore, from the overall discussion on the current strategic situation of Marks and Spencer, it can be said that the company is at good strategic position. However, there are some factors that the company needs to take care off. The company has good resource strength, but as the competition in the market is high, it is the responsibility of the management of the company to maintain the current position (Marksandspencer.com 2016). As the industry rivalry is much high, the company can include new products in its product range. Along with that, the company also needs to introduce a new way of selling its products because most of the companies in the UKs retail industry are using online selling option (Jones, Comfort and Hillier 2015). Therefore, more innovative strategies are needed to be taken in future. At the same time, the company needs to maintain its commitments with respect to Plan A that the company had introduced in the recent past. Identifying strategic direction for the future In the above discussion, the past and current strategic situations of Marks and Spencer have been identified and analyzed. In the analysis of the strategic situation in the recent past, it can be said that the company has taken different effective strategies that have helped the organization to improve its market position. At the same time, the analysis of the companys present condition has shown that the current macro environment position is more or less favourable for operating the business successfully. However, the economic condition of the country has created a big challenge for the company. Considering the present and past strategic situation of Marks and Spencer, the following future strategic guidelines can be provided: Introduce new products: The current product range of the company includes two types of products clothing and foods. Currently, the company is gaining much profit from these two types of products. However, as per the current and past trends, it can be said that the competition in the market will increase more in the near future (Rathnasiri et al. 2015). Therefore, in order to compete in that high competitive market, the company will need to introduce new products along with new services. As the new product, the company can include the electronics goods like, video games, mobile phones and tablets. These products will be effective for improving the business performance of the company in the future competitive situation because the demand for the electronics items is showing an increasing trend (Toms and Zhang 2016). However, introduction of new products also needs more facilities and services because presently, the companies are emphasizing more on after sales services to attract the customers. Therefore, Marks and Spencer also needs to introduce good after sales service to survive in the future competitive market. Revise the price range of the products: As identified in the analysis of current market situation, the economic factor in the UK and other developed countries is not much favourable. The income level of the people in different countries has decreased due to the global financial crisis and credit crunch in the recent past that is in 2007-08 (Morgan, Tallontire and Foxon 2015). Due to this, the capacity of the people to purchase high priced products has decreased. Therefore, in this situation, if the company that is Marks and Spencer sets the price level of its products high, then it will be problematic for the company to sell the products, which will ultimately affect the financial performance of the company. Therefore, the company needs to reduce the price level of its products a bit so that people get attracted towards the products of the company. Maintain the commitments in Plan A: The above analysis regarding the strategic development of Marks and Spencer in the recent past has stated that Plan A was one of the most effective strategic movements of the company. The Plan A of the company has aimed to solve the environmental issues, which has helped the company to create a strong and positive brand image in the market (Slack and Munz 2016). Maintenance of the commitments of Plan A will help the company to build strong relationship with the people in the society as well as with the suppliers. As the people in UK are much conscious about the environment, they will be attracted to the company. Improve the current assets position: The future is uncertain and so it is very important for the company to build a strong financial background (Gypteau, Otero and Kampouridis 2015). The analysis of the current strategic situation of the company has mentioned that the company is operating in a highly competitive environment and there are many large companies in the UK retail industry. Therefore, it is quite possible that the company may face more competition in the near future and one of the most important ways to handle the high competitive situation is strengthening the assets base of the company. Therefore, the company needs to improve its current assets position. Innovation in existing products: The Company that is Marks and Spencer needs to bring some innovation in its existing products. For example, the existing products of the company include clothes, in which the company can bring innovation. The company can produce apparels with innovative and fashionable designs, which is unavailable in the products of other companies (Morgan, Tallontire and Foxon 2015). Therefore, it can be said that in order to make the future strong and sustainable, the company needs to take various strategic steps. The main assumption behind these strategic recommendations is the competition in the market will increase in the future. Therefore, it will be essential for the company that is Marks and Spencer, to undertake proper strategies to compete in the market. The recommendations like, innovative products, strong assets base and new products will help the company in handling the uncertain situation in the future. However, as the future is uncertain, it is sure that the company will need to bring some changes to cope with the uncertainties. In order to deal with the uncertain situation, the management of the company will need to implement proper leadership at the workplace. The company needs to make flexible future strategies so that they can face and handle any kind of certain change. Special focus of the company must be kept on solving the environmental issues because this has helped the company to improve its market position in the past years. Therefore, it can be said that the future of Marks and Spencer can be better if the company takes proper strategic decision at the right time and in right manner. Conclusion In this study, it has been identified that Marks and Spencer is one of the most well-performing retail organization in UK. The company is also very much successful in the international market. In the recent past, the company has taken a great strategic movement, which is named as Plan A. This Plan A, a strategic movement of the company was introduced in the year of 2010 and it has included many commitments that aim to solve the environmental issues in the society. The study has identified that the organization changed its strategic movements on a year-to-year basis. However, the main focus of its strategies was to maintain a sustainable position in the market. The study has also discovered that currently, the macro environmental factors of the company are in favour of its business except one factor that is the economic factor. However, the management can handle the situation by taking some effective strategic steps in future. Reference list: Ahmed, U., 2016. 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