StudentShare solutions
Triangle menu

Mark & Spencer - Essay Example

Nobody downloaded yet
In this respect, firstly the current objectives and strategy of the organization has been identified and based on which the future objectives and the ways in which they can be measured are prepared. While preparing this, the four perspectives of balanced scorecard has been taken into consideration. The objective mainly concentrates on gaining profitability in the business, increasing customer satisfaction and base, increasing the employee satisfaction and retention and finally creating values for the stakeholders. In order to achieve these objectives, the strategic map has been developed and recommendations have been made to the board of directors. Balanced scorecard has been proved to be the most efficient way in designing strategies, through which the organizational objectives can be achieved. At the same time this organizational objectives will be conveyed to the departmental level. The management can also use this in reviewing the strategies and making changes to them. Table of Contents Executive Summary 2 1. Introduction 4 2. The vision and strategy 4 3. Balanced Score Card 6 3.1 Financial perspective 7 3.1.1 Objectives 8 3.1.2 Measures 9 3.2 Customer Perspective 9 3.2.1 Objectives 9 3.2.2 Measures 10 3.3 Internal business Perspectives 10 3.3.1 Objectives 11 3.3.2 Measures 11 3.4 Learning and Growth perspective 11 3.4.1 Objectives 11 3.4.2 Measures 12 4. Strategy Map 12 5. Recommendations 13 6. Use of Balanced Scorecards 14 Reference list 16 1. Introduction Balanced scorecard can be defined as the set of measures that has been selected carefully and derived from the strategy of the organization. The measures that are selected under the balanced scorecard are the tools via which the leaders can communicate with the external stakeholders and the employees regarding the performance and the outcome drivers through which the organization will succeed in achieving the strategic objectives and mission. In simple terms, balanced scorecard is a useful tool for three things like a strategic management system, a management system and a communication tool (Niven, 2011). Over 129 years, Marks and Spencer (M&S) has developed from a single market stall to a multi-channel retailer. The organization is now operating in more than 50 territories with over 82,000 people (Marks and Spencer plc, 2013a). The organization is true to the foundation values and offers the customers, products that are relevant to their choice and preferences. They aim to deliver excellent shopping experience to the customers. This study focus on using balanced scorecard for developing a strategic map for the organization. 2. The vision and strategy The vision of M&S is to expand their international presence and develop into a multi-channel retailer, so that they are accessible to a large number of customers present all around the world. In order to achieve this vision, the company has adopted a large number of activities and has been making good progress over the time. The strategies that they follow are discussed below: In order to increase their focus on the business of United Kingdom (UK), they have initiated activities like trusted food, perfectly edited, Cheshire Oak and concept of new home. Trusts are the most important aspect that is given importance by the customers while choosing a brand. The customers turn towards M&S because of their responsibly sourced and high quality food. In order to ...Show more
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Mark & Spencer Essay Example | Topics and Well Written Essays - 2250 words”, n.d.)
Retrieved from https://studentshare.net/finance-accounting/102440-mark-spencer
(Mark & Spencer Essay Example | Topics and Well Written Essays - 2250 Words)
https://studentshare.net/finance-accounting/102440-mark-spencer.
“Mark & Spencer Essay Example | Topics and Well Written Essays - 2250 Words”, n.d. https://studentshare.net/finance-accounting/102440-mark-spencer.
  • Cited: 0 times

Summary

Mark & Spencer Executive Summary This framework was developed by Professors David Norton and Robert Kaplan as a performance measurement framework that adds certain non-financial performance measures along with the traditional financial performance measures that helps the managers and executives of an organization to have a much broader and balanced view of the organization’s performance…
Mark & Spencer
Read Text Preview
Save Your Time for More Important Things
Let us write or edit the essay on your topic
"Mark & Spencer"
with a personal 20% discount.
Grab the best paper

Check these samples - they also fit your topic

Mark and Spencer Strategy
According to the report, Mark and Spencer Strategy, international retailer Marks & Spencer is a proficient player in the clothing, food and financial service sectors. The company began its commitment to value, quality and customer service in 1884 when Michael Marks and Tom Spencer entered into a business partnership. 
9 pages (2250 words) Essay
Marks & Spencer plc
The current ratios for both 2011 and 2012 are less than 1, which is financially unfavourable since it means that the company is likely to experience difficulties paying its short-term dues. Furthermore, this current ratio is less than the industry average, which suggests that the company is having serious liquidity problems in comparison with related companies.
8 pages (2000 words) Essay
Mark & Spencer
The company incorporates many divisions which include officials holding key positions. However, this study focuses only on the Human Resource division. The company’s performance has been analysed through balanced scorecard analysis and thorough emphasis has been put on the financial perspective, customer perspective, internal business operations perspective as well as learning and growth perspective.
9 pages (2250 words) Essay
Corporate Strategy : Examination Questions (Mark&Spencer)
In order to gain a more understanding and knowledgeable viewpoint on this company, there are several questions that must be asked, including:what are the key issues Involved Here? Why are These Key Issues?
7 pages (1750 words) Essay
Marks & Spencer
Everybody knows that retail is one of the most competitive economics sector. Shops, marketplaces, boutiques, super- and hypermarkets offer us great choice of different goods. That's why if any company has been taking the top positions for almost 10 years, - it is considered as a great success.
6 pages (1500 words) Essay
Supply Chain Management of Mark & Spencer
According to the company's website and 2008 Report, the company has about 2000 direct suppliers of finished goods of which 1500 supplies clothing, footwear and home products while the remaining 500 suppliers supply other itimes. (Company Report 2008). Today, in businesses the world over, customer satisfaction lies at the heart of all modern thinking on quality and business management (Johnson et al 2007).
9 pages (2250 words) Case Study
Supply chain management of Mark & Spencer
the end of the year 2008, the Company had 622 United Kingdom stores, including Simply Food franchise stores, as well as an international business (Report 2008). According to the company’s website and 2008 Report, the company has about 2000 direct suppliers of finished goods
6 pages (1500 words) Essay
Strategic Management : Mark and Spencer
Ranging from men, women and children clothing, to home products, Marks & Spencer caters foods sourced from around 2,000 suppliers worldwide. Additionally, serving each week more than 21 million
10 pages (2500 words) Essay
Interpret the result in your report. Also, your report and model (where possible) should analyse the following-
orting the performance of a company, simplicity and understandability of the documents must be ensured (Wahlen, Bradshaw, Baginski, & Stickney, 2011). In their reporting, the two firms have ensured that they give a complete set of information bearing in consideration the detail
1 pages (250 words) Essay
Management & Organisation
Originally founded and headed from England, it has its branches spread across various parts of the world and most notably the major tourist cities of the country. This distinction and credible position has been attained and then maintained through adoption of certain salient
5 pages (1250 words) Essay
Comments (0)
Click to create a comment
Let us find you another Essay on topic Mark & Spencer for FREE!
Contact us:
+16312120006
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us