Discuss Strategic Change Management at Marks and Spencer
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The paper below examined change management at Marks and Spencer, which has gone through significant strategic and operational change through its years of operation following major economic and organizational issues.
Founded in 1884 by Michael Marks and Thomas Spencer, Marks, and Spencer is one of the largest retailers that operate in clothing, food, home products, and beauty products among so many others. Currently, the company has over 64,000 employees and over 1487 stores globally and 100 markets. As of April 2023, its revenue was £11,931.3 million up from £10,885.1 million which was generated in 2022. Marks and Spencer is known for its high-quality products, customer service, and social responsibility. It has a loyal customer base and a strong brand reputation. Marks and Spencer aims to be a sustainable business that creates value for its stakeholders and contributes to society. [Marks and Spencer website: [https://corporate.marksandspencer.com/about-us/key-facts-figures]
Marks and Spencer have for long been known for its excellent products and services and it has gained huge success in all its business. However, they are faced with a number of challenges such as changing customer tastes and preferences, environmental pressures, and stiff competition from its competitors who are using a strategy of competitive price strategy and use of excellent market strategies, and offering new products and services at relatively low costs. Because of these challenges, the company's performance, profitability, and reputation have been hugely impacted. For that reason, it is imperative that Marks and Spencer undertakes a comprehensive change management process to adapt to the changing market conditions and regain its competitive edge. In this report, we will discuss the need for change that Marks and Spencer would require in its course of business.
Key questions answered in this paper are; what is strategic change management? What is Marks and Spencer's management style? What are the five components of a change management strategy? All these were attempted and answered conclusively in the following sections of this paper.
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Discuss Strategic Change Management at Marks and Spencer Case Study
Key Learning Outcomes
By the end of the case, students should be able to:
- Understand the concept and importance of strategic change management in a competitive and dynamic business environment.
- Understand the factors that influenced the need for strategic change and the challenges that Marks and Spencer faced in implementing its transformation plan.
- Understand the effectiveness of the change management strategies and practices adopted by Marks and Spencer and the impact of the change on its performance and stakeholders.
1.0 INTRODUCTION
Marks and Spencer is a well-known global retailer with a rich history and a strong presence in the market. Founded in 1884 in Leeds by Michael Marks and Thomas Spencer, the company has grown over the years to become a global brand, known for its high-quality products and exceptional customer service. M&S has established itself as a leader in the retail industry by offering a diverse range of products across various categories.
Their clothing department features stylish and sophisticated apparel for men, women, and children, catering to different tastes and preferences. Marks and Spencer is also widely recognized for its food offerings. They provide a wide selection of fresh, high-quality groceries, including fruits, vegetables, meat, and dairy products. Furthermore, Marks and Spencer has made significant strides in promoting sustainability and environmental responsibility. They have implemented various initiatives to reduce waste, minimize carbon emissions, and enhance energy efficiency across their operations. This commitment aligns with their goal of being a responsible and socially conscious company.
Moreover, M&S has embraced technology and innovation to enhance the shopping experience for its customers. They have developed user-friendly websites and mobile apps, making it convenient for consumers to browse and purchase products. In addition, M&S has adapted to the digital age by offering online shopping and delivery services, ensuring accessibility and convenience for their customers.
The success of Marks and Spencer's is highly accredited to its dedication to quality, customer satisfaction, and its ability to evolve with changing consumer needs. As they continue to expand their global footprint, they remain committed to their core values of delivering excellent products while maintaining a strong ethical and sustainable foundation.
This paper will critically analyze the change management process at Marks and Spencer, a well-known British retailer that has faced several challenges and transformations in its long history. It will also analyze how the company has adapted to various economic and organizational factors that have influenced its strategic and operational decisions.
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