Finance coventry Essay Example | Topics and Well Written Essays - 2500 words

Finance coventry - Essay Example The balance scorecard and the strategy map formulated can serve as an effective tool for the company to predict its effective future plan. This study contains suitable recommendations based on the key parameters used for the purpose of analysis which can serve as benchmark for the company to improve its financial and non-financial performances. Table of Contents Table of Contents 3 1. Introduction 4 2. Vision and Strategy 4 3. Balanced Scorecard for Marks and Spencer PLC 5 3.1. Financial perspective 6 3.2. Customer perspective 6 3.3. Internal business perspective 7 3.4. Learning and innovation perspective 8 4. Strategy Map 8 5. Recommendations 9 6. Critical Discussion and Evaluation 10 Reference List 10 Appendices 12 1. Introduction Marks and Spencer (M&S) Group PLC is an international retailer headquartered in London, England, United Kingdom. It is listed as a holding company of the Marks and Spencer Group of companies. Its varied line of products includes clothing (both Men’ s wear and Women’s wear), home ware as well as food. Its clothing division alone includes 731 shops across the United Kingdom. Its presence is not only limited to the domestic circuit. The company enjoys an unprecedented level of presence around the globe having 387 stores in 43 territories across Europe, the Middle East and Asia (Reuters, 2013). This report will primarily involve the analysis of the food retail section of Marks and Spencer thereby identifying its vision and strategy. Henceforth, a balanced scorecard and a strategy map will be designed in order to align business activities of the company to its identified vision and strategy as well as to explain each parameter used for the analysis and their significance towards the company’s goals and targets. 2. Vision and Strategy Marks and Spencer’s vision is to set a benchmark on the basis of which everything else is evaluated. In order to stay true to the vision, they have laid down subsequent strategies which when followed will help the company to grow from strength to strength. Their primary aim is to become truly international, multichannel retailer whereby they can make their long range of products and services easily accessible to people all around the globe. Apart from providing quality products, they also aim to deliver exceptional value as well as high quality services to their customers. Their penchant to stay at the forefront of innovations in both general merchandising and food section is a significant factor giving them the recognition of a truly world class company. As far as Marks and Spencer’s strategies to improve its food retail section are concerned, they have been moderately successful in 2011 as well as in 2012 with their sales increasing by 4.1% in 2011 from what it was in 2010 (Marks and Spencer, 2011). This growth in sales owed to the fact that customers expected the company to come up with innovative products and this expectation in return resulted in an appreciation in the number of customers of M&S. Their strategy is to grow their food business by focusing primarily on their core strengths which are convenience, freshness and speciality. Convenience of shopping is another area that the company is currently working on for improving the way customers find and choose things in the store. This aim led them to come up with the clearer signage scheme. M&S also want their stores to be easily accessible