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DESCRIBING A FIRMS RELATIONSHIP WITH ITS ENVIRONMENTINTRODUCTION AND BACKGROUNDBy choosing a firm or organisation it is possible to assess the relationship with its business environment.The firm that is going to be the focus in this study is the well-known organisation Marks and Spencer.
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Marks and Spencer is known for being one of the UK's leading retailers in clothing, foods, home ware, and financial services. They have over 00 stores in the UK and have 8 other stores in countries worldwide.STAKEHOLDERS OF MARKS AND SPENCERA Stakeholder is any individual or group who have a connection with the company. Stakeholders don't all have equal importance to a firm but they all play a part in the existence of the company. Stakeholders can be split into categories; internal stakeholders or external stakeholders.Internal Stakeholders of Marks and SpencerInternal stakeholders are groups within the firm and are important to the welfare of the company. The Internal stakeholders in Marks and Spencer are; Staff and Management Owners and ShareholdersStaff and Management at all levels are important stakeholders of Marks and Spencer as they rely on their positions within the firm to earn a wage. Working for the firm is their primary source of income.Owners are also internal stakeholders as they depend on the profits of the company for their income. Members of the public and often people who work within the company invest their money by buying shares in Marks and Spencer, with hope that the value of the shares will increase, through the company remaining profitable. The shareholders are internal stakeholders as their money is used to benefit the company by providing the means for further investment and expansion of the company.External Stakeholders of Marks and Spencer External stakeholders have a role in the success of the business as they sell to and buy from the firm, but do not work for or belong to the firm. Not only do they contribute to the success of the company but to benefit themselves. The external stakeholders in Marks and Spencer are; Customers Suppliers Communities/General PublicCustomers are one of the most obvious stakeholders for a company. The customers of Marks and Spencer buy their products to benefit themselves and in the same instance Marks and Spencer are making a sale. The suppliers are also external stakeholders as they are firms in the business environment that sell their goods to Marks and Spencer benefiting both parties. Communities and general public can be seen as external stakeholders as the firm's goods or processes of production can have an impact on them. Marks and Spencer have to consider whether or not their products are produced as environmentally friendly, and that their methods of production do not generate high levels of pollution.WHY CUSTOMERS BUY FROM MARKS AND SPENCER The reputation of the firm has impacted on customers' buying behaviour.Marks and Spencer for a long time was Britain's primary retail outlet. It is a very reputable company, and for many years has been associated with providing top quality products and services through their brand name St Michael. Customers shop at Marks and Spencer because they believe their products are value for money, not necessarily cheap but worth the amount payable and for high quality. It is important to gain the customers loyalty. Gaining their trust does this.COMPLEMENTS OF MARKS AND SPENCER A complement is something usually purchased to go along with a product or a service. Complements are sold within Marks and Spencer. They vary to suit the type of purchase a customer requires. A person may purchase a tie to complement a shirt and together these items may complement a suit. Other firms in the same industry often supply complements. Free or cut-price complements shift the demand curve to the right.FACILITATORS OF MARKS AND SPENCERA facilitator is anything that makes purchasing easier for the customer. Some examples of facilitators in Marks and Spencer are Nearby car parking Automatic doors Lifts Wide shopping Aisles Toilets/Mother and baby facilities Ramps RestaurantFacilitators are provided to make shopping easier and more pleasurable for the public. A lot of the listed facilitators also make the shopping experience a lot more enjoyable for disabled customers. Providing a restaurant is appealing to a customer as they have somewhere to sit and consume food and drink if required. Facilities for mother and child such as ramps, lifts and bathroom amenities are also attractive to women. SUBSTITUTES FOR MARKS AND SPENCER A substitute is a product that can be used for the same purpose as another. There are different forms of substitute. Substitutes within Marks and Spencer Marks and Spencer provide substitutes within their firm. For example somebody who is shopping for a dress may find a substitute in the same store and choose to buy a skirt. The more substitutes the store has the more elastic the firm becomes.Firms who Provide Substitutes for Marks and Spencer Marks and Spencer have different departments within the store that can be substituted by other firms. For example, substitutes for Marks and Spencer sportswear would be stores like J D sports. Substitutes for the ladies wear would be stores like Next or Principles. The food department maybe substituted by stores like Sainsburys or Tesco, which are also considered as quality markets. Substitutes for In store Shopping at Marks and SpencerThere are different methods of shopping. A substitute for this would be using Internet shopping which many firms, including Marks and Spencer, provide. Another method would be TV shopping channels. By just making a phone call you can have goods delivered to your door. Mail order catalogues are also popular.If the substitute product rises in price then demand for the product in question will produce a rightward shift. If a dress rises in price the demand for a skirt will increase. Demand for the skirt will shift left if the dress is reduced in price.SHIFTS IN DEMAND IN MARKS AND SPENCER Many issues have to be considered when thinking of reasons that may shift demand. If the demand increases the demand curve shifts to the right.If the demand decreases the demand curve shifts to the left.Some factors that shift a demand curve are; Customers' tastes and fashion - if the customer wishes to have more of the good the demand increases shifting demand to the right. If the product is unpopular then the demand decreases shifting demand to the left. Advertising and Marketing- these efforts should shift the demand to the right but if the adverts are poor and publicity is bad then this will decrease sales and shift demand to the left. Quality if the quality is high then a shift in demand will go to the right. People tend to pay more for quality. Other factors, which have an effect on changing demand, are customers' incomes, and changes in the P.E.S.T. factors.INPUTS OF MARKS AND SPENCER Inputs refer to the 'factors of production'. These factors are used in conjunction with each other to begin production of goods or services. 4 major factors are; LandBuildings, Construction, Materials and Energy sources Labour The workforce, Factory workers, Managerial staff, store staff Capital Resources like Machinery, factories, offices and wages Knowledge-Skills and experience of staff that can benefit the firm andproduction of the firm.Marks and Spencer interacts with the resource market by acting as a customer and negotiates its share of the resources available. The factor markets supply the firm with their inputs.THE MARKET STRUCTURE OF MARKS AND SPENCER The market structure of Marks and Spencer can be considered as Oligopoly. This refers to a 'few sellers', the market being dominated by a few big firms. The less competition there is the more opportunities for larger profits arise. Even so, there is a lack of price competition between these firms, and tend to use non-price competition by using advertising and relying of reputations of brand name. Marks and Spencer has, for many years been one of the largest leading retailers but in recent times the competition has increased. The Chairman of Marks and Spencer was quoted as saying "When our customers and the high street began to change, we failed to change with them". Due to the increase in competitors and the decline in Marks and Spencer it could be said that they are in threat of joining the Imperfect competition structure, where there are many firms who own a smaller share of the market.SHIFTS IN SUPPLY IN MARKS AND SPENCER There are many factors that can be considered influential on the shifts of the supply curve within a firm. Land If the costs of the mortgage on a factory, a fixed cost, decrease due to fluctuations on interest rates then the supply will increase due to more money the company saves, shifting supply to the right. I.e. if costs rise the supply may decrease causing a leftward shift. Labour -If the labour costs are low and productivity high then more can be produced hence, supply shifts right. If the output decreases, and wages rise supply shifts left. Fixed Capital- If the firms resources cost less or machinery is more technologically advanced increasing performance then this will shift supply right. If the machinery increases in price or weakens in quality supply will shift left.Others maybe, the variable costs of the firm, such as price of raw materials, and indirect and direct taxes. In Marks and Spencer a specific supply shifter is the decision to buy clothes on the open market. Purchasing from the UK has proved too expensive. Labour costs in the UK are that much higher than in the Far East. WHY MARKS AND SPENCER MADE A LOSS LAST YEAR Marks and Spencer, proved by last year's financial statement, had made a total loss in their profits from the previous year. This was due to a lack of knowledge towards the needs and wants of the customer. Marks and Spencer recognised that they failed to keep up with the changes developed by customers and other high street stores.The company Chairman and Directors have been working on an intensive programme of change by restructuring the firm, working to recapture fashion for younger women and considering relationships with manufacturers on quality issues. They are also expanding their departments in home furnishings, stationery and cosmetic products. The main aim of the firm is to regain the trust of all stakeholders. Please note that this sample paper on A firms relationship with its business environment - Marks and Spencer is for your review only. 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