Introduction to Business Studies Assignment Sample

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Introduction

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Task 1: Poster

Clothing and food store “Marks and Spencer PLC (or M&S)” is based in the United Kingdom. In 1884, “Marks & Spencer” had a little market stall in “Leeds”. “Marks’ Penny Bazaar” was the name of “Michael Marks’”, “home goods”, “haberdashery”, “toy”, and “sheet music shop” at the time. He and “Thomas Spencer” founded a business together in 1894 (Swinney, 2019). Rather than operating out of outdoor booths in markets around northern England, “Simon Marks” established an indoor retail network for “St. Michael”, which helped cement the company’s long-term reputation. “Brooks Brothers” was purchased in 1988 by “Marks & Spencer Group PLC”, who later sold it in 2001 (al Habibi, 2019). At this moment, the company has over 700 retail sites in the United Kingdom, as well as several other countries like “France”, “Germany”, “Spain” and “Hong Kong”; the number of UK stores has more than doubled to over 300 (Leite, 2020). According to the marketing mix, “price” includes everything from raw materials to labour to distribution costs. Supplier expenses, seasonal discounts, and rivals’ pricing must all be taken into account when deciding the price of a product. Products may have to be more expensive to be labelled “luxury”.

“Marks and Spencer” reported revenues of 10,622.0 million pounds and net earnings of 115.7 million pounds at the end of the financial year 2017 (Nyame-Asiamah and Ghulam, 2019). It made a profit of 690.6 million pounds in operating terms. M&S has its own clothes collection. It’s aimed at the elite echelons of society, particularly those in the upper-middle class. Because of their wide variety, convenience, and great quality, its products are considered to be exceptional value for money. Clothing for men, women, and children is manufactured in-house by the company (Jackson et al., 2019). The company has managed to keep the prices in the mid-to high-range despite the great quality of the products. In the world of retail, Marks & Spencer faces stiff competition.

Due to fierce competition, the company’s market share is limited, thus it has adopted a competitive pricing strategy to increase its appeal to the mass market. Due to their “dynamic pricing system,” Marks & Spencer can give special deals and incentives to clients at slow times such as the holidays and other special occasions (al Habibi, 2019). As a consequence, it’s a “win-win.” Increased sales are a result of clearing out the company’s surplus inventory and providing incentives to customers.