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Terms of Reference.
The purpose of this assignment is purely for academic reasons; this assignment has been made primarily to complete the module of "Business Environment" under the course HNC Business (Management) which I am studying
Aims and Objective
The assignment attempts to identify mission,objectives and responsibilities of an organization with its environment. It investigate theh economic, social and global environment in which the organization operates.It investigates the behaviour of organization and the market environment. It explore the significance of International Trade and the European dimension for the UK business.
Mark & Spencer Ltd web sites articles, news, case studies. Theoretical studies from different books and Handouts from my tutor. Personal academic knowledge about Business environment
Mission, Objectives and Responsibilities of Mark & Spencer with its environment
Developing a vision, mission and values is the foundation for the log term success, as demonstrated by Collins & Porras in Built to Last . Mark and Spencer mission statement as former times and still is ' Good quality for the penny' wherby the penny turned bazaars into stores.
Mission, Values, Key objectives and influence of stakeholders
A vision helps working in goal congruence. It comes from within as well as outside. It accomplishes the following
Give a sense of the future
Guides decision making and strategy
Creates a platform with same purpose
Laydown behaviour guidelines
Reflects the values
Mark and Spencer vision is to be the standard against which others are measured- Benchmarking
A Mision statement is a statement reflecting what theorganisation business is and what are there key purpose
Mark and Spencer Mission is to make aspiratinal quality accessible to others.
Values are the beliefs and norms of the organisation. Thry underpin policies,obecitves and procedures as they acts as an anchor and reference point for all the acitivity in the organisation. amernassargooglepages.com/MS.pdf -
Mark and Spencer Values are Qualty, Service, innovation and trust.
Employee orientation - Higher expectations that staff can contribute more to the organization. There is a nead for succession management . As such developing a career path for employees. Its part of Mark and Spencer to attract, motivate and retain high caliber workforce to assisst the transformation of the business and eliver improved performance.
Organisational objectives - Mark and Spencer is to regain their leadership in clothind and speciality food. This is to be achieve by translating their scale and authority into superior quality , value and appeal.
Sales objectives - Mark and Spencer belief that there is plenty of room for improvement in their sales per foot. They seen Return per foot as a key operational objective going forward.
Employees -Interested in Job security, financial benefits, and satisfaction
- Pursuit of systems goals rather than shareholders interest.
Suppliers -Interested in Profitable sales, Payment for goods and Long term relationship
-Response to risk refusal of credit, court action and wind down relaitonship
Government - Interested in Jobs, Training and Tax.
-Response to risk Tax increases, Regulation and Legal action
Pressure Groups Society - Interested in Pollution, Rights and other.
-Response to risk Publicity, Direct action, Sabotage and Pressure on Government.
Achievement of stakeholders objectives by organization
If a vision and mission is recognised by all stakeholders and affects every hiring, strategic decision and communication: its effect can be magic.
To achieve Stakeholders objective an organisation should be able to separate their interest from each other and as such act according to the power they exert in the organisation.
Responsibilities of organization and effective they are in satisfying them
Mark and Spencer does satisfies their stakeholders efficiently
They have a welfare department established in 1930.
Their financial interest are safeguared by bonuses and increases in salary upon job performance
Thier package of benefits are extended, such as interest free loans granted
Opportunity of buying shares for the company at bonus or rights issue.
Alaways used UK based suppliers, ensuring consistent quality
Relationship to built reliance on suppliers
Life long relationship.
Mutual dependability respect the specification and standard.
Strong tradition of Corporate Social Responsibilty
Sponsorhip of Charities and secondment programs
Community development efforts
Governmnet social projects.
-Mark and Spencer became the first retailer to remove all aartificial colours and flavouring from its entire food and soft drinks range- April 2008
-Mark and Spencer became the first retailer to launch schoolwear made from recycled plastic bottle
-Despite tough economic conditions Mark and Spencer stick to Plan A. As it gives them brand and differentiation and as AL Gore said " a sustainable business can be profitable one"
Economic, Social and Global environment
The economic problem is mainly because of umlimited wants with limited resources. It is basically how nations decide to spread or allocate their resources effectively and efficiently to maximise the production goods and services.
Economic System-Allocation and Effective use of resources.
To deal with the question of scarcity different countries use different approaches or types of economic system.
Free Market Economy -
Command Economy -
The Mixed Economy - Balance between market forces and state intervention. Certain activites need to be regulated by the state while others can be left to the influence of the market. It comprises:
A free enterprise- where economic decisions reflects the market forces
Public ownership - control of key central industries
Welfare sector - provide a minimum level of medical social and educational services for all citizens regardless of wealth.
Impact of social welfare and industrial policy initiatives and the wider community.
Our retirement plan is one of the best of its type in the UK. Once you've worked with us for a year you can save up to 100% of your pay in the plan and we'll match it with double contributions (up to a limit of 12%). It's an excellent way to provide for a secure retirement and, even if you decide not to stay with us until you retire, you can still transfer your investment when you leave.
As an extra incentive, if you join the plan within the first year of becoming eligible you can pay extra contributions, which we will double (up to a limit of 24%).
On top of these benefits, we also offer our people:
SAYE for all employees;
More holidays the longer you stay with us; and
Optional subsidised company benefits, such as health and dental care
Maternity Allowance is a benefit for women who have been working but who do not meet the work and earnings conditions for Statutory Maternity Pay.
Who can get Maternity Allowance
You can get Maternity Allowance if you have been working recently or you have stopped working to have a child. You must have been working for at least 26 weeks in the 66 weeks before you are due to give birth. It does not matter if these weeks are split up, or if they are not all for the same employer. You can claim Maternity Allowance if you do not qualify for Statutory Maternity Pay, as long as you have been earning at least £30 a week on average. This can be from employed work or self-employed work. Maternity Allowance does not depend on national insurance contributions.
How much is Maternity Allowance
The amount of Maternity Allowance you get is either 90 per cent of your average earnings or £124.88 a week, whichever is less. Some people get an additional amount for an adult dependent, such as a husband, or civil partner. However, this additional amount is being phased out from 6 April 2010.
How to claim Maternity Allowance
You should claim Maternity Allowance on form MA1 which you can get:
in England, Wales and Scotland, by phoning Jobcentre Plus on: freephone 0800 055 6688 or textphone 0800 023 4888. There is also a Welsh language line number which is 0800 012 1888
in England, Wales and Scotland, from the Directgov website at www.direct.gov.uk.
in Northern Ireland, by phoning the Incapacity Benefits Branch on 028 9033 6000 or the benefit enquiry line on: 0800 243 787, or by downloading the form from the website of the Department for Social Development at: www.dsdni.gov.uk
from antenatal clinics
from local benefits offices.
Benefits for children
The main benefits for children are Child Benefit and Child Tax Credit. Most people living in the UK can claim Child Benefit for their c
Child Benefit is paid at a higher rate for your oldest child and at one rate for all your other children.
Weekly rate from 5 April 2010
Child Benefit for oldest child
Child Benefit for other children
How to apply for Child Benefit
Child Benefit is paid by the Child Benefit Office, which is part of HM Revenue and Customs. If you live with the other parent of your children, Child Benefit is paid to the mother. If you do not live with the other parent, Child Benefit is usually paid to whichever parent the child lives with. If more than one person claims Child Benefit for the same child, there are rules about who should be paid the benefit.
Guardian's allowance is a tax-free benefit which you can claim if you look after a child who is not your own (biologically or by adoption
Disability Living Allowance
You can get Disability Living Allowance for a child who has care needs or mobility problems. Care needs include help with washing and dressing, and mobility problems having difficulty walking at an age when most children would not need help. Children under 16 cannot claim Disability Living Allowance in their own right, so usually you will claim this for your child if you are their parent or guardian.
Impact of macroeconomic policy and influence of global economy on UK organizations and stakeholders.
Market structures, market forces and Competition commission and regulatory bodies
Market structures deviate from model of perfect competition.
Relationship between market forces and organizational responses.
Behaviour and competitive strategies, Competition commission and regulatory bodies.
International Trade and The European Dimension
Importance of international trade, economic integration and global markets to UK business
Impact of two policies of the European Union on the UK business organizations
The Economic implication for the UK of entry into EMU.
the customers and their needs", "improving performance by setting clear and demanding targets", "communicating with other stakeholders on the issues that are important to them". To have completed objectives successfully Marks & Spencer need to raise performance levels to a rate at which they are deemed industrious in their respective market. Satisfying a host of stakeholders who, in the end, determine the objectives, is a step towards a financially secure and hence successful company. Owners, workers, managers, the government, consumers and environmentalists all have an influence on the outcome of an objective. Owners will want substantial returns from their investment and so will be looking for objectives to maximise profits. The government will require the company to follow laws
6.0 Conclusion and Recommendations