fix it

Investing in mark and Spenser is an option one can consider in terms of the last five years their profits have been increasing as times goes they will go up. Buts investors consider a number of things like how long to invest, investment plan, checking the charges and cost of the shares and the direction the company is headed up or down. Mark and SpenserCompany is worth taking the time to think about it and what really the investor wants which we know is tangible profit. Investor think of how soon they can get their money and with the profit. The annual report is quite promising so it’s a good place to invest. Most investors are hands on to be. This is where some may decide to buy individual shares by understanding the risk, mark and Spenser should have ready information for investors all the time to make them build confidence in the company. Mark and Spenser should update their systems in order to for any individual investor interested can get them in the stockbroker. Another reason investor can come in is because products in mark and Spenser aren’t high risk. One can understand the products clearly and the services as well. This organization should keep their profit going up to attract more investors. People look away when they sense their money us sinking. Since all investors they commit their capital with the expectation of financial returns. They want their money to grown in the investment so mark and Spenser should have no room for loses.

In twenty first century the word has become a very competitive place for everyone to survive. It requires an extra input to be at the top. For example in Mark and Sensors Company they need to fit in. they should consider means of getting themselves known by people or consumers. They should start by advertising themselves using many methods. Using websites, television and billboards. Relationship between the strategic points agreed upon by the firm and the exception on management accounting. They should gain a competitiveadvantagevia analyzing ways to lower cost and enhance the differentiation of firm products. This can be achieved by exploiting linkages of the or in the value chain and optimize cost in some places. There are many things that fall in the techniques of strategic man agent accounting. There are different approaches the mark and SpenserCompany can put in place. Tools that they can use is one targeting cost, kaizen costing ,life cycle costing, theory of constraints, bench marking, activity based on management and finally the just in time method.

Target costing is something the company should consider first. It involves setting a target cost by subtracting a desired profit margin in a well competitive market place. This is a maximum amount of cost the company gets on a certain product. This method decomposes the target cost from the correct product level to component level. This spreads the competitive pressure faced by the company to products designer and supply. It will involves cost planning in the design sector of production as well as cost control. Rule is it should not exceed target cost by all means when the company focus on the target cost they minimize cost but achieve desiredlevel of cost of production. Second is the kaizen costing? They should consider this as the maintenance of present cost levels for services and products being produced through systematic plans to achieve desired cost. Is put in place to products being or that bare in the production phase. After mark and Spenser have put targets to be achieved they should continuously update to display past improvements and expected improves. Actually they will focus on cost reduction rather that controlling cost. This style of methodology will improve process of production by using employee creativity to improve ways and procedures. This will at long last increase productivity and maintain quality of either the product or service being offered. It can also help reduce waste via eliminating over production and improving quality. It’s a great approach thatshould be considered (Maliienel &Daniel, 2009).

The third thing mark and Spenser should consider ithe life cycle cost analysis. It helps determine competitive analysis. In order to perform this methodology scoping is critical in terms of what should be include and what not to be included. The scope of work or task should not be too large since it can become impractical to be handled effectively using this methodology. This can help in decision making. If the scope is small it can done effectively, the secret is to break large portions of work into small portions. It takes into account all factors of cost and payoff. Hence ginning long term cost projections for a particular building investment. It gives estimations overall cost of certain project to be done. It also helps in giving alternative costs. The forth methodology is the theory of constrains. This style helps or aids in viewing any manageable system limited to achieving more goals with a low number of constraints. It uses a focus on process style to enable identify constraints and restructure them accordingly. The process and organization are weak because the weakest person or part and damage or break them and give a bad outcome. This can be applied my supervisors in the company and other management personnel to help employees maintain focus on task given (Ambrosia &Bowman,2009).

Benchmarking is where the company and evaluate by comparing with same standard or competitor for theirscase. Results during the bench marking are expected. So mark and Spenser should compare their business process and perform metrics to industries bests and the best practices for other companies. There are key points or areas they should consider more during bench marking is time and cost. What other companies are doing to cut the two or reduce them. They should visit other companies and compare and contrast them with theirs this will help them on improving their own. Cost per unit, productivity per unit, cycle time per unit and time, this units should be used to compare with theirs. Activity based management. Is good methodology where the company can identify and evaluate activities or functions that their business performs this carries out chain analysis or re-engineering initiative to improve strategic operational decisions in the company decisions (Pearse &Robinson, 2009). This analysisinvolves classifying businessactives as either value added. Customers get to see value of the company’s products. Once the company identifies the product to be value added it should be concentrate on enhancing the product to attract the consumer. This has three primary objectives one is to identify and enhance value added activities. Second isto identify and eliminate or reduce non value added activities. Third is to design company’s operational producers. Just in time is managing strategy where mark and Spenser can allying raw material orders from suppliers directly within production schedules this increases efficiency and decrease waste by receiving goods only as they are needed in production process there by reducing inventory costs. Here the company is expected to be able to accurately forecast demand. For instance mark and Spenser know how much they need to produce their products. They just ask or order a specific amount to goods. This will help on saving since all goods will be used and no goods will go bad since all will be bought or consumed. Here production remains short, which means manufacturer can move from one type of product to another without any fear or damage of anything. It’sas ordering on bases of need. This company will not hold any safety stock at any given time. Like if its food or clothes as one of the product mark and spencer are offering they should order according to number of customers who want a specific thing and deliver them. The other thing they should consider their environment and the taste in it. There a certain clothes put by specific people and society can’t allow some. Food also is something else. You will get some don’t eat some because of many reasons like health and religion and culture. They should have them considered in order to capture all consumers without leaving then out. They should work and be embracedby most people if not all.Just in time method has its own major benefits as it allows business to make sure there is always buyer to for any item produced and hence inventories are low. When there is low inventory there is reduction in total asset figure when a balance sheet is prepared. For instances with mark and Spenser they should always wait for someone to order certain cloth it’s a shirt or a dress and then online then should they contact the producer they want the cloth according to description of the client.

There is also a great improvement of metrics. This aids in lowering cost of both raw materials and labor. The cost saved can be used in a different place and point to increase company’soutput. Another instance where mark and Spenser can apply this just in time strategy is like where they have a seat company and they get a client who needs it. This company will contact the seat company and order the seat. Onceit’s made it’s given to them to give their customer. This will save time for both the company and producer. So wastage of raw materials like in some cases you get products getting bad be causing of lacking consumers(Kraaijenbrink, Growen, 2010).

Mark and Spenser in the market now they should consider more of digital marketing which encompasses all marketing efforts that use and electronic device or internet, they should have search engines social media email, and websites to connect with current prospective clients. With more people accessible to internet the number will go increasing as time and days pass by. Marketing at long last is to connect with your audience at the right time and place and capture their eye and meet them as they are spending their time. Digital marketing has its own tactics. They should have a content maker for example they can create a series of blog that suit the series , we also have search engine optimization this is the process here by an organization will optimize their website to rank her after they are searched in the search results. This will increase the amount of organic of traffic on their website, there is also social marketing using social media like twitter, linked in, Instagram and many others to try and capture and audience. Another strategy mark and spencer have to apply is about the bench marking. They ought to bench mark and copy or implement the ideas they have acquired from their fellow competitions. For instance they can do try and offer some discounts on some products make sure they are not left behind in keeping customers. They should be able to reward customers by sending them gifts being polite with them after all enquiries, send thank you messages to all customers after every purchase via a text or email that would do. Return phone calls always here you they will gain advantage,Mark and Spenser should make sure there are accessible this is by showing customers that they are available and always there to help them out whenever there is problem, credibility is another thing to be considered this always helps to establish trust and potential customers my land in. they should make it a tradition of rewarding customers and promoting them this enables the company to have a customer for life. Some clients don’t really know what they really want one can introduce customer advisory people that are all round and can help customers make decisions without them paying (Freeman, 2010).

Customers should be shown some kindness by speaking his language when he is stack help him out. Mark and Spenser Company should or ought to know they all have employees working for them so having a great attitude. Ifemployees are treated poorly they can take the disappointments to your customers hence losing them. Treat your employees with same respect as a customer and they will treat you customers same. Some companies have fallen because of bad attitude towards employees. It’s about treating people well and mostly how they want n how they think it’s best to be treated. This will come back as good communication is practiced to them they do it your customers.

References

Ambrosia& Cliff Bowman. (2009).Whatare dynamic capabilities and are they are useful construct management. International journal of management11 no.29-49

Freeman, R, E, (2010).Strategic management: A Stakeholder approach. Cambridge University

Kraaijenbrink, Spender, J,C, (2010). Resource based view: a review assessment. Journal of management 36(1) 349-372

Pearse, J, A Robinson, R, B & Subramanian, R, (2000) strategic management: formulation. Columbus, OH

Schreiner, M & Daniel C. D (2009). what really is alliance management. Strategic management, 30(13) 1395-1419