Essay: Case Write up
Marks and Spencer had very overwhelming profits and sales during the spring of the year 2002, which left all the management personnel delighted. It was now the time for the management of the company to set strategies, which would restore its retail power. Since the firm deals with diversified products, different strategies had to be set for each of the product line. For the clothing line, the costs had to be reduced while the quality had to be improved. The management had to improve the access for the customers of food products to the store but without any increase in the square footage. For the financial products, there were shopping cards, which contributed about 20% of the sales, and therefore a charge had to be imposed on them to further increase profits (Ciao).
Marks and Spencer
It is very funny how this company started but it should be noted that the founders had great visions. Michael Marks was hawking merchandise in 1882, met Isaac Dewhirst two years later, and gave him $5 to lend a store and stop hawking. He had encouraging words in a sign he had in his store, “don’t ask the price, it’s a penny.” This made him make very admirable sales and he had to increase his volume to meet the increasing demand. He later met with Thomas Spencer and the two formed a partnership using their names, which worked marvelous (Bower 2).