Marks & Spencer’s is a nationwide business meaning that they have branches throughout the UK; they are also a profit making business. The purpose of Marks & Spencer’s as a company is to make profit by providing a product or a service. Marks & Spencer’s aims are too; Design appealing products for its customers, Innovate products, sell at prices that their customers are prepared to pay.
One of Their short term objectives could be to appeal to the younger members of the public as they mainly focus on the older ages clothing.Marks & Spencer’s was founded by Michael Mark’s & Thomas Spencer in 1884 but now the company is run by a board of directors with the chief executive being Robert Swannell, they now run the company. M&S’ competition has a huge competition range with small businesses that sell clothing and food, however companies such as BHS and Debenhams are also very popular within the UK and they are similar to M&S and what products or services they provide.M&S is in the tertiary sector this is because the sell products and offer services. The tertiary sector is not doing very well right now because it is harder for companies to sell good products at a price that people can afford.
Marks and Spencer’s made revenue of ? 968 million in 2007 and ? 522 million in 2006.There revenue has improved over the years and M&S have made profit until the last 2 years when they have not been doing very well and the profits have fallen rapidly, this could be either form lack of sales, paying out wages or tax. Marks & Spencer’s had the biggest market share in food and clothes in 2008, this was when they peaked but with new shops such as new look, topshop witch can provide cheaper products they have been knocked off the number one spot and haven’t come close to regaining that as of yet.
