Upon describing how good management such as effective “value chain” could increase the success and survival rate of the company, a list of recommended strategies which could enable the company to survive the tight competition in the food industry including some strategic ways that will empower the company despite the economic recession
In general, the supply of Marks &. Spencer’s food products should be based on public demand for each food item. To ensure good business performance, it is important on the part of the manager to analyze and accurately determine each internal and external factor that can significantly affect the supply and demand of Marks &. Spencer’s food products. Since food products have an expiration date, the ordered food supply should be based on the specific demand for Marks &. Spencer’s food items in order to avoid unnecessary wastage of monetary investment.
There are quite a lot of external factors that can significantly affect the demand for Marks &. Spencer’s food products. Among the most significant factor includes the country’s economic condition as well as the household income. Given that a country’s economic condition is under recession, there is a strong possibility that more people would simply save their money to buy other cheaper food products as compared to the food items being sold at Marks &. Spencer retail store outlets.
Likewise, given that the household income has declined, there is also a strong possibility for people not to purchase Marks &. Spencer’s food products. Instead of ordering lunch buffet meal during special occasions, some families would simply prepare their own simple meal at home. .