Text 6. The top management of a company have certain
unique responsibilities. One of their key tasks is to make major decisions
affecting the future of the organization. These strategic decisions determine
where the company is going and how it will get there. Before doing any kind of
strategic planning, the management must know why the business exists and what
its main purpose is. Most people have heard of Marks and Spencer, one of the
biggest and most successful retailers in the world. Michael Marks, as the owner
of penny bazaars, and his cashier Tom Spencer became public company after
opening 9 market stores. At that point, they could have rested on their
laurels. However, around that time, they developed a clear idea of M&S
mission and purpose. Their later success was founded on this idea. Their
company was in business to provide goods of excellent quality, at reasonable
prices, to customers from the working and middle classes. This became the
overall objective of M&S company. Before deciding strategies, the planners
have to look at the company’s present performance, and at any external factors
which might affect its future. To do this, it carries out an analysis
(strengths, weaknesses, opportunities and threats).