Introduction to Leadership Innovation and Entrepreneurship
Leadership is the action of leading a group of people of the firm and they have to provide the encouragement to the team members or subordinates so that they can attain the targets. The employees of the business entity have to share the new ideas, methods so that they can innovate or develop the products and services so that they can attain the goals and objectives. The owners of the business entity having the capacity as well as willingness so that they can develop, organise along with the manage a business venture so that they can make a risk in order to generate a more profit. The present report is based on Next PLC which is a multinational company and deals in clothing, footwear and other home products. In the below mentioned report, products and services which company is selling has to be discussed along with the mission and vision of the business entity.
Next PLC is a multinational company which deals in retailing, clothing as well as footwear. Along with this the business entity provides the high quality products to the consumers. The company having best employees which having a good knowledge as well as skills which helps in making the best products and it should be depend on the needs and wants of the consumers which help NEXT PLC in increasing the sales and generating more revenue. The business entity have to use relevant laws and regulations which are made by the government and on the basis of that they can fulfil the legal requirements as well. Next PLC have to use appropriate funds which helps in doing the operational activities. To assess the viability of the business they have to use correct money so that they can take proper use of that. Along with this they have to pay tax then re-investment should be done. They have to use relevant tools and techniques so that they can measure the business viability whether it is physical or financial. They have to make the changes in the business so that risk should be reflected properly. Along with this feasibility, viability as well as future performance depends on the financial figures of Next PLC. They have to determine the changes which will help the business in attaining more profits. The staff members of Next PLC have to make proper and accurate research so that they can analyse the strength, weakness, opportunity along with the threats.
Description of the products and services
Next PLC deals in clothing, footwear as well as other home products and these are provide at a affordable price. The merchandise which they are providing to the consumers it should be in excellent quality. Along with this it is safe as well as fit for their intended purpose. Next PLC is using appropriate rules and regulations so that they can maintain their standards which helps in fulfilling the legal requirements. They have to provide a high level of services to all our consumers. The company provide the best and qualitative products which helps in increasing the satisfaction level of the consumers so that they can attain the goals and objectives.
Company details/ Operational capabilities/ Team
Next PLC is a British multinational clothing, footwear as well as home products and approx. company having 700 stores in which approx. 500 are in UK and around 200 are in continental Europe as well as Asia. Next PLC is listed on London Stock Exchange. In the year 2014, the foundation named living wag bought the share of Next as well as attended the annual general meeting which helps in attempting or persuading the firm so that they can make the payment around £6.70. In 2014, UK having the less tax payers and the retail companies using more funds to do the promotional activities by hiring the low paid workers which assist in exploiting the austerity as well as they have to add the staff and make the payment as wages which assist in welfare of UK.
Next PLC having the three main channels which includes Next retail, Next directory as well as Next international. In the Next retail, there are approx. 500+ branches in UK as well as Ireland. In the directory of Next, there are around 3 million active consumers which having the home shop catalogue as well as websites. Along with this in Next international, there are more than 180 stores in the international market. The company having a brand name as well as reputation in the market and its own branded younger women's fashion products by using the wholesale, retail as well as website channels.
The business entity having a best team who having a good knowledge, skills as well as capabilities and they are using this in producing the products and it helps the firm in attaining the goals and objectives as well as it also assist in maintaining the position in the competitive market. They have to use best skills so that they can develop the products. The manager of Next PLC have to provide the proper training and development to the different teams which helps in improving the knowledge and on the basis of that they can attain the targets as well as goals and objectives.
Mission Statement/ Vision/ Short and long term goals/ Ethics/ CSR
Mission and vision statement of the company is that they have to provide the best quality services to their consumers which helps in increasing the satisfaction level and on the basis of that they can attain the success. They have to maintain the quality so that they can maintain their performance in the competitive market. They have to provide the products and services at a reasonable price so that each and every consumer can afford that and by that Next PLC will helps in generating more revenue. Next have to improve the consumers services which helps in introducing the new initiatives along with this they provide the products and also deliver the products at home. The consumers of the firm can place the orders and the consumers are able to check their accounts and they can make the payment online.
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They have to start to sell the non-competing the third party brands through the Next Directory so that they are dedicated to promote the third party offer. Corporate Social Responsibility of Next PLC which helps in meaning the addressing the key business related social, ethical as well as environmental matters so that they can run the business in a proper and efficient manner in a responsible way. They have to use the corporate social responsibility so that they can use the elements which helps in conducting the business as they believe in making the good business sense. They have to use the appropriate information on the corporate social responsibility.
The main financial objective of Next PLC so that they can deliver the long term returns to the shareholders by a combination of the sustainable growth in the earning per share as well as payment of cash dividends. The employees of the company have to use appropriate policies so that they can do the continuous identification as well as review of the key business risks as well as oversees for the development by using the appropriate process so that they can manage the risk in a proper manner so that they can attain the best results.
MARKETING STRATEGY AND MARKETING PLAN
Micro and Macro Analysis
The employees of Next PLC have to do appropriate micro and macro analysis so that they can attain the success in the competitive market. In the micro analysis, the managers of the firm can do proper analysis so that they can not face any issues and in Macro they can use SWOT analysis.
There are different factors which helps in doing the micro analysis and the company's performance will depend on these factors.
The company having many competitors in the competitive environment and by providing the best products and services from their competitors at a affordable price.
These are the important part of the company as it helps in increasing the sales of the firm. The manager of Next PLC have to provide the products according to the desires of them so that they can attain the targets. They have to provide the product on the basis of consumer demand.
When the business entity purchase the raw materials from the suppliers that should be in high quality so that they can produce the best products and services and that should be purchased by service users.
Next PLC having attractive, innovative as well as creative designs in their stores. Along with this they are having a positive brand image in the competitive market for Corporate social responsibility (Johnston and Marshall, 2016). The company having a good financial positive in the market and also have the raising sales which helps in generating more revenue.
The main weakness of the firm is lack of focus on the positioning that is the employees focus on the both cost leadership as well as differentiation. Along with this they are not having a appropriate strategy which they can use for achieving the long term success. Moreover, at the strategic level in the company not having any effective as well as strong leadership.
By focusing on the emerging economies, Next PLC improve or expand their market in the international business. They have to put more focus on the clarification of the business strategy so that they can avoid the stuck. The employees have to formulate the strategic alliances with the other business so that they can do the proper targeting on the basis of segmentation.
The main threat of Next PLC is to increase the competition from the discounted clothing brands. They have to do further deterioration of the national economy in UK. Along with this company have to increase the price of the raw materials. Along with this company having high competition with Mark & Spencer.
For doing the competitive analysis, the employees of Next PLC can use the porter's generic strategy so that they can manage their operating activities and on the basis of that they can attain the success as well as goals and objectives. This strategy helps in attaining the maximum competitive advantage and it is classified into three strategies which are
Cost leadership strategy
This strategy helps in advocating as well as gaining the competitive advantage and on the basis of that they can do the low cost of the production of the products and services. When Next PLC produce more and more goods then they have to increase the profits by reducing the costs while charging the industry average prices. If company wants to increase their market share then they have to sell the low cost products and services to their consumers.
It involves in making the products and services which are different from each other from the competitors. They have to provide the best products and services and they are having the innovative features, functionality, durability as well as support which helps in creating the brand image for their consumer value. For developing the products according to the needs and wants of the consumers then the employees of Next PLC have to do proper research and innovate the product. The staff members of the business entity having a ability to deliver the high quality products and services.
This strategy is used by the company only in the niche market which helps in understanding the dynamics of the market as well as unique needs of the consumers. This strategy helps in developing the unique, low cot as well as well specified products and services for the market. They have to services the products to their consumers which helps in building the strong loyalty among consumers.
Marketing mix is a tool which helps the business entity in designing the appropriate strategies for selling the products and services to the buyers. It includes the 4P's which are product, place, price and promotion and extended marketing mix includes the process, people and physical evidence.
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The employees of the firm have to provide the best product and services so that they can meet the needs and requirements of the consumers. they have to provide the high quality products to them which help Next PLC in improving the sales as well as assist in generating more revenue. The employees of the firm have to use accurate resources. This will help them in improving the brand image along with the reputation in the competitive market.
It denotes the strategy which help the employees in place so that they can allow the product and that should be put in front of or made available to the consumer which is more appropriate and convenient to the consumers. They have to provide the product at all stores of Next PLC so that every consumer can purchase that and on the basis of that they can provide proper satisfaction to them. Along with this they have to choose appropriate channels for selling the products to the consumers.
All the products of the company should be in a reasonable price. They have to use appropriate pricing strategy which succour in fulfilling the consumer expectations as well as perception of the quality which helps in attaining the goals and objectives. Along with this it also assist in increasing the brand image in the market. They have to offer the best products to consumers which helps in increasing the number of consumers so that they can attain the success in the market.
The employees of the company have to use appropriate tools and techniques for doing the promotion of the products and services. They have to use appropriate information for making the products and sell it to the potential consumers by providing the proper awareness of the products and services. They can do the promotion by advertising via newspaper or magazines. They can use different social networking sites to do the promotion of the products. This helps in expanding the growth, increasing the sales as well as generating more revenue so that they can attain the maximum position in the market.
FINANCIAL ANALYSIS AND PROJECTIONS
Cash flow projection
The employees of Next PLC have to maintain their cash flow for their business plan as it helps in forecasting the cash that where they have to spend or where not. It is a important tool for every business to manage their cash as well as liquidity. It also helps in finding the remaining balance of cash which helps in expanding the business in the market. The workers have to manage the worksheet of cash flow and on the basis of that they have to record the cash flow. Along with this it also includes the figures which helps in finding out the profits which is generated. The easiest way to forecast the cash flow that they have to break the task into several steps. Then they have to create a cash flow projection and on that they have to includes the receivables as well as payables. So, that Next PLC can manage their debtors and creditors. After that they have to find the operating cash in the beginning. Along with this they have to find out the sources of cash as well as uses of cash so that they can find out the surplus as well as deficit. This helps in finding the viability of the business whether it is financial or physical. Moreover, the employees of Next PLC have to use appropriate strategies so that they can improve the accuracy by using the different variable expenses and in this they have to includes months with three payrolls. Along with this they have to include those months when the insurance premium is due. Along with this they can increase the estimated tax due to the increased sales. Cash flow helps in analysing the cash whether it is remaining or spending in developing the products and services.
Loan requirement calculations
While making the business plan to expand the business in the market then they required the funds and for that they have to take the loans whether from the bank or venture capitalists. For improving the business they have to focus on the products and services as well as financial and physical viability of the business. They have to take personal loans at some point which assist in covering a cost of the purchases as well as cost of the products which needs to be developed. When company is taking the loans then they have to pay the loans time to time otherwise it can create a problem for them. The employees of Next PLC have to use appropriate strategic approach which succour in providing the facilities and by that they can not change the time horizon but it can change the whole basis of the asset valuation. For developing or improving the business they have to take risk which helps in generating more revenue.
From the above analysis it has been analysed that the managers along with the staff members of Next PLC have to do proper and appropriate analysis of micro as well as macro factors so that they can not face any issues in making the business plan or developing the products according to the needs and wants of the consumers. They can use marketing mix for selling the products to their consumers at a high quality which helps in increasing the satisfaction level and by that they can increase the sales. They have to take more risk if they want to expand the business in the market as well as they have to generate more revenue.
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