MN6098QA The Practice of Management Assignment Sample

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Introduction

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Management is defined as the practices and strategies which are prepared and followed by the company to make the work done by others with efficiency and effectiveness. For making the company successful the appropriate management strategies must be prepared so that the overall objectives of the company can be accomplished well. The current study is based on an evaluation of the financial performance of the company and the compliance with CSR practices. To make the business successful it is necessary that the financial performance of the company is improved and also they work for the protection of the environment as well. Moreover, when the appropriate work is not done then it might affect the working capability of the business.

The present study is based on the comparison of the two companies, Marks and Spencer and Next plc. Both companies operate within the fashion industry and as a result, they are competitors of one another. The UK fashion industry is very growing and currently, the trend of improving the lifestyle is growing. People have become more conscious of relating to the fact that how they appear and look and also it includes the different types of accessories which are assistive in improving their standard of living. Within the fashion industry, the competition is intense and the two major companies have been selected to evaluate the study objectives. The key customer profile that the companies in the fashion industry focus on is young people as they are more conscious relating to their appearance and their way of living. Hence, the current study will evaluate the financial performance of both the company and how well they are complying with the CSR policies and the different sustainable developmental goals.

Main Body

Financial and market performance

For the successful working of the company, the overall financial performance must be improved for the business. The reason underlying the fact is that the major motive for running the business is to earn profits. This is about the fact that when the company will not be earning better profits then it will be affecting the overall working. Thus, to make the study successful the profitability and financial performance must be improved. Also, the competition within the market is intense and for getting a better position appropriate profitability must be maintained. In case profitability will not be managed well then the company will not be in a secured position and the company will be managed well (Prasad, 2020). Thus, to secure a competitive and better position it is necessary for the company to effectively manage their financial performance and evaluate the market changes as well. The reason underlying the fact is that the business operates within the external environment and it is necessary for the company to effectively manage and implement all the necessary changes so that the overall working can be improved. For this, an effective analysis of the market changes needs to be done so that the profitability and market position of the company can be improved.

Financial analysis

For the effective evaluation of the financial performance of the companies, compliance with the ratio analysis is important. The reason underlying the fact is that with the help of the ratios, the company can easily compare the performance with the other competitors. This is because of the reason that with the help of a common basis, the comparisons of the company are much easier and more useful. Also, the comparison assists the company in analysing the current position within the market and trying to improve the working in comparison to the other competitors.

With the help of the above ratio analysis, it is evident that based on the profitability Next plc is working well. The reason underlying the fact is that in the case of the gross profit ratio, the company has 43 % profitability which is very good (Annual report and accounts, 2023). In against this, Marks and Spencer is having only 3 %. This is not at all good for the company as the profitability level of M & S is very low. In addition to this net profit margin of Next plc is very low in comparison to gross profit that is only 14 %. This simply implies that Next plc is having very high indirect expenses and as a result of this the overall net profit of the company is very low. In contrast to this, M & S has having net profit margin of 3 % only which is also very low. Thus, it is mandatory for both the company that they enhance their profitability by increasing sales. This sale can be increased by effective marketing and adding different innovations and creativity within the products and services of the company.

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Along with this, based on the liquidity the performance of Next plc is much better. The current ratio for the company is 2.04 whereas M & S has 0.796 which is very high (Reshaping M&S, 2023). The ideal current ratio is 2:1 which implies that the company must have twice the current assets in comparison to the current liabilities. This is necessary so that the company can pay off the current liabilities easily and then also they are having assets thereafter. The company must have appropriate assets so that they can easily be converted into cash and the expenses can be paid off. In addition to this quick ratio of M &S is better and it is slightly more than Next plc.

Further, based on the debt-equity ratio it is clear that both the companies are performing nearly. This is about the fact that when the overall working is improved then it will be enhancing the profitability of the business. When the company is financially stable then more investment will come (Bakhmat et al, 2020). Thus, in the case of both the company, the finance is gathered more from the debt and this implies that the company is less risky and more investment can be done by the other people. Moreover, in comparison overall, it can be stated that the performance of the Next plc is much better.

With further analysis, it is clear that a financial comparison is necessary to be conducted as it will assist the company in outlining its current position in comparison to the competitors. Also, the companies can evaluate the strengths and the loopholes of the current performance strategies and the necessary changes can be made easily. Also, when the appropriate comparison is implemented then it will assist the business in managing the work well and will be helpful in the analysis of the current business performance.

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CSR policies and compliance with UN SDGs 2030

Along with the financial position, it is also necessary for the companies they effectively comply with the CSR policies and practices as well. The CSR that is Corporate Social Responsibility is a concept which majorly focuses on the way how the company contributes to improving the well-being of society and the community. Also, it includes the implementation of different practices relating to improving the work in a better and more effective way (Seshiah et al, 2020). It includes formulating strategies which help the company manage the work and along with it safeguard the environment as well. Also, it is very necessary for both companies to manage environmental protection and to comply with the Sustainable Developmental Goals. The SDGs are the different types of goals which are necessary to be implemented by the business and try to attain it effectively. These goals include the aspects which are necessary for the development of the environment and are also based on other ethical principles and health and safety as well.

About managing the performance of the company, the appropriate sustainable development goals must be used for the company and managing its performance. It is particularly because of the reason that when the company will be contributing to taking care of the environment then it will be assisting the business in mitigating and uplifting the society as well (Kalinitchenko et al, 2021). For working effectively it is mandatory for both Next plc and M & S they try to implement compliance with all these types of goals. It is particularly because of the reason that when the appropriate compliance with goals will be made then automatically it will provide a better review of the working and the company will also focus on managing the environment and its protection as well.

With regards to SGD, Marks and Spencer is working on all the goals listed within the list. The company is ensuring that it contributes to every goal of sustainable development so that the overall working of the company and the environment is also improved.  The company M & S is listed as a partner of the United Nations and is complying with the different types of goals listed (Isl?movich, 2021). The company is complying with all the goals as it contributes to the earnings within the working of these different goals. The reason underlying the fact is that when the overall investment will be done for improving the external environment and the upliftment of the society then it will be enhancing the capability and goodwill of the company. The company is investing part of its earnings in reducing poverty, and hunger. Also, it focuses on gender equality and the health and safety of employees and other people as well. Moreover, the company is accessing affordable and clean energy so that the working of the company can be improved. Moreover when the appropriate working will be implemented then automatically it will enhance the working capability of the company and the market position as well.

In addition to this, Next plc is also working and implementing the sustainable development goals into practice so that the overall work can be enhanced. For this, the company is complying with all these goals effectively so that the overall working of the company can be improved. When the company focuses on improving the external environment and the surrounding then it will increase profitability and goodwill as well. Ultimately it will result in an increase in the company's sales and profits. With regards to Next plc, they are majorly focusing on 3 SDG goals which include good health and well-being, gender quality decent work and economic growth (Toshpulatov, Nosirov and Khalmatov, 2021). All these three goals are majorly emphasised by the company as they cover both environmental protection and the economic development of the company and the overall economy as well. The reason underlying the fact is that the hood health and well-being will support the employees to work well and will also result in protecting the environment. Also, compliance with gender equality will enhance the performance of the company on ethical grounds. The reason behind this fact is that when gender equality is present in the workplace then automatically it will improve the working capability of the business. Lastly, the growth and economic development will be assistive to the company in managing the working efficiency of the whole economy.

About health and safety, Next plc provides a very cordial working space to its employees. It is necessary because when the appropriate culture and environment are provided to the employees then it improves the working capability of the business in a better and effective way. Moreover, when the appropriate compliance will be made with the SDG goals then it will be resulting in improvement in the working capability of the company (Han et al, 2020). Moreover, when the compliance with the sustainable development goals is implemented then it automatically enhances the working capability of the business. Furthermore, when the Next PLC is focusing on all the different sustainability aspects then it increases the customer engagement as well. The reason underlying the fact is that when the company will be protecting the environment then automatically it will result in increase in number of customers. It is particularly because of the reason that when the company will be protecting the environment then automatically it will result in improving the working capability of the business. Moreover large number of customers will be attracted towards the company and its product and services.

Also within this highly competitive environment it is necessary that the companies comply with the CSR requirement along with the statutory requirement and the guidelines provided by the different authorities. These corporate governance Institutions are the one which provides direction to maintaining the working capability of the business. It also includes the financial reporting Council FRC code which needs to be complied by all the companies to improve the working capability of the business (Brewster et al, 2020). The FRC code is applicable to all the publicly listed companies and it is mandatory for them to comply with the code effectively. When the company comply with these codes then automatically it improves the working capability. The reason behind the fact is that when the appropriate compliance will be made with the different codes and practices then automatically it will enhance the working capability of the business. This in turn will result in successful working within the external environment and as a result of this the competitiveness of the business will increase. Moreover, it will result in increasing profitability of the company and ultimately the competitive position of the company will increase in the highly competitive environment.

CONCLUSION

In the end it is concluded that complying with effective management strategies is very necessary for the success of the business. Appropriate management includes getting the work done by others in effective and efficient manner. Thus, it is mandatory for companies to effectively apply the management strategies so that the overall working can be improved. The above study highlighted that for Marks and Spencer and Next PLC it is necessary that they effectively comply with the financial working. In case the financial performance will not be effective than it will be affecting the overall capability of the business. With the evaluation it was analysed that Next PLC is the company which is performing better in comparison to Marks and Spencer. Also with the evaluation of the CSR practices and sustainable development goals it was evaluated that both the companies are complying with the different development and goals. The reason for this compliance is that it will assist the company in securing a competitive position within the market. When the company will be complying with different goals like gender equality, health and safety, economic development and others then it will be improving the overall working capability of the company. Also it assists both the companies in securing a better and good position within the market.

References

Books and Journals

• Bakhmat, N., Kotliar, L., Zhytomyrska, T., Slabko, V., Zhurian, V., Pilevych, O. and Smyrnova, I., 2020. Pedagogical Principles of Training Specialists in Public Administration and Management in the System of Vocational Education. Systematic Reviews in Pharmacy, 11(10).
• Brewster, D.J., Chrimes, N., Do, T.B., Fraser, K., Groombridge, C.J., Higgs, A., Humar, M.J., Leeuwenburg, T.J., McGloughlin, S., Newman, F.G. and Nickson, C.P., 2020. Consensus statement: Safe Airway Society principles of airway management and tracheal intubation specific to the COVID-19 adult patient group. Med J Aust, 212(10), pp.472-481.
• Han, Y., Zeng, H., Jiang, H., Yang, Y., Yuan, Z., Cheng, X., Jing, Z., Liu, B., Chen, J., Nie, S. and Zhu, J., 2020. CSC expert consensus on principles of clinical management of patients with severe emergent cardiovascular diseases during the COVID-19 epidemic. Circulation, 141(20), pp.e810-e816.
• Isl?movich, I.T., 2021. The Content And Practical Significance Of The Principles Of Academic Independence In The Management Process Of Higher Education. Nveo-natural volatiles & essential oils Journal| NVEO, pp.4264-4270.
• Kalinitchenko, V.P., Glinushkin, A.P., Swidsinski, A.V., Minkina, T.M., Andreev, A.G., Mandzhieva, S.S., Sushkova, S.N., Makarenkov, D.A., Ilyina, L.P., Chernenko, V.V. and Zamulina, I.V., 2021. Thermodynamic mathematical model of the Kastanozem complex and new principles of sustainable semiarid protective silviculture management. Environmental Research, 194, p.110605.
• Prasad, L.M., 2020. Principles and practice of management. Sultan Chand & Sons.
• Seshiah, V., Balaji, V., Banerjee, S., Sahay, R., Divakar, H., Jain, R., Chawla, R., Das, A.K., Gupta, S. and Krishnan, D., 2020. Diagnosis and principles of management of gestational diabetes mellitus in the prevailing COVID-19 pandemic. International journal of diabetes in developing countries, 40, pp.329-334.
• Toshpulatov, D., Nosirov, B. and Khalmatov, T., 2021. Gradual implementation of smart management principles in the higher education system of Uzbekistan. International Journal on Economics, Finance and Sustainable Development, 3(1), pp.22-29.
• Online
• Annual report and accounts. 2023. Online. Available through: < https://www.nextplc.co.uk/~/media/Files/N/Next-PLC-V2/documents/2023/annual-reports-and-account-jan-2023.pdf >
• Reshaping M&S. 2023. Online. Available through: < https://corporate.marksandspencer.com/sites/marksandspencer/files/2023-06/M%26S_2023_Annual_Report.pdf >