Summary: Management the Marks & Spencer Way

Review and Analysis of Sieff's Book

BusinessNews Publishing

• Verlag: Must Read Summaries
• Jahr: 2016
• ISBN:
  9782511017951
• Thema: Business
• Thema: Management

The must-read summary of Marcus Sieff's book: `Management the Marks & Spencer Way: Lead, Motivate and Succeed`.

This complete summary of the ideas from Marcus Sieff's book `Management the Marks & Spencer Way` shows that in business, in management and in life, a winning philosophy consists of 4 key factors: good relationships, commitment to quality and improvement, a spirit of co-operation and support for worthwhile community projects. In his book, the author explains how M&S has remained a top company by focusing on its customer and he analyses how good businesses create excellent interpersonal relationships He divides his recommendations into 10 themes; this summary demonstrates each of the themes and how they can help you on your way to success.

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To learn more, read `Management the Marks & Spencer Way` and discover management techniques that have ensured success for the world's biggest companies.

Summary of Management - The Marks & Spencer Way (Marcus Sieff)

1. First Thoughts

Main Idea

Good human relations at work are as essential for long-term success as are high quality and good value.

Supporting Ideas

Any successful business which looks after its employees and shareholders also has a responsibility to the wider community and is proud to act accordingly. You learn most in business from your own experiences, but there is also much that can be learnt by observing others. Sound principles do not change, although sound policy often must. Principles are sacrosanct, but policy must be flexible.

In the last generation, a career in business was always considered to be a “last resort” option. Most often, people with any degree of intelligence or ability were guided towards the professions or government departments. This attitude was shaped by the popular conception that business people exploited the workers unfairly and unscrupulously.

Today, the general public’s outlook towards business and industry has changed vastly. Business people are becoming celebrities in their own right, not to mention authors of a vast array of business books. Business courses abound at universities and other schools. Today, business and industry support the worlds of education and culture to a large degree. Sponsorship has replaced the traditional practice of patronage.

Profit is no longer considered a dirty word, but instead is looked upon with relish. In the final analysis, however, any economic activity eventually comes down to dealing with people, and dealing with them effectively. The principles of working with people are the same across a broad range of business activities, and learning how to manage, direct and work with people are skills that can be used in any business setting.

2. Starting Your Own Business

Main Idea

The most important factor in any business is the quality of people involved. The business stands or falls on the people who manage and work there.

Supporting Ideas

Business does not need to be complex to be successful. The concept is simple; you identify products, goods or services for which there is a demand, and you then satisfy that demand at a reasonable profit. No matter how good your product or service, if there is little or no demand your business will not be successful.

The following principles are important;

1. A policy of good human relations to employees, customers and suppliers.
2. Offer customers goods and services which are of high quality and good value.
3. Work closely with suppliers to encourage them to use modern and efficient production techniques.
4. Simplify operations for maximum business efficiency.
5. Ensure that management are in touch with everything that is occurring within the business.
6. Never forget the importance of satisfying the customer.
7. Seek, wherever possible, suppliers within your own country of operation.

The story of the early establishment of any business, especially those that later grow into large companies, is usually one of the most interesting things about it. How successful businesses came to be started and the variety of reasons for their establishment is in itself an education about business. A striking feature, for example, of the British business scene is the large number of enterprises which were founded out of concern for the welfare of others. Many businesses were established as the result of social changes.

The perception of potential business opportunities as a result of social change holds equally true for well established enterprises. The ability to anticipate and adjust to social...