China vs. american economy

China's economy will become the biggest in the world sometime very soon. According to the World Bank, the size of China's economy is $10. 1 trillion, compared with $14. 6 trillion for the U. S. , based on purchasing power parity (which adjusts exchange rates to account for the different prices people pay for goods and services across countries). But China is narrowing the gap in a hurry. Over the past 10 years, the annual real growth of China's gross domestic product averaged 10. 5 percent, compared with 1. ercent in the U. S. The Chinese economy increased at an annual rate of 9. 6 percent in the first half of 2011, vs. a rate of less than 1 percent in the U. S. America's days as top dog of global output are numbered, at best. Should we care? People from Thomas Friedman to Niall Ferguson cite the looming change at the top of the world economic rankings as a bellwether of broader American decline. â€Å"We are the United States of Deferred Maintenance. China is the People's Republic of Deferred Gratification. They save, invest, and build.We spend, orrow, and patch,† complained Friedman in a recent New York Times column. And yet having the world's largest economy isn't all it's cracked up to be†and you need look no further than the history of China and the U. S. to see that. The swelling size of China's economy may be a source of pride to the Chinese people, but America is still by far the better place to live†and will remain so for a long time. Although economists are skeptical about China's ability to sustain its current levels of growth, most agree it is only a matter of a few years before the Middle Kingdom's

Marks ; Spencer Group Anaylsis Essay

Marks and Spencer Group plc  © MarketLine Page 2 Marks and Spencer Group plc Company Overview COMPANY OVERVIEW Marks and Spencer Group (M&S or â€Å"the company†) is one of the leading retailers of clothing, foods and homeware in the UK. The company operates in more than 40 countries across Europe, the Middle East, and Asia. It is headquar tered in London, the UK and employs 78,169 people. The company recorded revenues of ? 9,740. 3 million (approximately $15,158. 8 million) in the financial year ended April 2011 (FY2011)*, an increase of 2. 1% over FY2010. The operating profit of M&S was ? 836. million (approximately $1,302. 5 million) in FY2011, a decrease of 1. 8% compared to FY2010. The net profit was ? 612 million (approximately $952. 5 million) in FY2011, an increase of 16. 3% over FY2010. *The financial year ended April 2, 2011 was a 52-week period whereas the financial year ended April 3, 2010 was a 53-week period. KEY FACTS Head Office Marks and Spencer Group plc Wa terside House 35 Nor th Wharf Road London W2 1NW GBR Phone 44 20 7935 4422 Fax Web Address http://www. marksandspencer. com Revenue / turnover 9,740. 3 (GBP Mn) Financial Year End April Employees 78,169 London Ticker MKS Marks and Spencer Group plc  © MarketLine Page 3 Marks and Spencer Group plc Business Description BUSINESS DESCRIPTION M&S is the holding company of the Marks & Spencer Group of companies. The company is one of the UK’s leading retailers, with more than 21 million people visiting its stores each week. M&S offers clothing and home products, as well as foods, sourced from about 2,000 suppliers globally. It operates through both wholly owned stores and franchise stores. As of FY2011, the company operated 703 stores in the UK. M&S operates over 361 owned and franchised stores in over 42 territories. Though the company primarily repor ts its revenues in terms of geographic segments (UK and international), its operations can be categorized under two divisions: food and general merchandise. The food division concentrates on four main areas: fresh, natural, healthy food; special celebration products; authentic ready meal ranges; and exceptional ever yday food such as â€Å"Oakham† chicken. It operates a chain of 163 Simply Food owned stores and 202 Simply Food franchise stores in high streets, motorway service stations, railway stations and air por ts in the UK. The general merchandise division of the company is categorized into two segments: clothing and home. The clothing segment offers women’s wear, men’s wear, lingerie, children’s wear, and accessories and footwear. Some of the prominent brands offered by this segment include Autograph, Limited Collection, Collezione, Blue Harbour, Girls Boutique, Per Una, Ceriso, Adored, and Truly you. The home segment offers homeware and home accessories, kitchen and tableware, lighting, and furniture products. In addition to selling products through regular stores, the segment also offers catalogue services. M;S offers its products and services online as well as through flagship stores, high street stores, retail park stores, M;S outlets, Simply Food stores, and Simply Food franchised stores. Marks and Spencer Group plc  © MarketLine Page 4 Marks and Spencer Group plc History HISTORY M;S was founded in 1884 as a stall in an open market in Leeds, the UK. Then known as Marks’ Penny Bazaar, it was the household goods, haberdasher y, toy, and sheet-music business of Michael Marks, a Jewish refugee from Poland. In 1894, he took Thomas Spencer as a business par tner. In 1903, M&S was registered as a private limited company. Although a clothing design depar tment had first been set up in 1938, it was not until after the Second World War that it became fully developed under a leading designer. In 1973, the company entered Canada, and bought Peoples Depar tment Stores and D’Allaird’s, a national women’s wear retailer, both of which it later sold. The company also had direct retailing investments in Canada. It tried to move south of the border in 1988 with the purchase of Brooks Brothers, but the US operation never took off as the company had hoped. Five franchised stores were closed down in Turkey in 1999 when the franchise par tner Turk Petrol Holding couldn’t meet its bank obligations and collapsed. Later in the year, Marks and Spencer Canada, after 25 years of business, closed its 38 stores. The company sold its US clothing chain Brooks Brothers for $225 million in 2001. In 2003, M&S announced the launch of its â€Å"&more† credit card. Alongside this, Marks & Spencer Financial Services was re-branded â€Å"Marks & Spencer Money. † In 2004, M&S completed the sale of Marks & Spencer Retail Financial Services Holdings (M&S Money) to HSBC. During the course of 2005, the company opened 31 Simply Food stores as well as closed the Lifestore project in the UK. M&S expanded the â€Å"Simply Food† format with the acquisition of 28 stores on a leasehold basis from Iceland Foods for a consideration of ? 38 million (approximately $76. 3 million) in 2006. In the same year, M&S sold Kings Super Markets, its only non-M&S branded business to a US investor group consisting of Angelo, Gordon & Co, MTN Capital Par tners and Mr. Bruce Weitz for $61. 5 million in cash. In 2007, M&S and two of its long-term suppliers decided to star t the development of M&S’ first â€Å"eco-factories†, pioneering innovative methods of sustainable manufacturing. One factor y in Sri Lanka would make lingerie and two factories in Nor th Wales would manufacture furniture upholster y. In the same year, the company launched its own branded LCD widescreen TVs. This range was in addition to the existing collection of Sony TVs currently available at M;S. Fur ther in the year, M;S launched school wear made from recycled plastic bottles. The company’s first standalone home store in Lisburn, Nor thern Ireland was launched in 2007. In the same year, M&S launched Big & Tall, an exclusive online men’s wear offering more than 450 items online ranging from tailoring to knitwear to casual shir ts and trousers. Also in 2007, M;S reduced saturated fat level as much as 82% in more than 500 company’s products. The company reduced saturated fat levels in products including sandwiches, ready meals, crisps and savor y snacks. Marks and Spencer Group plc  © MarketLine Page 5 Marks and Spencer Group plc History Towards the end of 2007, a new Made to Measure shir ts ser vice was launched by M&S, which allowed customers to design a tailor-made shir t within 21 days. The company added new products to its men’s wear por tfolio in FY2008. M;S also launched climate control underwear featuring temperature regulating technology developed by NASA, expanded Collezione brand collection by introducing new shoes, wool and cashmere mix trousers. M;S reinvigorated its Blue Harbour brand to attract 35 to 44 year old men. Also in FY2008, the company star ted to freeze its ready meals for international sale and launched a range of 70 lines in eight countries. Later, the company also launched a 25-piece capsule collection called GD25 from Per Una. In 2008, M;S removed ar tificial colors and flavorings from its entire food and soft drinks range. In the same year, the company improved the quantity of space in a number of major out of towns and city centre stores through store extensions and also added 35 stores to its Simply Food por tfolio, including 25 BP franchised stores. A new flagship store in new Westfield Centre at White City, West London was opened at the end of 2008. To fur ther progress in Asian markets, the company opened its first 38,000 square feet store in Shanghai. M;S then entered into a par tnership with Scottish and Southern Energy, as per which M;S Energy would supply electricity and gas to domestic customers and reward them with M;S store vouchers for helping the environment by reducing their energy usage. M;S announced plans to close 10 of its Simply Food stores in 2009. The company opened Food to Go outlets in Hong Kong in the same year. Also in 2009, M;S announced plans to enter new categories in the Indian market, with the launch of luggage and footwear for men. The company introduced a Ramadan and Eid fashion collection in all the 13 stores throughout the Middle East in the UAE, Bahrain, Qatar, Kuwait and Oman in 2009. Fur ther in the year, M;S launched personalized greetings cards business online. The company also announced to open its second mainland store in Guangzhou, the capital of Guangdong province in southern China. M;S also launched a beer and cider range to complement its wine selection. M;S launched a revamped version of its website in 2009, the first major update since 2007. Fur thermore, in 2009, the company began to offer its online international deliver y service to 73 more countries as par t of a drive to grow annual sales of M;S Direct. The company began its offering within the homeware sector in 2009. M;S announced plans to open a store in Marbella, Spain by the end of 2009. In the same year, M;S and India-based Reliance Retail planned to open approximately 50 stores in India in the following five years under the banner of their joint venture company Marks ; Spencer Reliance India. Later in the year, the company outlined plans to cut costs by ? 50 million (about $150 million) by optimizing its supply chain and IT systems. M;S also announced plans to open a new store at the Swords Pavilions shopping center in the Dublin Airpor t, Ireland, in 2009. The company opened its new 22,000 square feet store at Morpeth’s Sanderson Arcade in the same year. M&S decided to launch â€Å"Simply Food† in Western Europe. Fur ther in 2009, the company a nnounced plans to sell a selected range of around 400 branded grocery and household products in all of its UK stores, following a 16-month trial in its stores in the Nor th East and South East of England. In 2010, M&S launched a new Home Energy Service division that would offer customers a suite of energy efficiency products and services. Building on the success of M&S Energy, which was servicing Marks and Spencer Group plc  © MarketLine Page 6 Marks and Spencer Group plc History over 125,000 homes, the company would roll-out a number of new products including bespoke energy advice, renewable energy solutions such as solar panels and heat pumps, and energy efficient heating solutions. In the same year, M&S announced a program to be the world’s most sustainable retailer by 2015, launching 80 major new commitments under M;S’ eco and ethical plan, Plan A. The new commitments will mean that the company ensures all M&S products become ‘Plan A products’ with at least one sustainable quality. This program will also enable the company’s 2,000 suppliers to adopt Plan A best practice and encourage M;S customers and employees to live ‘greener’ lifestyles. Fur ther in 2010, M;S launched a new version of www. marksandspencer. om designed specifically for use on mobile phones and mobile devices—the first mobile site from a major UK high street retailer. Through this, the company aims to expand its multi-channel offering. During the same year, M;S launched England Football team suit exclusively in M;S stores, to take advantage of the football World cup spending. The company opened its new 1. 1 million square feet distribution centre at ProLogis Park Bradford in the UK in 2010. This warehouse in the UK will serve all the company’s stores with furniture products and store equipment. Later in 2010, M&S launched a range of Solar PV and Solar Thermal water heating solutions. Fur thering the sustainability initiatives, the company also announced that it will use polyester made from recycled PET drinks bottles instead of virgin polymer to make more than 300 million clothing care labels a year. Towards the end of 2010, M&S announced plans to move into rail distribution to reduce its carbon footprint. More than 300,000 general merchandise products per week would move from road to rail distribution. The company also opened a new shopping center in Vilnius, Lithuania at the end of year. In April 2011, M&S opened its greenest ever store at Ecclesall Road in Sheffield. This is the first store of a number of new Sustainable Learning stores planned by the company as par t of its drive to become the world’s most sustainable major retailer by 2015. The company opened 20 stores in the UK during FY2011, including 17 Simply Foods. In international, M;S opened 49 new stores and closed 15 stores. During the same period, the company entered the Egyptian market with a 28,000 square feet store in the Dandy Mega Mall in Cairo. The company, in July 2011, launched a new iPad application for its investors. This application will provide investors with latest M;S financial news. In the following month, M;S signed a traceability deal with Historic Futures. As per the deal, Historic Futures will provide the company full traceability on ever y single clothing and home product it sells. M;S is the first major retailer to commit to full traceability for non-food products. In September 2011, M;S opened a new store at Westfield, Stratford City with the latest ‘Only at Your M;S’ innovations and customer experiences. In the following month, M&S launched its new French website, http://www. marksandspencer. fr/, marking its first international transactional website. Marks and Spencer Group plc  © MarketLine Page 7 Marks and Spencer Group plc History The company, in November 2011, opened its new flagship store at 100 Avenue des Champs-elysees in Paris. M&S, in February 2012, launched its outlet format on its website at www. marksandspencer. com/outlet. M&S Outlet will permanently offer a selection of more than 1,300 quality M&S clothing products with up to 40% off the regular high street and online prices. In the same month, the company recalled four products (Crispy Prawn Wonton, Crispy Vegetable Balls, Prawn Baguette Toast, and Prawn Siu Mai Selection) from its Chinese range due to mistake in ‘use by’ date. In March 2012, the company, announced plans to launch a new website for its Irish customers, http://www. marksandspencer. ie/. In April 2012, M&S announced that it will accept secondhand clothes at UK outlets in order to recycle into other fabrics or reuse overseas by the Oxfam charity in an aim to cut waste. Marks and Spencer Group plc  © MarketLine Page 8 Marks and Spencer Group plc Key Employees KEY EMPLOYEES Name Job Title Board Marc Bolland Chief Executive Officer Executive Board 975000 GBP Alan Stewar t Chief Finance Officer Executive Board 550000 GBP Kate Bostock Executive Director, General Merchandise Executive Board 590000 GBP John Dixon Executive Director, Food Executive Board 540000 GBP Steven Sharp Executive Director, Marketing Executive Board 655000 GBP Laura Wade-Gery Executive Director, Multi-channel E-commerce Executive Board Amanda Mellor Group Secretar y and Head of Corporate Governance Executive Board Rober t Swannell Chairman of the Board Non Executive Board Vindi Banga Director Non Executive Board Miranda Cur tis Director Non Executive Board Jeremy Darroch Director Non Executive Board 85000 GBP Steven Holliday Director Non Executive Board 85000 GBP Mar tha Lane Fox Director Non Executive Board 70000 GBP Jan du Plessis Director Non Executive Board 70000 GBP Clem Constantine Director, Proper ty Senior Management Tanith Dodge Director, Human Resources Senior Management Dominic Fr y Director, Communications and Investor Relations Senior Management Jan Heere Director, International Senior Management Nayna McIntosh Director, Store Marketing and Design Senior Management Steve Rowe Director, Retail Senior Management Darrell Stein Director, Information Technology and Logistics Senior Management Marks and Spencer Group plc  © MarketLine Compensation 450000 GBP Page 9 Marks and Spencer Group plc Key Employee Biographies KEY EMPLOYEE BIOGRAPHIES Marc Bolland Board: Executive Board Job Title: Chief Executive Officer Since: 2010 Mr. Bolland has been the Chief Executive Officer at Marks and Spencer Group since 2010. Previously, he was the Chief Executive Officer at Morrisons Supermarkets from 2006 to 2010. Prior to this, Mr. Bolland worked at Heineken for 20 years in various management roles, including Executive Board member and Chief Operating Officer, and responsibility for operations and business development in the US, France, Italy, Spain, the Caribbean and Latin America. He also ser ves as a Director at Manpower. Alan Stewart Board: Executive Board Job Title: Chief Finance Officer Since: 2010 Mr. Stewar t has been the Chief Finance Officer at Marks and Spencer Group since 2010. Before joining the company, he was the Chief Financial Officer at AWAS, an aircraft leasing company. Mr. Stewar t spent 10 years at HSBC Investment Bank before joining Thomas Cook in 1996, where he held various senior roles, including Chief Executive at Thomas Cook UK. Mr. Stewar t joined WH Smith in 2005 as Group Finance Director. He also ser ved as a Non Executive Director at Games Workshop Group. Kate Bostock Board: Executive Board Job Title: Executive Director, General Merchandise Ms. Bostock is the Executive Director of General Merchandise at Marks and Spencer Group. She joined the company in 2004. Previously, Ms. Bostock was the Product Director for Childrenswear at Next from 1994. She also ser ved as the Product Director for the George brand covering all areas of clothing and footwear at Asda. John Dixon Board: Executive Board Job Title: Executive Director, Food Marks and Spencer Group plc  © MarketLine Page 10 Marks and Spencer Group plc Key Employee Biographies Since: 2009 Mr. Dixon has been the Executive Director of Food at Marks and Spencer Group since 2009. He joined the company as a Store Management Trainee. Mr. Dixon held various senior roles at the company for over 20 years, including Executive Assistant, Chief Executive, and Director of Home and M&S Direct. Steven Sharp Board: Executive Board Job Title: Executive Director, Marketing Mr. Sharp is the Executive Director of Marketing at Marks and Spencer Group. He joined the company in 2004. Previously, Mr. Shar p served as the Marketing Director at Asda, the Bur ton Group, Booker, and Arcadia Group. Currently, he is a Non Executive Director at Adnams. Laura Wade-Gery Board: Executive Board Job Title: Executive Director, Multi-channel E-commerce Since: 2011 Ms. Wade-Gery has been the Executive Director of Multi-channel E-commerce at Marks and Spencer Group since 2011. Prior to this, she worked at Tesco and held a variety of senior roles, including Chief Executive Officer of Tesco. com and Tesco Direct. Ms. Wade-Ger y also held various roles at Gemini Consulting and Kleinwor t Benson. She has also been a Non Executive Director at Trinity Mirror since 2006. Amanda Mellor Board: Executive Board Job Title: Group Secretary and Head of Corporate Governance Ms. Mellor is the Group Secretary and Head of Cor porate Governance at Marks and Spencer Group. She joined the company in 2004 as the Head of Investor Relations. Ms. Mellor spent her early career in investment management at James Capel before becoming a Director within its Corporate Finance team. She then served at Rober t Fleming, Investment Banking prior to joining The Bur ton Group as the Director of Cor porate Relations and Investor Relations. Robert Swannell Board: Non Executive Board Job Title: Chairman of the Board Marks and Spencer Group plc  © MarketLine Page 11 Marks and Spencer Group plc Key Employee Biographies Since: 2011 Mr. Swannell has been the Chairman of the Board at Marks and Spencer Group since 2011. He joined the company in 2010 as a Non Executive Director. Prior to this, Mr. Swannell was a Senior Independent Director at The British Land Company, and 3i Group. He spent over 30 years in investment banking at Schroders/Citigroup. Mr. Swannell was previously the Vice Chairman at Citi Europe and Co-Chairman at Citi’s European Investment Bank. Vindi Banga Board: Non Executive Board Job Title: Director Since: 2011 Mr. Banga has been a Director at Marks and Spencer Group since 2011. He is currently a Par tner at Clayton Dubilier ; Rice, a private equity investment firm. Prior to this, Mr. Banga spent 33 years at Unilever, where he held several senior positions, including President of the Global Foods, Home and Personal Care businesses, and was a member of the Unilever Executive Board. He also serves as a Non Executive Director at Thomson Reuters and Maruti Suzuki India. Miranda Curtis Board: Non Executive Board Job Title: Director Since: 2012 Ms. Cur tis has been a Director at Marks and Spencer Group since February 2012. She is currently the Chairman at Waterstones, and a Non Executive Director at Liber ty Global. Ms. Cur tis has also been a Non Executive Director at National Express Group since 2008. She also serves on the Boards of the Institute for Government, the Royal Shakespeare Company, and Camfed (the leading African girls’ education charity). Jeremy Darroch Board: Non Executive Board Job Title: Director Since: 2006 Mr. Darroch has been a Director at Marks and Spencer Group since 2006. He also ser ves as the Chief Executive at British Sky Broadcasting. Previously, Mr. Darroch ser ved as the Chief Financial Officer at British Sky Broadcasting. Prior to this, he was the Group Finance Director and Retail Finance Director at Dixons Retail (formerly DSG International). Marks and Spencer Group plc MarketLine Page 12 Marks and Spencer Group plc Key Employee Biographies Steven Holliday Board: Non Executive Board Job Title: Director Since: 2004 Mr. Holliday has been a Director at Marks and Spencer Group since 2004. He is the Group Chief Executive Officer at National Grid. Prior to that, Mr. Holliday served as the Director of UK and Europe and was responsible for the UK Elect ricity and Gas businesses. He is also the Chairman of the UK Business Council for Sustainable Energy. Prior to joining National Grid, Mr. Holliday was an Executive Director at British Borneo Oil and Gas. Previously, he held several senior positions at Exxon Group. Martha Lane Fox Board: Non Executive Board Job Title: Director Since: 2007 Ms. Fox has been a Director at Marks and Spencer Group since 2007. She is the UK’s Digital Champion, the Chairman of Race Online 2012, and a Non Executive Director at Channel 4 Television. Ms. Fox is founder and Chairman of Lucky Voice, and of her own grant-giving foundation, Antigone. She was co-founder of lastminute. com. Jan du Plessis Board: Non Executive Board Job Title: Director Since: 2008 Mr. du Plessis has been a Director at Marks and Spencer Group since 2008. He is the Chairman at Rio Tinto. Previously, Mr. du Plessis was the Chairman at British American Tobacco and a Non Executive Director at Lloyds Banking Group. He also ser ved as the Chairman at RHM from 2005 to 2007. Mr. du Plessis was previously the Group Finance Director at Richemont, a position he held until 2004. Clem Constantine Board: Senior Management Job Title: Director, Proper ty Mr. Constantine is the Director, Proper ty at Marks and Spencer Group. He joined the company in 2006. Mr. Constantine was appointed the Group Proper ty and Retail Planning Director at Arcadia Group in 1999. He was appointed to his first finance directorship in 1993, for the IS brand at the Marks and Spencer Group plc  © MarketLine Page 13 Marks and Spencer Group plc Key Employee Biographies Bur ton Group, and moved through several other finance directorships with variable responsibilities including systems and retail. Mr. Constantine was trained as a Char tered Accountant at Stoy Hayward, and joined Debenhams in 1989 as a Financial Analyst. Tanith Dodge Board: Senior Management Job Title: Director, Human Resources Since: 2008 Ms. Dodge has been the Director, Human Resources at Marks and Spencer Group since 2008. She was formerly the Group Human Resources Director at WH Smith since 2003. At WH Smith, Ms. Dodge was also responsible for Public Relations, Communications and Post Office Operations. Prior to this, she was the Senior Vice President Human Resources for Europe, Middle East and Africa (EMEA) at InterContinental Hotels Group. Ms. Dodge also served as the Human Resources Director at Diageo’s two business divisions. She was also the International Human Resources Manager at Prudential Corporation. Dominic Fry Board: Senior Management Job Title: Director, Communications and Investor Relations Mr. Fry is the Director, Communications and Investor Relations at Marks and Spencer Group. He joined the company in 2009. Prior to this, Mr. Fr y ser ved at Tulchan Communications. In 1996, he was appointed the Communications Director at J Sainsbury and ser ved in the same role at ScottishPower from 2000 to 2005. In 1989, Mr. Fr y became the Communications Director at AT&T in the UK before moving from there to head up communications at the Channel Tunnel in the mid ’90s. He star ted his career in 1982 working in PR consultancy at Traverse-Healy ; Regester and then Charles Barker. Jan Heere Board: Senior Management Job Title: Director, International Since: 2011 Mr. Heere has been the Director, International at Marks and Spencer Group since 2011. He joined Inditex in 2002 where he held a several international roles, most recently as General Manager for Inditex Russia. During 2000–02, Mr. Heere held various senior management roles at Zara, Groupo Inmobiliario Lupaco, and Charanga. He began his career at Manpower in Spain in 1997. Nayna McIntosh Marks and Spencer Group plc  © MarketLine Page 14 Marks and Spencer Group plc Key Employee Biographies Board: Senior Management Job Title: Director, Store Marketing and Design Ms. McIntosh is the Director, Store Marketing and Design at Marks and Spencer Group. She joined the company in 2005. Prior to this, Ms. McIntosh was par t of the Management Team that set up the per una brand in 2001. Previously, she served as the Sales and Marketing Director for the George brand at Asda stores. Before joining George, Ms. McIntosh was at Next for four years as a Divisional Executive for the South of England. Steve Rowe Board: Senior Management Job Title: Director, Retail Since: 2008 Mr. Rowe has been the Director, Retail at Marks and Spencer Group since 2008. He joined the company in 1989 and held a variety of positions in store management, having previously worked at Topshop as a Store Manager. Mr. Rowe joined Head Office in 1992 as a Merchandiser for Menswear. In 1998, he was promoted to Category Manager in the Furniture Depar tment. In 2001, Mr. Rowe led the team developing the Home Growth Strategy, working with McKinsey Consultants, and became Head of Home categories in 2003. He was promoted to the Director of Home a year later in 2004. From 2004 to 2008, Mr. Rowe was also responsible for Beauty and New Business Development. Darrell Stein Board: Senior Management Job Title: Director, Information Technology and Logistics Mr. Stein is the Director, Information Technology and Logistics at Marks and Spencer Group. He has been working in IT for 17 years star ting his career at the company in 1990. Mr. Stein re-joined M;S in 2006 as the IT Director. From 2001 to 2006, he ser ved at Vodafone, becoming IT Director for Vodafone UK in 2004. Prior to this, Mr. Stein was Vodafone’s UK Network Director and Global IT Strategy and Architecture Director. From 1996 to 2001, he ser ved at Ernst & Young, leading a number of major IT and Change Programmes in the financial services, retail and utility sectors. In 1994, Mr. Stein joined Mars as a Project Manager. Marks and Spencer Group plc  © MarketLine Page 15 Marks and Spencer Group plc Major Products and Services MAJOR PRODUCTS AND SERVICES M&S is one of the leading retailers of clothing, foods and homeware in the UK. The company’s key products and services include the following: Products: Women’s wear Men’s wear Lingerie Children’s wear Footwear Food and grocery items Homeware and home accessories Kitchen and tableware Lighting Furniture products Services: Credit cards Car, home, travel, and pet insurance Personal loans Brands: Autograph Limited Collection Collezione Blue Harbour Girls Boutique Per Una Ceriso Adored Truly you Marks and Spencer Group plc  © MarketLine Page 16 Marks and Spencer Group plc Revenue Analysis REVENUE ANALYSIS Overview The company recorded revenues of ? 9,740. 3 million (approximately $15,158. 8 million) in FY2011, an increase of 2. 1% over FY2010. For FY2011, the UK, the company’s largest geographic market, accounted for 89. 7% of the total revenues. M;S generates revenues through two business divisions: food (51. 5%% of the total revenues in FY2011), and general merchandise (48. 5%). Revenues by division* During FY2011, the food division recorded revenues of ? 4,499. 4 million (approximately $7,002. 4 million), an increase of 1. 9% over FY2010. The general merchandise division recorded revenues of ? 4,233. 6 million (approximately $6,588. 8 million) in FY2011, an increase of 2% over FY2010. *The revenue breakdown by division is only for the revenues from the UK market. Revenues by geography The UK, M;S’ largest geographical market, accounted for 89. % of the total revenues in FY2011. Revenues from the UK reached ? 8,733 million (approximately $13,591. 2 million) in FY2011, an increase of 1. 9% over FY2010. International operations accounted for 10. 3% of the total revenues in FY2011. Revenues from international operations reached ? 1,007. 3 million (approximately $1,567. 7 million) in FY2011, an increase of 4% over FY2010 . Marks and Spencer Group plc  © MarketLine Page 17 Marks and Spencer Group plc SWOT Analysis SWOT ANALYSIS M&S is one of the leading retailers of clothing, foods and homeware in the UK. The company has expanded its food product offering significantly in the recent years. New products launches, focus on expanding healthy products, promotions, and competitive prices are all helping the company attract customers in a highly competitive market. However, surge in shoplifting could negatively impact the cost structure for M&S. Strengths Weaknesses Expanding food offering Strong market position in the clothing segment Geographical expansion to increase the addressable market and reduce vulnerability to mature UK market M&S etched a highly effective CSR strategy M&S legacy stores and systems are a ompetitive disadvantage Declining general merchandise division sales due to inadequate stocking Opportunities Threats Online channel continues to boom and will enable M&S to boost revenues Focus on China and India can lead to expansion in two of the fastest growing markets Surge in shoplifting losses costs the retailers and customers Weak consumer spending in the UK Rising labor c ost in the UK Strengths Expanded food offering The company has expanded its food product offering significantly in the recent years. In 2009, M&S consistently highlighted it is cheaper than Waitrose on a basket of 1,200 items by about 2%. The company, in 2009, decided to invest in its margins in order to provide its customers better value. As a result of this, M&S saw improved perceptions of value by its customers. The company, in FY2011, launched around 1,800 new products in food and positioned itself as the UK’s leading high quality food retailer. The key product launches of the company include Taste Italia, and Made Without Wheat range of gluten-free bread and cakes, With the success of Made Without Wheat product range, the company launched gluten-free sandwiches, sausages, stuffing, and crisp bakes. As of FY2011, the company offered 125 gluten-free products. M&S also became the UK’s second largest favorite health food brand with the launch of its Simply Fuller Longer range which encourages customers to manage their weight with a menu plan. The gross margin of food division increased by 20 basis points to Marks and Spencer Group plc  © MarketLine Page 18 Marks and Spencer Group plc SWOT Analysis 30. 8% in FY2011. This was mainly driven by better management of promotions and waste. Fur ther, in the four th quar ter of FY2012 ended March 2012, M&S launched 500 new products in the food division. The sales in this quar ter increased by 3. 1%, The company’s promotions such as roast dinner for ? 5 ($7. 8), Dine In, etc offered its customers with great value solutions for special occasions. M&S’ food division has been performing well in a ver y competitive market and against tough competitors. By launching innovative products and with an expanded food offering, the company has been able to attract the customers in a highly competitive market. Strong market position in the clothing segment M&S has a strong market position in the clothing segment. With more than one in 10 clothing items bought from M&S, the company ranks amongst the three largest clothing retailers in the UK. According to a repor t released by Verdict (Datamonitor’s retail arm) in May 2012, M;S is known for its product quality. The company was ranked first with a score of 49 for its product quality above the market average of 23. According to another repor t released by Verdict in April 2012, M;S enjoys highest conversion rate of 50. 7% and is very successful in conver ting visitors to loyal main users through its varied product offer, in-store service and garment quality. This indicates that M;S is a trustwor thy brand, which all main users would return to knowing that the quality, fit, and ser vice are reliable and consistent. The retailer has recognized that its core market of predominantly mature customers has been especially hard hit by rising core costs of living, falling interest on savings and worse prospects for pensions, and in reaction has lowered its entr y prices to compete more effectively with high street/value operators and supermarkets, helping to maintain the loyalty of its main users and prevent them from shopping elsewhere. Verdict, in its repor t in March 2012, ranked, M;S seventh in the global depar tment store market with a share of 3. 2%. This market leadership enabled M;S to excel throughout the economic downturn, while other mid-market retailers are pressured from the ever expanding value players. Leading market position indicates access to a large customer base and also popularity of M;S’ offering in the clothing segment. Going forward, this market position would enable the company to drive revenues as consumer spending recovers. Geographical expansion to increase the addressable market and reduce vulnerability to mature UK market With a por tfolio of over 361 owned and franchised stores in 42 territories M&S continues to grow its international business. This mix of ownership models and countries enabled the company to perform well in FY2011, even when individual markets were weak. Fur ther, during FY2011, the company entered the Egyptian market with a 28,000 square feet store in the Dandy Mega Mall in Cairo. M&S’ international business grew by 4% in FY2011 despite tough economic situation. As an established retailer in a mature market, it is going to be hard for M;S to continually deliver significant increases in UK sales. However, in the long run, its international business offers an oppor tunity for high growth. By generating much higher volumes, it can deliver margin benefits with suppliers. With production costs rising, this will be an advantage in the UK. International expansion will enable the company to access multiple sales points for most of the product ranges. This is especially relevant for clothing and homewares segments. Also, through expansion in the international markets M;S can reduce Marks and Spencer Group plc  © MarketLine Page 19 Marks and Spencer Group plc SWOT Analysis vulnerability to mature UK market. The company can also par ticipate effectively in some of highest growing markets such as China and India. All these factors would enable the company to reduce the overall business risk and facilitate increased revenues. M;S etched a highly effective CSR strategy M;S has to its credit an effective corporate social responsibility (CSR) strategy. CSR has been gaining prominence not just among the stake holders and governments but the consumers as well. The company has the highest propor tion of consumers believing it to be a responsible retailer and this can largely be attributed to the success of its Plan A, a ? 200 million (approximately $320. 3 million) 100-point plan launched in 2007 with five areas of focus: climate change, fair par tnership, health, sustainable raw materials, and waste. In FY2011, the company included two more areas in its Plan A: involving customers, and making Plan A how we do business. In the last few years, initiatives launched under the Plan A banner include launching the company’s first eco-store, encouraging suppliers to set-up eco-factories, removing hydrogenated fats from its ready meals, increasing the propor tion of organic food, reducing the salt content of its produce, cer tifying a larger percentage of its fish as originating from sustainable populations, and beginning to sell recycling and composting bins. It is the high profile presence of Plan A in adver tising campaigns, product labeling and store signage that gives M&S one of the best consumer perceptions of a retailer for social responsibility. The campaign works not just as a direct to consumer channel, but also because of the positive coverage it creates. Perhaps more impor tantly, it has publicized all of these initiatives extensively. In 2008, M&S launched a TV adver tising campaign focusing on its ethical, environmental and health-conscious credentials, highlighting that it only uses free range eggs and that its products are now free from ar tificial colors and flavorings. Other, more innovative, ideas have included a joint venture with Oxfam to promote the recycling of old clothes. In addition, more controversially, the retailer introduced a 5p charge for carrier bags at all of its food depar tments in 2008. Though many consumers resented this charge, it has undoubtedly boosted M&S’ reputation as an ethical retailer. Overall, sculpting its CSR strategy into such a high publicity campaign, divided into such clear action points and highly visible benefits, has seen the company move to the forefront of responsible retailing. In FY2011, the company launched Indigo Green, its first range of clothing made using more sustainable fabrics. In April 2012, the company announced to accept secondhand clothes at all the UK outlets except Simply Food stores, to recycle them into other fabrics or to reuse them in order to cut waste. Plan A has seen CSR become core to M;S’ principles in the eyes of the consumer and it has reaped the benefits of this, gaining shoppers as a result and repor tedly saving more than ? 70 million (approximately $108. 9 million) in efficiencies gained in FY2011 compared with ? 50 million (approximately $77. 8 million) in FY2010. In addition, M&S improved energy efficiency in its stores by 23% and warehouses by 24% in FY2011 compared to FY2007. It also improved the fuel efficiency of its deliver y fleets by 20% and total carbon emissions have been reduced by 13%. The company now recycles 94% of all the waste it generates from its stores, offices and warehouses. The total waste is down by more than a third. M&S also met its sustainable standards by sourcing 90% of wild fish in FY2011 (62% in FY2010) and 76% of wood in FY2011 (72% in FY2010). Marks and Spencer Group plc  © MarketLine Page 20 Marks and Spencer Group plc SWOT Analysis By actively promoting a product’s greener attributes (for example fewer, more recognizable and natural ingredients), retailers such as M;S have positioned products as improving one’s personal environment while benefiting the global environment too. Many of their successes have come from emphasizing the former rather than the latter, especially as consumers often associate ethics with a sense of wellbeing. In terms of the issues that concern consumers, the sustainability of natural resources is a major fear, as are climate change and the fairness of sourcing arrangements. Consumers are also attracted to products with health benefits and there is a clear trend that consumers can be persuaded to par t with more money in return for products with a positive impact, not just to them personally, but also to wider society. Indeed, differentiating between products becomes harder and harder to achieve, Verdict expects consumers to turn to auxiliary considerations such as ethicality and sustainability to guide their choices. Consumers are no longer purely satisfied with how a product looks and functions; they want assurances over aspects such as nvironmental impact, hygiene, safety, and fairness. In light of the above mentioned trends where the customer choices are increasingly guided by the sustainability issues, M&S will benefit due to its reputation of being a responsible retailer. Weaknesses M&S legacy stores and systems are a competitive disadvantage M&S suffers some competitive disadvantages compared to Tesco, which has been able to drive earnings before interest and tax (EBIT) growth even in the mature UK market. Tesco benefits from supplier power and state-of-the-ar t IT, supply chain and systems compared with M&S legacy systems. The supermarket retailer has been able to break up the demand cur ve with metro, express and big box store formats out of town and on the high street. Moreover, Tesco stores have been carefully designed with consistent store layouts in order to facilitate store navigation. Extra back room store space has also been allocated to allow for smooth execution of its picking and distribution model. Tesco sells both own label and branded goods (food and non-food) in a bid to drive up footfall and sales conversion. M&S legacy stores are inconsistent in terms of layout. Store size tends to dictate product availability, while a lack of back room store space does not facilitate the same style supermarket pick and delivery model. The legacy systems and stores of M&S are constraining effective servicing of customer demands on a consistent basis. This is placing the company at a clear competitive disadvantage compared to a formidable opponent, Tesco. Declining general merchandise division sales due to inadequate stocking The company’s general merchandise division sales declined in recent times, M&S’ general merchandise division sales decreased by 2. % in the four th quar ter of FY2012 ended March 2012. This was mainly due to shor tage of stock in its stores, Due to this, the company was also not able to meet customer demand for 300,000 knitwear garments under the M&S Woman label. It only sold Marks and Spencer Group plc  © MarketLine Page 21 Marks and Spencer Group plc SWOT Analysis 100,000 knitwear garments during this period. Fur ther, in times of high demand, inadequate stock could hamper the sales of the division and result in loss of sales to competitors. This not only affects the revenues of the company but could also result in shift of customers to its competitors. Opportunities Online channel continues to boom and will enable M&S to boost revenues Online retail sales in the UK have grown significantly over a period of time. According to Office for National Statistics, non-seasonally adjusted average weekly value for internet retail sales in the UK was ? 414 million (approximately $644. 3 million) in Februar y 2010, this increased to ? 573. 6 million (approximately $892. 7 million) in February 2012, representing an increase of 18%. Internet sales accounted for only 8% of the total retail sales (excluding fuel) in Februar y 2010. This figure increased to 10. 7% in February 2012. The growing desire for convenience is seeing shoppers buy more online, especially in the category of food and grocery. Consumers have also become savvier, using the internet more to get the best deal they can. Voucher codes, and cashback sites have been instrumental in this. Additionally, improved deliver y and fulfillment options have been encouraging consumers to shop more online. The company operates in the internet channel through M&S Direct where the products are offered through website and newly launched ‘Shop Your Way’ facility, a new ordering service that has been rolled-out in 444 stores (including 151 in Simply Foods stores) during FY2011, allowing customers to place orders either in stores, online or over the phone, for deliver y to either a nominated address or free of charge to their nearest store. M&S Direct’s sales increased from ? 413 million (approximately $642. 8 million) in FY2010 to ? 543 million (approximately $845. million) in FY2011, an increase of 31. 5%. Fur ther, in the first half of FY2012, M&S Direct’s sales increased by 11. 7% with more than three million visitors per week. Thus, by leveraging its online presence, M&S can cater to the requirements of a growing number of customers who are looking for convenience and better deals over the internet. Focus on China and India can lead to expansion in two of the fastest growing markets China and India are two economies which are recording highest growth rates which, in turn, are expected to aid the retail market growth in these two countries. Asia’s retail sales are estimated to increase with China driving the growth. According to the preliminary estimation, the gross domestic product (GDP) of China was CNY47,156. 4 billion ($7,285. 7 billion) in 2011, a year-on-year increase of 9. 2% at comparable prices. The fast pace economic development in China coupled with the rise of the middle class income group and their increasing disposable income have fur ther pushed up the demand for several consumer goods. According to National Bureau of Statistics of China, the total retail sales reached CNY18,391. 9 billion (approximately $2,841. billion) in 2011, representing a year-on-year nominal growth rate of 17. 1%. Fur ther, according to industr y estimates, the countr y’s total retail sales are expected to increase from approximately CNY20 trillion ($3 trillion) in 2012 to approximately CNY26 trillion ($4 trillion) in 2016, representing an increase of about 30%. Strong Marks and Spencer Group plc  © MarketLine Page 22 Marks and Spencer Group plc SWOT Analysis underlying economic trends, population growth and the increasing wealth of individuals are key factors that contribute to the retail market expansion in China. The retail industry in India is large owing to a large population and is set to grow as several factors contribute. According to the industry sources, the retail sales in India are forecast to grow from around $411 billion in 2011 to $804 billion by 2015. The key factors behind the forecast growth include strong underlying economic growth, population expansion, increasing wealth of individuals and the rapid construction of organized retail infrastructure. Also, as middle and upper class consumer base expands, there will also be oppor tunities in India’s second and third-tier cities. The greater availability of personal credit and a growing vehicle population are to improve mobility which will also contribute to a trend towards retail sales growth. M;S is strengthening presence in India and China as par t of its geographic expansion and for some time to come, these countries would be the key contributors to the company’s international expansion strategies. The company in with par tnership with Reliance Retail, an established retailer in India, can tap into this lucrative market while expansion in China also continues. Indian and Chinese markets would provide a huge potential revenue base for M&S. Threats Surge in shoplifting losses costs the retailers and customers The UK retailers are exposed to increased costs of shoplifting. Shoplifting has assumed massive propor tions in recent times. According to industry estimates, retail crime costed UK stores ? 1. 4 billion ($2. 2 billion) in 2011. There are about two million thefts per year, which concludes to an average of more than one per minute. According to another industr y repor t, the thefts across the UK stores increased from ? 4. 2 million ($6. 5 million) in 2009 to ? 5. 1 million ($7. 9 million) in 2011, an increase of 20%. Long-term trends also show the figure is likely to continue rising. As a result, retailers have been increasing their surveillance spend. This is increasing the costs for retailers as well as for the end consumers. The shoplifting losses are adding to the costs for the retailers and the customers have also been bearing the brunt. The surge in shoplifting could negatively impact the cost structure for M&S as well. Weak consumer spending in the UK The UK market is suffering from weak consumer spending. The European debt crisis added more downward pressure to the growth prospects of the UK. According to Eurostat, the UK economy grew by 0. 7% in 2011 and is expected to grow by 0. 5% in 2012. In addition, the UK has witnessed high unemployment rate. According to the Office of National Statistics, the unemployment rate for the three months period November 2011 to January 2012 was 8. 4% with 2. 67 million unemployed people in the UK. Increasing unemployment rate is expected to fur ther put pressure on the economy of the UK. High inflation, led by the increase in VAT to 20% and public spending cuts reduced disposable Marks and Spencer Group plc MarketLine Page 23 Marks and Spencer Group plc SWOT Analysis income, leading to a fall in consumer spending on discretionary items. Consumers have been cautious with their spending especially due to soaring petrol prices, tax increases and uncer tainty over jobs. The UK is the key market for M&S. In FY2011, the UK accounted for 89. 7% of M&S’ total revenues. Thus, the sluggish consumer spending and high unemployment rate in the UK could affect most of the non-food retailers and lead to reduced sales volume or shrinking profit margins. Rising labor cost in the UK Labor costs are rising in the UK. In recent times, tight labor markets, increased over time, government mandated increases in minimum wages and a higher propor tion of full-time employees are resulting in an increase in labor costs, which could materially impact the company’s results of operation. The National Minimum Wage (NMW) Regulations came into force in 1999 and since then the NMW rates have been increased annually. The national minimum wage increased from ? 5. 93 per hour ($9. 23 per hour) in October 2010 to ? 6. 08 per hour ($9. 46 per hour) in October 2011. Fur ther, the national minimum wage is expected to increase to ? 6. 19 per hour (9. 63 per hour) from October 2012. In FY2011, M&S employed 78,169 people. Increasing labor costs can adversely affect the company’s operating costs as its wage bills would escalate. This, in turn, could impact its margins adversely. Marks and Spencer Group plc  © MarketLine Page 24 Marks and Spencer Group plc Top Competitors TOP COMPETITORS The following companies are the major competitors of Marks and Spencer Group plc ASDA Group Limited Debenhams plc H ; M Hennes ; Mauritz AB J Sainsbury plc NEXT plc Selfridges plc Tesco PLC Gap, Inc. , The French Connection Group Plc House of Fraser Group Plc John Lewis Par tnership plc Arcadia Group Limited Home Retail Group Plc Marks and Spencer Group plc  © MarketLine Page 25 Marks and Spencer Group plc Company View COMPANY VIEW A statement by Rober t Swannell, the Chairman of the Board at Marks and Spencer Group, is given below. The statement has been taken from the company’s Annual Repor t for FY2011. I feel ver y privileged to be Chairman of this unique company and at such an exciting time in our evolution. Since joining Marks ; Spencer in October and assuming the role of Chairman in Januar y, I have spent much of my time getting to know the business better – meeting our employees, shareholders, customers and suppliers. I first became deeply involved with M;S during the unsolicited takeover attempt in 2004, when I led the advisory team that helped put the M;S case to its shareholders. It was then I learned first hand about this unique company: about the extraordinarily strong relationship it has with its many stakeholders and about its very special ethos. This ethos is a reflection of the high standards our customers expect from M;S – trusting us not only to deliver great value, great quality products but also to do the right thing – socially, environmentally and ethically. We know that putting Plan A at the hear t of how we do business is not just the right thing to do; it is also fundamental to our long-term success. Performance In a challenging marketplace M;S has continued to grow, with underlying profits up 12. 9% on the year. We delivered this by staying true to our heritage of quality and innovation, reminding our customers what makes M;S special. This year Marc Bolland set out a clear medium-term plan for the business, after extensive discussions with colleagues and us, the Board. This is covered in detail in Marc’s review. From day one, I have been struck by the passion and commitment of our people. I am delighted that this year we are paying a bonus to all employees to thank them for their energy and enthusiasm in what has been a difficult trading environment. Dividend We are committed to delivering consistent returns for our shareholders. To this end we have adopted a progressive dividend policy, with dividends broadly covered twice by earnings. We intend to pay a final dividend of 10. 8p per share (last year 9. 5p) in respect of the 2010/11 financial year. Governance Marks and Spencer Group plc  © MarketLine Page 26 Marks and Spencer Group plc Company View This year we returned to the traditional governance structure of a separate Chairman and Chief Executive, providing clarity between Marc Bolland and me, with regard to our respective roles. Put simply, I run the Board and Marc runs the business. The Board has a wide range of responsibilities. There are three that I think are par ticularly impor tant for the success of the business: first, to debate and agree our strategy and hold the executive team accountable for its execution; second, to ensure that we have the most talented team to execute this strategy and that we plan effectively for succession; and third, to set the tone for governance, which is par ticularly impor tant at M;S where ‘doing the right thing’ is an integral par t of our ethos. My ob is to ensure the Board has the right mix of skills and talents and to ensure that it works effectively as a team towards shared goals with the right mix of enquir y and suppor t of the executive directors from the non-executive directors. During the year we commissioned a formal Board evaluation from an independent consultant, the findings of which are outlined in the Governance section. This process highligh ted the real enthusiasm of the directors in suppor ting a shared ambition: to guide M;S to the ver y best future. We know that you expect high standards from M;S; it’s our responsibility to learn how we can improve. This review was an impor tant par t of that journey. As stated in our 2009/10 Annual Repor t, we reviewed the senior remuneration structure this year. Following extensive shareholder consultation, we believe we now have a framework that is both relevant to today’s M;S and fully aligned with our strategy. The Board Over the last year the Board has been strengthened by a series of executive appointments. In May 2010 Marc Bolland joined the business as Chief Executive, assuming the day-to-day running of the business from Sir Stuar t Rose in July. In October Alan Stewar t joined as Chief Finance Officer and in February we announced the appointment of Laura Wade-Gery as Executive Director, Multi-channel E-commerce; she will join the Board in July. Whilst the Board features some new faces, these changes have taken place around a core of executive and non-executive directors that has remained stable over recent years. I would like to pay par ticular tribute to Sir Stuar t Rose. When he became Chief Executive in 2004, M;S was at a low ebb. He restored confidence in M;S, re-established its values and built a strong business. The solid platform from which Marc is now implementing his plan is a credit to Stuar t’s energy and tireless commitment to M;S over the last seven years. The smooth management transition – the meticulous handover to me and the suppor t of Marc – is also a credit to Stuar t. In that connection, I would also like to thank Sir David Michels, and the Nominations ; Governance Committee he led, for managing a change of leadership over the past year that was accomplished quietly and effectively. David has decided to step down from the Board at the end of his second term in February 2012, but I am delighted that he will continue his role as Deputy Chairman until then. Marks and Spencer Group plc  © MarketLine Page 27 Marks and Spencer Group plc Company View I must also thank Louise Patten for the significant contribution she has made over the last five years, playing an impor tant role in each of our Board Committees. As Louise reaches the end of her second three year term on the Board, she has decided not to seek re-election at the upcoming AGM. Looking ahead Our priorities for the year ahead are clear. We have a plan and it is now our collective job to make it happen. The Board will concentrate on delivering exemplary governance at the highest level to enable our executive team to drive this strategy forward. The economy still gives us reason to be cautious. Yet in difficult times, our core values of Quality, Value, Ser vice, Innovation and Trust matter more than ever to M;S customers. These values remain at the hear t of our strategy and I therefore look forward to the future with confidence. Marks and Spencer Group plc  © MarketLine Page 28 Marks and Spencer Group plc Locations and Subsidiaries LOCATIONS AND SUBSIDIARIES Head Office Marks and Spencer Group plc Waterside House 35 Nor th Wharf Road London W2 1NW GBR P:44 20 7935 4422 http://www. marksandspencer. com Other Locations and Subsidiaries Marks and Spencer International Holdings Limited Great Britain GBR Marks and Spencer (Nederland) BV NLD Marks and Spencer (Ireland) Limited IRL Marks and Spencer (Asia Pacific) Limited HKG Marks and Spencer Simply Foods Limited Great Britain GBR Marks and Spencer Marinopoulos Greece SA GRC Marks and Spencer SCM Limited

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Descartes' and Kants Approaches to God - Term Paper Example To begin with, one should state the claims which were made by Descartes since the ideas of Kant primarily reject them. Thus, the former developed the so called ontological argument for existence of God: Descartes based his proof on the concept that God is the most perfect creature and, since existence is a part of perfection, He ought to exist (Cahoone 45). One would make no mistake, pointing out that this approach is a rather short one and features fine logic at first sight. Indeed, Descartes takes one premise that both people who believe in God and those who do not believe in God would not reject, namely that He is the most perfect creature. In other words, he is able to appeal to the common ground of the people when they perceive the higher power without connection to any dogmatic principles. Indeed, it would not be an exaggeration to point out that the idea of God or any deities might have emerged as the opposition to the corrupted material world; so, the metaphysical world as we ll as its inhabitants is largely thought to be free of vices. That is why the ontological argument which was presented by Descartes makes sense to a certain extent.However, the criticism which was developed by Kant latter makes even more sense. Thus, for this German philosopher, the argument that was presented by Descartes possesses one important flaw which destroys the whole integrity of it: according to the logic of the claim, existence is inseparably connected to the object of idea. That is why the perfection or greatness of idea might be modified by the fact whether it exists or not

Evaluate one organisation's approach to sustainability measurement Essay

Evaluate one organisation's approach to sustainability measurement - Essay Example The company is the leader in the grocery markets in UK and has also established itself as the leading grocery and retail merchandiser across several parts of the world. Tesco is the fifteenth largest company among all the companies in the world and is listed in the London stock Exchange. The company is also included in the list of FTSE 100 companies in the UK market. Tesco runs its operations through the supermarket chains, departmental stores, cash and carry outlets and warehouses. Apart from the grocery items, Tesco also offers its customers with the electronic products, computer software, books, furniture, music CDs and DVDs, other items of merchandise, etc. The increase in the supermarket chain and departmental stores with the increase in retail merchandizing activities of Tesco have seen the number of stores of the company grow from 500 stores in 1990 to more than 2500 stores in the next two decades. The company employs around 5.5 lakhs employees in the areas of operation and cu stomer service. The company pays due attention to the sustainability of the leadership position that it has attained over the years. The actions of sustainability measurement have helped the company to retain its position and brand image in the market (Tesco, 2013, p.1). This has paved the path of sustainable growth of Tesco as a multinational company in the world. Environmental and social risks The direct and indirect environmental and social risks for Tesco have been explained as follows. In order to identify and analyse the environmental and social risk exposures of the company, the industry risk as well as the company specific risk should be taken into account. The retail market and industry has undergone a shift to the low demand of the consumers due to the macro-economic fluctuations and events of recession. Tesco faces the risk exposure related to the compliance and regulations for the retail market chains on activities that would lead to environmental pollution, disposal of wastes, etc. The social risks are also involved in the operations of Tesco due to probable negative impacts on the environment and society due to the disposal of wastes in the operations of the company. The social risk forms a major part of the risk exposures in the operations of Tesco as the perception of the society to the operation of the company indirectly affects the sale and revenue earnings of Tesco. The operations of Tesco lead to the perception of brand image of the company. Any impression of loss of faith among the members of the society and the consumers has significant impact in the international operations of the company (Epstein, 2008, p.46). The discrepancies in the operations of the company not only expose the company to environmental and social risk but also increase the risk of value chain system in the company. The financial risk exposures of the company originate from the volatility of the stocks in the retail industry. The volatility of the index leads to the fl uctuation of stock prices of Tesco. This would expose the company to risk of degradation of the valuation of the company. Financial risks related to the company may arise due to the discrepancy in financial reporting of the company. The deviation from the guideline in the financial reporti

How to be a Good Parent Research Paper Example | Topics and Well Written Essays - 750 words

How to be a Good Parent - Research Paper Example I have written the research paper by using qualitative research method. Qualitative research method consists of observation, questioning and reading of books and different sources. For the research paper, I have read many books, articles and authentic websites for the collection of data. While collection of data, I come to know many facts about the children behaviors and attitude. Raising a child is a tricky exercise and arguably, one of the hardest undertakings one must go through. To be a parent is difficult because parents have many duties and responsibilities that have to be fulfilled. If parent fulfill their duties and responsibilities, children can easily tackle with all types of problems of life in a better way. Children do not come with "How to" instructions nor is there a manual to read. You are literally flying by the seat of your pants learning as you go. There are several techniques through which parents can easily understand the children behavior and attitudes. Parents s hould interact with their children to know their behaviors and attitudes in a better way. Because according to physiologists when we interact with our children, we teach them behaviors (Fontenelle, 2001). Parents should be more conscious while interacting with their children, neighbors and any other person, because children learn behaviors from their parents. It means behaviors of parents matter a lot for their children growth and development. Firstly if you find any problem in your children attitude, then you have to make a list of behaviors that you want to change in your children. After then parents have to focus on the reasons and after then try to solve the reason. Despite the difficulty, each parent understands that qualifying as a good parent are classified as the most fulfilling undertaking once can realize (Young & Philpott, 2009). The natural instinct that accompanies an individual newly classified as a parent helps overcome the many challenges that come together with the development. For being the good parental attitude, you have not been a lenient. Lenient parental attitude does not bring strong personalities. To be a consistent parent leads to be a good parental attitude (Kerr & Stattin, 2000). Make the schedule of the children for example in which they have to eat, sleep, play, watching television and completing their homework. In that way, children learn to be complete their tasks in time and how they can mange their routine work. From the research, it is cleared that children who use to done their works on a certain times, such as playing eating, completing homework be a better children and have a more courage to tackle with the problems of life effectively. Though there are different understandings, it is believed that generalization in coming up with the definition has occurred in the American Society (Steinberg, 2004). Parent should set rules for their children development such as children have to come home in time, completing their tasks an d lunch etc. In that way, children become responsible and their performance become better as compared to other children who do not follow rules (Fontenelle, 2001). Through this research, I have seen same behaviors between children of between 2 to 16 years old children in America. For example, children like to eat fast food at any time. Good parents should make a diet chart of the chart so that they

The Wagner Act Essay Example for Free

The Wagner Act Essay Prior to the enactment of the Wagner Act, the United States already had several labors. The Railway Labor Act, which was passed in 1926, required employers to enter into collective bargaining agreements with unions. It also prohibited discrimination on the part of the company against the unions. The RLA however, only applied to railroads and was subsequently amended in order for airlines to be included. Thus during this period, while it was legal to form unions, companies were not prohibited from firing employees for being union members. In 1993, at the behest of then President Franklin Roosevelt, the National Industry Recovery Act was passed. Among the provisions, specifically Section 7(a), employees were not only given the right to form unions but that joining or non-joining of a union would not be used as a requirement for employment. That particular section also required companies to abide by conditions of employment such as the number of work hours and minimum wage as set by the President. However, the Act came under fire due to concerns of its effectiveness as was eventually overturned by the Supreme Court in May 1935. In order to address the issue of employers and unions, the Wagner Act or the National Labor Relations Act was passed in 1935. Named after its proponent, Sen. Robert F. Wagner, the Act incorporated Section 7(a) of the former NIRA. This particular section became the pillar of the Wagner Act. Aside from giving employees the right to form unions, the Wagner Act also defined what it considered as unfair labor practice by an employer. Under Section 8, an employer is said to have committed unfair labor practice if it: interferes, restraints or coerces an employee from joining, dominates or interferes in the formation of a union, discriminates an employee for being part of a union, seeks reprisal against an employees for filing unfair labor practice charges, and refuses to enter into a collective bargaining agreement with the unions. With the passing of the Wagner Act, two important things happened. First, membership in unions began to increase dramatically. From a mere 10% prior to the act, more than 30% of the total US workforce became union members by the 1950s. The second was the formation of the National Labor Relations Board. The NLRB is the agency that is tasked with overseeing the implementation of the Act. By approving the Wagner Act, it was seen that the government was ready to go against the private sector by giving employees the right to form unions and enter into collective bargaining agreements. All these however changed after World War II. As a result of the war, certain groups raised the issue of balancing the power enjoyed by both the labor sector and the companies. Thus in 1947, the Labor-Management Relations Act or Taft-Hartley Act was passed. The Taft-Hartley Act is considered as an amended to the Wagner Act. Although the Taft-Hartley Act retained some of the provisions of the Wagner Act there were also some changes implemented.   Notable changes include the delay or suspension of a strike if it would lead to a national emergency situation. The act also excluded employees who were at the supervisory level from being covered by the provisions of the Wagner Act. A closed shop or a company that hires only union members was also banned. The Taft-Hartley act also protected non-union members from being discriminated by union shops. A union shop is a company that although allows non-union employees to join, eventually requires these employees to eventually join a union. While maintaining the list of unfair labor practice by employers stated in the Wagner Act, the Taft-Hartley Act now included a list of unfair labor practices by unions.   Among others, the amendment required unions to give a 60 days notice to mediators of a planned strike and enter into good faith negotiations with employers. The Taft-Hartley Act further protected employers from facing reprisals from unions if it expressed adverse opinions against the unions. The Act also made it illegal for companies to practice featherbedding. That is, forcing employers pay certain individuals wages despite doing no work. Under the amendment, the primary functions of the NLRB was now to prevent and find solutions to unfair labor practices that is by either the employers or the unions.   The NLRB was also tasked to determine if employees prefer to be represented by union for the purpose of conducting collective bargaining with the company. Currently, the NLRB is divided into two sectors. The Board, which is composed of five individuals, has the task of deciding on cases based on records under administrative proceedings. The General Counsel on the other hand, is in charge of investigating and prosecuting unfair labor practice cases. The General Counsel is also the group tasked to supervise the processing of cases in the field offices. The Board and General Counsel is independent of each other. Another law worth mentioning is the Landrum-Griffin Act or the Labor Management Reporting and Disclosure Act of 1959. While it did not make sweeping changes like the Taft-Hartley, it nevertheless amended the Wagner Act by including additional unfair labor practices not included in the Taft-Hartley. The idea behind the Landrum-Griffin Act was to give further protection to the union members from their leaders. The Landrum-Griffin Act enabled a more open selection of union leaders. It also gave members the right to file legal charges against the union without fear of reprisal. While it is clear that the three laws mentioned are pro-labor, the passing of the Taft-Hartley Act tilted the scales somewhat in favor of the employers. However, membership in unions continued to increase despite the passage of the Taft-Hartley Act mainly because of the protection afforded by these laws. As seen from the laws that have been passed, the focus has always been on the employees. While the Wagner Act curtailed the abuses likely to be done by the companies, the Taft-Hartley Act restrained unions from becoming abusive and becoming a much bigger problem. The Landrum-Griffin Act effectively gave back the power of the union to its members and served as a warning for union leaders to ensure that their interests is in line with the general membership. While some sectors are saying that it may be time to repeal or amend these laws, particularly the Taft-Hartley Act, such a decision may not be good for now. While union membership may not be as high as it was before, the reason may not be entirely because of the provisions set forth in these laws. Currently, the labor force of the US is facing competitions form automation and outsourcing. Most companies nowadays prefer to use labor from countries outside the US since the wages are cheaper and the labor laws are lenient compared to those in the country. While the law encourages employers and unions to discuss collective bargaining agreements, it does not prevent companies from laying-off employees in the event of a financial problem. The labor union in the US has come a long way in order to be where it is right now. The laws, first and foremost, have always been there in order to protect the workers and ensure good working conditions. Union leaders should make good use of the provisions under the law. The Wagner Act and its amendments, the Taft-Hartley Act and Landrum-Griffin Act, were not enacted for aesthetic purposes. Unions should remind employers on why it was enacted in the first place. References National Labor Relations Act. National Labor Relations Board. 14 April 2008. http://www.nlrb.gov/about_us/overview/national_labor_relations_act.aspx

Food Additives and Mouldy Food Study

Food Additives and Mouldy Food Study TASK 1 a) Based on information given define food additives and explain why food additives are used in manufacturing Food additives are natural or artificial substances that added in a food by manufactures to enhance its flavor or appearance or to preserve it during some phase of processing, storage or packaging. (Nlm.nih.gov, 2014) Foods are produce in large amount in manufacturing places so it needed to transport food shops and supper markets all over the places and stored before it’s consumed. Its take more time period of time so that’s why they used food additives in manufacturing. Due to microbial growth foods get poisoning and also dangers of contaminated food and without the use of preservatives, therefor they using different types of additives. (Understandingfoodadditives.org, 2008) To maintain product quality and freshness – Fresh foods dont keep for long time but Food additives delay and prevent spoilage caused by growth of microorganisms, bacteria and oxidation. For example Ascorbic acid -the principal active ingredient in citrus juice, when packaging fruit slices Propionates- which naturally occur in cheese, are used similarly in bakery goods to prevent the growth of molds. To support in the preparation of foods – added substances grant and/or keep up certain qualities connected with different food For example Lecithin used in ice cream Pectin using in the jellies and preserves when thickening is desired Leaveners used to make breads, biscuits and rolls rise, include yeast, baking powder and baking soda To make nourishments engaging – the larger part of nourishment added substances are regularly utilized for this Purpose. For example Flavoring agents and coloring agents utilized by processors of food because foods that look and taste good. (foodadditives.org, 2014) Describe the difference between additives that are ‘Generally Recognized as safe (GRAS) and other food additives GRAS means generally recognized as safe.it is authorized American food and drug administration. Its test by food safety experts, they made different tests for food additives to give healthy and harmless for humans. All GRAS food additives introduced after the safety tests. This consider about to improve or maintain safety and freshness, to improve or maintain nutritional value and Improve taste, texture and appearance (Curtis Stevens and Nabor, 2014) Sometimes some food additives are banned because many countries have many systems. Some developing countries like srilanka some local manufactures adding additives for selling purposes but they even don’t have much knowledge about the food additives and they use it without proper testing (Foodstandards.gov.au, 2014) Table1.1 : safety standards for food additives (The Diane Rehm Show, 2014) There are some additives banned by the srilankan health ministry that are, Aloin, Berbine, Beta-Azarone, Cade oil, Calamus oil, Cocaine,Coumarin, Diethylene glycol, , Estragole, Eugenyl methyl ether, Hypericine, Nitrobenzene, Pyroligenous acid, , Sasafras oil, Thujone,Isothujone and Tonka bean (Sundaytimes.lk, 2014) GRAS is used only in Europe and us countries because some other countries like mainly Australia have different their own food regulatory systems and legislation Example Ammonium malate- INS 349 This food additive don’t have authorized in US or Europe. But its authorizes in the Australia and New Zealand food standard codes Cyclamate, INS 952 Butylated hydroxyanisole (Foodstandards.gov.au, 2012) Discuss the potential health risks associated with synthetic food additives There are some food additives it may cost harmful health effects that are ACESULFAME-POTASSIUM Artificial sweetener: in soft drinks, baked foods, desserts, frozen desserts, cand Its artificial sweetener it’s 200 times sweeter than normal sugar Acesulfame-K is used in chewing gum, gelatin desserts and sugar. Earlier it was allowed by FDA to use in soft drinks and it’s used together with aspartame and sucralose. Acesulfame-K tested in rats; results shows that might cause cancer further more tests in rats, dogs and rabbits shown the effect of thyroid. As a result FDA withdraw its approval of it ALOE VERA Used in yogurt, desserts, flavoring It’s taken from succulent plant it’s added in supplements, energy drinks and various skin care products. Aloe Vera helps in skin burn and abrasions but if it is taken orally it cause cancer but it’s not truly known for sure which element leads the tumors. Annatto. Cheese, other foods like butter It’s a natural additive used for coloring. It’s get it from seeds of a tropical shrub it’s also causes some allergic to some people Green 3 It’s a artificial coloring in candies and other beverages during the test in rats its shows the cancer but FDA approved the color dye but it’s not used in these days ARTIFICIAL SWEETENERS Acesulfame-potassium, saccharin, aspartame may posture slight risk of cancer Aspartame .is a chemical link of two amino acids and methanol. Causes cancer AZODICARBONAMIDE Used in bleaching agent: White flour, bread and rolls Its leads to cancer in humans but not in mice, however its band by FDA Brominated veg.oil Clouding agent in soft drinks Its keeps flavor oils in suspension, giving a shady appearance to soda drink. Pepsi and coke agreed to. Its leaves deposits in body fat and the fat in the brain, liver, any other organs. Scientist found that bromine toxicity in 2 people who used the soft drinks (Cspinet.org, 2014) TASK2 Explain the adverse health effects caused by mouldy or rancid food? Mold can grow in warm, dark areas or where the area has a lot of moisture. mouldy food is dangerous because such food contaminated with mycotoxins Figure 2.1Moldy food (Bristol.gov.uk, 2014) moulds that produce Toxigenic moulds need specifi growth conditions to provid its toxin. it can produce adverse health effects such as inflammation, allergy, and infection. Allergic reactions may be the most common. (Enhs.umn.edu, 2014) There are some molds found on many foods Alternaria, Botrytis, Cladosporium, Fusarium, Monilia, Manoscus, Mortierella, Mucor, Oidium, Oosproa, Penicillium, Rhizopus and Thamnidium Penicillium It can infect respiratory problems result of exposed specific type of fungal mold. This may have mold related respiratory problem include a persistent cough or wheeze. Salmonella, can be treated and cured, Stachybotrys chartarum, can cause irritation in mouth, nose and throat and leads to shock, hemorrhage, dermal necrosis and death. (Fsis.usda.gov, 2014) à ANTIOXIDENT The chemicals that block the activity of other chemicals or free radicals are called antioxidants. Free radicals are highly reactive and cause damage to cells that may lead to cancer. The antioxidants that are used to neutralize free radicals by the body are called endogenous antioxidants. (Pharm and . Booker, 2014) Antioxidants prevent a chemical process known as â€Å"oxidation,† which is a regular piece of living and maturing. Oxidation damages cells and can lead to the development of disease, including heart disease, and cancer. Antioxidants are found in nuts, beans, grain cereals, and other foods. Even dark chocolate is rich in antioxidants. Free radicals are very sensitive chemicals that can possibly damage cells. They are made when a particle either picks up or loses an electron. Free radicals are shaped characteristically in the body and assume a vital part in numerous ordinary cell forms. At high concentration, then again, free radicals can be dangerous to the body and harm all significant parts of cells, including DNA, proteins, and cell layers. The harm to cells created by free radicals, particularly the harm to DNA, may assume a part in the improvement of disease and other health conditions. In laboratory and animal test results shows expanded level of exogenous antioxidants has been indicated to prevent free radical Damage that connected with cancer development. Specialists have researched whether taking dietary antioxidant supplement can reduce the danger in cancer. (National Cancer Institute, 2014) Define E numbers. Describe the advantages of E numbers in food industry E numbers E numbers (the E stands for Europe) are code numbers that use to identify the food additives that are used in food industry.it is authorized by European food safety authority. This number given to an additives that has pass the approval tests. These types of numbers are used in some other countries like Australia and New Zealand but without the E. (Food Additives and Ingredients Association, 2012) E300 for vitamin c Helps to burs more body fat during workout; helps to give strength and increase circulation; protects the body from free radical damage by absorbing iron from foods helps reduce histamine release in the body; boosts the immune system Some benefits of E numbers E101 Vitamin B2 Helps to reduce the severity and essential for normal thyroid function and metabolism maintain healthy hair, helps protect cells from oxygen damage E100 Curcumin gives turmeric root its intense yellow color, is used as a natural food coloring. Has proven anti-inflammatory activity and may therefore be able to alleviate symptoms associated with psoriasis and eczema; has strong anti-cancer properties; can significantly reduce the number of colon polyps E160d Lycopene Food coloring. lycopene is separate from tomatoes Protect the skin from UV radiation, reduce asthma and it have anticancer property Lutein E161b Colouring agent extract from petals of marigold Keep eye from oxidative stress, helps to prevent wrinkles by increasing hydration These are the beneficial e numbers for humans As a result these E numbers are used in manufacturing food items. Its help to prevent from diseases (Healwithfood.org, 2014) References foodadditives.org, (2014). foodadditives.org. [online] Available at: http://www.foodadditives.org/pdf/Food_Additives_Booklet.pdf [Accessed 24 Nov. 2014]. Understandingfoodadditives.org, (2008). Food Additives. [Online] Available at: http://www.understandingfoodadditives.org/pages/Ch2p0.htm [Accessed 24 Nov. 2014]. Nlm.nih.gov, (2014). Food additives: MedlinePlus Medical Encyclopedia. [Online] Available at: http://www.nlm.nih.gov/medlineplus/ency/article/002435.htm [Accessed 16 Nov. 2014]. Curtis Stevens, H. and Nabor, L. (2014). foodadditives.org. [online] foodadditives.org. Available at: http://www.foodadditives.org/cultures/FoodIngredientApproval_OnlineExtra.pdf [Accessed 27 Nov. 2014]. Foodstandards.gov.au, (2014). Colours and food additives reported as banned. [Online] Available at: http://www.foodstandards.gov.au/consumer/additives/pages/coloursandfoodadditi5752.aspx [Accessed 27 Nov. 2014]. Sundaytimes.lk, (2014). More than 20 additives to food items to be banned from July 1 | The Sundaytimes Sri Lanka. [online] Available at: http://www.sundaytimes.lk/140216/news/more-than-20-additives-to-food-items-to-be-banned-from-july-1-86050.html [Accessed 27 Nov. 2014]. Foodstandards.gov.au, (2012). Colours and food additives reported as banned. [online] Available at: http://www.foodstandards.gov.au/consumer/additives/pages/coloursandfoodadditi5752.aspx [Accessed 27 Nov. 2014]. Cspinet.org, (2014). Food Additives ~ CSPI’s Food Safety. [online] Available at: http://www.cspinet.org/reports/chemcuisine.htm [Accessed 27 Nov. 2014]. Food Additives and Ingredients Association, (2012). E-Numbers. [Online] Available at: http://www.faia.org.uk/e-numbers/ [Accessed 27 Nov. 2014] Healwithfood.org, (2014). Can E Numbers Actually Be Good For You?. [online] Available at: http://www.healwithfood.org/articles/can-e-numbers-be-good.php [Accessed 27 Nov. 2014]. National Cancer Institute, (2014). Antioxidants and Cancer Prevention. [online] Available at: http://www.cancer.gov/cancertopics/factsheet/prevention/antioxidants [Accessed 29 Nov. 2014]. Pharm, D. and . Booker, N. (2014). Antioxidants and Cancer Risk: The Good, the Bad, and the Unknown. [online] Cancer Prevention Treatment Fund. Available at: http://www.stopcancerfund.org/pz-diet-habits-behaviors/antioxidants-and-cancer-risk-the-good-the-bad-and-the-unknown/ [Accessed 29 Nov. 2014]. Fsis.usda.gov, (2014). Molds On Food: Are They Dangerous?. [online] Available at: http://www.fsis.usda.gov/wps/portal/fsis/topics/food-safety-education/get-answers/food-safety-fact-sheets/safe-food-handling/molds-on-food-are-they-dangerous_/!ut/p/a1/jZFfT8IwFMU_iw977No5JODbssS4KVsIUUtfSOf6Z7G0S1tc5qe3wBMElNune-7vpL2nkEAMiabfnaC-M5qqfU-mG7RE02Seo7KeJ0-oqN6X9Uueo9nqIQDrP4AqvdF_pTL0n7-84YJ7u8gXApKeegk6zQ3EgnlAtRuYdRBzY1rgKGd-BJx-euAkYz4M9ho4TCXVreq0gHhrVOuA0UedWga8ZCNoqRbMmp3bwA9ITh-FknCKKl1NnssqRfXkHLiQ2hG4HkvYWyjTHL5onekmnYUFLePMMhvvbJCl9717jFCEhmGIhTFCsVh9ReiSQxrnIT4BYb99wz-vGV8VgDTjcPcLgaVdgQ!!/#5 [Accessed 29 Nov. 2014]. Enhs.umn.edu, (2014). Indoor Mold: Harmful Effects. [online] Available at: http://enhs.umn.edu/current/5103/molds/harmful.html [Accessed 29 Nov. 2014]. Bristol.gov.uk, (2014). Food safety complaints. [online] Available at: http://www.bristol.gov.uk/page/environment/food-safety-complaints [Accessed 29 Nov. 2014].