Marks and Spencer 2016 Annual Report Download - page 13

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OUR BUSINESS
11
ANNUAL REPORT AND FINANCIAL STATEMENTS 2016
OUR PERFORMANCEGOVERNANCEFINANCIAL STATEMENTS
SOURCE & BUY BRAND & SELL SERVE & ENGAGE
Activities: Our own brand model gives
us a signifi cant competitive advantage.
Our products are developed by M&S for
M&S. By selling our own unique products
under our own brand, we forge lasting
relationships with our customers. They
know that we do the right thing: 73%
of our products have a Plan A attribute.
We sell our products through our own
brand channels: M&S stores and M&S.com.
The M&S brand is the thread that runs
through everything we do.
Outcome: The value created by the M&S
brand is our key point of di erence and
distinguishes us from our competitors.
Activities: A sustainable supply chain is
key to creating sustainable value. Our team
of 450 employees in nine regional sourcing
o ces in our key clothing sourcing markets,
including Bangladesh and China, are
responsible for sourcing our products
e ciently and with integrity, working
collaboratively with our buying and design
teams. We have excellent relationships with
our Food suppliers, and have worked with
many of them for over 20 years, and some
for over 75 years. All of our suppliers must
adhere to our Global Sourcing Principles,
which cover every element of workers’
rights and working conditions.
Outcome: Our sourcing strategy is
driving margin improvements and we
are increasing the number of products
with a Plan A quality.
Activities: We know that our customers
want great value every time they shop at
M&S. Value is about much more than price;
it’s also about experience. So o ering great
customer service is absolutely crucial to
maintaining customer loyalty, and we put
it at the heart of how we train and reward
our store teams. Along with serving our
customers well , forging strong links with
the communities in which they live creates
long-term value. By supporting causes
close to our customers’ and our people’s
hearts, we ensure that these key
stakeholder groups work together for
the good of their local neighbourhoods.
Outcome: We have an increasingly
engaged workforce who live our values
of Integrity and In Touch, and who are
committed to our customers.
NATURAL RESOURCES
Sourcing responsibly and using
natural resources e ciently
OUR STAKEHOLDERS
Building and nurturing relationships with
our customers and suppliers, and in the
communities in which we operate
OUR PEOPLE
Developing our employees
and their knowledge
INSPIRATION
Aim to excite and
inspire our customers
INTEGRITY
Strive to do
the right thing
CORE
PURPOSE
MAKING EVERY
MOMENT
SPECIAL
PLAN A
PLAN A
INNOVATION
Aim to improve
things for the
better
IN TOUCH
Listen actively
and act
thoughtfully
B
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FIND OUT MORE
Read more about Risk on p27-29 Read more about KPIs on p18-21
Read how our business model creates Financial, Non-fi nancial and Strategic value on p12-13
OUR BUSINESS MODEL
THE M&S DIFFERENCE
OUR RESOURCES & RELATIONSHIPS