University of the People Unit 1 Written Assignment International Business Topic: Introduction to International Business Management for Multinational Enterprises in a Global Economy and Environment Economic globalization refers to the increasing interconnectedness of the world's economies as a result of the increasing volume of cross-border trade in goods and services, international capital flows, and the widespread and rapid diffusion of technologies. It reflects the continuous expansion and interconnectedness of market boundaries and represents an irreversible trend in global economic development. (Al-Eid, 2023) Explain how Marks & Spencer has reached this state through its expansion strategy. Marks & Spencer is one of the UK's leading retailers of clothing, food, and household products. From the outset, the company has established a focus on customers and quality as best practices. This strategy has been key to the company's success. However, Marks & Spencer has faced difficulties over the past few years with declining sales. The company's management realized that it needed to develop a new business strategy to reverse the ongoing decline in sales. Marks & Spencer also had to decide what its position was, whether to lead customer value through lower prices or deliver an exceptional customer experience.
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