QUESTION 1 (20 MARKS) Marks and Spencer (M&S) had first ventured into international markets 70 years ago. By 2012, M&S had 337 stores in 41 countries. Although M&S saw itself as a U.K. retailer that exported its products, the company had been attempting to reduce its dependency on the U.K. economic cycle. Its goal was to increase international sales from 800 million to 1.0 billion by 2013/14. M&S entered the market of China in the year 2008. The biggest chain store of the UK was hoping that the entry to one of the highest population countries will help M&S to solidify its global market share. A few strategies done by M&S include taking an approach of standardizing its products, importing product source from their home country including fresh products and clothes, and hiring British Idol as their China Ambassador. After 9 years and 10 stores, M & S officially closed all stores in Mainland China and withdrew from the market after being unable to sustain its business and face loss-making international markets. Source: Harvard Business Publishing Education a) Based on your understanding, discuss the issues of strategies done by M&S that lead to its China stores closure with aid of example. (11 marks) b) If you were the advisor of M&S, how you advise and do differently in order to improve M&S current strategies. (9 marks)