• The capitals

Key observations:

Marks & Spencer’s business model shows how the company’s core purpose of ‘enhancing lives everyday’ is central to how the business operates. Marks & Spencer’s key differentiators are used to form the business model – each differentiator is defined and an explanation provided about how the company used it as a competitive advantage. Marks & Spencer also identifies the resources and relationships that the business relies on and provides a description of how it responds to them.