Retail Theory & Practice Assignment
11 Pages3401 Words46 Views
Added on 2020-06-06
Retail Theory & Practice Assignment
Added on 2020-06-06
ShareRelated Documents
Retail theory and practice
Table of ContentsINTRODUCTION...........................................................................................................................1Overview of Marks and Spencer.................................................................................................1Analysis of retail sector in UK....................................................................................................2Competitors in the retail industry and strategy used to cope up with the same...........................3SWOT Analysis...........................................................................................................................4Issues faced by M&S in retail sector...........................................................................................5Recommendations to respond towards the challenges................................................................6CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................8
INTRODUCTIONUnderstanding the challenges, an organization is facing, becomes an important task that is tobe performed by the management, so that adequate steps can be taken by them with the aim tocope up with it. The present report helps in making discussion regarding marks and Spencer andthe issues faced by it over a couple of years (Laudon and Traver, 2013). The report helps inmaking a concrete discussion regarding current make up of retail sector and its performance inUK. The report will also perform, SWOT analysis in order to ascertain strengths, weakness,opportunities and threats of the organization so that adequate steps can be taken for its benefitsand increased revenue. In the end, various challenges are identified that are faced by Marks andSpencer and recommendations are extended based on it. Overview of Marks and SpencerMarks and Spencer (M&S) is one of the major multinational retail brand which isheadquartered in City of Westminster, London. It has been listed in London Stock Exchange andis a core constituent of FTSE 100 Index (Pantano, 2014). The company specialises in offeringclothing, home products and other luxury food products. The entity has been able to offer largenumber of products and services to the customers and has become market leader in this field.M&S is committed to provide high quality products under its brand so that it can easily satisfythe requirements of the customers. It has been able to establish itself all around the world whileserving the consumers through mode online and offline modes. This has been the oldest and best-known retailer that has been functioning in UK (Chen and Yang, 2012). It employs more than60000 people in its stores situated worldwide. It is involved in operating more than 450 stores in30 countries and generally serves around 10 million customers per week.The financial objective of M&S is to deliver shareholder value in the form of increasedreturns and enhanced sales revenue. Another form of enhancement is increasing the market sharein the retail industry. M&S is considered to be epitome of affordability, quality and reliability. Inorder to serve this purpose, the company continuously work upon the market researchprogramme so that current taste and preferences of the customers can be ascertained (Pantanoand et.al., 2017). The branding and marketing strategies are used to strengthen the brand andmake it reach to the customers which are not aware of its quality yet. M&S have been focussingupon fashion industry in order to expand itself in a manner that majority of the needs of thecustomers are satisfied. 1
Analysis of retail sector in UKRetail sector of UK have been quite a growing economy where the companies have beenable to expand themselves in such a manner that the best practices are adopted by them to servethe requirements of the customers. The UK retail sector estimated to worth £ 265 billion which isconsidered to be 8% of the total GDP of the country. Hence, it can be ascertained that a largepart of growth comes from the sales of food and clothing to the country. However, the total ofretail sector comprises of food, clothing, electronic and other fast moving consumable goods. The spending of the consumer over retail sector has been able to reach to£309,682 millionin Quarter 3 of 2017. It driven by expenses being made by the customers in all categories. It hasbeen able to enhance by 0.5% in Quester 3 (Zolnowski, Weiß and Bohmann, 2014). Moreover,its increase by 1% is expected in quarter 4 reports of retail sector. A sudden drop in revenues of retail sector has been analysed due to Brexit. However, thecompanies belonging to this sector are not leaving any stone unturned to attract the customerstowards the store. In this manner, retail sector has been able to place itself quite well in 2018after experiencing quite a bad weather in 2016. The two major companies, that are, M&S andNext reflected their decreased market share due to decreased sales in 2016 (Vijayan and et.al.,2014). However, the companies were able to pick themselves up by focussing up on online saleswith the help of websites or contracting with other ongoing online selling applications availablefor the customers. As per the reports being published by Deloitte, retail sector has been revolutionized. Due toavailability of large number of competitors, the companies are trying to strengthen their customerbase by focussing upon taste and preferences of the customers. Experiment with experience isthe right way that has been suggested where the retail organisation must innovate in the mannerwhere retail experience can be enhanced for the customers. The strategy has been adopted byvarious retail stores online which have been able to satisfy the requirements of variouscustomers. The degree of challenge has increased for the organisations where they try to gaintheir utmost efficiency that can satisfy the requirements of customers and objectives of thecustomers both. The retail sector of UK has also been experiencing disruption from the side of technologyas well which is bringing them under utmost pressure to innovate and create the best that is notyet available in the market. Bringing changes in the supply chain management system and2
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
Current Trends in Retail Industry and Analysis of Marks & Spencerlg...
|10
|2688
|35
Assignment on Marketing Audit of Marks and Spencerlg...
|13
|4175
|164
Strategic Management at Marks & Spencerlg...
|9
|2378
|74
Strategic Management: Analysis of Marks and Spencerlg...
|17
|888
|204
Marketing Management: SWOT and STP Analysis of Marks and Spencerlg...
|13
|4151
|458
SWOT Analysis & Operational Impact Analysislg...
|10
|1698
|39