Fashion Industry Growth Strategies

This assignment delves into the thriving UK fashion industry, focusing on strategies employed by companies like M&S to achieve market growth. It conducts a PESTLE analysis to identify key external influences, examines various growth strategies including diversification and acquisition, and provides recommendations for M&S based on these analyses.

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FASHION CLOTHING
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Table of Contents
INTRODUCTION...........................................................................................................................1
1. Description on the key relevant changes in the UK fashion industry. ...................................1
2.Define the various strategies in relation to grow the market of clothing industry like M&S. 3
The PESTLE analysis of the M&S.............................................................................................5
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
The retail industry which play an important role in the United Kingdom economy. Retail
means the sales of various products to the public for utilisation or consumption instead of resale
that goods. The various division are comes under the retail sector such as Entertainment, fashion,
food, health and beauty and technology. The particular role will be determine for the various
roles in which jewellery, dispensing optician and fashion designer. The major player of the UK
retail industry of clothing and fashion are Mark and Spencer, H&M, John Lewis Partnership,
Rive Island. But the various issues are facing by the retail industry due to the economic condition
is not suitable for the business. The recession have been decrease the profits of all the
organisation. Fashion retail sales have experiences inclination due to the consumer lifestyle
changes and the decreasing the purchasing power. The trend in the retail industry modified due
to customer prefer shopping on the online basis.
Overview of the Organisations(250)
Mark and Spencer is contributing positively in the retail sector. It is a biggest British
multinational retailer which is situated in the London. The firm was founded in the year 1884 by
Michael Marks and Thomas Spencer. They are specialised in the selling of clothes, house holds
goods and luxury foods related products. Currently they have 979 store across the United
Kingdom. In the year 1998 organisation became the first British firm from the retails' industry
made and pre-tax profits of around 1 billion pound. As the global presence of the Mark and
Spencer is quiet well as compared to the competitor. The firms tag line determine the valued for
the customer which is “ The customer is always and complete right”. The marketing of the firm
makes and positive impact on their target customer. The logo of the organisation in the Optima
face which are introduced and started to visible in place of St Michael on products packaging.
They had also done a high profile media campaigns association with the celebrity model Twiggy
and Bohemian style in the year 2005-06. Through the various controversial had faced by the
organisation such as contactless payment issues and specific religious customer checkout staff
policy.
The PESTLE analysis of the M&S
With the help of this kind of the analysis the strength and weakness of the firm can be
identified and effective step in this relation can be taken. The different key relevant changes
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within the United Kingdom fashioned retail such as Political, Economic, Social, Technological,
Environment and Legal factors are as-
Political: It is major risk factor for the fashioned industry. In the year 2016-2017 various
geopolitical events have been successfully organised by the industry. Due to the political factor
fashioned industry have to face geopolitical Instability, terrorism, Brexit and closet trade deal
have been slow down due to globalisation. The other uncertainty on the fashioned industry of
UK with the current political shifts in the nation will huge affected to the retail. The major threat
have been felt by the some organisation which are associated with the industry due to the middle
eastern countries where political instability and terrorism cause the business.
Economical factor- The M&S is has taken effective steps in this they have opened the various
number to the store in the various places this will helpful in order to capture the long term share
in the market. In order to deal with the recession in the market they started to give 20% discount
on the products so that customer will get attract with this kind of the approach so that they are
able to deal with the rivalries of the market.
Social factor- in this the need of the customer is need to be identified so that the firm can able to
provide those products which will be helpful in relation to full fill the satisfaction level of them.
This kind of the step will be useful in order to have enlargement in the size of the market.
Technological factor- in this the technology plays the vital role in order To have growth of the
business in the wide manner. With the help of this the entity is able to managing their brand in
the market for the long term sustainability. In order to have use of innovative machinery they are
able to capture the long term share in the market by having modification in the products. IN this
advertisement is need to be taken in order to ware the customer about the changes in the market.
Legal factor- In order to maintain the brand image the firm is need to follow the la laws and
legislation so that the brand image of the firm can be maintained. With the help of this kind of
the things they are able to capture the long term share in the market. With the help of proper
training and objective and law the business is able to run their oppression ion the market in the
effective manner By implementation of the specific strategies the firm is able to operate their
functioning in the expertise manner. By measuring the things effective they are able to capture
the long term profitability.
Environment- It is very essential to deal with the seasonal changes without following this the
firm can lose their share in the market. By adopting the green policy they are able To adopt the
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various kind of the changes of the firm. This will also helpful in order to have long termed
sustainability in the market. The changes in the environment is need to be understand so that firm
is able to deal with the wide variety of the changes of the market. This kind of the system will be
helpful in relation to earn large amount of the profitability in the market.
2. Description on the key relevant changes in the UK fashion industry.
It is very important to deal with the changes in the fashion industry o that market can
enlarge its activities in the effective manner. The changes are very essential in order to have
growth in market. With the help of this the brand can be develop in the market and they can
capture the maximum share. The changes are very helpful in order to bring the wide range of
innovation so that profitability can be enhanced. The M&S is the most global leading brand and
they are making investment so that fashion industry can be groomed. With the time changes are
need to be takes so that customer can get attracted towards the products of the firm. This will
helpful to enhancing the position in the market. In this manner the various kind of the changes
are need to be taken such are as-
1. Technology- this plays the vital role in order to well grooming of the fashion industry.
This will be helpful in relation to earn large amount of the profitability. The technology
advancement bring the various kind of the changes which will be helpful in order to grow
the size of the firm in the market. This will help to bring the innovation so that customers
are able to attract with the availability of the product in the market. This is the kind of the
tool which is useful in relation to have modification in the products. In order to attract the
large number of the customer the firm need to expand the business by taking various kind
of the innovation approaches.
2. Innovation- These things is need to be done in order to get the customer approach in the
market. Without taking innovation the firm is not able to grow their activities in this the
firm need to make the investment so that they are able to capture the lo g amount of share
in the market. The changes are every helpful in order to leading good position in the
market. The innovation is the kind of the procedure in relation to bring the modification
in the products so that the business can able to enlarge their oppression and they are able
to creates the good values in the eyes of the customers. With the help of the new ideas
generated the product can be modified effectively. This kind of the process will be
helpful in relation to earn the large amount of share in market.
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3. Identification of customer preferences- with the help of this kind of the process the
need of the customer can be known in this way they are able to identify the need of the
people, that what they are expecting from the firm. This will help to bring product
modification in that manner. The need and expectation of the customer is need to be
known In relation to enhancing the demand of the products in the market. In order to
have the large number of the sustainability in market the firm need to carry the process of
the firm in smooth manner. The current market is rapidly growing they are bringing
various kind of the technology advancement in relation to cope up with this they need to
carry their oppression effectively.
4. Set clear objectives and goals- the firm need to set the objectives so that they re able to
work towards it. With the help of this kind of the approach the firm will have the mission
and all individual can work towards to one mission so that they are able to capture the
longs share in the market.
5. Communication- The communication is very important in order to passing information
from one place to another. Without this the firm is not able to operate their function
effectively. This will helpful to grow the size of firm. This is the vital process with the
help of this the firm is able to enlarge their oppression effectively. Without change the
market is not able to grow their activities effectively.
6. Measuring of result- The outcome is need to be measured so that form will identify the
various kind of the loopholes this will help to make the evaluation of the firm in the
better manner. This kind of the approach will be useful in relation to gather the positive
outcome. By implementation of the specific strategies the firm is able to operate their
functioning in the expertise manner. By measuring the things effective they are able to
capture the long term profitability.
3.Define the various strategies in relation to grow the market of clothing industry like M&S.
The marketing is the process which is helpful in order plan each thing in the appropriate
manner with the help of this are able to execute the each thing in the proper manner. The M&S is
taking various initiatives in relation to grow the size of the market by adopting well and effective
strategies. The marketing strategies is defined in the following manner are as-
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The product or service- in this it is essential to identify the type of the product and services they
are offering in the market. With the help of the better feature the market is able to growth their
activities in the large manner. IN this level the potential things of the firm can be known.
The pricing of the product- The price of the product is need to be justified after seeing the type
of the product and to determine that this will help you to maximize the growth of the
commodities or not. With the help of this kind of the things they are able to take the effective
decision.
Expansion of business- the business can able to grow in the market only when they are able to
deal with the various kind of the changes. This will help to expand the size of the market in the
effective manner. The expansion will only possible if the market is ready to take the innovation
process, this will be helpful in order to enlarge the oppression of the market.
Product development- This is very crucial step in this the product is need to be modified after
analyzing the need and wants of the customer in the market. In order to have increment in the
product line the organization is able to have increment in the sales and profits of the firm. In this
level the technology factor plays the important role by knowing the demand of the customer in
the market.
Market penetration- This is one o the effective strategy this will help to grow the size of market
effectively. This will helpful when firm things to introduce the existing product within the same
market. This will be helpful in relation to enlarge the oppression of business in the specific
manner. By increment in the market share the firm is able to have large amount of the
profitability. In this the firm need to set the lower price so that customer can able to attract this
kind of the features.
Market expansion- This is the kind of the growth strategy in this the firm need to expansion in
the size of the market by bringing various kind of the development in this, this will help to
enlarge the oppression of the firm in the wide manner. Ion this they work ad to bring
modification in their existing products so that customer can get attracted towards it. This kind of
the approaches are very helpful in relation to increment in the sale s and profitability of the firm.
Diversification strategy- this kind of the strategy is quite risky but the firm is need to adopt this
so that they are able to find the demand of the customer and they are able to reach the potential
customer in the market. The firm need OT pan each activity in the effective manner so that they
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are able top capture the share in the market. The effective diversification will be helpful in
relation to have the increment in the productivity of the market.
Acquisition strategy- this also risky strategy but not as the diversification. In this one or two
firm mixed with each other in relation to make the expansion of the business in the wide manner.
By implementing this kind of the strategy the firm is bale to have expansion and they can have
long-term sustainability in the market.
CONCLUSION
Hereby it can be concluded that the fashion industry is well grooming industry in the
present time. The business can able to grow in market only when they are able to deal with the
various kind of the changes. This will help to expand the size of the market in the effective
manner. In this manner the present file is inclusive of the various kind of the things such are as
PESTLE analysis, key relevant changes and various kind of the strategy which will be helpful in
relation to have growth in market.
RECOMMENDATION
These are as-
1. The firm need to ensure about the innovation process, this is the major factor of fashion
industries the customer will attract to innovative fashion materials.
2. The strategy is need to be conclude with the help of knowing each external factor so that
business can easily deal with it.
3. The M&S need to use innovation technologies by having reasonable price strategy so that
customer can able to retain in firm for longer.
Appendix
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The PESTLE analysis-
Political Healthy and safety standards is need to be
abide.
The rules and regulation is need to be
followed.
Economical They need to take initiative in manner to deal
with economic recession.
Social The taste and preferences of consumer is need
OT be identified.
Technological With the help of technological advancement
they are able to create the innovative products.
Legal The firm need to abide by laws and legislation
of legal authorities.
Environmental The good are need to produce in relation to
deal with the all kind of climate factors.
Strategies in relation to grow the market of clothing industry like M&S.
 The pricing of the product
 Expansion of business
 Product development
 Market penetration
 Market expansion
 Diversification strategy
 Acquisition strategy
Key relevant changes in UK fashion industry
 Technology
 Innovation
 Identification of customer preferences
 Set clear objectives and goals
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