FY028 Inquiry Project

This project involves researching current retail trends, analyzing a chosen company's performance, and providing recommendations for its future success or survival. Students are encouraged to conduct primary research through questionnaires and interviews.

Inquiry Based Learning
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INTRODUCTION...........................................................................................................................3
ANALYSIS......................................................................................................................................3
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7
APPENDIX......................................................................................................................................9
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INTRODUCTION
In this modern technological advanced world, retailing sector is taking large place within
market (Abdi, 2014). It is a fastest growing sector within which companies is performing their
business operations to earn more profit and sustain in a marketplace for long time. Business
organisations conducting their functions are taking help of various modes such as technology
which remarkably helps them to increase their growth opportunities and market share. In this
present report, chosen company here is Marks and Spencer which is a British Multinational
organisation founded in the year 1884. In this project further discussions has been made on,
current trends of retailing industry accompanied with recommendations and action plan.
ANALYSIS
Retail Industry is one of the fastest and leading sectors. Companies performing their
operations in retailing sector nowadays focusing more on sustainability factor. It has been seen
that private label remarkably grow online which makes shopping easier for the customer and
make retail sector organisation stronger than ever (Ahmed, 2016). By conducting operations
through online mode retailers enable their customers to build and customise their products. Thus
it can be seen that retailing industry is transforming them into much cheaper, convenient and
shopping easier industry. In this regard, Marks and Spencer which is a British Multinational
retailing organisation established in the year 1884 by Michael Marks and Thomas Spencer
performing their operations by dealing in clothing, food products and home products. Currently
company owned 979 stores within UK those who sell food products like Kellogg’s Corn Flakes.
Marks and Spencer headquartered in London, United Kingdom and operate their business
functions in more than 1463 locations around the world. Mentioned below there are some major
current trends available in retailing industry:
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Sustainability becomes a new focus: Nowadays companies those who are performing their
functions in retailing sector are focusing more on becoming a crucial part of customers shopping
experience as these companies wants to sustain for long time. Along with this companies those
who are dealing in retailing sectors in order to sustain for a long time are also put there
consideration on environmental changes. As fashion is sensitive to customers demand thus for
this it is also necessary to put focus on environmental responsibility as to conduct organisational
function in a meaningful manner. By earning collaboration from fashion stakeholders companies
like Marks and Spencer can effectively able to catapult their efforts towards addressing different
type of barriers to climate actions. This will effectively help retail Industries to sustain their
business for long term by focusing on each and every aspect of customer and environmental
behaviour.
Loyalty gets more relevant: There are several large name retailers those who are moving
towards updating their Loyalty program in the year 2018. These big name retailing organisations
introduced new programs with the help of which they allow their customers to start use that
programme without a store card (Purce, 2014). By doing these retailing organisations effectively
attracts attention and loyalty of their customers towards that program which will further help
companies to fulfil actual expectations of customers. For example Marks and Spencer coined a
membership Loyalty program in which they attract attentions of many consumers from different
parts of the world. Along with this, in this programs company are giving their customers reward
points which provide consumers more reasons to join that Loyalty program. Further in these
programs Marks and Spencer showcase various innovations in their products in order to keep
their customers happy. This will simultaneously increase their loyalty members which will
further letter words greater sale.
Shopping via tech gets more sophisticated: As in this technological advanced world where
everything comes under a single platform of technology it will become easier for retailing
Industries to conduct their operations and reach out each and every part of the world. It will help
them to quickly expand their business and increase their sales. In the year 2018 it has been seen
that 45% of the purchases are done via Smartphone. By evaluating this, big companies like
Marks and Spencer is required to start accepting different type of payment system as it acts as an
one of the major weakness for company which is required to be overcome by them. By doing
their businesses with the help of technology Marks and Spencer can effectively conduct their
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business by providing their customers convenient way to shop. It will help Marks and Spencer to
build symbiotic relationships with their customers which acts as their biggest strength.
Recommendations
In the world of competition it is important for an organisation to take advantage of
different types of Tools and techniques in order to survive and exist for long term. As Marks and
Spencer positioned itself within top 10 retailing companies by offering premier clothing, food
and home products it has been recommended to the company, in order to grow their market share
and consumer sustainability to adopt different developmental strategies with the help of which
they can easily able to grab good market place and position. Thus, Marks and Spencer is required
to take advantage of different tools and techniques of technology with the help of which
company can effectively able to reach out of large number of customers from all around the
world in short span of time. In this regard company is advice to find new market segments.
Along with this company is recommended to perform their business in joint ventures with the
help of which they can offer their product in different geographical locations where they have
not reached yet. It will help them to cover wide area as to increase their sales margin. As
company holds good position in the market of Europe it has been recommended to Marks and
Spencer to operate their functions in an effective way in the area of Asian and Arabian countries.
Along with this company is recommended to conduct their operations through online mode as it
will help them to reach out maximum customers. Also by performing their functions online
Marks and Spencer can able to expand their number of ecommerce stores which will help them
to increase their brand reputation in the market. There is some of the weakness of Marks and
Spencer’s such as, company is slow to change and they have weak Public Relations. Thus for
this company is recommended, to conduct different types of loyalty programs with the help of
which they can build a strong public relationships which stimulates their sales. Along with this, it
has been recommended to Marks and Spencer to use online payment gateways within their stores
in all around the world as to satisfy their customers in best effective way. With help of this
payment method company can also able to resolve the issue of payment delay.
Write up action plan
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There are different types of measures with the help of which Marks and Spencer can
effectively able to find various developmental opportunities through which they can expand their
area of servicing which will automatically lead towards growth for entity. Company is required
to adopt technology in a continuous way which helps them to increase their consumer base
(Salvioni and Bosetti, 2014). In addition with this it has been seen that company is conducting
less promotional activities for their stores and companies which makes customers to have less
knowledge of the company. In relation with this there are different types of trends available with
the help of which organisations dealing in this sector can effectively able to stimulate their
growth prospective. Thus company is required to conduct more promotional activities across the
countries which will help them to attract attention of wide area of consumers. Company can also
take advantage of online mediums and website with the help of which they can regularly keeps
on updating about company information’s and product offerings. Further company is required to
use more cashless methods to accept payments which will benefit them to manage the delay of
payments by customers. In addition with this company can also further expand their business as
it will help them to grow their partnerships by further understanding online retailing concept.
CONCLUSION
As per the above mentioned report, it has been concluded that retailing industry is one of the
largest growing sector that undertakes half of the market positioning. In addition with this report
include recommendations for company which helps it to further find various opportunities to
grow their business and sales margin simultaneously.
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REFERENCES
Books and Journals
Abdi, A., 2014. The Effect of Inquiry-Based Learning Method on Students' Academic
Achievement in Science Course. Universal journal of educational Research, 2(1), pp.37-41.
Salvioni, D. and Bosetti, L., 2014. Sustainable development and corporate communication in
global markets. SYMPHONYA Emerging Issues in Management, (1).
Busco, C., Frigo, M.L., Paolo, Q. and Angelo, R., 2014. Leading practices in integrated
reporting: management accountants will guide their companies on the journey to value creation.
Purce, J., 2014. The impact of corporate strategy on human resource management. New
Perspectives on Human Resource Management (Routledge Revivals), 67.
Reilly, A.H. and Hynan, K.A., 2014. Corporate communication, sustainability, and social media:
It's not easy (really) being green. Business horizons, 57(6), pp.747-758.
Ahmed, U., 2016. Marks & Spencer: A Global Expansion to Acquire Lost Momentum?.
In Market Entry in China (pp. 61-72). Springer, Cham.
ONLINE
Available through < https://www.retaildive.com/news/10-retail-trends-to-watch-in-
2019/545314/>
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APPENDIX
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Primary data
QUESTIONNAIRES
Q1) Are you aware with the product range offered by Marks and
Spencer?
Frequency
a) Agree 25
b) Disagree 5
INTERPRETATION
As per the above mentioned graph it has been seen that, 25 out of 30 respondents are
aware with the products range that has been offered by company. While on the other hand, 5 out
of 30 respondents are not aware with the offered products range of company as they are not that
much open to market.
Q2) Are you satisfied with the pricing range of Marks and Spencer? Frequency
a) Yes 20
b) No 10
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INTERPRETATION
As per the above mentioned graph, it has been analysed that 20 out of 30 respondents are
satisfied with the pricing range of company as they think it is affordable. While on the other
hand, 10 out of 30 respondents believe that company offer high pricing range of their products as
compared to other competitors.
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