Inquiry Based Learning: Researching Current Trends in Retail Industry and Analysis of Morrison's
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This study explains current trends in the retail industry, analysis of Morrison's, and strategic recommendations to improve organizational performance. It includes SWOT and PESTLE analysis, suggestions for continuous success, and references.
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INQUIRY BASED LEARNING
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Table of Contents INTRODUCTION...........................................................................................................................3 TASK...............................................................................................................................................3 Researching current trends in the retail industry.........................................................................3 Conducting analysis of Morrison's, using appropriate venture models.......................................4 Strategic suggestions on what supermarket need to do to concentrate on continuing its success. ......................................................................................................................................................6 CONCLUSION................................................................................................................................8 REFERENCES................................................................................................................................9
INTRODUCTION Inquiry based learning is defined as strategic approach to learning that emphasizes individual roles in learning procedure. The current study will be based on Morrison's, which falls under the category of leading retail organizations, UK. The aim of company is to enhance customer satisfactory level successfully. The study will explain current trends in the retail industry, analysis in the context of chosen company, and strategic recommendations to improve organizational performance. TASK Researching current trends in the retail industry There are different types of factors accessible in the corporate world that put direct or indirect impact on each and every sector (The Top 10 Retail Trends of 2021,2022). In case of retail industry, market trends are becoming those factors that affect ventures practices and these are; Omni channel- It is one of those trends that retail industry consider and may take approach to adopt the same, for purpose of providing consumers a great secure shopping experience, which is not that easy for any sector to do so (Verhoef, 2021). According to current trend, management may focus on continually offering satisfactory services and products to target audience according to their needs and requirements. It may enable them to follow the trend in term of just clicking and collecting service practice, that management is accountable to conduct (Building the Future of OmnichannelRetail,2022).Byfollowingomni-channeltrend,retailindustrymayallow customers to obtain appropriate satisfaction in term of purchasing products and services online, instead of taking steps out of homes, in the market where some factors are not in favour of them such as spread of pandemic. Direct to customers- Another trends that in the retail industry running is current one, according to which management may concentrate on selling items and providing services directly to target market. They may attempt to eliminate need for intermediaries, which may affect negatively upon customer experience and ventures success in the market (Dimova, 2021). DTC channel may provide a lot of benefits to users such as companies that are operating under retail industry. The current trend in the sector may provide benefit to users in term of increasing speed to market, and
profitability, for which each company work and run their ventures. In the recent time, in many nations the sales of DTC is growing more than 45.5% from 2019 to 2020, which is essential and beneficial for continuous success of corporate world or retail sector. Sustainability- Another trends that affect the whole retail industry in varied terms is sustainability, which drive the attention of organizations toward conducting sustainable practices and making plans by following the same concept (Barata-Salgueiro and Cachinho, 2021). According to sustainability trend, retail industry may take steps towards considering varied terms and models such as CSR, which allow them to build strong brand image and reputation in the market, that in turn lead to increase sales, profits, productivity and operational effectiveness. It can be said that 4.% of customers believe that e-commerce is not a sustainable approach to shop, and 73% of them may have faith thathigh returnrate appropriateto online retailerrendersas unconduciveto sustainable action. It is one of the best concepts, which retail sector may take into their consideration for purpose of achieving target aims and objectives. Veganism- The recent trends that may change the practices and approaches of retail industry is veganism, which drive the attention of individuals toward considering customers needs and everyone prefers to adopt trend. It may drive their concentration toward purchasing vegan items, that are free from chemical and offer varied health benefits to individual person and because of this reason they prefer to purchase that. In the today's era, a vegan diet is essential and beneficial for everyone because it keeps people safe from different forms of diseases, that affect their mental and physical stability or fitness. After considering all the benefits of this trend, individual customer prefer to adopt that and take decisions to purchase anything accordingly, especially in case of food items which lead to increase health ration. Conducting analysis of Morrison's, using appropriate venture models. For purpose of conducting analysis in term of internal and external, SWOT and PESTLE models are utilized and applied in the context of Morrison's. The implementation of these two framework may enable management to focus on those factors that impact venture and current practices, either in negative or positive manner, and these factors are; Political factor-
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The current category of factor, such as political stability, tax rate, trade policy, and other terms, may put positive impact on Morrison's, in term of increasing its productivity and offering chance to enter into new market. By obtaining this benefits organization may grow rapidly and competitively, in term of forming new aims, after achieving the earlier goals. Economic factor- Employment rate, income level, economic growth and other terms that cover under the current category of factors, may affect an organizational success (Casañ, Alier and Llorens, 2021). In case of Morrison's, economic factor may affect positively, because of high extent economic growth in the UK, which enable firm to take pleasure of increasing productivity and profitability, which is not that easy for any company to do so. Social factor- Market trends, consumer buying behaviour, etc. may affect negatively upon Morrison's success because of increasing work pressure upon management to make appropriate changes and plans that meet current market needs. It may drive the attention of supermarket toward, forming effective strategies that support organizational growth in the retail sector, which is quite essential for company. Technology factor- Technology advancement may put positive impact on firm in term of driving its attention toward using those technologies that contribute to increasing organizational performance and productivity and also support to enhancing its operational effectiveness (Demirtas and et.al., 2021). It may lead to increase the performance of supermarket in term of achieving further aims and objectives, which require a lot of hard work. Environmental factor- Environmental stability and individual person concern related to the same topic, may affect positively upon Morrison's. As firm may already take initiative to make its venture sustainable by conducting effective practices following CSR concept. It may contribute to gain the attention of key stakeholders, who tend to work and perform with sustainable brand in the retail sector, like current one. Legal factor- Regulatory changes may also put direct impact on Morrison's, but in negative manner, because of increasing a lot of pressure upon management, which they plan to overcome by
applying varied techniques. They may take initiative to achieve aim by following and complying with regulations that formed for companies, to sustain in the market and sell quality products to customers. SWOT analysis- Strengths- Skilled workforce, good financial source and effective management, are those terms that mayconsiderinthecorporateworldasMorrison'sstrengths. Eachstrengthmayenable organization to focus on achieving aim and forming new goals, which is not that easy for a firm to do so, without having and using key resources that help further aim achievement. Weaknesses- Lack of online presence, poor marketing plans and limited geographical reach, are those weaknesses that organization attempt to overcome in term of finding and forming the best solutions (Benzaghta and et.al., 2021). Each weakness may put negative impact on company and increase pressure to change the things that impact negatively upon venture success. Opportunities- Technology advancement and skilled workforce are the two types of opportunities that supermarket and its management may grab. They may focus of making plans and forming strategic to reach desire outcomes, which is important for them to do that, without making any mistake that impact adversely upon business performance. Threats- Pandemic,regulatorychangesandemergingcustomerstrends,mayalsoimpact Morrison's progress and success. It may drive the concentration of company toward considering current practice and activities conduct in the workplace, which allow making proper change, which is important for company to sustain for longer in the market. Strategic suggestions on what supermarket need to do to concentrate on continuing its success. There are different forms of techniques, approaches and ways accessible in the corporate world that Morrison's, can take into its consideration, for purpose of surviving in the retail industry forever and sustaining in similar term. They can take some suggestions into their consideration and these are; Supermarket, can do varied things to focus on continuous success and growth of venture. It can take initiative to form a skilled and knowledgable teams of players, among which
each candidate or player is able to determine market trends and factors that impact or will affect Morrison's success (Jones, Chace and Wright, 2021). It is one of those valuable suggestionsthatsupermarketcantakeintoitsrecognition,whichenabletogain competitive advantages in bulk, in term of increasing profits and generating more revenue, along with building wide customer base. Another recommendation that Morrison's and its stakeholders such as managers, leaders and staff can consider is trends identification, either new or existing, which is quite essential for them to do so, by applying different techniques and approaches. They can take initiative to determine each trend and analyse to which extent they can impact on firm success in the world of business where competition level is high (Saritas and et.al., 2021). The main factor behind this situation is increasing competitive strategies that a company in the retail sector plan to form, without making any issue that lead to decrease the effectiveness of ventures operations. It is another technique or action that is suitable for organizational progress in the market as it is valuable as well. For surviving in the overall industry, supermarket can do more things in form of approaches that it can develop or use create by the others. For example, management can add more value in existing product portfolio, which is also essential and beneficial too. It can add more new elements according to consumers needs and requirements such as veganism. It is a kind of trend that individual person in the market or world prefer to follow, because of benefits that they can obtain by using and consuming that. By considering current trend and understanding target market need, organization can focus on its continuous success, which is not that simple. It also enables supermarket to gain competitive benefits in term of building wide and loyal audience base and increasing sales. Furthermore, by considering all the terms as strategic suggestions, Morrison's can grow rapidly and in competitive manner, which allow reaching desire outcomes in term of global expansion. Morrisons can focus on expansion, which enable firm to follow rules, policies and regulations from national to international level (Badenhorst-Weiss and Tolmay, 2021). It can provide organization chance to become a successful and sustainable organization in the retail industry, where each firm tend to give tough competition to each other, for several reasons. In the recenttime business expansion isthe great approachthat
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supermarket adopts and utilize in appropriate and systematic manner. It can provide organization chance to build excellent brand image in the market, by using the best and effective digital marketing tools. Management in the chosen company take approach to use digital marketing channels, which help to generate venture awareness from national to global level, and also contribute to gain the attention of new consumers. In today's time, there are different types of companies accessible in the corporate world, who are using Facebook, Twitter, Instagram and other channels, just to make assure that individual person in the world get knowledge or information about business and goods that they plan to sell. CONCLUSION On the bases of above discussion, it has been concluded that PESTLE and SWOT analysis implementation in the context of company has driven the attention of management toward strategic actions. It has made firm capable to achieved target aims and objectives, effectively and productively, which is beneficial and essential. Furthermore, by summing up above analysis, it has been summarized that by following above suggestions' supermarket has expanded its venture appropriate in the new geographic areas.
REFERENCES Books and journals Badenhorst-Weiss, J. A. and Tolmay, A. S., 2021. Trust, commitment and business expansion in automotive supply chains in a developing country: a principal-agency perspective. International Journal of Applied Management Science.13(1). pp.52-68. Barata-Salgueiro, T. and Cachinho, H., 2021. Urban Retail Systems: Vulnerability, Resilience and Sustainability. Introduction to the Special Issue.Sustainability. 13(24). p.13639. Benzaghta, M. A and et.al., 2021. SWOT analysis applications: An integrative literature review. Journal of Global Business Insights.6(1). pp.55-73. Casañ, M. J., Alier, M. and Llorens, A., 2021. A collaborative learning activity to analyze the sustainability of an innovation using PESTLE.Sustainability. 13(16). p.8756. Demirtas, O and et.al., 2021. Which renewable energy consumption is more efficient by fuzzy EDAS method based on PESTLE dimensions?.Environmental Science and Pollution Research.28(27). pp.36274-36287. Dimova, N., 2021. Influence of Digitalisation on Consumer Behaviour in Retail. In I: 5th International Conference on Business, Management economics.London. USaritas, O and et.al., 2021K (pp. 39-49). Jones, G., Chace, B. C. and Wright, J., 2021. Cultural diversity drives innovation: modeling in the global pharmaceutical industry.International Journal of Innovation Science. Saritas, O and et.al., 2021. Big data augmentated business trend identification: the case of mobile commerce.Scientometrics. 126(2). pp.1553-1579. Verhoef, P. C., 2021. Omni-channel retailing: some reflections.Journal of Strategic Marketing. 29(7). pp.608-616. Online BuildingtheFutureofOmnichannelRetail.2022.[Online].AvailableThrough: <https://www.confluent.io/resources/building-the-future-of-omnichannel-retail/? utm_medium=sem&utm_source=google&utm_campaign=ch.sem_br.nonbrand_tp.prs_t gt.dsa_mt.dsa_rgn.india_lng.eng_dv.all_con.resources&utm_term=&creative=&device =c&placement=&gclid=EAIaIQobChMIlM-Ej4fh- AIVvp1LBR2l0grPEAAYASAAEgKr7PD_BwE> TheTop10RetailTrendsof2021.2022.[Online].AvailableThrough: <https://www.applause.com/blog/10-retail-trends-to-watch-in-2021#:~:text=Voice %20commerce,according%20to%20data%20from%20Statista.>
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