Inquiry Project: Current Trends in the Retail Industry and Analysis of Marks and Spencer

This inquiry project explores the current trends in the retail industry and provides an analysis of Marks and Spencer, a leading British multinational retailer. It discusses the importance of inquiry-based learning and how it allows individuals to enhance their learning. The report also includes recommendations for the organization.

Inquiry Project

Contents
INTRODUCTION......................................................................................................................................3
MAIN BODY..............................................................................................................................................3
Current trends in the retail industry....................................................................................................3
Analysis of Marks and Spencer..........................................................................................................5
Recommendations................................................................................................................................7
CONCLUSION..........................................................................................................................................8
REFERENCES..........................................................................................................................................9

INTRODUCTION
Inquiry-based learning can be defined as a learning approach that is primarily
focused on the role of individuals in the process of learning. It is considered to be an
important component of learning as it allows them to share their ideas and thoughts
about a particular topic. This helps them to develop more creativity and continue
exploring the different topics that they are interested in (Anstey, 2017). Organization
chosen for this report is Marks and Spencer, a leading British multinational retailer. The
company sells high quality clothing and household products. It was founded by Michael
Marks and Thomas Spencer in the year 1884 and is headquartered in London, United
Kingdom. The report explains current trends in the retail industry and an analysis of the
chosen company with the help of relevant models. Recommendations for the
organization are also included in report.
MAIN BODY
Current trends in the retail industry
The retail industry is one of the fastest growing industry and includes businesses
that sell finished goods and services to the customers. Different retail businesses can
include departmental stores, convenient stores, grocery stores, supermarkets etc. Over
the years, the industry has continued to grow despite of facing a lot of challenges.
Another reason for this is that the needs as well as preferences of the customers
continue to change from time to time (Applebaum and et. al., 2017). As a result,
companies have to keep adapting themselves to the same. Online retailing has become
a fast-growing segment of the industry. There are various mediums through which retail
goods can be sold to the customers. These can include shops, malls, grocery stores,
supermarkets etc. There are various current trends in the retail industry that have
shaped the retail industry today. Some of the same are described below -
Omni-channel retail strategies – This is one of the most important retail trends
today as the preferences of the customers as well as their expectations are changing.
Also, they are now more digitally driven than before, so it has become important for the
companies to make sure that they provide a seamless experience to their customers.

Mobile shopping is an option that companies are considering in order to keep up with
the competition within the industry.
Personalized experience – Customers today, prefer having a shopping
experience that is personalized according to their individual preferences (Top 5
Emerging Retail Industry Trends, 2020). This can include giving them suggestions
based on their location, taste, previous searches etc. There are a lot of retail companies
that are making sure that their customers receive a seamless personalized experience.
Expanding into emerging markets and creating new channels –
Organizations operating within the retail industry should have the ability to expand into
emerging markets by making use of different channels. Advancements in technology
have made it easier for the retailers to expand into new markets that would have
otherwise been difficult to do so. Emerging markets offer a lot of opportunities that can
help in increasing the overall productivity as well as profitability of the organization.
Increasing focus on research and development – This is another important
current trend within the retail industry as its future is rooted on this. Although customers
prefer buying products from brands that are well known and trusted, new entrants are
considerably investing in research and development (Burke and Soffa, 2018) . This is
because it helps them in understanding the needs as well as preferences of the
customers in a much more effective way.
Sustainability – Organizations are working towards making their business
sustainable as well as profitable at the same time. The reason behind this is that
customers have become conscious about the environment and the harm being done to
it. Also, the companies have understood this and as a result, they are now inclined
towards opting for more sustainable options.
Innovation – Innovation is considered to be one of the major trends within the
retail industry today. Customers look out for products that are new, innovative and offer
value to them. Due to this, many companies are innovating their products by either
adding new features or launching a new product. This helps them not only in attracting
new customers, but also retain the existing ones.

Artificial Intelligence – AI has completely changed the way retail industry
operates in. It has transformed the distribution system for retailers as well as contributed
to improving their overall efficiency as well. This particular trend within the retail industry
is only expected to grow further in the coming years (Gaeng, 2017). The reason being it
allows the company to minimize the manual efforts and increase overall revenue.
Therefore, these are some of the current trends in the retail industry that help an
organization to attract a greater number of customers as well as gaining a competitive
advantage over the competitors. As a result, there is an increase in the overall
profitability as well as efficiency of the firm.
Analysis of Marks and Spencer
Background of the company
Marks and Spencer is one of the leading retail organizations in the United
Kingdom with nearly 1300 stores across the world. The company was founded by
Michael Marks and Thomas Spencer in the year 1884. It offers a wide range of products
and services, ranging from household products, food and beverages to clothing for men,
women and kids. Marks and Spencer operates in different geographic locations across
the world and has a large base of customers that are not only loyal to it, but also trust
the brand. The company follows the strategy wherein it is focused on becoming more
efficient and sustainable by eliminating any unnecessary wastage of resources available
to it. Although it operates in a highly competitive and dynamic business environment,
Marks and Spencer has been able to maintain its position against its competitors.
The company’s target market includes people who either belong to middle class
or upper middle class and have high income levels (Harris, 2017). The customers
consider the products offered by the company to be of value because of the diversified
range of its products. Apart from this, it also offers a lot of discounts to the customers in
order to retain them and attract a greater number of potential customers. In order to
promote its products, Marks and Spencer adopts various methods. This includes
promotions through magazines, social media, television etc. The company also has a
loyalty program for customers that are loyal to it. Marks and Spencer also practices
corporate social responsibility and is committed towards building a sustainable

business. It also endorses itself through celebrities. The company aims to improve its
products and services by constantly innovating the same. An analysis of Marks and
Spencer is explained below with the help of a SWOT analysis.
SWOT Analysis of Marks and Spencer
SWOT analysis is a strategic tool that can be used by both organizations as well
as individuals in order to identify their strengths, weaknesses, opportunities as well as
potential threats that can affect their overall performance. The SWOT analysis of Marks
and Spencer is described below –
Strengths – One of the company’s major strengths is that it is one of the oldest
brands that has been able to retain its customers for a long time. Also, the brand is
widely recognized among people across the world (Hursen, 2018) . The company also
has a large number of outlets with a wide range of brands under its name.
Weaknesses – Due to poor availability of products in some of its stores, Marks
and Spencer saw a decline in its sales which has impacted its overall profitability. Also,
the company is majorly dependent on the UK market due to which it is not paying
enough focus on its performance in other markets.
Opportunities – The company has an opportunity of expanding its business in
new emerging markets (Johnson and et. al., 2019). It can also work on launching a new
product in the market so as to attract a greater number of potential customers. Marks
and Spencer can open retail stores in locations it does not currently operate in.
Threats – Intense competition from brands like Sainsbury, Asda, Tesco can act
as a major threat to the company (SWOT analysis of Marks and Spencers | Business
Teacher, 2020). Apart from this, changing trends within the industry as well as
preferences of the customers can also affect the overall performance as well as
profitability of the firm.
Performance of the company
It is known that Marks and Spencer is a leading organization in the United
Kingdom and has a large base of customers across the world. The customers have

been loyal to the company because the products and services offered by the company
are of high quality. It also offers a lot of discounts and runs a loyalty program in order to
retain its customers. This has contributed to the company’s high performance as well as
increase in the overall profitability. But the company still needs to work on making the
products available to the customers in certain locations.
Recommendations
All organizations want to build a business that is profitable and attracts a lot of
customers (Lee, 2020). They also aim towards building a business that effectively
satisfies the needs of customers. If Marks and Spencer wants to continue its business
operations and build a business that is competitive, it is recommended to make sure
that its products are available in its retail stores across various geographic locations.
Apart from this, the company is also recommended to implement latest technology in its
stores to provide a seamless experience to the customers. This will allow the company
to monitor the buying behavior of the customers and develop strategies accordingly. It is
also recommended that the company should increase its online presence across
various social media platforms like Instagram, Facebook and Twitter as this will allow it
to reach out to a greater number of people.
Conducting a market research will allow the respective company to gain an
understanding of the preferences as well as buying behaviors of the people. The
research will also guide the company regarding how can it perform well. The
management will be able to make more informed decisions and implement effective
strategies. Marks and Spencer is recommended to make use of different channels to be
able to reach out to a greater number of people and engage them. This will allow the
company to communicate about any new offers or new products to the customers
easily.
Action Plan
Developing an action plan will allow the company to attain its goals and
objectives more effectively. It should set targets that are clear and easy to understand
so that the employees perform as per the desired level (Paige and Hardy, 2019). It is
also important to analyze all the resources available with it. By doing so, Marks and

Spencer will get a fair idea abut how it should utilize the same. In order to achieve the
goals and objectives, the company should set up deadlines for each process so that
they get completed within the timeframe. The plan should be regularly reviewed by the
managers of the company in order to track the progress of a project as well as the
performance of the company on the whole. This way, they will also be able to provide
effective feedback to the employees and ensure they perform well (Sudria and et. al.,
2018). Also, if there are any errors or mistakes identified, they can be eliminated by
using appropriate methods. The action plan should be updated and evaluated from time
to time.
CONCLUSION
From the above report, it can be concluded that inquiry-based learning allows
individuals within an organization to enhance their overall learning. It allows the
company to gain a competitive advantage against competitors and improve overall
efficiency. Retail industry is one of the fastest growing industries and thus, it is important
for companies operating in this industry to keep innovating their products as well as
services to be able to serve the customers in a better way. In order to remain
competitive, they should implement various methods and operate as per the latest
trends. A SWOT analysis can be conducted in order to identify strengths and
weaknesses, so that informed decisions can be made and innovative strategies can be
developed.

REFERENCES
Books & Journals
Anstey, L. M., 2017. “Applying anatomy to something I care about”: Authentic inquiry
learning and student experiences of an inquiry project. Anatomical Sciences
Education. 10(6). pp.538-548.
Applebaum, L. R. and et. al., 2017. Comparing design constraints to support learning in
technology-guided inquiry projects. Journal of Educational Technology & Society.
20(4). pp.179-190.
Burke, P. J. and Soffa, S. J., 2018. The elements of inquiry: Research and methods for
a quality dissertation. Routledge.
Gaeng, P. A., 2017. An Inquiry Into Local Variations in Vulgar Latin: As Reflected in the
Vocalism of Christian Inscriptions. The University of North Carolina Press.
Harris, G., 2017. Implementing inquiry-based learning through collaboration. Teacher
Librarian. 44(3). p.26.
Hursen, C., 2018. The impact of edmodo-assisted project-based learning applications
on the inquiry skills and the academic achievement of prospective teachers. TEM
Journal. 7(2). pp.446-455.
Johnson, L. and et. al., 2019. Project-Based Inquiry (PBI) Global in Kindergarten
Classroom: Inquiring About the World. Early Childhood Education Journal. 47(5).
pp.607-613.
Lee, J., 2020. Designing an Inquiry-Based Fieldwork Project for Students Using Mobile
Technology and Its Effects on Students' Experience. Review of International
Geographical Education Online. 10(1). pp.14-39.
Paige, K. and Hardy, G., 2019. Science as human endeavour, critical pedagogy and
practitioner inquiry: three early career cases. International Journal of Science
and Mathematics Education. 17(4). pp.679-699.
Sudria, I. B. N. and et. al., 2018. Effect of Kolb's Learning Styles under Inductive
Guided-Inquiry Learning on Learning Outcomes. International Journal of
Instruction. 11(1). pp.89-102.
Online
SWOT analysis of Marks and Spencers | Business Teacher. 2020. [Online]. Available
through:< https://businessteacher.org/swot/marks-and-spencer-swot.php>.
Top 5 Emerging Retail Industry Trends. 2020. [Online]. Available through:<
https://www.mulesoft.com/resources/api/top-retail-industry-trends>.