UK Retail Sector Analysis

This assignment delves into the UK retail sector, analyzing its current state, challenges, and future prospects. It examines various aspects of the industry, including structural changes, key players, consumer behaviour, and emerging trends. The analysis draws upon academic research, industry reports, and online sources to provide a comprehensive overview of the UK retail landscape.

Research methodologies
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EXECUTIVE SUMMARY
In the highly uncertain, competitive and complex business environment, companies are
requiring to make best strategies and decisions which can bring competitive success to the entity.
Although in UK, rapidly growing retail sector and growth in market demand brings opportunities
for the retailers, but still, at the same time, number of large-sized retailers gives rises to the
competition level. As a result, it becomes very important for the players to bring some
advancement, uniqueness and innovative in their goods and service delivery system to meet their
consumer expectation appropriately. The present research report has focused on different strategies
like differentiation, technological innovation and up-gradation, quality management system, product
development, marketing and resource-based system that can strengthen competitive position of the
firm. In such respect, one of the global retailing organization, Marks and Spencer (M&S) has been
taken into account that deliver home products, food and clothing items to the global consumer base.
The report also identified that competitive benefits help business to maximize their audiences,
turnover, profitability and strategic capabilities of the firm to defeat rivalries and reach goals in the
tough competitive market place.
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Table of Contents
TITLE...................................................................................................................................................4
INTRODUCTION................................................................................................................................4
Significance.....................................................................................................................................5
Rationale..........................................................................................................................................5
Research questions...........................................................................................................................6
Research objective...........................................................................................................................6
LITERATURE REVIEW.....................................................................................................................6
Concept of competitive advantage and its importance....................................................................6
Different strategies and ways to gain competitive benefits.............................................................7
Impact of competitive advantages over business performance and success..................................10
RESEARCH METHODOLOGIES AND DESIGN...........................................................................10
Research paradigm.........................................................................................................................10
Research approach.........................................................................................................................11
Type of investigation......................................................................................................................11
Research design.............................................................................................................................11
Source of data collection................................................................................................................12
Sampling technique........................................................................................................................12
Sample size and respondents.........................................................................................................12
Analytical method..........................................................................................................................12
Limitation of the study...................................................................................................................12
ETHICAL CONSIDERATION..........................................................................................................13
OUTCOMES......................................................................................................................................13
TIMESCALE AND GANTT CHART...............................................................................................13
CONCLUSION..................................................................................................................................13
REFERENCES...................................................................................................................................15
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TITLE
“To identify various business strategies to gain competitive advantage”, A case study of
Marks and Spencer (M&S)
INTRODUCTION
With the changing era and dynamic corporate world, each and every enterprise is highly
concern about the ways by which they can gain competitive success over rivalries. The reason
behind this is over the years, the need and desires of the society has been changing rapidly and
dynamically, henceforth, now-a-days, only those enterprises can run their business successfully who
are offering great value and some uniqueness in their goods and services to the people. Competitive
advantage or benefits is the key that drive success to the entity in varied ways (McNabb, 2016). In
UK, retail sector plays an inevitable and important role in the success of the economy as this is one
of the private industry that contributes excessively to the economic growth and development. It can
be evident from the 2015 statistical reports that measured that British retail industry generated
turnover worth 339 GBP billion, employed 2.8 million people and contributes 5% to the Gross
Domestic Product (GDP). Currently, there are more than 290,315 retail outlets that are delivering
retailing services to the British consumers. Moreover, the proportion of online sales is 12% which is
rising continuously increasing at a growth rate of 10% annually. Tesco Plc, M&S, Sainsbury, WM
Morrison, Arcadia Group, ASDA and Aldi etc. are the top most leading retailers and key players in
the retail sector. In addition to this, as per British Retail Consortium report (BRC), it has been
predicted that by the end of 2025, UK retail industry will offer 900,000 additional jobs to the
country, which in turn, helps to minimize unemployment rate and grow economy (UK Retail
Economics, 2015).
Growing market demand is the main reason that attracts more and more entrepreneurs to
start operations in retail industry. However, at the same time, industry is also facing several issues
and difficulties in running a successful business. Tough and immense competitive market is the
main difficulty that British retailers are facing, in such respect, every merchandiser have to compete
with each other to deliver superior quality and excellent services to the consumer (Nguyen, Nguyen
and Bosch, 2016). Henceforth, the main focus of the organizations is on evolving and integrating
various business strategies and tactics by which they can gain competitive success over rival firms.
Companies are striving with the competitors by focusing on their omni-channel retail services to
render a seamless shopping experience using different mediums like online, physical stores, mobile,
phone and so on (Overview of retail sector in UK, 2016). Moreover, change in society’s need and
demand makes it essential for the firm to address regularly that consumer preferences and deliver
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services according to their expectations. Retailers are utilizing various business strategies and
decisions i.e. web marketing, differentiation, cost-leadership, technological innovation etc, by
which, they can put their business in a favourable or superior position over competitors, called
competitive advantages (Christopher, 2016). Alternatively, it can be defined as a condition or
circumstances that allow an entity to gain high level of success and superiority position in the
competitive marketplace. With the help of this, retailers will be able to deliver high-quality and
greater value to the population and can gain sustainable competitive advantages to a large extent
(Dess, McNamara and Eisner, 2016).
Marks and Spencer is one of the leading multi-national retailer that has primary listing on
LSE and constituents of FTSE 100 Index. Business is specialized in clothing, home products and
luxury food products to the customers. It carry out operations in different nations like UK, Russia,
Ireland, Greece, Turkey, India, Poland, France, Finland, Hungary, Spain and many others. The
present research study will focus upon enormous strategies and business decisions by which M&S
can improve or strengthen their competitiveness to achieve success over rival firms. With the help
of excellent and strong competitive advantage, retailer will be able to perform well in the market
and gain success.
Significance
This research study will offer huge benefits to all the retailers to identify various key
strategies and decisions to strengthen their competitiveness by delivering greater value in their
goods and services to the competitors. With the assistance of this, companies will be able to make
better decisions and implement it effectively to gain competitive success in highly uncertain and
complex business environment. The report also gives benefit to other scholars and researchers who
wish to conduct further advanced study in associated area or field in the forwarding period. Along
with this, as stated earlier, that UK retail industry is one of the fastest growing sector that
contributes strong percentage to the nation’s GDP. Henceforth, government and statutory authorities
can also use this study to make different policies in relation to the growth and success of the retail
sector.
Rationale
As per the discussed analysis, it has been identified that rising competitive age, rapidly
changing society’s preferences and demand of the people make it difficult for the M&S to achieve
competitive success. Although, in the historical period, few of the scholars had shown their interest
in this field and conducted several studies in this area to identify strategies that can bring
competitive success to the entity. But, none of the researcher focused in British retail sector, this is
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the key reason that attracts scholar to conduct study in this field to bridge existing gap (Aguzzoni
and et.al., 2016). Moreover, almost all the studies focused in two or more areas that can give
competitive benefit to the firm, while, this research project will consider enormous ways or methods
that can enable retailer to render improved value in their goods and services to the consumers to
attain defined goals.
Research questions
Q.1. What is the concept of competitive advantage and why it is important for the establishments?
Q.2. What are the strategies, tools and methods available to M&S to generate competitive
advantageous over rivalries?
Q.3. How competitive benefits in an organization affect overall performance and success?
Q.4. Which is the most suitable and appropriate strategy that can be incorporated by M&S to sustain
competitive advantages?
Research objective
Aim: This research study put extreme focus upon identifying wide range of strategies to
gain competitive success and also examine the effectiveness of the same on business performance.
Owing to this, the top most retailer, M&S will be taken into consideration.
Objectives
 To develop a clear understanding of the concept of competitive advantage
 To investigate different strategies and tools to strengthen competitiveness in Marks and Spencer
(M&S)
 To analyze and evaluate the effectiveness of competitive advantages over business performance
 To propose the best solutions and most effective strategy to M&S to maximize their
competitive position to perform excellent
LITERATURE REVIEW
This is the most imperative section of every research project, in which, researcher develop
conceptual findings and theoretical framework by studying historical journal articles and other
secondary resources.
Concept of competitive advantage and its importance
In the modern era, companies require to formulate viable strategies and decisions, so that, it
can achieve success in the highly uncertain and complex business environment. According to the
view of Pehrsson and Pehrsson (2016), competitive advantage can be regarded as a business
process, concept or model that allows an entity to perform superior over competitors or rivalries.
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This research underpinned that ability of an organization to deliver greater value in their goods and
services or offer designer products that are in high demand to the consumers. It drives success and
growth to the enterprise by gaining competitive edge over rival organizations. It covers two aspects
that are comparative advantage as well as differential benefits. Former is related to the capability of
producing items at lower cost as compare to the competitors helps businesses to generate larger
sales value. However, later refers to the manufacturing of new and innovative goods that is
considered more superior over the goods and services offered by other organizations. Producing
demanded item using advanced technologies, well-trained, talented and experienced personnel,
strong product portfolio and market reputation are the most essential factor that can drive
differential benefit to the business.
However, on the other side, Chamodraka, Fitzpatrick and Janzen (2016), established a direct
linkage between competitive advantage and value added as the study outlined that CB can be
measured by quantifying the ratio of value added to either gross or net outcome. The concept of CB
has been criticized by many scholars as Olson and et.al., (2016), founded that this concept just
simply means increasing business financial performance. From the study, it has been identified that
it is at the CB helps entrepreneurs to maximize their financial performance in the competitive
market place thus, it is a tautological concept.
Despite this, Rothaermel (2015), identified cost as a main source of competitive success. It
refers to the business capabilities to produce a certain quantity of items and services at less cost in
comparison with the competitors. This is because; researcher opined that manufacturing items at
less cost enable them to charge fair or affordable selling prices in return for the services offered to
then audiences. On the critical note Mitroulis and Kitsios (2016), argued that innovation, creativity,
high product quality, skilled and talented people, reasonable price mechanism, strong leadership and
technological advancement are several factors that can drive success to the business by
strengthening their competitive position. With the help of this, commercial establishments can
outperform in the intense competitive market place and attain their targets successfully.
Different strategies and ways to gain competitive benefits
Acemoglu (2015) presented resource-based view (RBV) as the most popular and famous
theory of competitive benefits. RBV put focus upon internal resources or micro environment as a
key driver of competitive success. This theory lay emphasizes upon internal resources of the
organization and its effective utilization to carry out formal course of activities and operations. This
theory gives top most importance to the processing and utilization of the resources, as optimum
utilization of man, machine, material, method and money assist corporations to product goods and
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services at managed cost, results in driving more client base to the business. Although, in the
historic period, only physical, financial and human skills have been considered as organizational
resources, however, over the years, many additional resources like technical know-how,
technologies, property and knowledge based also have been taken into account.
However, it has been critically argued by Ibrahim (2015), on the basis that resources does
not contributes and drive sustainable competitive advantages but their capabilities do. This study
presented capabilities based view by stating that organization capacity to deploy resource by
various business processes and activities enable firm to get desirable output. It comprises cross-
functional, broad-functional, activity-related and specialised capabilities. Thus, dynamic busines
capabilities and competencies to integrate, accumulate, build and reconfigure business core
competencies by addressing various macro environmental factors is the core strength of the firm.
On the contrary to this, Olson and et.al., (2016), explained cost-leadership strategy as the
most effective strategy, in which, company can offer same product quality goods what rivalries are
offering but at less cost. Effective and optimum utilization of business resources through continuous
governing and monitoring practices assist business to maintain their cost to the extent of set targets
and enable firm to gain enough return.
Despite this, as per the study of Heizer,Render and Munson (2016), in the current times,
consumers only can be attracted and inspired to buy firm’s offering by offering them some
uniqueness and extra services. Making current product portfolio attractive and distinguish from the
competitors facilitates establishment to stay in the competitive era. In such respect, product can be
differentiated by numerous ways such as huge investment in R&D, new and unique ideas of
production, improvement in the product quality and service are of extreme importance that
maximizes competitive benefits to the firm. Consumers are likely to pay more charges in return for
their goods and services delivered.
However, on the critical note, Hsieh (2015), founded that in the modern corporate world,
technological advancement and innovations is of extreme importance where companies can use
advanced and up-graded technologies to produce best-quality products and services in order to
deliver great value to the clients base. Referring current times, in the fastest and rapidly growing
technologies, businesses focuses towards utilizing innovative production technologies in their
product development and delivery process so as to deliver increased value to their clients’ base.
Apart from this, now-a-days, consumers are not very much price sensitive and desire to pay
more for superior quality goods and services. Due to this reason, Miemczyk, Howard and Johnsen
(2016), expressed that quality control mechanism is one of the effective strategy wherein firms put
their efforts and employ different practices to maximize product quality and services to exceed
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expectations of the clients. Companies use wide range of techniques like Total Quality Management
(TQM), six sigma, lean thinking and many others to improve performance of their goods and
services to meet-out clients desires and expectations appropriately.
On the contrary to this, David and David (2016) explained focus strategy as an important
strategy that facilitates businesses to strengthen their competitiveness by putting more focus upon
one target segment rather than focusing to overall market. Alternatively, this strategy can be said as
segmentation strategy wherein business segregates overall market into various sub-components on
the basis of geographical location, demographic factors, physical segmentation, behaviour and
many others.
Likewise, King (2015), supported this strategy by arguing that in the larger market, need and
demand of the clients tends to vary from each other. Therefore, it seems essential for the
organizations to segregate or classify market into various sub-segments so as to identify those
consumers which will be targeted by the firm. By identifying target audiences, firms can put their
extreme focus so as to identify the actual needs and desires of the target customer segments and
thereby take decisions and frame policies in order to meet the same. They can create a well-balance
between price and quality so as to leads a successful business and drive larger customer base to the
business.
Apart from this, Duarte, Alonso and Bressan (2016), presented relational strategy view, in
which, they identify four factors for competitive success that are knowledge-sharing routine system,
relation-specific asset, complementary resources and effective corporate governance system. Thus,
in accordance with the study, inter-organizational activities create a balanced network between both
the micro and macro factors is of utmost importance so as to drive success towards business.
However, this theory again commented by Hollis and et.al., (2015), by presenting a new
framework that is knowledge-based. This theory suggests that knowledge is the most important and
valuable factor for the growth and long-run sustainability. It encompasses both the information as
well as know-how that can bring high level of success to the corporation. On the other hand, Prescott,
(2016), presented core, advance and innovative knowledge, first refers to the basic knowledge that
provide assistance to the firm to survive in the short-run period. Advanced knowledge is regarded as
similar knowledge that rivalry organizations have and enable business to actively compete with the
other firms. While, on the other side, innovative knowledge refers to the new and unique knowledge
that provide high level of assistance to the firm to become a leader in the industry by expanding
their competitive strength.
In addition to this, McNabb (2016), identified many other ways to gain competitive success
that are global marketing strategies, strong distribution network channel, social media marketing,
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larger consumer base, online operations, high satisfaction level etc. are several other factors that
maximize competitive strength of the firm to attain desired output and targets accurately.
Impact of competitive advantages over business performance and success
Competitive advantages play an inevitable role in the corporate success. According to the
view point of Pehrsson and Pehrsson (2016), with the help of strengthen competitiveness, firm will
be able to deliver superior and qualitative goods and services to the public, which in turn, retain
existing target consumer base for a longer period. Moreover, continuous improvement in the quality
of goods and service through employing quality management techniques like TQM, lean thinking,
six sigma, pareto analysis and other leads to deliver excellent quality goods and services results in
higher consumer satisfaction. It encourages repetitive buying, builds loyalty and leads to maximize
core strength of the firm to a large extent. It is universal truth that loyal consumer like to purchase
specific goods and service without having too much conscious about what company is charging for
their offerings. It leads to enlarge turnover, profitability and market share as well.
Further, Ibrahim (2015), said that excellent capabilities and capable workforce can work
hard and put high level of dedication towards meeting out their defined job targets. Thus, they can
serve top quality services to the people and maximize their satisfaction level. At the same time, they
will be able to take best decision to meet-out customer complaints appropriately. Likewise, King
(2015), said value-creational activities like quality services at fair or reasonable price by employing
cost control mechanism and quality improvement methods helps to attract larger consumer base and
gain success. In addition to this, Mitroulis and Kitsios (2016), innovative and advanced
technologies, stronger revenue base, high capabilities, technical know-how and strong talent pool
will deliver sustainable advantage to the firm i.e. higher sales revenue, enough profitability margin
and high success. Moreover, digital marketing practices like social media, e-mail, mobile and
website marketing strengthen regular interaction with the consumers and eliminate their complaints
at the right time. It helps to build long-lasting and healthier relationship with the consumers and
make them loyal.
RESEARCH METHODOLOGIES AND DESIGN
Proposed methodology of investigation describes the whole process, how data will be
collected from different sources and analysed in a structured and logical manner to address the issue
of the research effectively.
Research paradigm
Positivism, anti-positivism and critical theory are several kind of paradigm or philosophies.
Among these, as the selected issue is of qualitative type, therefore, anti-positivism, also called
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interpretivism theory will be taken into consideration. This paradigm indicates that social realm is
not subject to the same investigation method in natural world (Hasan, 2016). Therefore, academics
do not makes use of empiricism and any scientific method. In this, scholar will rely towards
ethnographic fieldwork, discourse analysis and interviews.
Research approach
Out of deductive versus inductive, later will be evolved in the current field of study. The
reason behind selecting that particular approach it commence with the created research questions
that will be in accordance with the stated aims and objectives without any hypothesis creation
(Eisenhardt, Graebner and Sonenshein, 2016). As per the above diagram, it can be seen that in this,
investigator will move from the initial observation or test to test pattern and thereby conclusion of
the study will reach towards emerging or designing a new theory, concept or model.
Type of investigation
There are three investigation types, quantitative, qualitative or mixed. Former require
statistical explanation, numerical figures and values to quantify the selected problem by
transforming gathered information into meaningful context. However, qualitative uses tools like
surveys, questionnaire, interviews, and observations and so on to describe the specific situation in
detail supports exploratory research (O'Leary, 2013). However, some of the studies can use mixed
approach consisting both the quantitative as well as qualitative studies. Present study will
incorporate qualitative research that will gather information to identify uncover thoughts, principles
and organizational strategies give deeper insight into the chosen issue.
Research design
Descriptive, experimental, observational, correlation, analytical, exploratory and others are
the types of research design. Among all, present scholar will apply descriptive design, in which,
scholar will describe the selected issue and problem in detail to achieve the defined aims and
objectives. In such regards, case study design will be used by the researcher to depicts and describe
all the participants, elements and phenomenon of the study accurately and appropriately.
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Source of data collection
Primary versus secondary are two often used sources or methods of data collection, between
these, first is considered more suitable and appropriate that tailor specific information requirement
of the investigator. With reference to the given study, primary source will be incorporated by the
current scholar where a web/online survey will be carried out to gather responses, thoughts and
opinions of the selected respondents or participants (Fleischhacker and et.al., 2013). For the same,
survey methodology has been chose because, it is the most appropriate way to gather accurate and
reliable information as data are collected by having a direct interaction with the participants.
Sampling technique
Random sampling, also termed as non-probabilistic sampling method will be applied by the
researcher, in which, he will randomly select few retail managers who are operating in M&S. This
technique is selected because it does not involve any biasness or choice-based selection, which in
turn, minimizes sampling error to a major extent.
Sample size and respondents
Finding it difficult to obtain and acquire data from every manager bring it necessity for the
scholar to chose a representative sample among universe, called sampling frame. Relating to the
chosen study, sample of 50 M&S’s manager will be chosen who are responsible to make plans and
formulate business strategies for the success of the business.
Analytical method
Analysis and evaluation of data is as important as data collection, in which, investigator
interpret and examine the results of questionnaire survey. Quantitative studies support SPSS and
other financial as well as statistical analytical tools and techniques; however, qualitative researches
make use of tabulation, graphical presentations and other non-financial techniques (Shukla and
Srivastava, 2016). As researcher will use qualitative study, therefore, graphical technique, tabulation
plus thematic approach of analysis will be incorporated.
Limitation of the study
 It requires larger time to design questionnaire and collect needed information thoroughly,
thus, lack of enough time is the first limitation.
 In the formulation of questionnaire and conducting web survey, scholar will need larger
fund, therefore, access to limited fund is another limitation.
 There is always a risk associated with the primary investigation that participants can give
inaccurate feedback and answer wrongly to the researcher. Hence, lack of specific
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information based upon the aim of the study can also limit researcher to meet defined goals.
ETHICAL CONSIDERATION
 Voluntary participation is the best strategy that will be enable researcher to maintain ethical
compliance and assist scholar to gather accurate, reliable and valid information to conduct
the study.
 Harvard referencing style and its accurate citation will be done to provide evidences for
every argument in literature review (Harriss and Atkinson, 2013).
 Data Protection Act, 1998 (DPA) will be followed to govern and monitor data uses, so that,
unauthorized party cannot access confidential and secret information.
 In order to generate secondary information, authentic website that are copyrighted and
secured, data will be gathered by taking permission.
OUTCOMES
The report will deliver favourable outcome to the retailers by identifying the superior
strategies and ways for bringing competitive success to ensure long-run sustainability. With the help
of this, British retail companies will be able to implement best ways like technological
advancement, innovation, differentiation, resource-based theory, product differentiation, quality
assurance mechanism and so on to meet their targets and run a successful business.
TIMESCALE AND GANTT CHART
Activities/Time duration (In weeks) 1st 2nd 3rd 4th 5th 6th 7th 8th
Prior web investigation
Selection of topic, rationale and its significance
Developing aim and objective of the research
Creating research question
Develop conceptual framework by reviewing
literatures
Prepare research methodologies
Submission to the tutor
Modifications
Submission of altered report
CONCLUSION
Above project report concluded that retailers can use various ways to gain competitive
benefits over rivalries by using advanced technologies, having well-talented people, excellent
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resource utilization capacity and strong resource base. Moreover, study identified that quality
mechanism, focus strategy; differentiation, cost-control etc. deliver sustainable competitive
advantages to the firm to run a successful business continuously. All the strategies and value-driven
activities enlarge customer base by exceeding their desires, generate higher revenues, profitability
and market share as well. With the help of this, entity can ensure hazard-free functioning in the
competitive market place.
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REFERENCES
Books and Journals
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Online
Overview of retail sector in UK. 2016. [Online]. Available through:
<https://www.prospects.ac.uk/jobs-and-work-experience/job-sectors/retail/overview-of-the-
retail-sector-in-the-uk> [Accessed on 20th December 2016].
UK Retail Economics. 2015. [Online]. Available through:
<http://www.retaileconomics.co.uk/library-retail-stats-and-facts.asp. [Accessed on 20th
December 2016].
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