Retail Theory and Practice of M&S
Added on -2020-07-22
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Retail theory and Practice
Table of ContentsINTRODUCTION...........................................................................................................................1OVERVIEW OF MARKS AND SPENCER...................................................................................1PEST ANALYSIS OF MARKS AND SPENCER..........................................................................2CHANGES WITHIN THE MICRO ENVIRONMENT..................................................................4STRATEGIES AND TACTICS IN ADAPTING CHANGES WITH INFLUENCE OF MACROENVIRONMENT............................................................................................................................4RECOMMENDATIONS.................................................................................................................6CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................8
INTRODUCTIONIn past era, retail market was termed as small outlet, they delivered products and servicesto clients according to their desires. But now, they transformed into supermarkets, malls and soforth. Retail procedure will be comprehend in various manner, such as offer qualitative items tocustomers as per their needs and for this, many distribution channels are using by them (Leighand Blakely, 2016). Their fundamental aim is to generate maximum revenues. This assignment isbased on Marks & Spencer, which is operating their business in clothing segment. They have toanalyse market trends on regular basis so they will be able to capture attention of numerouspeople towards them. It assists them to obtain competitive benefits from rivals. In this manner,they will improve their market share as well as profits effectively and efficiently.OVERVIEW OF MARKS AND SPENCERMarks and Spencer is a leading association which is established in United Kingdom, inthe year of almost 1885. Their headquarter is situated in Westminster, London. Fundamentaltargets of this firm is to offer trendy cloths to clients. Founder of this organisation is MichaelMarks and Thomas Spencer (Ruggie, 2017). On the other hand, they are having numerous storesacross the world. In UK, they have more than 950 outlets in distinctive places. Apart from this,they are also selling food items to people and operating nearly 700 retail stores in UnitedKingdom. They grab opportunities from market which are accessible for them and in thismanner, they will easily improve their revenues. As their goodwill is much effective; therefore, itis easy for them to keep up client base in an effective and efficient way.Foremost target of Marks and Spencer is to capture attention of numerous people towardsthem who love fashionable clothing. They analyse market on regular basis so it is easy for themto modify products as per demands of people. This enables them in improvisation of profits andin addition production. Staff members of company are much trained; thus, they will catereffective services to people. As a result, they will maintain sustainability at marketplace formaximum period of time (Laseter and Rabinovich, 2016).Manager of Marks and Spencer implement innovative ideas into products which willdevelop tough competition for rivals in market. Therefore, they will maintain brand image inmarket appropriately. In addition to this, they render training to workers on regular basis whichassist into their retention. They are enlarging their business in other nations, such as Dutch,China, Austria, Germany and many more (Ridley-Duff and Bull, 2015).1
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