Theory and Practice Applications

This assignment delves into the intersection of theory and practice across diverse business disciplines. It examines case studies and applications of theoretical concepts in areas such as Human Resource Management, Knowledge Management, Business Models, Retail Management, and Service Marketing. Students are expected to analyze how theoretical frameworks translate into real-world scenarios and discuss the implications for effective business operations.

Retail Theory and Practice

Table of Contents
INTRODUCTION...........................................................................................................................1
Introduction to Retail.......................................................................................................................1
Introduction about company.......................................................................................................1
Main Body.......................................................................................................................................2
Key relevant changes in UK clothing fashion industry..............................................................2
Strategies which need to implement for dealing changes ..........................................................3
Recommendations regarding strategies improvement................................................................5
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................8

INTRODUCTION
Retail is a process of selling products and services to target individuals by crossing it
from multiple channels of distribution for generating profit. It used to follow a supply chain in
better and definite manner so that satisfied products used to deliver in better frame. This project
is all about retail theory and practices on River Island whom are one of a major retail company in
UK. They provide high standard clothes products to their customers by analysing all new trends.
This project will going to describe about the key relevant changes arise in the UK clothing sector
which need to understand by management so that better and effective strategies and tactics could
be formulate (Bowen, 2016 ).
Introduction to Retail
Retail industry is one of the most seasoned area, this industry has developed at 5.5
percent consistently. Number of changes are there which happen in this and influence its
development and rate of benefit. To make progress and development, it is exceptionally basic for
maker and retailer of apparel to first look at the varieties happens in needs and in fashion
patterns. Significant employments in ventures related with fashion are in the retail offer of
apparel. Design market of United Kingdom is developing on non-stop premise since huge
number of retailer move far from regular patterns and substantial reducing that have little
connection to flighty figures.
Introduction about company
River Island is one of a major company whom used to deal t various worldwide market
area which was established in the year 1948 by Bernard Lewis. It is a private company which
used to owned by Lewis family and have headquarters in London. In 1993, management used to
expand them at new market area Ireland which enable and facilitate them an option to bring
better and effective products to diverse range of customers as well (Chudik and Pesaran, 2016).
River Island have 350 stores in the UK, Ireland, Asia, with 6 online websites operated in
4 currencies with shipping over on 100 more countries. With expansion of business, management
used to determine the recent and current trends as well so that they could manage and expand
operations in better and determined manner. Till the year 2012, business do not have any store in
Singapore but by 2013, online fashion company Zalora acting as a link between the River Island
and South east Asia.
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Main Body
Key relevant changes in UK clothing fashion industry
Clothing industry is wide in nature where fashion trends are getting change and modify
with every due course of time. It is really important to understand about the key relevant changes
which arise in UK clothing fashion industry. River Island is a retailer company that work and
activity with an innovative methods (Dalkir and Beaulieu, 2017). Changes in the business
operations highly effects on its performance and profitability which is not good for them to
achieve predetermined goals and objectives. Changes is also important and beneficial for the
organisation to attract large number of the customers towards business products and goods.
There are different variation in the fashion sector that is faced by the River Island in an effective
and efficient manner.
Business setting strong and long term goals: Changes in clothing sector highly effects
on business performance and effectiveness. River Island is deals in different type of clothes
which is essential for them to maximise their goodwill and image in marketplace. Changes in the
business structure that effects on the business image and brand (Vargoand Lusch, 2011). In this
role and responsibility of business manager is to improve their product quality and apply
different kind of promotion mix. This includes advertisement, personal selling, public relation
and many other. All these tools are highly support them to introduced their product features,
quality, design and many other aspects in the marketplace and to the customers in a systematic
manner.
Harnessing the industry power: Today each and every organisation wants and needs to
develop as well as maintain a long lasting relationship with their customers. For accomplishment
of this, River Island maintain and keep transference in their production process and supply
chain. All these are highly essential for the company to attract million number of the audience
towards clothing products (Drexl, 2012). Power of the company is more important part of its
success and development in the market. For achievement of long term development, they are
able to gain maximum am mount of fund and competitive advantages within an organisation.
Changes in technology: Digitalisation is more important and essential for the
organisation to save their time and money. With the help of this they can easily attract large
number of the audience by satisfying needs and wants of the customers. In clothing sector, River
Island should tries to apply digitalisation in their production process. Thus, it assist in
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achievement of long term goals and objectives in allotted time period. It is also essential and
useful for maintain long lasting relationship with clients and gain maximum amount of the
capital.
Modification in the customer taste and preferences: It is another changes in the clothing
sector that impact on company performance and goodwill in direct and indirect way. Today
market is dynamic which change day to day. There are large number of the customers whose
needs and taste are different about the clothing products. So it is effects on the company sales
and revenues which is not good for them to gain competitive advantages (George and Bock,
2011).
Changes in market trends: Market trends are change in regular basis which impact on
company and is profitability ratio in a negative and positive way. In this role and responsibility
of of marketing manager is to conduct a research program by which they can easily identify
customers needs and tries to satisfy them. So it is beneficial and essential for the River Island to
render quality products and better services to their customers at affordable price (Tate, Ellram
and Dooley, 2012). In this they should tries to analysis market demand and customers
requirement about clothing goods. Further they are understood all this and give better quality as
per their requirement and needs.
Strategies which need to implement for dealing changes
Clothing or fashion industry face heavy and major challenges in their work while they
used to deal with at global level. Such changes could be in the form of technological
advancement, harassing customers, change in taste and preference of customer aspect. All these
are define as major and dynamic alterations which suppose to be present in the working and need
to understand by business managers of River Island properly. Hence, to deal with such changes,
management first have to organise a macro environment analysis which facilitate them and
enable them to manage such consideration as well as their evaluation become possible in nature
as well (Grimm and et. al., 2013).
 Political: One of a major change is related with political stability which could impacted
the company ability to craft various long term goals and targets. Business need to
understand the political interventions properly where 2016 and 2017 rocked hard the
business due to Brexit. In UK, this act enable and reduce the ability of a company to
manage and deal changes in better and definite manner. This aspect required to
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understand by business properly and to deal with this, appropriate and effective strategy
required to develop.
 Economical: Business need to determine the condition of a country in better and
supportive manner. Although, if a country do not have better and define condition of
economy then chances of profit for River Island are relatively low in tenure. UK have
good economical condition which facilitate them in producing high quality products.
Along with this,m they also used through online section which enable them in contribute
in many countries economy. Thus, this could be change or alter as per the market trends.
Hence, management need to estimated the scenario of market and then used to deliver
products and services (Leigh and Blakely, 2016).
 Social cultural: Another aspect is related with society which need to understand by
business managers of river Island in better and effective manner. This belong to change
in customer taste and preference which need to understand by managers of a company.
As they suppose to craft their strategies which used to please them in order to made their
clients satisfied. River Island will going to deliver the products and services as per the
requirement of their customers which facilitate and enable them to generate more and
more profit and maintain their keen competitive position at the time of change as well.
 Technological: River Island is a famous organisation whom used to deal in branded
clothes. Although, management of a company used to deal in various kinds of products
and services through online medium which facilitate them to reach such market place
where do not have any store yet (Rapp and et. al., 2015). This will going to enable them
in order to maintain better position at market area which further enable them to managing
operations in better and definite matter of course. Although, they need to work on this
aspect properly because from past few days, they found that online fraud activities are
taking place more and more. Thus, management need to utilise high security
technological advancement software which assist them to deal with such stances in better
and effective manner.
 Environmental: Business need to understand about the environment aspects in better and
supportive manner so that they could maintain their work in better frame (Stewart and
Shamdasani, 2014). As sometimes, management operations used to harm the
environment which suppose to be reflect negative image of a company. River Island need
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to understand this aspect in better and effective manner so that they could deal out
aspects properly. Like they need to avoid to deliver their clothes in plastic bags and use
paper bags. This will enable them in least harm environment as well as such bags are
recyclable in nature as well.
 Legislative: Whenever business used to focus their work in any field area, they have to
determine all related regulations of such countries. Such legislation enable them to
operate and deal out the things properly which facilitate and enable them to manage their
working properly (Price, 2017). Like River Island have to determine and learn about the
consumer protections acts in better and delightful manner as well as need to understand
about online security system. Such legislations will going to support business and
management in order to facilitate effective working which support them in deriving better
and effective outcome.
Recommendations regarding strategies improvement
There are possibilities that business has to make policies which help them to perform
activities in better way. There are many factors which affect business operations, it must be
important for growth of company. There is requirement of various policies which help in
performing activities in better way. There are possibilities that manager has to changes policies
which are related to operations of River Iceland. They must try to come with new and innovative
ideas which help in achieving targets on time. Customer satisfaction is one of the best way to
expand business and increase revenue of company. In clothing business, there are many
competitors so it is important to analyse market regularly and take corrective actions.
There is requirement of resources such as raw material, cloth stuff, etc. which must be
used in way so there is requirement of policies which help in achieving business objectives in
proper way. Main aim of River Iceland is to earn profits, this can be done with the help of
reduction of cost. There is requirement of proper policies which help in satisfying customers. In
Fashion industry trends are changing very frequently, so there is need of proper planning so
dresses will not become out of trends. It is not possible for employees to perform activities in
perfection way, so it is necessary that manager must emphasise on working style of employees.
There are many factors which affect business and it is essential that performing activities in
better way.
Recommendation
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These days there is requirement of various policies which help company to achieve task
in proper time. There are possibilities that due to change in plans and policies, it must be
conveyed to employees so they can achieve targets on time. As per today's ear regular changes
are taking place so River Iceland must keep in mind and take actions proper so it does not give
chance of loss. There are possibilities of over and dead stock, both situations are adverse for
company, so proper planning must be there. Business runs in society so there are possibilities
that there are fluctuation in external party of company, then there is requirement of flexible
policies which help in performing task in more effective and efficient manner. There is important
role of research and development department, as they come with needs of customer and as per
change in acceptance of policies. There is requirement of various factors which must be probable
for achieving targets. River Ice must give emphasise on performance of company and then take
actions which help, them to improve overall performance of River Iceland.
There are possibilities that due to change in working style, employees may get deflected
from their path and this may create confusion in the activities of company. There is need of
proper analyse which affect business in positive manner. Business environment is one of the
important fact which help in achieving targets and then take actions appropriately. As these days
modifications are taking place very frequently, so there is need of change in business policies
also. Government plays vital role in smooth running of business, so there is requirement of
proper monitoring which help in achieving targets in better way. It is essential that management
of River Iceland must frame policies which help in achieving targets.
There are different actions performed by management to motivate employees, through
there performance appraisal. It is necessary to convey that company's growth means
development of workers. So this helps in achieving business targets in best and appropriate
manner. If there is change in working style of company then there is requirement of training so
employees can learn new things and it helps in growth of workers as well as River Iceland.
Training not only improves workers performance but also make them energetic.
CONCLUSION
It get concluded from the project that retail theory and practices need to apply in business
context so that better and effective outcome could be drawn. A business required to manage their
working in better manner by evaluating all major changing trends and aspects properly and
effectively. Moreover, business required to understand such stances in better manner so that they
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used to deal with such changes properly. For this consideration, macro environment analysis
used to get ensure in better manner. Such strategies will incorporate business to deal with all
kind of modifications in better and determine manner. Henceforth, management become able to
manage changes properly which further assist them in gaining and deriving better and effective
outcome for long period of course.
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REFERENCES
Books and journals
Bowen, D. E., 2016. The changing role of employees in service theory and practice: An
interdisciplinary view. Human Resource Management Review. 26(1). pp.4-13.
Chudik, A. and Pesaran, M. H., 2016. Theory and practice of GVAR modelling. Journal of
Economic Surveys. 30(1). pp.165-197.
Dalkir, K. and Beaulieu, M., 2017. Knowledge management in theory and practice. MIT press.
Drexl, M., 2012. Rich vehicle routing in theory and practice. Logistics Research. 5(1-2), pp.47-
63.
George, G. and Bock, A. J., 2011. The business model in practice and its implications for
entrepreneurship research. Entrepreneurship theory and practice. 35(1). pp.83-111.
Grimm, R. and et. al., 2013. Social innovation, an answer to contemporary societal challenges?
Locating the concept in theory and practice. Innovation: The European Journal of
Social Science Research. 26(4). pp.436-455.
Leigh, N. G. and Blakely, E. J., 2016. Planning local economic development: Theory and
practice. Sage Publications.
Stewart, D. W. and Shamdasani, P. N., 2014. Focus groups: Theory and practice (Vol. 20). Sage
publications.
Price, C.R., 2017. Revolution Will Not Be Funded, The: Beyond the Non-Profit Industrial
Complex.
Rapp, A. and et. al., 2015. Perceived customer showrooming behavior and the effect on retail
salesperson self-efficacy and performance. Journal of Retailing. 91(2). pp.358-369.
Tate, W. L., Ellram, L. M. and Dooley, K. J., 2012. Environmental purchasing and supplier
management (EPSM): Theory and practice. Journal of Purchasing and Supply
Management. 18(3). pp.173-188.
Vargo, S. L. and Lusch, R. F., 2011. It's all B2B… and beyond: Toward a systems perspective of
the market. Industrial marketing management. 40(2). pp.181-187.
(Bowen, 2016 ) (Chudik and Pesaran, 2016) (Dalkir and Beaulieu, 2017) (Drexl, 2012) (George
and Bock, 2011) (Grimm and et. al., 2013) (Leigh and Blakely, 2016) (Stewart and
Shamdasani, 2014) (Price, 2017) (Rapp and et. al., 2015) (Tate, Ellram and Dooley,
2012) (Vargoand Lusch, 2011)
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