Retail Theory and Practice Assignment - (Doc)
Added on 2020-10-05
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RETAIL THEORY AND PRACTICE
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................21.1 Relevant changes in macro-environment..............................................................................21.2 Relevant changes in micro environment...............................................................................31.3 Strategies and tactics that can be used to overcome challenges............................................5RECOMMENDATIONS.................................................................................................................6CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................8
INTRODUCTIONRetail can be termed as a process of providing or giving goods, products or services toconsumers with the help of multiple channel of distribution in order to earn a huge amount ofprofit. Retailers are those persons who is in charge of reselling the goods.These people are notthe manufacturers of product. They purchase it from wholesalers or manufacturers and then sellit in small quantity to customers. These people have a duty to fulfil demands and needs ofcustomers by understanding and analysing the market (Verhoef, Kannan and Inman, 2015). Theyprovide goods to individuals through developing a strategic plan which includes all decisionsrelated to price, promotion, place, product, process etc. Nowadays, shopkeepers also use online retailing process to expand their market share.Various retailing theories are used by group to attract and retain small group of person buyingproducts. These practices are followed by individuals through critically analysing market andconsumers. All the factors like size, stage market competitiveness and attractiveness,segmentation, values and attitudes are evaluated by retailers before selling any product. Fashionretailing comprises flow of new designs, colours and trends from merchandise agent to localconsumers (Piotrowicz and Cuthbertson, 2014). Successful marketing depends on adhering toconsumer needs, desires, and designing products according to that. Marks and Spencer also known as M&S is a one of the most popular Britishmultinational retailer which heheadquartered in London. They are specialised in selling clothes,food and home products. Company have more than twenty-one hundred retail outlets across theworld. They are engaged in providing quality and best service to their customers. Products aredesigned according to new techniques, methods, likes and preferences of people. For increasingsale of fashion goods organisation promotes its products through different channels ofdistributions which involves wholesalers, agents and retailers. This fashion industry is alsoinvolved in various types of charitable activities like providing funds to NGO's, schools andorganisations like Newlife who works for providing help to medical research and doescampaigning for disabled people. Marks and Spencer has also expanded their business online in which they provide fashionrelated items like clothes, accessories, etc. (Parker and Wang, 2016). Of male, female andchildren of all ages. In this internet business, company also tend to provide free home deliveryservice of products to their favourite consumers. All policies in organisation is made on basis of1
vision and mission of company which is to satisfy consumer needs by providing them low priceand high quality products. Organisation uses different types of marketing methods likeadvertising on radio, television, magazines. They also use social media channels like Facebook,Twitter, Instagram for promoting products.a Various other techniques like sales promotionalmethods are also used which includes discounts, fringe benefits and creating public relationshipthrough organising seminars, workshops. This helps in building and creating bond of honestyand trust (Iannone and et.al., 2015). It also helps enterprise in gaining consumer loyalty andattracting more new individuals. Company also take care of the requirements of their employees,suppliers, board of management, financiers which helps them in increasing their productivity.MAIN BODYRelevant changes in macro-environmentMacro-environmental factors have a huge effect on fashion retail industry which canhinder or foster the growth of company. Retailer should have keen understanding of allcomponents for better growth of their business. Political factors: Laws, rules, regulations and policies by government or local authoritiescan hinder or foster the growth of fashion industry. Loans, subsidies and various other benefitsprovided by government can help company in growing and also allows them to keep products onlow price for consumers (The Macroenvironmental Factors Affecting the Clothing Industry,2017). However, it can also hinder growth of company like imposing tax on import or export ofgoods or requiring development of new system and integration which cannot be afford by smallretail stores. Economic factors: Marks and Spencer should have a critical analysis on economicfactors which includes demand and purchasing power of consumer. They should sale theirproduct after keen analysing if country is having boom period which would result in increase insale of products due to high disposable income. Inrecession period organisation may facedownfall in purchase of product (Utami and Lantu, 2014). Clothing industries should also keepin mind that they sell their goods on subsequently lower price which attracts more consumers.Inflation rate, fiscal policies of government also have an impact on company’s business. Social factors: Factors like culture, traditions, beliefs, trends also have an impact on thegrowth of fashion retail industry. Retailers have a responsibility to create merchandise which aresocially acceptable like environment friendly goods, commodity which does not hurt sentiments2
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