Retail Theory and Practice

Retail Theory and Practice

Table of Contents
Formative assessment......................................................................................................................1
Summative assessment.....................................................................................................................3
INTRODUCTION...........................................................................................................................3
Overview of organization............................................................................................................3
Key relevant changes within UK fashion retail..........................................................................4
Relevant changes within micro environment..............................................................................5
Tactics and strategies that can be used........................................................................................7
Recommendations............................................................................................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

Formative assessment
Retailing is all about buying and selling of goods and services, it also involves a direct
interface with a customer and with proper coordination of business activities, companies able to
meet the demand of customers. Under retail, fashion industry stands in top position, as it
provides the range of clothes to their customers (men, women and children of all age). So,
fashion retaining is the section of a business which acts as a intermediary between the
manufacturers and customers. So, in simple word, it is a process of buying clothes from
manufacturers and selling them to customers.
For the study, investigator chooses Next plc which is a British multinational clothing
firm who has around 700 stores which are operating at world wide level. Having a brand image
and effective designing in its cloth, most of the customer easily attract towards it. If this is not
work out, then Levi's will be second choice which is also consider another top fashion retail in
UK.
Further, to identify some macro factor which affect the fashion industry, Pestle analysis
will be used which is a strategic management tool that is used to identify the the external
environment of the company. This tool consist of six element such that political factor,
economic factor, social factor, technological factor, environmental factor and Legal factor. So,
with the help of this management tool, it is easy to analyze both positive and negative impact
upon fashion industry.
Moreover, it is also analyzed that in order to determine the internal factor, investigator
uses SWOT which is another management tool, that is used to examine internal strength of a
firm. As micro factor is all about to determine the internal factor which is easily determine
through SWOT analysis. This tool is made up of four key element such that strength, weakness,
opportunities and threats. The theory clearly help to examine the internal working environment
of Next Plc and determine how it create direct impact upon the business.
In order to suggest the tactics which could be used by Next Plc, investigator suggest to
use technological factor and economical factor because these factor highly affected the business
in negative as well as positive manner. Similarly, for micro factor, researcher select, strength and
opportunities which help the company to grow the business at next level of success. So, by using
digital technology's theory, it will be easy to determine the influence of both macro and micro
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factor upon the business performance, so that company is able to develop these strategies in
order to take a business at further level of success.
In order to meet the define aim, researcher chooses secondary resources in which
relevant books, articles and Journals are used related to fashion industry. So, bu consulting with
these, it will be easy to examine and recommending the ways through which Next Plc run its
business operations in smooth manner. Also, technological resources are also used in the study
such that Internet which help to answer every questions.
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