Fashion Industry Strategies for Growth

The assignment focuses on providing strategies for a fashion company aiming to revitalize its business. It emphasizes the importance of adapting to evolving fashion trends, understanding customer needs, maintaining competitive pricing, and ensuring high-quality products. The document also highlights the challenges faced by companies in implementing these changes and staying relevant in a dynamic market.

Retail Theory and
Practice

Table of Contents
INTRODUCTION TO RETAIL......................................................................................................3
INTRODUCTION TO COMPANY (250)......................................................................................3
KEY RELEVANT CHANGES WITH THE UK FASHION RETAIL (600).................................3
RELEVANT CHANGES WITHIN THE MICRO ENVIRONMENT (400)..................................5
SUGGEST AND DISCUSS STRATEGIES AND TACTICS THAT COULD USED..................7
RECOMMENDATION...................................................................................................................8
CONCLUSION................................................................................................................................8
REFERENCES .............................................................................................................................10

INTRODUCTION TO RETAIL
Fashion retail market is one of the trendiest and most wanting market, it is the one and
only market which faces market downturn in the UK last year nevertheless, and it is the highly
growing and large share market in terms of getting customer preferences. Competition level in
fashion industry is highly large and wide in nature. Each and every organization has creating
different and fashionable fashion trend for their potential customers. It makes highly profitable
and demand able clothing sector (Brigham and et.al., 2016). In UK market there are huge
number of competition by these brands such as Asda, Mark & Spencer, Tesco and many more.
Retail fashion market defines where numbers of fashion designer dresses are available for
potential customers. In which number of different brands are available for buyers in less than one
roof, based on the importance of fashion retail sector for the international economy in general.
This is the industry has short product life cycle and vat differentiation. Fashion retail industry is
just to create large number of customer in one single outline. This makes brand popular and large
earning. Besides, fashion industry is relies on the customer culture and taste and preferences. It
depends on the buyer needs and wants. Buyers always prefer demanding, latest in trends and
quality fashion clothes which belongs from high quality brands. Big fashion retailers acquire
fashion clothing clothes and products from high branded product and services.
INTRODUCTION TO COMPANY (250)
Mark & Spencer is the British international retail brand of UK. It is known for its big
branded product and services which is highly superior and demanding in the market. Its
headquarter situated in Westminster, London (Clegg, Kornberger, M. and Pitsis, 2015). It is the
listed company in London stock market; it is specialize in the selling of clothing, home product
and luxury food products. Mark & Spencer founded in 1884 by Michael Marks and Thomas
Spencer in Leeds. They started their career from selling branded products through number of
customers get attracted towards the nature of company services. In current scenario they have
979 stores across the United Kingdom. In 1998 M&S became the first fashion retailer to make
pretax profit of over 1 billion. In November 2009 it was announced that Marc Boland was the
former of Morrison’s would take over as a chief executive chairman. Mark & Spencer provides
all branded product and services on the basis of customer needs and wants. Moreover, they
always maintained high demanding and latest customer products after analyzing the needs and
wants of the customers. It is the big brand in the retail industry which attracts number of
customers (Cornelissen and Cornelissen, 2017). It also influence fashion industry and retail
market which attract number of trendy buyers and enhance the growth of the company profit
margins.

KEY RELEVANT CHANGES WITH THE UK FASHION RETAIL (600)
UK market is the highly growing and trendy market place which attracts number of
market situations and attend new growing market share. Fashion industry is the highly growing
and changeable sector which keeps on changing on the basis of new trend and style in the market
(Cornelissen and Cornelissen, 2017). Buyers having different trend, religion, custom, and caste
due to which there having their own needs and wants. There are different measures and growth
factor which really much effective and challenging for the fashion industry.
Political: it is the factor which influence by changing in political changes in the
environment. Experience become an industry most influencing and challenging situation.
Moreover, customers are very dynamic in nature they always try some new brands and always
explore some new market trends. It is very necessary for the big brands to manage their
reputation in the market or in front of their customers. Moreover, it is another more effective
things and marketable approach as well. Along with that, experience and good experience gives
new changes in fashion clothes as per the needs of buyers. This change may affect brands and
fashion industry (Francks, 2015). Due to changes in interest rates and tax Rates Company change
their prices accordingly.
Economical: Economic changes factors affect company prices and their potential
customer preferences. It gives higher changes in the business environment due to which they fail
to adopt the customer attraction. This is another factor which may affect fashion industry or big
company retailers. Company needs to expand their services at international level in terms to get
the customer needs and wants. They always need to explore market opportunity and grab
customer new demands and needs, accordingly provides goods and services. Moreover, it is very
necessary for the organization to adopt most effective and challenging things. Customer always
wants to shop when they want. It is for the company to ensure this journey is as joined up and
seamless as possible by intertwining their systems and their teams, to capture that all important
spend.
Social: it is another challenge which goes changing as per the market situation. The
fallout from the Brexit vote will roll on this year (Goworek and McGoldrick, 2015 ). In during
this time period company facing huge loss in the market. Inflation is another changing factor
which affects company profit revenue. Retail is the big fashion market which influence
customers by offering new product and services. Moreover, retailers struggle to absorb higher
costs. In inflation prices are goes higher and customer interest will fall down.
Technological: it is another changes factor which influence customer shopping and
company profit margin. Fashion retailer is increasingly reliant on discounting to drive sales. Due
to this factor many rival firms influence each other and earn profit margin profit. It provides
sufficient profit for retailers to the customers. This discount is another method through which
many changes have occurs in the market. Discount layout affects company sales and sales
margin. Moreover, more retailed offered promotions in the final week before Christmas then and

during weekends to get the interest of customers. This is the key relevant market shares which
affect company prices (Hackmann, Kolstad and Kowalski, 2015). Many of the other retailers
adopt strategy according to the customer needs and wants.
Legal: it is another factor that makes easier and comfortable legality is another factor
which makes easier and affecting which influence others. Organization needs to adopt legal
factors and environment to protect affecting factor and growth impact. Legal factors affect legal
factors.
Environmental: it is the last number of factors which affect customer attraction along
with that, it will also influence number of customers. It is a dynamic environment which impact
on the behavior factors. It also influences number of customers.
RELEVANT CHANGES WITHIN THE MICRO ENVIRONMENT (400)
Changes are always occurred in the business environment due to which company has
facing many challenges and issues in the society. Micros environment includes stakeholders
which affect company directly such as customer, suppliers, employees, distributors, government.
Business environment is full of many challenges which occurs many issues and challenges in the
environment (Joskow, 2014). For example due low prices or special offer provides by another
fashion retailer customer definitely shift to other competitors stores due to high attractive offers.
This makes heavy competition in the market due to which many retailer facing the uses of
competition level. There are many competitors or rival firms who compete with fashion retail
market such as Asda, Tesco, wall mart etc. who offers high quality branded products or clothes
top their potential market customers. Moreover, another major impact full factor is changes in
buyers needs and wants due to which company also needs to adopt new challenges and effective
market growth. Some of the micro environment factors are giving below.
Customers: buyers are the potential stakeholders for companies who really needs a good
customer attraction to enhance the market opportunities. M&S will need acquire market analysis
and determine the needs and wants of the customers according to which they adopt best prices
product and services for their customers. Company always needs to adopt customer oriented
approach in order to retain the potential customer growth and market share. The main aim of the
company is that to attract number of customers (Hackmann, Kolstad and Kowalski, 2015).
Employees: it is thee another micro factor which affect company structure and impact
full factor of the organization. Employees are very much essential for the organization. It is very
necessary for the company to adopt essential growth market. Company needs to provide the best
opportunity for their employees to grab their attention in the organization so that they work
properly in the working environment. If in case of less productive work company could not
achieve their target market share or objective to earn customer attraction. Moreover, training and
development program to enhance their skills and knowledge. Along with that, it is very essential

for the employees in order to sustain employee interest. Besides, with less interest of employee
will give negative impression on the mind of customers.
Supplier: it is the another micro factor which may affect M&S directly by providing less
quality of raw material and products (Joskow, 2014). Supplier plays a very essential role in the
organization through which company adopt their final goods and services to sell their buyers. It
is very necessary for them to take care the needs of their suppliers. For example supplier
provides poor quality of services it could happen less quality in the organization. Through which
customer give less interest to their brand products. It may give low sales revenue to the
organization. Moreover, marketing mix strategy may force price increases, so over all it is
necessary for firms to maintained good relationship with suppliers to get good deal in the future.
Shareholder: it is the another major micro factor which always impact on the business
activities. For that, company needs to acquire good relation with their shareholders to get the best
possible deals with the shareholders will enhance the pressure for the company in case of any
wrong behavior. Relationship with shareholders are very necessary to keep good and long
lasting. It gives new environment and profit in future needs. Shareholders affect company in long
term situations (Laseter and Rabinovich, 2016). It is very necessary for them to take care the
needs of shareholders and their requirement.
Competitors: competitors are the major impact full micro environment which impact on
the business activities in wast manner. They affect company behavior in negative terms by
grabing the attraction of their potential customers. Such as Asda, Tesco, wall mart they all are
the major competitors for M&S. It gives negative impression on the natire of company behavior
which is not good for the organization. Company needs to analyze the growth of rival firms in
order to protect its business from unwanted things. Competitors are always given direct impact
on business activities due to changes in prices, new product line, by offering new schemes, new
discount offers etc. moreover, it is necessary for the organization to adopt the best possible task
and business plan to beat their competitors strategies (Leigh and Blakely, 2016).
Media: it is the another micro environment which impact on the company behavior.
Media is the tool or mediator who gives all information from company to customer and customer
to company. They always ready to give flow information to one hand to another hand. Besides,
positive media attention can make a organization positive and negative. It also may take business
reputation high or to get down with its one tool. In order to minimize the impact of that M&S
needs to balance their quality and reputation in the market and never adopt low quality product
and services. Moreover, it is very necessary for the organization to keep their image in the
business.
On the basis of above micro environment factors which affect company environment
directly;y. For that M&S always needs to adopt changes and better quality level. In fashion
sector (Ridley-Duff and Bull, 2015). It gives higher popularity and business growth to the

organization. Moreover, fashion industry and their styles are get common vastly To stable their
position in the market they need to adopt new styles and product and services. Moreover, another
major impact of the fashion industry is that to stable quality services. M&S are the high quality
maintained organization who always take care the needs of their potential customers. Major
micro factor may give adverse effects to the organization profit. For that they need to adopt
major factors.
SUGGEST AND DISCUSS STRATEGIES AND TACTICS THAT COULD
USED
New taste and preference: M&S needs to acquire new challenges and wants of the customers.
This is the strategy through which they adopt new attraction of customers (Ruggie, 2017 ).
Moreover, customer always demanding for the new trend and fashion through which they
inspires and get attracted towards the company product and services.
Quality of services: This is inspires by social factor, buyer always investing huge
amount on the product and services. Along with that, it also very requires to adopt most of the
things which is always very essential and required. Moreover, quality factor is always very much
required for the organization. Moreover, another major impact on the organization is that to keep
the all require things factors alive.
Adopt changes: it is the factor and strategy to keep the position of the company in front
of the customers. Moreover, changes are very much required in the organization. It gives new
opportunity and growth to company. M&S also needs to analyses market situation and
conditions. Moreover, changes are very much required in the organization.
Expand business Services: it is another strategy and technique to reach customer focus
and market. Business expansion gives more quality or stable market position to the company
factors. Through new market expansion M&S can gives more services and products to customers
(Shanks and Tilley, 2016). Moreover, M&S needs to open new outlets and acquire more market
expansion to grab business opportunities. It also makes good impression on the market
conditions and gives high competition level to other rival firms. This will provide opportunity to
other factors and opportunity to enhance their services and market growth.
Technology development: it is another strategy to expand customer attraction and profit
revenue for the firm. Moreover, technologies enable customers with new services and make them
easier to grab new fashion trend. Moreover, it is very easy and impressive for the organization to
make new trendy things through which company grab new opportunity and threat. Technological
factor makes company differ from others it also makes easy for the company to grab new
opportunity and growth.
Market research: Market research is the technique which helps to analyze the market
position and competitors pricing policy (Stewart and Shamdasani, 2014). It makes new impactful
changes and grateful market condition for customers. Customer is highly found of fashion and

for clothing. It gives new impactful changes for buyers. With the help of market research
company can easily get to know about customer actual demand and needs. On the basis of
market research M&S can make new business plan and strategies for growth. Moreover, it also
more advantages and growth for the factor. Research also helps to measure their own level of
working.
RECOMMENDATION
Fashion industry is the highly increasing and impactful industry which offers great
product and services for the customers. M&S is the big British retailer in fashion market. It
serves high quality of product and services. File expansion and new growth factor is the best key
essential for the organization. M&S also need to acquire new product and services for their
potential customers. Measure their competitor’s position and their pricing strategies. It helps to
identify their own growth level (Shanks and Tilley, 2016). Moreover, M&S also need to acquire
more challenges and adopting new product line to retain their potential customers. Company
needs to adopt some techniques and strategies to meet the challenges such as given below:
Maintained ethical environment: this is the best way to keep the working environment calm and
safe. Moreover, customers always prefer to select those brands and services which having good
image in the market. It gives impressive image and market share to the company. Ethical
consideration is the foremost duty of the organization in terms to having the trust of customers.
Another impactful factor is that it also helps to make good image in the society and stable the
good relation with the suppliers and other stakeholders.
Continuous changes: continuous changes in fashion sector bring new opportunity for
growth. Keep on changing is the require task for fashion sector (Stewart and Shamdasani, 2014).
For that, M&S needs to acquire new trendy stock for their buyers to keep them retain and having
good profit making.
Analyze market opportunity: it is another factor which makes company more
competitive and challenging. That is to keep eye on the new trend and customer requirement
according to which they maintained their growth level. It gives new opportunity to market
growth and earn enough amount of profit maximization (Waldman and Jensen, 2016).
CONCLUSION
From the discussion of above section it can be concluded that, fashion retail sector is the
most challenging and trendy market in UK. It brings more product and services for their
customers. Along with that, present study based on fashion retail market. For that, M&S
Company has been taken into action. Overall, study was discussed about different opportunity

and challenges which company needs to adopt. Besides, impact or effects of micro and macro
environment has also discussed in this report. Moreover, it is the big opportunity for the
company to make good presence in the market. And adopt great new market strategy to get
customer attraction. There are many competitors in fashion industry who affect company
position and market. In order to remove or decrease the effects of company Strategies Company
needs to make new business plan and adopt new fashion trend to grab the attraction of customer.
Moreover, it is the most challenging factor for the company to make changes according to the
customer needs. For retaining the customer Interest Company needs to stable their low process
and high quality of fashion outlets to their customers.

REFERENCES
Books and Journals
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Waldman, D. and Jensen, E., 2016. Industrial organization: theory and practice. Routledge.