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Retail Theory and Practice

   

Added on  2023-01-12

10 Pages3296 Words70 Views
Retail theory and practice

Table of Contents
INTRODUCTION...........................................................................................................................3
Overview of Marks and Spencer ................................................................................................3
PESTLE analysis of M&S..........................................................................................................4
Changes within micro environment............................................................................................5
Strategies and tactics in adapting changes with influence of macro environment......................7
RECOMMENDATIONS.................................................................................................................9
CONCLUSION................................................................................................................................9
REFERENCES .............................................................................................................................10
Books and journals....................................................................................................................10

INTRODUCTION
In previous times, retail market is known as small store which provides goods and
services to customers at the place which is near to them and according to their needs and
requirement. But in today environment, this market is changed in small shaping malls,
supermarket and group of stores (Banerjee, and Mishra, 2017). Selling of quality goods to
customers is part of process in retailing sector which help firm in fulfilling requirement and
needs of customers for achieving organisational goals and objectives. Providing services to
customer by increasing profit of firm is the main motive of retail sector. In clothing sector, there
is rapidly changes in fashion which act as a challenge to retailer of this product. Here the retailer
have to adapt these challenges for surviving in competitive market and managing there
performance in this market. For this retailers have to study behaviour of consumers in market
and act according to it. There must be strong polices in organisation which can help firm in
getting he right decision and and take competitive advantage in market for boasting its
performance.
Overview of Marks and Spencer
Marks and Spencer is a British company which has its existence in UK form last 1884 .
company haver its main headquarter in Westminster, London. The company is dealing in fashion
products which it dells also its customers. This company was founded by Michael Marks and
Thomas Spencer. Company has its target consumers in united kingdom with more than 1000
stores. Company is also dealing in food product with 700 outlets in UK. Company gain its full
existence in 1998 where it become the largest retailer in united Kingdom. This attracted number
of investors towards firm and facilitate firm in expanding its operations (Chudik and Pesaran,
2016).
Trendy clothes is the main purpose of firm as it likes to attract costumes who want to
wear trendy clothes. Company use to innovate there products on regular basis which aid it in
getting more customer towards firm and maintain innovation with profitability. Maintenance of
goodwill in current market is the most important important part of firm business. M&S paying its
attention towards increasing there existing goodwill in market. Goodwill help firm in building
trust of customers on firm and maintain an intangible relationship between firm and customers.
M&S has established good plan for maintaining there staff motivation and perfection with help

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