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Retail Theory and Practice Assignment : NEXT plc

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Added on  2021-02-19

Retail Theory and Practice Assignment : NEXT plc

   Added on 2021-02-19

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Retail Theory andPractice
Retail Theory and Practice Assignment : NEXT plc_1
Table of ContentsINTRODUCTION...........................................................................................................................1Introduction to company.............................................................................................................1Key relevant changes in macro-environment..............................................................................2Relevant changes within micro environment..............................................................................5Strategies and tactics company could use...................................................................................6Recommendations.......................................................................................................................8CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
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INTRODUCTIONRetail is a word use to define sales of good to customers for consumption rather thanresale of goods (Kitchin and Tate, 2013). Retail sector includes all shops which sell goods tocustomers for their personal use or consumption. This sector includes all types of shops such aslarge departmental stores, supermarket or small groceries. Retailers are refers as a link betweenmanufacturers and consumers as they transfer manufacturer goods to ultimate customers. Retailshops are very important for customers in order to make purchase of goods easy to consumers.Fashion retail stores consist of shops where customers can purchase clothing as well as otherfashion accessories for their use. Fashion retail stores are responsible for marketing andmerchandising of products once they are designed and manufactured to increase sales of productin market. Retail sectors have to deal with various changes in micro and macro environment inwhich business is dealing and should make relevant strategies to increase sales as well asprofitability of company. Introduction to companyNEXT plc is a multinational British retail company which deal in a clothing, footwearand home products. This company was founded by Jiseph Hepworth in 1964. Headquarter of ofNEXT plc is located in Enderby, United Kingdom. This organisation is one of the largest retailclothing store in UK and have 546 stores. NEXT plc design, manufacture as well as distributescompany products to its retail stores for selling products to end users. This company is dealing inclothing and other fashion accessories and providing high quality products. Its products areclassified into women, men, girls, boys, shoes home, beauty and sports wears. Primary objective1Illustration 1: NEXT PlcSource: Next Plc to Build Digital 'ImageFactory
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of NEXT plc company is to provide long term returns to their shareholders through sustainablegrowth of company. In order to achieve growth and increase market share of company, it iscontinuously focusing on improving NEXT directory customers in UK as well as internationalonline sales. Company believes its employees are very important part of their business inachieving objective of business (Cox and Dannehl, 2017). There are more than 19,000employees working in NEXT plc company to achieve aim of organisation. Values of NEXT plcis to deliver high quality products to customers with honest, open and consultative approach.This organisation is working on blocks of honesty, work transparency, responsibility, qualityprofessionalism and commitment over years (Next Employment, 2019).Mission: NEXT plc mission is to maximise the result of employees or clients by workingin partnership. Vision: its vision is to achieve excellence in their working by motivating employees inorder to realise their goals and potentials. Key relevant changes in macro-environmentFor effective and efficient working of organisation it is very important to analyse changesin macro environment of organisation(Hayes, 2018). Macro environment consist of all externalfactors which effect business and its operations. In order to analyse these factors PESTELanalyse can be use as it contain political, economic, social, technological, environment, legalfactors. All these factors influence decision making of organisation so it is very essential ofNEXT plc company to analyse changes in macro environment. 2
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