Retail Theory and Practice

This report discusses the key changes in the UK fashion clothing market and strategies that can be used by retailers to respond to these changes. It focuses on the case of Marks & Spencer, a British retail company, and explores the impact of changes in distribution processes, technological advancements, and consumer needs on the company. The report suggests strategies such as training and development programs, marketing analysis, implementation of technology, and innovation in products to effectively respond to these changes.

Retail Theory and
Practice

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
(a) Identifications key relevant changes in the UK fashion clothing market..............................1
(b) Discussion of strategies and tactics that could be used by the retailer to respond major
changes........................................................................................................................................3
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................6

INTRODUCTION
Retail practice refers to those processes activities which is used by the company to offer
or deliver goods and services to its potential customers. For retailing, selling and delivering
products and services to consumers, organisations use different tools and channels of marketing
and distribution. In fashion and apparel industry, companies use online and offline channels of
retailing as per the demand of their target audiences (Anan and Grover, 2015). This report is
based on Marks & Spencer which is a British retail company and operate its business
internationally by offering a range of products and in different categories. The written document
will discuss about different changes that are generate in fashion sector and affect the business of
the company in different manner. These changes affect the company positivity as well as
negatively. Further will explain about different strategies and tactics that can be use by the
retailer to overcome the impact in term of change in fashion clothing market.
MAIN BODY
(a) Identifications key relevant changes in the UK fashion clothing market
Changes are occurred in each business so that organisations can make operate their
business as per the trend and market. In UK, changes in clothing sector occur because consumer
make change in their needs and taste & preferences by demanding products as per the trend and
fashion. Other changes like technological changes and changes in distribution process also faced
by clothing market because with the use of advance and latest technology company can produce
good products. It will help in maximising profit and productivity of the company and help in
surviving till long term in particular market. The description of some changes that are faced by
UK retail market, are as below:
Distribution process- In UK, most of the population is working so they have not time for
go to shop or retail store to purchase products and goods. Therefore, to buy products according to
them, they prefer online shopping, so this kind of change occur in clothing industry (Baker and
Saren, 2016). Another reason of occurring this kind of change is that if the management of the
company adopt this modification then they can make expansion in their business in easy way by
entering in to new market. In M&S, this change can generate when existing distribution does not
able to provide enough margins. By adopting this change, the respective company can create
competition to its rival companies by adopting different distribution channels.
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These changes are occur in retail sector to make easy activity of offering products to
customers so that they can get their needed commodit8ies on time or as per requirement. By
online delivery, offering product at nearby retail store etc. are some easy way to deliver a product
to customers (Banerjee and Mishra, 2017). It will help in retaining consumer till long term and
make able the company to sustain and survive in particular industry long term duration.
Technological change- This kind of changes occur when the organisation use different
techniques and tools to manufacture products. There are several new technologies invented day
by day so there are several changes occurred in the company cause of this component. M&S is a
large retail organisation of UK which provide quality products to it customers. Now theses days,
the level of innovation and advancement is maximise so expectations of consumers also increase.
These kind of changes occur in manufacturing process, promotion, payment and distribution etc.
in M&S, the firm can make changes in its payment methods by adopting new tools like net
banking, online pay and providing option of payment in its mobile application. Another changes
occur in distribution process because people prefer online way of purchasing goods so by using
different kind of technology like mobile application, company website, e-commerce and others
to sell its products. It will help in maximising sales of the company as well as customer base.
In current era consumers prefer those products which are produced by using advance
technologies etc. A technological change in fashion sector in form of 3D printing and the
application of this technology in clothing has left an indelible mark on the way by which
organisation manufacture products, allowing more versatility for content creator. At present time
3D printing is a trend so the adoption of this change help in maximising the profit and
productivity of the company (Bell and Ternus, 2017). For 3D printing, the respective company
can use different technology which will help in fulfilling needs of potential clients, increasing
sales and profit margins etc. In distribution process, by offering mobile application they can
make technological change in business of the company by which people can track their order and
get affective benefits of this kind of technological change.
Changes in consumer's needs- It is another change which is generating in retail sector
of UK and affect the business of different organisations in different manners. When the changes
are occur in consumer needs, this change take place in retail industry. In M&S, this change
generate cause of change in consumers needs and demands. When the taste and preference of
people change regarding a particular product then these modifications arise. The main reason of
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arising this kind of change is that when fashion and trend change customer also demand that kind
of products so that they can provide satisfaction to their needs. In the respective company, the
firm can adopt this change by making change in their production process by designing clothing
products as per market requirement. It will assist in retaining existing customer and getting
attention of new client, increase sales, enhance productivity and maximise profit margins of the
firm.
This company operate its business worldwide so people prefer product as per their own
culture so by offering clothing products as per its target audiences, the firm can adopt this change
(Cox and Dannehl, 2017). For example in British culture, people like western dresses but in
Asian nations people desire traditional ethnic wear or as per their own culture.
(b) Discussion of strategies and tactics that could be used by the retailer to respond major
changes
Strategies and tactics refers to those plan of actions that are formulated by the
management of the company to deal with different kind of issues and changes. These plans and
tactics are beneficial to deal with changes so that they can affect the company in unfavourable
manner. There are several strategies which can be framed by the management of M&S so that
they can respond towards different changes that are occurred in UK fashion clothing market. As
per the above discussed report, it has been signified that Mark and Spencer overall performance
rate within UK retail industry is impressive and effective. Due to which, it enable them to adopt
several changes or modification as per marketplace competition with an aim of satisfying
unpredictable customer needs or demands as well as fulfilling the requirement of industry in an
innovative and creative manner. Hence, some of the changes which Mark and Spencer implies is
that technological change, enlargement of distribution channel and many more. However, the
industry where M&S operates its business function is highly competitive and challenging which
may directly impact over organisation capability in acquiring best position in UK market (Fernie,
Fernie and Moore, 2015). Therefore, in order to survive within UK retail market for longer time
duration there are various strategies or tactics which Mark and Spencer can apply that are
discussed below:
Training and development program: This technique is considered as one of the oldest
and effective strategy which majority of the organisation imply for improving the overall
company's performance. Hence, the aspect for training and development program refer to those
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program in which firm make an effort to identify the ability of each manpower and providing
them enormous platforms in which they can improve their hidden talents for accomplishing the
goal in an trenchant manner. In context of technological change, the tactics of training and
development program is regarded as best approach as it empower Mark and Spencer's employers
to determine each manpower capability and based on that assign them roles and responsibility.
Due to which, it motivate employees to put their best contribution towards an accomplishment of
pre determined business objective in an efficient and improved way (Hagberg, 2016). However,
adoption of training program benefits M&S to handle and manage its functional unit in an
amended mode by preventing from occurring conflicts of interest as well as misconception. In
the perspective of promotional change, implementation of innovative technologies benefit M&S
to reach wider range of population in an impressive mode. However, for maintaining increased
sales performance, each and every personnel should be well trained about different market
competition and threat so that they can easily deal with such challenging situation in an
amended way.
On the other hand, in relation to satisfying customer need, if M&S employees acquire
appropriate training, it motive them to take corrective course of action against all current or
emerging marketplace trend in a productive style. Due to such initiation, it lead establishment to
achieve cutting edge competitive advantage among competitors in a desired time frame.
Additionally, in context of distribution channel, effective training and development program
enable Mark and Spencer to understand the capability of competitor and drive them to implement
best strategic decision for placing the brand in an aggressive or competent position within
prescribed time limit in an amended mode. Henceforth, by practising training and development
program, it empower Mark and Spencer to enlarge its market share or size and also can improve
brand image in an innovative style.
Marketing analysis- It is an activity and process of analysing needs and requirements of
market so that the company can offer product and services as per requirement of consumers. In
context of m&S, the management of respective firm can use this strategy to deal with the change
of change in consumers needs and demands (Hagberg, Sundström and Nicklas, 2016). The
marketing function of organisation can conduct marketing analysis so that they can aware with
the trends and fashion of clothing industry and manufacture products as per that or fulfilling
customers needs by offering them trendy and fashionable apparel. It will help in providing
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satisfaction to target audiences and retaining them till long term period. With the help of this
strategy, respective firm can gain competitive advantages because by marketing trends they can
provide latest and trendy products in comparison to their competitors.
The main purpose of marketing analysis is to assess growth options, values, risk,
customer buying behaviour, competition and entry barriers. By implementing this strategy the
company can minimise the risk of change by getting detailed information about marketplace
activities (Hemphill and Longstreet, 2016). By getting information about growth opportunities
with the help of respective analysis, the firm make development and success in the business of
company in retail sector. If changes are occurred in purchasing decision of customers, they can
also get information by adopting and applying this strategy. It will help in updating company
with market actions and changes so that the firm can take actions at the time to respond with
changes and modifications.
Implementation of technology- In each industries, innovation and creation of new
technologies are occurred on daily basis so issue of change in technologies is generate and face
by different organisations of various industries and create negative and positive impact upon the
business of them. So respond this issues, companies can do analysis and adopt effective
technologies in their business as per requirement. In M&S, the management of the company can
adopt different technology as per the changes. For example, if changes are occur in promotion
then firm can use different promotional tools like social media, web advertisement and others to
deal with these kind of changes. If modifications are generated in distribution activity then the
administration of respective organisation can use different technologies to deliver and provide
their goods and services to their target audiences.
By using mobile application they can provide their products to consumers through online
way because in UK changes are occurred in distribution process. Because most of the people are
working in that nation so they prefer purchase commodities by using technology of online
delivery (Kamath, 2016). So to deal with it, they can adopt e-commerce etc. which will help in
overcome this change in fulfil consumer's needs. In term of responding towards those changes
which generate in way of payment then by adopting new and advance technologies like net
banking, online payment and payment by mobile application etc.
Innovative products- It is another effective strategy which can be adopt by the company
to deal with different kind of alterations and modifications which are occurred in the market. For
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instant, in fashion industry, clothings are changes as per trend and fashion so consumer also have
needed product as per that. So by making innovation as in their products they can offer new and
good product to their consumer. It will help in fulfilling basic needs of the consumers and they
also show their loyalty towards the company (Karrholm, 2016). For example, in M&S, the
management of the comp-any can adopt this plan of action so that they can respond towards
customers needs. Now these days people have need of fashionable clothing so by making in its
product line or in clothing products, it will make maximisation in its number of customers,
profitability and productivity.
From the above information it can be summarise that change in technology and change in
consumer demands are the major issues that are occurrence UK retail sector which affect retail
firms favourably and unfavourably. If the companies do not provide training and development
programs then employees of the organisation are not aware with the new techniques and in this
situation company accept use of new technology. Then it negatively affect the company but by
providing clear information about technology, they can make growth in the business of the firm
and effectively adopt the change (Kenworthy and Verbeke, 2015). In conditions of changes in
consumer demands, if firm adopt market analysis then it can find out consumers needs and offer
product as per their requirements. It will assist in increasing profit, productivity and provide the
benefits of surviving in market till long term.
CONCLUSION
As per preceding describe information, it can be summarise that retail practices indicates
to sell, deliver and distribution of goods and services of the company. So that customers can get
products according to their needs on time. In UK, there are several changes like change in
customers needs, changes in technologies, change in distribution process etc. which generates in
retail clothing sector. These changes influence the business of the company in diverse manner
like positively and negatively. There are several strategies that can be adopt by the organisation
to deal with different changes so the firm can operate its business in proper way.
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REFERENCES
Books & Journals
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Banerjee, M. and Mishra, M., 2017. Retail supply chain management practices in India: A
business intelligence perspective. Journal of Retailing and Consumer Services. 34.
pp.248-259.
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merchandising. Bloomsbury Publishing USA.
Cox, N. and Dannehl, K., 2017. Perceptions of retailing in early modern England. Routledge.
Fernie, J., Fernie, S. and Moore, C., 2015. Principles of retailing. Routledge.
Hagberg, J., 2016. Agencing practices: a historical exploration of shopping bags. Consumption
Markets & Culture. 19(1). pp.111-132.
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Hemphill, T.A. and Longstreet, P., 2016. Financial data breaches in the US retail economy:
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Pantano, E. and Timmermans, H., 2019. Smart Retailing. Springer International Publishing.
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