Retail Theory and Practice - Assignment

RETAIL THEORY AND PRACTICE

Table of Contents
INTRODUCTION TO RETAIL......................................................................................................2
INTRODUCTION TO THE COMPANY.......................................................................................3
KEY RELEVANT CHANGES WITHIN THE UK FASHION RETAIL.......................................3
RELEVANT CHANGES WITHIN THE MICRO ENVIRONMENT............................................5
SUGGEST AND DISCUSS STRATEGIES AND TACTICS THAT COULD BE USED............8
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11
INTRODUCTION TO RETAIL
Retail industry is the most popular and effective industry. Retail market have a very
ancient history over the centuries, in today current scenario there are shopping modern era or in
earlier times some retailers were itinerant paddlers. This is the process in which retailer selling
the consumer goods or services to end customers through different multiple channels of
distribution to earn profit revenue (Thorlakson, Hainmueller and Lambin, 2018). The concept of
retail industry is to collect the bulk products from the manufacturing company and distribute
those products and services to the ned consumers. Modern type of retailers are now they selling
their services on online level through different channels. Retail fashion clothing industry is very
demanding and challenging process to meet the needs of customers. In this retailer market
retailer needs to analyse the actual needs and demands of the buyers according to that they adopt
new changes. Overall, retail industry is highly dynamic and changeable in nature.

INTRODUCTION TO THE COMPANY
Mark & Spencer is the multinational fashion retailer in UK. Headquartered in the city
Westminster, London. It is the most popular company in British market which also listed on the
London stock Exchange. The core function or specialises in the selling of clothing they also
dealing with luxury food products as well. Mark & Spencer founded in 1884 by Michael Marks.
In 1998 M&S is Become the first retailer to make pre-tax profit of over £1 billion. Moreover,
M&S is the leading retailer in the UK market (Raum, 2018). Current M&S currently has 979
stores across the UK. M&S is the biggest retailer in the multinational market which deals with
many products and services. On the other side, potential customers of Mark & Spencer are
satisfied with the services of M&S. They focus on the customer needs and demand. Before
introducing any new product and services. M&S analyse the market demand and current trends
accordingly they provide all services to the customers. Besides, retail market is the huge market
which provides number of products and varieties. Such as M&S deals with women clothing,
Lingerie, Men clothing etc. they also provide the latest trendy and fashionable products and
services. Moreover, the main objective of the company is to analyse the current market demand,
in order to meet the needs of the customers. The retail concept is very wide and attractive
because retail store deals with various varieties where customer buy every thing at reasonable
prices as well. On the other side. M&S founded by a partnership between Michael Marks or
Polish Jew.
KEY RELEVANT CHANGES WITHIN THE UK FASHION RETAIL
Fashion retail market is highly challenging and riskier in terms of instant changes as per
the market changes. Moreover, the main aim of the organisation is to earn the maximisation
profit. Moreover, fashion industry is based on the trends. Besides, in retail market retailer needs
to analyse the market prices in order to set their own prices. Retailer needs to set the prices on
the basis of customer approach. Along with that, it is the most important for the organisation to
adopt the latest technologies and strategies to enhance the customer focus towards the company
product and services (Minton and Kim, 2018). Moreover, the main aim of the organisation is to
earn the customer satisfaction. In retail market retailer needs to face some changes which gives
the adverse effect on the business functions. Like fashion changes, needs changes, market

competitors pricing strategies, changes in technological factors. UK market is customer oriented
and product oriented. Market is changeable and dynamic in nature. There are some key changes
in fashion retail market in UK.
Political Factors: UK market is spread in wide term. Most of the challenges facing by
the fashion companies is that, change in customer demand. This is the most prominent and
challenging factor which influence the activities of M&S company. It is the foremost function of
the company is to check the current demand in the market. Due to offering old trendy clothes to
the customers this gives negative impact on their buying decision making approach (Dose,
Walsh and Segev, 2018). On the other hand, customer is rational they always get attract from
creative things and innovative services. For that company needs to check the regular market to
adopt all changes. This is the first changes in UK market which faces by the fashion retailer.
Economic Factors: Adding to more, the another changes in UK market is change in
technology. In current scenario customer needs more flexibility in buying the clothing products.
Technology changes are the common changes which is requires adopting the companies in order
to make the effective and productive working environment on the other sides it makes new
changes and attractiveness with the customers (Jezic von Gesseneck Toffanin and Jezic von
Gesseneck, 2018). This is the another change for fashion retail market which may gives the
adverse effect the business activities. Technological changes should adopted by the M&S in
order to make more flexibility in dealing with the customers. Technological changes increases
the efficiency of a product or process that results increase in output.
Social Factor: Social factor is the another factor another macro factors which is
necessary for the company to adopt. In this context company needs to adopt some social welfare
activities to attract the customer faith. Main key changes in the UK market which faces the
changes and issues (Cairns and Wright, 2018). On the other side, this changes gives the negative
impact on the business organisation. Competitors price is important to be consider to set their
own prices in order to mitigate the risk factor. For example, Tesco change the prices of their
clothing products this change is give adverse effects on the sales of M&S. It is important for
M&S to adopt this changes to beat with the competitors price. Customer is rational in nature they
attract towards those services which available on low prices (Lamichhane and Malet, 2018).
Along with that, changes in competitor price is used more often by businesses selling similar