Retail Theory and Practice: Strategies for Adapting to Macro and Micro Environment Changes

Retail Theory and
Practice

Contents
INTRODUCTION...........................................................................................................................................1
MAIN BODY.................................................................................................................................................1
Changes within the Micro Environment......................................................................................................3
Strategies and tactics in adapting changes with influence of macro environment......................................4
RECOMMENDATIONS..................................................................................................................................6
CONCLUSION...............................................................................................................................................6
REFERENCES................................................................................................................................................8

INTRODUCTION
Retail depicts as a most effective process of selling goods and services to the customers
for their own use with the help of various distribution channels so as to earn higher range of
profit. This is a very diverse sector as it comprises a range of fields like supermarkets, chain
stores, online merchants, department stores and many others. The word retailer comes from the
French word retailer. All the retail stores purchase goods from wholesalers in large quantity,
store them and resale it to their individual consumers in small quantities in order to earn higher
profit. Retail marketing considered as an application of marketing function which pertains that it
is essential for a retailer to adopt some effective channels to distribute products and services in
an effective manner among the customers. It includes various activities like advertisement,
packaging, promotion and makes attractive the products in terms to get higher customers
attention and satisfaction (Banerjee and Mishra, 2017).
MAIN BODY
Introduction to the company
This report is based on Mark and Spencer which is British multinational retailer which
was formed in 1884 by Michael Marks and Thomas Spencer. Headquarters of this company are
situated in Westminster and London. This firm is leading their business in manufacturing
clothing, home products and food products. It has almost 959 stores across UK in which 615
stores are dealing in food products. They are able to raise their brand recognition in early 20th
century by regulating the policy of manufacturing British-made products. Moreover, M&S has
expanded its business in Canada in the year of 1973 with the establishment of 47 outlets.
Company was able to attain higher profit in the peak year i.e. 1997-1998 form this time period
organisation become able to attain continuous success (Marks and Spencer Group Plc, 2019).
Along with this, in order to enhance it sales company has adopted a strategic marketing
campaign in 2006 in which they given a slogan “Look behind the table”. The main purpose of
this firm is to manufacture the products and services by considering both environmental and
ethical aspects so that they can regulate the fair trade, environmental friendly textile and
maintain sustainable fishing. Also, in order to maintain environment factors, M&S has
introduced an innovative plan i.e. “Plan A” which is made by them in terms to enhance
environmental sustainability and to cope up all social and environmental challenges.
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