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Innovation in Fashion Industry - Strategic Business Project-1 ABSTRACT

   

Added on  2021-01-02

40 Pages14465 Words148 Views
Strategic business project-1

ABSTRACTInnovation can be described as an important key that leads to the creation of competitiveadvantage for business that helps to compete in the market effectively. Competition in fashionindustry is rising day by day thus firm requires to pay attention towards creation of innovation atworkplace especially regarding external knowledge, skills and experiences which can easilyfoster innovation and can lead to creation of competitive advantages. The present study is basedon Debenhams Plc, multinational retailer, which provides customers with fashionable shoes,clothes and other accessories. It can be said that the main reason behind conducting this researchis that the competition is rising in fashion industry as the trends are changing continuously andeffectively. In this context, innovation is required for company to improve and develop existingproducts and services or to create new ones to attract customers in the market in order tocompete others. The primary aim of this research is to measure role of innovation to providestrength to business in the state of intense competition in the market and it is based on qualitativeresearch. Businesses are facing significant challenges in gaining competitive advantage infashion industry over its competitors. Innovation is an art of competing with others in the marketwhich is difficult for many firms. It is often perceived as a threat of existing work and changewhich creates uncertainty.

TABLE OF CONTENTSTOPIC:.............................................................................................................................................1CHAPTER 1- INTRODUCTION....................................................................................................1Background of the study.........................................................................................................1Rational of the research..........................................................................................................1Research aim and objectives..................................................................................................2Research questions.................................................................................................................2Research problems..................................................................................................................2Research methodology...........................................................................................................3Chapter Structure....................................................................................................................4Conclusion..............................................................................................................................4CHAPTER 2- LITERATURE REVIEW.........................................................................................5Introduction............................................................................................................................5Role of innovation in attaining competitive advantage in fashion retail industry..................5Determining the strategies and plans for innovation..............................................................7Innovation strategies that can be applied by fashion retailer...............................................10Challenges faced by organisation in managing innovation and commercialisation.............11Conceptual Model................................................................................................................12CHAPTER 3- RESEARCH METHODOLOGY...........................................................................14Introduction..........................................................................................................................14Research philosophy.............................................................................................................14Research design....................................................................................................................15Research approach................................................................................................................16Research Method..................................................................................................................17Data Collection.....................................................................................................................17Data Analysis........................................................................................................................18Sampling...............................................................................................................................18CHAPTER 4- RESULTS AND DISCUSSIONS..........................................................................19Introduction..........................................................................................................................19Secondary Analysis.............................................................................................................19

SWOT ANALYSIS OF Debenhams plc..............................................................................27PORTERS FIVE FORCES OF Debenhams plc...................................................................28Integrated assessment of analysis.........................................................................................29CHAPTER 5- CONCLUSION AND RECOMMENDATIONS...................................................30Conclusion............................................................................................................................30Recommendations................................................................................................................30Need for future study............................................................................................................31REFERENCES..............................................................................................................................33

TOPIC:“To evaluate and determine role of innovation to combat the state of intense competitionin the UK's fashion retail industry – A case study on Debenhams PLC.”CHAPTER 1- INTRODUCTIONBackground of the studyInnovation can be described as an important key that leads to the creation of competitiveadvantage for business that helps to compete in the market effectively. Competition in fashionindustry is rising day by day thus firm requires to pay attention towards creation of innovation atworkplace especially regarding external knowledge, skills and experiences which can easilyfoster innovation and can lead to creation of competitive advantages (The UK fashion andapparel sector, 2019). There are so many firms operating in fashion industry within and outsidethe UK which have created intense competition for firms like Morrisons, Walmart, Boots, Tesco,Sainsburys and ALDI etc. Innovation is a changing process which helps the business in creatingmore effective and efficient products and services for customers along with implementation ofnew ideas. The process helps to create dynamic products and also improve existing services thathelps the business in attaining competitive advantage. It is analysed that innovation is necessarywithin business in order to create something new in terms of product or service which can attractcustomers in the market.Debenhams plc is a British multinational retail fashion firm operating under a departmentstore format in the UK and Ireland with franchise store in other nations as well. The firm wasfounded in 18th century and had a single store in London. The business has now grown to 240locations across the United Kingdom, Denmark, Ireland and 27 other countries. There are total27,893 workers in the firm with a net income of 85.9 million as per 2016 (Debenhams plc,2019). The boss of business, Sergio Bucher says that we have to make shopping fun again. Thecompany provides its consumers around the world a differentiated, unique and exclusive mix ofown brands, concessions and international brands. Rational of the researchIt can be said that the main reason behind conducting this research is that the competitionis rising in fashion industry as the trends are changing continuously and effectively. In thiscontext, innovation is required for company to improve and develop existing products andservices or to create new ones to attract customers in the market in order to compete others.1

Innovation is required to enhance effectiveness of operations and production (Pedersen, Gwozdzand Hvass, 2018). There are so many firms delivering similar products and services in the marketthat competition is tough for Debenhams plc. The study is conducted for academic purpose andto boost knowledge over different concepts of innovation at workplace, to combat the state ofintense competition within fashion industry, UK.Research aim and objectivesAim:The primary aim of this research is to measure role of innovation to provide strength tobusiness in the state of intense competition in the market.“To evaluate and determine role of innovation to combat the state of intense competitionin the UK's fashion retail industry – A case study on Debenhams PLC.”Objectives:To identify role of innovation in attaining competitive advantage in fashion retailindustry.To determine strategies and plans for innovation by Debenhams Plc, UK.To determine the challenges faced by Debenhams in managing innovation andcommercialisation. To suggest innovation strategies that can be applied by Debenhams Plc to combat thestate of intense competition.Research questionsWhat are the roles of innovation in attaining competitive advantage in fashion retailindustry?What innovation strategies and plans can be used for raising healthy competition byDebenhams Plc, UK?What are challenges faced by Debenhams in managing innovation and commercialisationfor long period. What are the ways in which the firm will be able to implement innovation at workplace?Research problemsResearch problems are associated with the investigation process which is a clearstatement that denotes area of concern and condition which needs to be improved with the help2

of practice points. In the present exploration, the area of concern is cost of implementinginnovation strategies, time required to formulate and apply them at workplace and insufficientinformation about competition in the market. Research methodologyIt is a specific process used to select, analyse and determine information on the basis ofresearch aim and objectives. This section helps in evaluating reliability and validity of researchthat helps to understand the process. Research type: There are two types of research such as quantitative and qualitative. Inthis study, conclusive and exploratory are two research methods which will be used byresearcher to conclude the final answer and explore the research objectives (Kumar, 2019). Research approach: Inductive, deductive and abductive are three types of researchapproaches available for researcher in order to accomplish aim of the study. Deductive approachwill be used according to the nature and scope of investigation.Research philosophy: It is the only section which provides detailed analysis of topic.There are four type of philosophy available for researcher in order to conduct the investigationsuch as positivism, interpretivism, realism and pragmatism (Mackey and Gass, 2015). Theresearch is subjective in nature therefore scholar will make use of positivism philosophy. Research design: This section helps to provide general answers regarding investigation.Strategies and plans in relation to data analysis and collection are some important part ofresearch design. Correlation al, experimental, review, Meta analytic and descriptive are variousresearch designs among which descriptive will be used.Data collection: Data collection is a process of collecting information with the help oftwo major sources known as primary and secondary methods. Both are useful and have similarimportance for the researcher to make effective use in the investigation. Primary and secondarycollection of data will be used as it helps in gathering fresh and current information with regardresearch topic. Data Analysis: It is the procedure of examining, cleaning, transforming and modelling ofdata with the objective of discovering useful information (Ledford and Gast, 2018). Thematicanalysis of data will be use by researcher in this study which is qualitative in nature. Sampling: There are usually two methods of sampling known as probability and non-probability in which participants have chance to take part in the research process in order to3

provide their contribution. Simple random sampling will be used as the method eliminates thechances of bias research outcomes. Researcher will collect information from 40 respondents ofDebenhams plc of UK. Validity and Reliability: It is one of the crucial part of research in which the researcheraddress validity and reliability of investigation in concise manner effectively. It is important tohave a valid and reliable research to generate positive outcomes (Fletcher, 2017).Chapter StructureChapter 1: Introduction- It is the first part of research which includes explanation aboutwhat is going to be find out in this thesis. Moreover, this section consists of background of thestudy with aim, objectives, questions and further methods including a short review of researchmethodology. Chapter 2: Literature Review- Literature review is a critical part of research in whichdiscussions are made on various theory associated with the topic of study. In this part, answersare provided for the questions made in above introduction part. The information presented hereincludes views of different authors and scholars.Chapter 3: Research methodology- This method is useful that helps to deriveapproaches and methods used by researcher in order to contribute to the investigationprocedures. This section will be important for concluding impact of innovation so that the datacould be used as valid and reliable. Chapter 4: Results and discussions- This section finds out results in order to explainthem in detailed manner to link them with research aim and objectives. In this, data is collectedand analysed using relevant techniques and methods. Chapter 5: Conclusions and Recommendations- It is the last chapter of study in whichvalid conclusion, recommendation and summary is provided. This section, summarize the studywhich denotes effectiveness of entire study and information collected. ConclusionThe introduction section covers all major headings which will be used in the research inorder to determine key findings and results effectively. This section concludes a brief summaryabout methods, strategies, background, significance, purpose and rational of the investigation.This helps to have an idea about overall research structure.4

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