Individual Reflection Report: Key Aspects of Retail Marketing

This report provides a comprehensive individual reflection on the fundamentals of retail marketing, covering key performance indicators (KPIs), forecasting, and planning. The reflection delves into the importance of KPIs in measuring business performance, including aspects like lost sales and conversion rates, and their role in strategic decision-making. The report also examines the process of forecasting and planning, emphasizing the roles of stakeholders and the use of internal and external data. A case study on Gina Tricot is included, highlighting its marketing strategies and approach to customer service. Additionally, the reflection explores retail logistics, customer service, sustainability, innovation, and online marketing, including SEO and social media strategies. The reflection concludes by summarizing the relationships between KPIs, forecasting, Gina Tricot and online marketing, customer services, and innovation, demonstrating the interconnectedness of these concepts in achieving business goals.

Individual Reflection

Table of Contents
INTRODUCTION...........................................................................................................................3
REFLECTION.................................................................................................................................3
Chapter 1: Key performance indicators......................................................................................3
Chapter 2: Forecasting and planning...........................................................................................3
Chapter 3: Gina Tricot, Anna Appelqvist...................................................................................4
Chapter 4: Retail logistics...........................................................................................................4
Chapter 5: Customer services......................................................................................................4
Chapter 6: Sustainability and innovation....................................................................................5
Chapter 7: Online marketing.......................................................................................................5
SUMMARY OF REFLECTION.....................................................................................................6
CONCLUSION ...............................................................................................................................8
REFERENCES..............................................................................................................................10

INTRODUCTION
Individual reflection can be defined as an ability of human beings to analyse the
fundamentals and willingness to learn facts. However, personal development is based on learning
facts and fundamentals. It is related with the knowledge and abilities of a person to reflect what
he has learnt. On the basis of above concept, present report is prepared to reflect the
fundamentals of retail marketing. It also emphasises on the key performance indicators and retail
calculations. Also, it includes forecasting and planning in a business. It will enlighten the
relationship between key performance indicators and forecasting. Apart from that, summarised
reflection is also given in this report.
REFLECTION
Chapter 1: Key performance indicators
Key performance indicators are used to measure various factors that affect business. It
reflects various aspects like lost sales, average order value, conversation rate and bounce rate.
For example: to identify success, customer needs, problems and measures to improve the current
position. Earlier, I had a little idea about key performance indicators and its meaning. But after
reading more about the subject, I came to know about performance indicators in retail services. I
was not aware about the measures that can affect fashion. But with the help of reading, I found
that service level, lost sales and product substitute percentage helps in measuring seasonal
fashion. Apart from that, I also came to know about the development of key performance
indicators by adopting a balanced approach. With the help of this subject, I can improve my
performance at the time of employment in the future.
Chapter 2: Forecasting and planning
Forecasting and planning is the process of analysing present situation to make future
plans. This study helped me to gain knowledge about forecasting and planning. In this study, I
have learnt about the stakeholders who are involved in forecasting. People involved in
forecasting are managers of different departments, that is, marketing, production, finance,
distribution and sales. Basically, forecasting is done on the basis of two types of data i.e. internal
and external. With the help of internal information, level of sales is compared with marketing
actions. On the other side, external data includes political, economic, social and technological
factors. However, both; the internal and external factors are helpful in making sales and

production plan effective. Future plan includes promotion of products in an innovative way. New
market is searched where the products are sold. This study helps me to have an idea about the
given subject. Further, it will help me to implement my knowledge at workplace. With the use of
this subject knowledge, I can implement these techniques at the time of working (Moritz, Hill
and Donohue, 2013).
Chapter 3: Gina Tricot, Anna Appelqvist
Gina Tricot is a fashion chain that provides clothes and accessories for women in
different countries. Organization uses simple approach while designing and working. Marketing
manager uses various online tools to promote its products and services. I came to know that
Anna Appelqvist is the head of production department at Gina Tricot. Main aim of company is to
provide the latest product with unique design and style. Earlier, I had no idea about this company
but with the help of reading, I have identified that the firm wants to grow employees with its
development.
Chapter 4: Retail logistics
Retail logistic can be defined as a process through which flow of merchandise is managed
with the help of supply to customers. However, logistics at retail can be used by opting right
service level and efficient retailing. With the help of this subject, I have come to know about
distribution structure which includes three things i.e. vertically integrated online brands, branded
retailers and brands without own distribution. On the other hand, I learnt about the challenges
that are faced by retailers. Earlier, I had no idea regarding the area of improvement that can be
used by retailers. I came to know that with the help to retail logistics, measurement of cost and
sales improvements can be done.
Chapter 5: Customer services
Customer service is a process of providing product or service in consideration of money.
These services are provided with an aim to fulfil the demands and needs of customers. On the
basis of this study, I have come to know about the gap analysis and SERVQUAL. Gap analysis
shows difference between customer’s expectation and delivered services. However, the measures
are taken by organizations to overcome this difference. This study also helps me to know the
service quality dimensions. It defines those factors through which the quality of product or

service is measured. Before conducting this study, I was not aware about the model that
increases customer loyalty. It is necessary to serve best services to the customers so that it will
increase the trust and loyalty of the customers towards the product or service. It is crucial to treat
customers with respect so that the production of company can be increase. For better
understanding of importance of customer service certain points are taken into consideration. It is
required to analyse the demands and needs of the customers. On the basis of those needs the
services are provided accordingly. Excellent services can be provided by adopting feedbacks so
that the problems can be solved (Stam and et.al., 2014). Furthermore, after reading this chapter I
have realised the importance of giving good services to the customers. Thus, all the thing which I
have learned from the given module will be applied by me in the firm from where I will be
employed in future.
Chapter 6: Sustainability and innovation
On the basis of this study, I have come to know about sustainable Apparel Coalition
which was found by the group of sustainability leaders. Main motive behind forming this group
is to measure the impact of sustainability of products and to remove the problem of waste. On the
other side, innovation is a way through which a new concept can be brought to remove old
practices. In retail industry, innovation is necessarily to be in firms with change in time so as to
survive. With the help of the two concepts, I have got an idea about the use of practices that
reduce waste. With the help of study, I also understood about the concept of sustainability in a
business practice. Apart from that, study explains the conventional production from fibre to
garments (Smith, 2014). Earlier, I was not aware about such concepts but after imparting
knowledge about sustainability and innovation, I have learnt the usefulness of these two concepts
in today’s competitive era. These two concepts are necessary because providing innovation
should not be the only core objective of firm but eliminating the waste must also be considered
to sustain in the long run. After examining the given module, I have improved my knowledge
about the relationship which tend to exit between two concepts such as sustainability and
innovation.
Chapter 7: Online marketing
Marketing is a process through which the value of product can be increased and making it
available to the end user. However, online marketing is a way through which promotion can be

done with the help of using social networking sites. Through this study, I have gained knowledge
about different terminologies like CPC- cost per click, CPV- cost per view, ROI- revenue over
investment, etc. I have got a broad idea about search engine optimization (SEO). It is the
technique used by companies to know where a company stands in online ranking at the time of
search. Thus, with the help of SEO, a person can get required amount of information. On the
other side, social media is a platform through which online promotion is done to attract the
interest of customers towards a product or service. It is seen that around 28% of time is spent by
people on social media every day. Giving ads on these sites helps in gaining the attention of
customers. There are different social networking sites like Facebook, Twitter, G mail, Blogs, etc.
I have gained knowledge about various terminologies that are used in online marketing like SEO
and PPC. Online marketing helps in promoting and advertising a product at a huge level. It also
plays a vital role in delivering the product to its end user. I have learnt the practical aspect of
using online marketing in an organization.
SUMMARY OF REFLECTION
In this part, relationship between various aspects is mentioned. On the basis of above
study, relationship between key performance indicators (KPI) and forecasting and planning is
done. Key performance indicators play a crucial role in planning and forecasting. KPI's are those
indicators that measure the performance of an organization. It can also be said that with the help
of these factors, actual position of a company can be measured. On the contrary, forecasting and
planning is the process of deciding what is to be done so that future goals will be achieved
effectually. In a company, management aims at increasing sales, customer’s base, profits etc.
All these can be termed as performance indicators. However, to increase sales in future
forecasting is necessary. To enhance the customer base of a company, planning is essential.
Without planning, operations of the firm cannot be initiated. Planning is a direction through
which workforce of a company can operate their tasks. On the basis of KPI's, analysis can be
done which helps in knowing the present requirements to attain future needs of organization.
Even, the indicators help in knowing demand and needs of customers. After knowing the needs
of people, production management of a company can forecast and plan. On the basis of
forecasting, they can produce the products that can satisfy the needs of customers to a high
extent (Moritz, Hill and Donohue, 2013).

Another relationship that can be summarised is in between Gina Tricot and online
marketing. As it is mentioned above, Gina Tricot is a family owned company that provides
fashion products for women in UK (Smith, 2014). Organization produces variety of products
with an aim of expanding in different parts of UK as well as throughout the world. On the other
side, online marketing is a tool which can be used by a company to advertise its products and
services. It can be known as the fastest means of communication and promotion of product
within short span. Company offers fashionable clothes with great accessories for women.
However, to attract large number of women customers, company can use better advertising
techniques. With the adoption of these techniques, marketing manager of firm can communicate
with the audience frequently.
This interaction will help the firm to solve customer problems as soon as possible.
Basically, women are very selective and interested towards online shopping, thus, organization
can use different sites to capture the interest of women customers. It will also help to maintain
the trust of customers towards brand. It will increase the brand loyalty of customers and clients.
Using online mode will help the firm to reduce its advertising and promotion cost. Giving ads in
newspaper, TV and magazines can cost higher as compared to online marketing. It is seen that
people at every age uses social media or internet. People are getting advanced day by day with
the help of internet. So, using this technique will not only increase the profitability of firm but
also enhance the number of employees. Having a positive and strong brand image will attract
talented candidates towards company.
On the basis of above study, another relationship can be defined in between customer
services and innovation. Earlier, I was only aware about the importance of innovation with
product. But after reading this module, I came to know that it is important to bring innovation in
customer services. Customer services can be defined as the way of delivering goods and services
to satisfy the needs of an individual or it can be said that, it is related to services provided to a
customer before or after purchase. The size of a business must not affect customer services. It is
necessary to provide effectual services to the target market in order to retain them in the long
run. Rendering services should not be the only motive of organization but to take feedbacks from
customers must also be involved. With the use of innovative ways, services can be provided in
an effective manner.

Using old practices for customer services will result in decreasing number of customers
with a particular brand or product. I have understood the concept of innovation in customer
services. With the adoption of innovative ways, companies can sustainability work in the long
run. I have learnt the relation between above concepts and it helped me in enhancing my
knowledge related to the subject.
Another relationship that can be highlighted is in between retail logistics and customer
services. The logistic department plays a crucial role for sellers as well as customers. It helps in
offering products to its end users (Beaudoin, 2012). It is a link between retailer and supplier.
Retail logistics is related with customer services with an aim to foster the services to consumers.
Customer services prove to be very important for the organizations. Companies are aware of
growing customer requirements and adopt set standards as well. The logistic department makes
balance between customer services, logistic cost and benefits. Department needs to be in touch
with the customers regarding time, location and status of goods. The department needs to make
sure that whether goods are delivered at right place or not.
In today's world where majority of the population is using internet to find out any
information, company can use online marketing tools to promote goods and services in the
market. This tool is commonly used by the management as a marketing tool. Online marketing is
mostly preferred by the firm to introduce a new product in the market by displaying
advertisement on online sites, customers can also use this means to redress the grievances of
customers and provide customer services (Moritz, Hill and Donohue, 2013). Customers can
order their products without physically moving them to stores. This eases the task of customers
as well as of company. An organisation can promote its product by mailing the details about
product through mails. Online marketing allows its customers to provide quality services to their
customers. Now, customers can sell its product online with a brief description about the product.
CONCLUSION
It can be stated that all above mentioned points are interlinked with each other. The retail
industry needs to follow all stated subjects effectually so that it can earn higher revenues. The
report has depicted different concepts related with retail organizations. It has also described the
concept of online marketing in business. On the basis of above topics, I have learnt different
aspects of forecasting and planning. Proper use of forecasting determinants will help in attaining
the goals of an organization within stipulated time period. Report also included key performance

indicators which help in measuring the performance of company. Overall, it can be said that I
have learned many things from the given modules.

REFERENCES
Books and journals
Beaudoin, B., 2012. Creating community: From individual reflection to SoTL transformation.
International Journal for the Scholarship of Teaching and Learning. 6(1). pp.17.
Moritz, B. B., Hill, A. V. and Donohue, K. L., 2013. Individual differences in the newsvendor
problem: Behavior and cognitive reflection. Journal of Operations Management. 31(1).
pp.72-85.
Smith, T. D., 2014. Using the expressive arts to facilitate group music improvisation and
individual reflection: Expanding consciousness in music learning for self-sdevelopment.
University of Illinois at Urbana-Champaign.
Stam, D. and et.al., 2014. Why quiet reflection improves development performance. RSM
Discovery-Management Knowledge. 17(1). pp.14-15