Table of Contents
P1 Explaining the characteristics of target markets of New Look and Debenhams.
Characteristics of the target market of the New Look.
Characteristics of the target market of Debenhams.
P2 Explaining the policies adopted by New Look & Debenhams.
Retail policies of New Look.
Retail policies of Debenhams.
P3 Describing the factors that influence the fashion trend.
P4 – Impact of different fashion trends on retail services.
P5 Explaining the image of New Look and the way it meets the needs of its target market
P6 Explaining three differences between fashion retailers catering for a mass market and those catering for a niche market
The fashion retail industry is a very sophisticated, constantly growing sector. It is the second-largest industry in the UK. However, studies show that 80% of clothing retailers fail within the first five years. Consumer taste and preferences relentlessly change thus organizations have to constantly evaluate the market to ensure the strategies fit with those of the environment. However, the fashion retail industry encompasses many opportunities for growth as well as many threats that can negatively affect an organization. In their quest to gain competitive advantage and grow many organizations adopted different strategies; they are organic growth by reducing the cost in all value chain activities while others have grown through mergers, acquisitions, and or strategic alliances. The fashion industry is the most dynamic and challenging industry. The migration of fashion manufacturing from the UK, and, in general, from established markets to offshore countries has played a crucial role in transforming the way fashion is created and consumed in the contemporary world, together with the complex nature of consumption that represents fashion today.
P1 Explaining the characteristics of target markets of New Look and Debenhams
Retailing is the procedure where the sellers offer the products straight to the end-users. The main retail outlets are summarized as below:
A department store is a large store, divided into departments that sell such products as furnishings, electronics, clothing, footwear, toys, cosmetics, and sometimes also groceries. The Department store is a retail establishment that sells a wide variety of goods. These usually include ready-to-wear apparel and accessories for adults and children, yard goods and household textiles, small household wares, furniture, electrical appliances and accessories, and, often, food. These goods are separated into divisions and departments supervised by managers and buyers. There are also departmental divisions of merchandising, advertising, service, accounting, and budgetary control.
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Discount Stores: A discount store is one in which goods are sold at low prices. The major discount stores are offering the machine for $44, a discount of 12% on the RRP of $50.Leading midmarket supermarkets continue to see market share drop with customers favoring discount stores and up-market specialist stores. A discount store is one in which goods are sold at low prices.
Supermarket: A supermarket is a highly developed structure of the smaller grocery shops and caters the household needs. The different food items (juices, meat, dairy products, vegetables, etc) are all appropriately presented at their particular departments to grasp the concentration of the consumers and meet their changing needs and choice. A selling store that usually retails goods along with domestic objects, appropriately located and prearranged in particular departments is called a supermarket. The main supermarket in the UK is Morrison, Tesco, and ASDA, Waitrose, and Sainsbury’s.
Warehouse Stores: Warehousing is the act of storing goods that will be sold or distributed later. While a small, home-based business might be warehousing products in a spare room, basement, or garage, larger businesses typically own or rent space in a building that is specifically designed for storage.
Mom and Pop Store: Mom and pop stores present offer a specific range of products and are not organized. The area of the store is not large which is depending on the owner’s ability. They retail Medicines, Bread, Eggs, Toys, Cereals, Pulses, Cigarettes, and Stationery. They do not present high-end goods. Mom and Pop stores are the little shops directed by persons in the local community that offer everyday products focusing on the needs of local community people. Specialty Stores: Specialty stores are retail businesses that focus on specific product categories, such as office supplies, men’s or women’s clothing, or carpet. It isn’t the product they sell that determines if a company is a specialty store, but rather the breadth of their product offering………………