BMKT611 Retailing Final Assignment Essay Example | Topics and Well Written Essays - 4500 words

BMKT611 Retailing Final Assignment - Essay Example 3). Complicating matters, retailers are not only confronting the changing dynamics of the modern retail market, but are also confronting the economic challenges effecting consumer spending practices since the global financial crisis of 2009. Consumers have demonstrated a habit of unpredictable and frugal spending habits. Retailers are also affected in that they are increasingly confronting the challenges posed by increased fuel prices as well as inflation so that retailers are now concerned about reducing costs. In the meantime, retailers have to find innovative ways of remaining competitive (Mansoor & Jalal, 2011, p. 104). A review of the literature informs that in-store strategies continue to be a method by which retailers seek to differentiate their products and services from the competition. An emerging trend is a propensity to ensure that customers have an exciting and entertaining experience and consumers also expect convenience, options in merchandise at the right place, the r ight time and â€Å"at the right price† (Carpenter, Moore, & Fairhurst, 2005, p. 43). This report conducts a comparative analysis of the in-store strategies employed Primark and Forever 21in the UK. ... A SWOT analysis is conducted on each store with a view to identifying and analysing the weaknesses and strengths of the in-store strategies used. A Review of the Literature The forces of globalisation together with the ease with which new entrants can join the apparels’ industry have rendered apparels’ retailing a highly competitive market. Research studies indicate that the popular pricing strategy of the 1970s is no longer suitable for ensuring retailer’s competitive edge. More and more, consumers are committed to quality and competing in terms of sales lowers profit margins, compromises consumer loyalty, and increases â€Å"product imitation† (Bruer, Cassil, & Jones, 2005, p.1). The changing dynamics of the retail market is such that consumers are more informed and have far more choices than previously. As a result, retailers have experienced a shift in bargaining controls toward consumers. Facilitated by information technology, lowered barriers to trad e, consumers are increasingly aware of competitive products and will exhibit loyalty toward retailers that have the ability to excite and entertain them. In the meantime, consumers’ preferences and needs have â€Å"become more fragmented,† and more â€Å"difficult to understand and predict† (Kilduff, 2001, p. 2). A study conducted by Carre, Tilly and Holgate (2010) in two fiercely competitive retail markets in the US (food and electronics) demonstrate that a number of factors influence in-store strategies in the retail market. The study involved 16 case studies (8 in food and 8 in electronics) and involved 195 interviews with managers in human resources and operations. Research findings indicate that competitive strategies include increasing service, improving both