Pest analysis
Discuss about the Political Economy Of International Relation.
The political factors could be said as the optimal sources of risk meant for the fashion industry. Further, volatility because of the political factors is not unforeseen. According to the McKinsey report on fashion sector, delayed trade deals, Geopolitical volatility, Brexit and terrorism would make an increment in the uncertain aspects in the global economy (Telegraph, 2012). The continuing political movement in the UK can also create an adverse impact on the fashion industry. One of the key decision related with political that affected the Syd& Mallory in the UK is the tax rate imposed by the government. Moreover, this has the capability to impact corporate bottom line in terms of company tax but also the capability of consumers to make expenditure with next, associated with income tax (Gilpin, 2016). Presently, extents of company tax present in the UK have been reduced for stimulating economic activity. Another important political decision assessed interest rates. Currently, interest rates in UK are positioned at the lowest of 0.5%. This might considered as a positive variable for organizations such as Syd& Mallory being efficient at borrowing huge amount of funds for the intention of capital enlargement at the lowest possible rates (Li and et.al, 2014). By considering this aspect, the political system of UK on the basis of parliamentary democracy might be considered as offering Syd& Mallory with a comparatively low uncertain political environment wherein it can operate.
At present, an integral factor which might create an impact on the Syd& Mallory in the UK is state of economic environment. Being a business which used a differentiated strategy based on premium aspects, on contrary to a cost rules, it might be considered as that sways in the economic environment having the capability of affect the fate of company to a higher extent as compared to those working in the budget sector of the marketplace (Ngai, Tao and Moon, 2015). Due to the impact of Brexit, the rate of exchange of the currency (pound) has been stood at the lowest rate in the last 31 years, and still there is non-consistency in the same (Parliament UK, 2012). This can lead to inconsistency in the economic environment affecting the company. Further; fluctuating spending habits of customers can force some products and suppliers, intensely. Retailers such as syd are largely based upon the British economy, as an income source (Kawamura, 2018), On the other hand, from the time of global crises held in 2017, the gross domestic product growth in the UK has been delivered a bad performance. In the present economic environment, the labor lost in the UK had remained as high, particularly, syd engaged in trading handmade items.
Political factors
Presently, there are a lot of social as well as cultural fluctuations emerging in the UK, which might have greater impact on the progress of fashion suppliers in market like Syd& Mallory (Rashid and Barnes, 2017). In most of the situation, as the social and cultural industry’s representative also the fashion section might be said as an industry which might be impacted by these types of trends to a higher level as compared to other industries.
The millennial age group is the major target segment of fashion retailers; its choices are very complex as compared from the past generation. Several changes on the level of social and cultural have impacts the shopping conduct and decisions or their preference towards a specific brand (Pedersen, Gwozdz and Hvass, 2018). For the situation of Syd& Mallory, this has not merely to outer implications such as those associated with the alignment of product varying to particular cultural divisions, in this erosion the corporate should make sure that it trades with related problems effectively such as diversity management etc.
In certain areas, the regional populace labor market is not willing to operate for minimum working wages in the retail sector (CIA, 2013).
The most significant problem in UK is fat. Most of the customers with fatness prevent shopping in some retail stores and shopping malls, as they have generally are deficient in size variants and ranges like Zara. On the other hand, syd can offer clothes of plus size, which is a great opportunity (Goworek, Perry and Kent, 2016). The core issue present in the UK market is the common population aging. This might be considered as a problem as well as an opportunity for the company. However, an ageing population might suggest Syd& Mallory to amend the product portfolio in an effort to make sure that the products traded by company are attracting the aging population. Moreover, the outlook of an aging population might also consider that the competitiveness for the rapidly increasing smaller demographics of the market becomes more intense for Syd& Mallory with the progress of time.
Technology is also the most significant variable that impacts the fashion industry growth. A larger portion of the 21st century development of the fashion retailer can be subjected to the technical advancement that has emerged in the era. Enhanced use of digital devices, information technology, globalization, and internet for shopping affects the sales, customer preferences and marketing (Ozdamar Ertekin and Atik, 2015). Other technologies have enabled business to establish optimal relationships with their consumer while allowing communication effectively. For adapting to the increasing development of internet technologies, syd have offered online shopping on their authentic website, and united ASOS to put products into sales, which makes improvement in the shopping experience and efficiency. Thus, Syd have made use of social media, like Instagram to make promotion of their products. Further communication technology enabled customers and retailers to establish optimal relationships and effective communication, for example mobile phone apps. On the other hand, Syd has still not established associated technology, which might impact customer feedback (Gupta and Gentry, 2018). The technology present in this division has greatly acted as opportunity, as there is a course of uncertainty. Most of the relative concerns on the abandonment of the high street as consumers flock to online business models.
Economic factors
Mixed method of data collection will be implemented by a marketer by this research study engaged in the use of primary and secondary methods of collecting data. Further the interview method being a portion of primary method of data collection, information seeker will do interview of the shoppers and retailers in collecting data regarding the study. Further secondary sources will be used by considering industry reports books and journals of the fashion retail industry of UK.
Researchers are incomplete, if the research methods are neglected, as these assist in guiding the acting and practice of a user while conducting research in a particular direction. The opt for research method will be based in the present research’s mature(Taylor, Bogdan and DeVault, 2015). This research will explore the fashion retail industry by considering the case of Syd& Mallory.
Qualitative research technique highlight on finding in-depth information regarding a particular concern of the study to make the best suitable conclusion with the help of findings and experiments. Moreover, this technique aims on knowing about fact by considering its emergence (Flick, 2015). The observer will make use of Qualitative research method while searching for information regarding theoretical research wherein the aim of the information gathether is to look out for in-depth information regarding a special matter.
Retailer
For you what is good customer service?
Retailer 1- Good customer services refer to make sure that each and every customer’s wants is contended. For this we must have to reply their questions or any problems that they are having in product and also try to solve their grievances..
Retailer 2 – According to me good customer service includes having detailed information about the stock, experience with the products and also assists customers so that they can make best selection. Also it comprises treating customers’ pleasant, obliging attitude. As consumers always remember the way we deal with them.
The reason which motivate customers shop at this store?
Retailer 1 – The reason behind why customers find it easy to do shopping in retail showrooms is they wants expediency as in retail showrooms every product is available so that customers can buy the things from one roof only apart from searching one product in one shop and other product in another shop. Retailer 2- Customers use to shop more from retailers because the reasons of time saving as they can obtain everything from one shop only. So, instead of wasting time in searching of products in different shops they can acquire from their only.
Social factors
What is most important – a good product or friendly, fast service?
Retailer 1- From my point of view good product is very significant because if product is good than there will be no grievances of from customers.
Retailer 2 – Both are important it depends on the product as product value is more vital to customer like food products. Other products after sale service like software system.
What are your promotional techniques?
Retailer 1- Techniques for promotion applied by me are: giving offers to customers like buy one get one free, free samples, awesome prices, coupons etc.
Retailer 2 – To increase the sales the techniques which we use are giving discount on bulk purchase, free home delivery, giving rebate, scratch and win coupons etc.
Retailer 1- The success mantra of our is commencing business with right place , in what possible ways the customers can be satisfied, how far they can travel to visit the shop?
Retailer 2- Success mantra of our shop is offering new brand styles to customers, keeping details related to product and also inventories, producing eco friendly products.
What should be my goals for improving customer experience?
Customer 1- According to me the company should provide good products and services so that we can have affirmative attitude about them. Since every organization should try the best of their ability in order to make customer happy. Because if we are contended from their service then only we will choose them.
Customer 2- I believe that if company wants to draw more customers then they must create brand loyalty among them so that they can purchase your product again and again. It is vital to keep in concern the satisfaction of customers to ensure loyalty.
Customer 3 – It is not significant only to satisfy the customers but also to provide services better form competitors.
Customer 4 – Form view point of mine the organization must try regularly the techniques or ways to attract customers so that customers get attract to them and choose their brand over competitor.
Customer 5 – However, nowadays it is very important for every customer to feel good and satisfied after using the product and also they are brand conscious instead of price. They are even ready to pay high price if they get good product.
Why should previous experience and loyalty should be considered?
Customer1: It is necessary to assess the same as it assist in ascertaining the extent to which improvisation is required.
Career attitude
Customer 2: Loyalty leads to retain the customer for long term, thus same should be considered.
Customer 3: Previous experience is necessary to consider so that mistakes are not repeated.
Customer 4: According to me both the variants are necessary for enhancing the quality of customer service, thus they should be considered.
Customer 5: Learning can be made from past experience thus same are necessarily required to be assessed in detail.
How do I know whether my customer experience require improvement or not?
Customer1: Asking customers about their last experience. Through this it can be known about the likes and dislikes of customers.
Customer 2: Assessing the no. of times a customer repurchases similar or different products.
Customer 3: Does no. of consumers is reducing more rapidly.
Customer 4: Through online media or social survey. In case less positive reviews are received than it should be understood that customer experience requires improvement.
Customer5: Analyzing the behavior of customer could be one of the way to assess whether customer experience requires to be improved or not. In case the customers are happy and easily able to communicate than same represents that the quality of customer service is appropriate.
Which variants should be give priority to enhance the quality of customer service?
Customer1: Trust is one of the main variant. The reason behind same is if trust does not exist than same will make customer less likely to purchase the products.
Customer 2: I believe that, behaviour of trader is most important. As until and unless appropriately and positive behaviour exists, customer will not be able to provide demand of its products in appropriate manner.
Customer 3: According to me previous experience should be assessed in order to improvise quality of customer service.
Customer 4: Choice of customers should be given first priority.
Customer 5: Manner of communication can be believed as the utmost variant for enhancing customer variance
An individual will make use of thematic analysis while considering the gathered data by taking interview of buyers and retailers, further the answers held from the questioner provide to every research populace (Panneerselvam, 2014). Further, the answers of buyers and retailers will act as recommendations for the concerned research study. By making use of visual charts, an individual can do decision making on the information validity implemented in research.
Study will make use of authentic sources and there will be no plagiarism in the work.
References
CIA. 2013. World fact book UK. Available online at: https://www.cia.gov/library/publications/the-world-factbook/geos/uk.html [Accessed on 30th May 2018].
Flick, U., 2015. Introducing research methodology: A beginner’s guide to doing a research project. Sage.
Gilpin, R., 2016. The political economy of international relations. Princeton University Press.
Goworek, H., Perry, P. and Kent, A., 2016. The relationship between design and marketing in the fashion industry. Journal of Fashion Marketing and Management, 20(3).
Gupta, S. and Gentry, J.W., 2018. Examining its micro and the macro perspective. Eco-Friendly and Fair: Fast Fashion and Consumer Behaviour.
Kawamura, Y., 2018. Fashion-ology: an introduction to fashion studies. Bloomsbury Publishing.
Ngai, E.W., Tao, S.S. and Moon, K.K., 2015. Social media research: Theories, constructs, and conceptual frameworks. International Journal of Information Management, 35(1), pp.33-44.
Ozdamar Ertekin, Z. and Atik, D., 2015. Sustainable markets: Motivating factors, barriers, and remedies for mobilization of slow fashion. Journal of Macromarketing, 35(1), pp.53-69.
Panneerselvam, R., 2014. Research methodology. PHI Learning Pvt. Ltd..
Parliament UK. 2012. Aging population. Available online at: https://www.parliament.uk/business/publications/research/key-issues-for-the-new-parliament/value-for-money-in-public-services/the-ageing-population/ [Accessed on 30th May 2018].
Pedersen, E.R.G., Gwozdz, W. and Hvass, K.K., 2018. Exploring the relationship between business model innovation, corporate sustainability, and organisational values within the fashion industry. Journal of Business Ethics, 149(2), pp.267-284.
Rashid, A. and Barnes, L., 2017. Country of Origin: Reshoring Implication in the Context of the UK Fashion Industry. In Reshoring of Manufacturing (pp. 183-201). Springer, Cham.
Taylor, S.J., Bogdan, R. and DeVault, M., 2015. Introduction to qualitative research methods: A guidebook and resource. John Wiley & Sons.
Telegraph. 2012. Budget 2012: Corporation tax cut will boost UK – but not enough. Available online at: https://www.telegraph.co.uk/finance/budget/9158950/Budget-2012-Corporation-tax-cut-will-boost-UK-but-not-enough.html [Accessed on 30th May 2018].
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