+ 44 20 8144 3706Introduction:
This market research study is based on the clothing market in the UK. It will consist of PESTLE analysis, market and segmentation of clothing industry. Major players in the industry in UK are Marks & Spencer, Primark, Next, George, Acadia, Tesco etc. and these firms are also biggest players in the world.Italso includes interviews of 7 to 10 respondents that will be useful in evaluating the framework and market segmentation of clothing industry. Maximum customers are shifted from traditional shopping i.e. offline shopping through stores to e- commerce i.e. through online market.
PESTLE Analysis:
Political Factors: In the month of June, 2016, Britain voted to leave EU which was biggest loss to many MNC’s and it also caused political and economic loss to clothing industry. MNC’s who were having their business Europe too had to face lot of uncertainties. This decision left the pound to be weaker and uncertainty arises even in future trade transactions between both the countries. Some companies have also benefitted from such decisions because of weak pound which fell against Euro (Thompson, (2017)). Also, Govt. levied taxes on goods whichaffect the companies’ profit. In general, UK is less risky for all the companies present under clothing industry. It is because UK is having parliamentary Democracy which is advantage for many companies.
Economic Factors: Recently issues faced by MNC’s related to economic factors were because of pound sterling that too it is lowest against the dollar. This issue was faced mainly in countries like London because many investors were having their investment in property started to pull out money. Also, Govt. has announced that this has given many benefits also to MNC’s such as PRIMARK because of current exchange rates continues than companies gets advantage (Eisenberg, (2019)).
Social Factors: First, social factor which is influences UK’s market is growing towards+ size fashion i.e. rises in obesity and an ageing population in UK. It is observed that UK is been said as “fat man of Europe” which means that 7 British men out of 10 and 6 women out of 10 are now been classified as obese or overweight. Additionally, it is been noticed that numerous women who are obese don’t go for purchasing clothes because of their overweight or lack of + size ranges and sizes. This was been noticedby big MNC’s that don’t keep stock of +- size ranges. This can also be opportunity for all such companies who can cater to +- size consumers’ such as PRIMARK, M&S etc. It has been also predicted that up to year 2050 major population would be obese; in that case clothing retailers should start investing in +- size clothing ranges (PANDEY, (2017)). Another social culture factor, which is been,is ageing population of UK. As per study of Office of National Statistics, UK’s population by year 2019mostly includes 55 to 64 years and over 65-year-old is nearly a 5th of UK population. But it has also been observed that ageing population can also be business opportunity for companies. 60% of 55 to 64-year-old public is purchasing online clothes that also showse- commerce isalso opportunity for MNC’s to grow in UK.
Analysis of Branding Strategy:
M&S always delivers quality comfort, specialness, individual and creative products which are all wrapped in environmentally friendly. This is the best branding strategy which is used by company in the competitive market. Company uses ‘Name Brand Recognition’ branding strategy that often uses its name brand strategy to extend its own company’s products. Mostly such name recognized brands are been recognized by their logos, color, slogan etc. Company is having its brand name over 140 years and that too in clothing industry (Curran, (2017)). Company should continue with this branding strategy in order to attract greater number of customers.
Reference:
Books and Journals:
Benton, M., and et.al (2018). Next Steps: Implementing a Brexit Deal for UK Citizens Living in the EU-27.
Beraja, P. (2016). Analysis of the Middle East fashion and luxury market: success of UAE through the prism of ecenomic development and consumer behavior transformation.
Bolton, R. N., & Shankar, V. (2018). Emerging Retailer Pricing Trends and Practices. Handbook of Research on Retailing, 104-31.
Curran, R., & Taheri, B. (2017). 6 Branding and Brand Communications. Marketing Communications: An advertising, promotion and branding perspective, 77-92.
Eisenberg, P. (2019). Financial Analysis of Primark Stores Ltd. with regard to a Stock Exchange Floatation (IPO). International Journal of Management, 7(1), 91-112.
Fukuhara, G., Sasaki, M., Numata, M., Mori, T., & Inoue, Y. (2017). Oligosaccharide Sensing in Aqueous Media by Porphyrin–Curdlan Conjugates: A Prêt‐á‐Porter Rather Than Haute‐Couture Approach. Chemistry–A European Journal, 23(47), 11272-11278.
Gander, J. (2017). Strategic analysis: a creative and cultural industries perspective. Routledge.
Kalantaridis, C., Vassilev, I., & Fallon, G. (2016). The impact of internationalization on the clothing industry. In The Moving Frontier (pp. 171-198). Routledge.
Khan, M. R. (2018). The effects of culture and leadership behaviour on ethical practices in managing labour within the UK and Bangladesh-readymade garment industry (Doctoral dissertation, University of Bolton).
Kim, Y. K., Ha, S., & Park, S. H. (2019). Competitive analyses for men’s clothing retailers: segmentation and positioning. International Journal of Retail & Distribution Management.
Lamptey, E. N. O. (2015). AFROWESTERN FASHION BRAND IN THE UK: IHF.
Lomov, I., & Makarov, I. (2019, May). Generative Models for Fashion Industry using Deep Neural Networks. In 2019 2nd International Conference on Computer Applications & Information Security (ICCAIS) (pp. 1-6). IEEE.
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