Retail Marketing Assignment On Next Plc Example

Retail Marketing Assignment On Next Plc Example Retail Marketing Assignment On Next Plc â€" Assignment Example > RETAILING MARKRTING ASSIGNMENT ON NEXT PLCNext plc is a company based in the UK that specializes in the home shopping and retailing of womenswear, menswear, childrenswear, interiors, accessories, fashion jewellery and telecommunication software services. It falls into the industry sector of retailing, more specifically, apparel retailing. HISTORY: Next retail chain was opened in February 1982 revitalizing the shape of fashion retailing in the UK. Its unique methods and innovative marketing techniques turned it into a huge success. The first store displayed women clothes, shoes and accessories. They were followed by collections for men, children and home. Next Plc trades from over 450 stores in the UK and Eire and 100 franchise stores overseas. In October 2005, Next achieved a breakthrough with the opening of its anchor store at Manchester. It launched its children’s wear in 1987.Next commenced its online shopping venture in 1999 and the concept of “next day delivery” was int roduced in 2000.As a record, Next’s original collection that was displayed in 1982 It contains the cloth collection as well as marketing content. This collection is maintained by Leicestershire County Council Museums Arts and Record Service. The apparel from this collection is often displayed at fashion shows in Leicestershire. CHARACTERISTICS: Next Plc is a pioneer retail company in many respects. It has introduced many innovations and marketing tools to improve its sales and market positioning. It was the first company in home shopping to introduce the concept of online shopping. The whole list of its collections is available on its website to be purchased by online consumers. Its success recipe is dependent upon its high quality. To ensure a high standard, its employees include garment technologists and fabric and sourcing technologists to provide technical support to the Product team, to design the product so that it fulfils the legal requirements and conforms to the standard s of Next Plc. Similarly the fabric and sourcing technologists implement fabric management systems and study these systems worldwide to analyze and incorporate any changes or modifications that might occur. Likewise, Next Plc also hires a team of competent and creative designers who develop a new range of products involving latest colours, fashions and concepts. These are worked out keeping the Next consumer’s profile in mind. The Buyer is consulted and taken into confidence. Buyers source a range of products and are responsible for product and range development, negotiations with suppliers, researching competitors’ ranges and products and for suppliers’ source and management. Another important player in Next plc is the Merchandiser who’s supposed to maximize company’s profitability and turnover. Their responsibilities include Pre-season range building and planning, reviewing sales figures and scrutinizing stock levels to maximize sales. They also manage delivery schedul es, secure delivery dates from suppliers and minimizing the risk of additional loss-making stock. Apart from that, Next plc has also acquainted its consumers with the idea of a Next directory which was created for consumers who prefer the ease of shopping from their homes. It gives Next a certain edge over its competitors as they capitalize fully upon their potential consumers. The economic facts for the year ended January 2005 for Next: