Retail business in the UK high street

Retail business in the UK high street This report explaining UK electrical Curry market and comparing with other retailer. Here with discussing how curry becomes leading electronic goods seller? Explaining what is the method, model Curry electrical retailer using to success the business. This project evaluating retailer STP, Consumer behavior and describing what are the complicated issues curry facing? How Currys supporting customer relation fashionable strategy to increase the business profit? All are going to be evaluating and discussing in the below report. The retail business played as important role in the UK high street, all shopper and customer are searching for specific items in the high street which require retailer should keep specialty good products with lesser cost. Shoppers do not buy the products as a way the retailer mentioned, The retail business model or framework that support to the business activity and the business strategy support the retailer to sell the best products in the high street competition market. A variety of retailer market going out of fashion due to the market trend and consumer buying behavior. The business strategy sets how the retailer defines and differentiates their products in the modern fashion world. The fashion of the nature in retailing is vastly researched (Tether, 2005), Across UK Vat increase recession problem affect the UK money value, this situation affects the high street retailer business. In UK high street Retailer use to sell the goods or commodities to businesses or consumers, the retailer use to buy the product in the huge quantities from the manufacturers at wholesale price and apply to sells those products to consumers in sellable price. The many high street top level retailers focusing on the new fashionable strategy which affects the small medium level business. The new best retailer company according to the situation restructuring their management, reviewing of their philosophies, motivations in an effective way. The idea of a retailer product lifecycle proposed initially by Levitt (1965) and later developed inside a retail situation in the 1970s (Davidson and Johnson, 1981). In this report investigating how retailer, electrical sector going out of fashion in the high street, and describes how Currys electrical business related to the external environment, marketing strategy, consumer behavior. The retailing structure typically exists in innovative, low price segments. The middle level retailers cant deliver good value compare to the big level competitors (Levy et al., 2005). Currys is the main retailer shop, which sells electrical devices, home appliances in the high street. Currys delivers best house hold products in the modern rate throughout the UK. Due to the High Street retailer competition in the festival time such as Christmas, New Year the consumer buying power varies from shop to shop. MAIN BODY: The High street shops all are the popular offering shops which we can support to access the entire product quickly with the flexible rate. The biggest high street retailers are facing lot difficulties in the fashionable situation. Each shop selling the product in the reasonable rate using different strategy. The Tesco shop is the famous high street retailer shop offers electrical goods, videos and DVDs, personal finance items. The Comet electrical shop is available in the high street which has good house hold appliances and electronics entertainment items. The Argos is the main home shopping place which available in the high street and use to sell product in the lesser cost. WH Smith contains Videos, DVDs, Magazines and Stationery. PC World is the computer based electronics shop support to customer to buy computer software and hardware accessories. HMVs retailer supporting to user to purchase legal videos, DVDs in the lower price. Currys is the biggest electrical retailer support to sell white and brown goods. Currys Retail: Currys is the main retailer which sells electrical goods in UK Ireland. Henry Curry founded Currys on 1884 and really developed on 1927 by Henrys Sons. Currys is one of the important retailer shops in UK which sells electrical items and household items, and located in high street. Currys is the main biggest retailer shop and its main competitor Comet. Currys use to sell much an electrical items and also many computing products. Due to competition most of the store closed and few shop reported as sales less, After rebranding Dixons to Currys.digital sales was not increased , Now a days due to the recession, Global economy down affected many more retailer shop and consumer this cause business profit. Here with we will be analyzing and critically evaluating the external environment for the retailer Currys market such as white and brown products and this internal audit performance. This project analyzing Curry electrical item buying behavior, strengths weakness implementing different s trategies. RETAIL EXTERNAL ENVIRONMENT: External Environment: External business environment is the main decision element to achieve the business in the retailer to concentrate on the customer and the high street people. The external environment providing the productivity, performance for the company. If any business wants to success in the competition market environment analysis is important and mandatory. Curry electrical shop provides the best product in the lesser price and fulfill the benefits to the customer according to the business environment. The business environment differentiates from the micro level and the macro level. The Micro environment customer, materials, employees, suppliers, share holders and the media are the internal factors which related to the business performance. The Macro environment will affect managers to make the proper decision for the organization. The political, economical, social, technical, environmental and legal key factors provides best analyze solution for the electrical retail managers to select the best market for their business growth. The fashionable High street business supporting to the all people who likes to buy reasonable product with the reasonable price. The political environment supports the retailer business with the commerce and trade policy. The effect of the political decision makes the electrical shop to follow the UK rules and regulation. The Curry shop selling the right electronics and home usable items, and adding vat to their customer according to the commerce policy. The customer expectation products are imported from the different countries following trade rules. The Economical factor is most important for the retailer shop which supports to sell competitive price in the customer and keep enough stock to the customer. Past few years inflation affected in many business and currys keep maintaining the finance and controlling to improve the business in different location. The last five years huge competition occurred in electrical markets to make and sells better electronic goods and home used items in the high street. Social factor such as life style and modern trend impacts the retailer business, Curry doing the market research , analyzing social culture time to time in the different UK location, Its finds where and when need to sell the expected items in their different branches into the variant life. Technologically Retail e-Business supporting to view the electronic products and the house hold items, the customer use to view the electronic shop details through internet for the quick reference, users can able to find which high street shop has the better prices items with offer or with lesser price. The Curry electronic shop website has the modern features to communicate with customer. Environmental factor is the major impact for the High street business. According to the Curry environmental factor support to the customer according to the season. The winter season major affect for the retailer business, Ex the Curry electronic shop winter season business use to get dull. While snow time the customer purchasing capability use to get reduce. The Legal option such as different religion function impacts the high street retailer business. The government rules and restriction makes curry to sell specific electronics item which is legally sellable to everyone. The money transaction and buying items from the credit card, debit card or loan system follows the legal procedure. MARKET ANALYSIS: The strategy analysis is the main proper definition for the market ( George, 1981), this is depend on the choice of the customer segments and this issues as the alternatives of the new information technologies, the all level of production of the market depend upon the consumer buying behavior. The market leader or supervisor recognize and provide the best ideas to make the business opportunities ( Thomas, 2004), This project find the important issues of the market which support for the customer to identify the best opportunity and fashionable electronics product in the high street. The Market analysis support to provide the quality product with the less cost in the fashionable competitive market. The market techniques very useful to analyze the markets situation and will support to the retailer to increase the business according to the changeable market. The retailer market research will identify the user needs and their expectation in the day to day activity. Market researchers crit ically evaluating the market data sources at their removal ( Reed Moyer, 1968). The Market size and value are identify from the market analysis and make the manager should do the proper decision to do better business in the UK high street. . UK RETAIL ELECTRICAL SECTOR: IN UK Retailing is one of the major profitable sectors which support the different range of stores from supermarkets to the small stores. The UK high street retailing effects the most of the operation and the retailers offer the major products to the buyer. The best supply chain suppliers effectively control the retailers business. The High Street electrical shop competition force curry to sell the product in the lower price with good market shares. The UK electrical retailer business competes in three main way such as Advertising, lower price sales with the good market shares. Currys Market researcher implementing the different marketing knowledge on their sales items which that support to create new strategies. The UK Curry electrical shop using SWOT, PEST, Porters 5 forces identifying the marketing strategy. White goods Major House hold appliances. Brown goods Audio, Photographic , games equipments. Grey goods information, Telephone and fax equipments. COMPETITIVE ANALYSIS: The Retailing competitive analysis affects the environment within particular area which related to the cost of the quality product, The retail sector is the innovative sector which makes always new activities and develop the best strategies. The retail sector keep increase and some time due to inflation few company closed their operations and few retailer company merged with other company. UK electrical retailer business are the main activity business supports to rich and poor people. The competitive analysis contain three generic such as Cost, differentiation, focus. Currys main aims to be the lowest cost producer within the industry in order to keep maintain the top electric sellable position in UK. The differentiation attributes mainly differentiate the Currys cometitors. RETAILER SUPPLY CHAIN MANAGEMENT: UK Retailers are the dominant supply chain members over their activities are involved in to organizing, managing and controlling the electrical product supply activity. The retail markets logistics operation taken care through the warehousing and transport etc. The supply chain retail organization technological development support to increase the sales power of the retailer. The electric retailers distribution channel consider with the product time to market, time to respond. The curry retailers strategy fulfill the customers hope and reduce the price of the electrical products. The best supply chain management system for curry electrical shop effectively rise through the internet technologies. The internet business purchase reducing the high street competition and increasing the global sourcing, this exchange focused more concern for British manufacturers to attention on the supply costs. The British economy more related to the electrical business which makes better performance in t he high street supply. INTERNAL AUDIT FOR THE CURRYS: Sherer and Kent believe that internal audit is a system that ability to answer the financial condition and control for the organisation. The Audits main objective to analyse the business and control the risk of that business which makes to improve the efficiency of the business activities and the operating procedures in the management control. Curry Retail store audit managing the budget in the multiple high street location shop, the quantity of the data mainly support to make the audits. The store audit process managing the staffing and store operations. The traditional audit method prevent the paper work and using the analysis tool. The new technology enabling the self assessment program. The curry electrical shop using new audit tool which useful to enhance the productivity and improve reporting features. The British biggest electrical retailer Curry has the different supply chains problems such as some time stocking the wrong range of products very badly with make problem for the stores. The inadequate staff affects the business activity. In the recession time the staff of the company around loss their jobs and company share also got reduced on 2008. Due to the high street competition the huge market problem affected the business and redundancies increased due to the inflation. The one of the retailer executive Browett told The transform of the Dixons to the Currys shops are completely basic cultural shift which make electrical business become recognizable, and what it did today. Curry retail store audit function mainly challenged by the budget limitation and resources, The curries different business impacts, regulation are changing the fashionable technology to control the business information which audits the business stores. The curry retail business financial, HR department manages vast quantity of the business information which related to the retail audits. The new accounting and finance software like SAP, Microsoft Dynamics, SAGE supporting to the Currys digital shop to maintain the auditing. The new financial and regulatory process always limits the working man hours as well as employees manual calculation. The annual audit controls the internal unwanted process and audits the store operations and functions with the proper requirements. The Currys electrical internal auditing produce cost savings and get better the efficiency of the business. The self-assessment and the software technologies support the currys internal process. The automated electrical shop auditing more convenient for the investment section, The each electronics business audit process every year clear the balance and target the next financial year success. The house hold items and electronics items auditing section increase the operational improvement to report the retail business capability. CRITICALLY EVALUATING UK RETAILER : Dixons retail is the British company and one of the biggest company in Europe, this company initially known as Dixons store group which sells all electronics products and large domestic products, this company operates Currys, PC world , Currys.digital. This electronic shop sells mobile products, online digital product and childcare products. Dixons main competitors are Darty and Comet. Dixons origins from the small photographic place and located in all UK and Ireland and founded by Charles Kalms. Dixons removed on 2006 the brand in the high street and using Curry brand, it was branded as Curry.digital. The Curry technology focused consumer electronic product which support the all electronic business. In 2009 Currys named formed from the Currys.digital and it got new logo and started many high street branches. In Croydon sep 2010 the Curry PC world store opened. Curry has 295 superstores and nearly 73 high street stores in UK and Ireland. A Currys annual sale in 2004 is  £1.752 mln and  £ 1,852 mln in 2005. Now the Bristol store has the best turnover in the competitive business market. Currently Currys is the best popular electrical retailer shop and this main competitor is Comet. How retailer modify organization strategies which affect electrical retailing ? What are the key development happen in electrical retatiling in near future ? What are the important to producte drive the future growth in the Uk electrical market? Who are the best successful electrical retailers related to the strategies and growth ? Currys and PC World selling the good products prices. The PC world helping the customer to get more digital products. Improving the best services with the PC world and Currys is increasing the sales and its improve the task. The new effort of the UK electrical market perfoming better compare to Italy and other European market. The Browett told Itally DSGis business will grow after four years. Due to the recession nearly 40 different electrical store closed in UK and many of the shop underperforming due to the competition. The UK share price has down and the money value went down from the last few years. UK Marketing director Niall Okeefe said The Dixons largest electrical selection creates shopping exercise with megastore. Dixons opened with other better store with the combination of Currys and PC world. The retailer Currys information bought electrical devices from the different group of supplier, the applications like computers, printers, radios and phones. The White good products such as fridges, cookers, computers, phones, radios, washing machines, printers, fridges and many more new products are available in Currys. The Website Analysis is the main standard layouts which support for the business and keep all products in proper order in the flexible price. Currys main logo is very famous to support for the online and high street business. The website color theme support the user to choose best design, framework, and Currys website has red and white theme color to attract customer. The website is friendlier and support to find shop location in high street, supports to book the el ectrical product, easy to get customer support. SEGMENTATION, TARGETING POSITIONING: Earlier to launch a challenging electrical product or services to the market UK electric retailer using more efficiently and efficiently their resources. Currys adding more clearly market planning in the high street. Currys electrical shop increasing the opportunity to make effective customer relationship management. Currys increasing the opportunity to get the better competitive advantages. The basic model of the STP developed and maintained by Dibb (1998) and Kolter (2000). Segmentation is based on the growth of the reational adjustment of the product and the marketing effort to meet user demands. (Smith, 1957). Wright (2004) suggests some reasons that B2B markets require segmenting. These are applied to Curry electrical shop to identify the customer needs, to build and maintain the business competitive advantages. The Curry business market brings sales, profit and organizational success and identifying the new opportunities in different markets. Wright (2004) says that micro segmentation process making the best decision to manage the business. The UK Retail Curry Company seeks to position its brand at a exacting location within the embattled market segments ( Ries and Trout ,2001). Positioning calls the battle for the mind and how and where the electric service is positioned in the minds of customers will generate either success or failure. The key STP factors used in the UK electrical retailer market such as Geographic- destinations, Electrical retailer Types, Customer profile, Positioning within the market sector. Repositioning: The High street Electrical retailer companies have to be reactive to changing circumstances, and that may include repositioning their brands. Repositioning occur due to evolution of the company and brand. The former Dixon company joined with other electrical company, changing the societal conditions in currys different high street shop. MARKETING STRATEGY: PESTEL Electrical Goods Retail Political: The high street retail store warranty and guarantee sales support the business to sell the more products. The political energy conservation policy boost the electrical replacement markets. The new product markets political impact the digital TV , telecommunication , network business. Economic: The economic growth considered the sales. The consumer confidence increase the economic condition and perform the high street retailer market. Social Cultural Aspirations: The fashion and design support to the business growth. The competition cultural activity impact the high street electrical business. The mobile and entertainment products increase the retail business. The multiple entertainment products support the currys retailer business. Demographic structure: The older age group members usage of the entertainment buying power would be less compare to the growing young age education and entertainment product. The technological product Technology: The technological innovation support to create new model DVD player, Tvs, Computing, Mobile phone and house hold appliances. This feature support for the electronics shop performance, enhancement and will increase the ability of the fashion. The electrical product enhancement supporting to make vital growth. Environmental: The Energy environmental features is more important for the electrical shop , the recycling features bear the future cost and more related to the electrical business. CURRYS RETAILER SWOT: The concept of the SWOT analysis derives from the work of Andrews and others at Harvard University (Andrews,1986). The Currys electrical retail organizational analysis focuses on the inherent strengths and weaknesses within the organization. The Curry environmental analysis focuses on the external opportunities and threats that exist within the organization. Opportunities: The Curry electrical shop has the good brand name which support for the profitable business globally. Curry electronics items purchase and supply moving to globally via internet. The new technology support for the electrical business to growth. The Curry shop has the opportunity to introduce new technology product into the market. It has good opportunity to increase the branches in many high streets. Threats: Electrical high street business doesnt have significant involvement, The UK electrical retailers has the competition in the new white and brown goods. The other electrical shop Comet is the main threat for Curry. Due to the price war the Argos still selling the electronics goods in lesser price. Strengths: Currys is one of the largest electrical retailer shops in the UK and it has successful retail chain stores under its own brand. Currys shop has many different choice of electrical goods and house hold items with the lesser price. The company brand keep increasing business turnover compare to other electric store. Currys has all modern fashionable electronics items in easily accessible place. Weakness: The UK Currys electrical retail sales growths of 5.4% in to  £1.985m in 2006. The share of these Curries store sales is falled in each of the last 10 years, so currys closed 18 high street stores in UK. The inflation, recession affecting the retailer business. The huge competition in high street make down the business growth. CURRY PORTER FIVE FORCES: The Porters 5 forces analysis deals with the organisations influences the nature of the rivalry and force inside the company microenvironment that pressure the way in which firms contend and so the industrys likely productivity is conducted in Porters five forces model (Porter M., 1980). The Porter competition model implemented to the Currys Electrical retailer which include the rivalry between sellers, power exerted by the customer , potential threat of the new seller and threat of the substitute products. These forces gives organizations the necessary insight to enables them to plan the proper strategies to be victorious in the market (Thurlby, 1998). The Structural analysis of retailer industries is defined in five forces model, Using porters model we can able to identify Currys electrical store new products, services or business which have the potential for profitable. Ex: Currys Retailer shop: The popular electrical retailer shop in UK consider here from the standpoint of the five forces model. The threat of new entrants: The new entrants into a market creates new capacity with the objective of gaining market share. There are seven forces of barriers to entry i. Economic of scale ii. Capital requirements iii. Access to distribution channels iv. Cost disadvantages independent of scale iv Government policy.The deregulation and the development of the new high street Currys hop has the opportunities to start the new marketplace. However there are some product price significances is setting up and running on electrical business. The risk can be high, as various financial casualties over the past three years. The new branch office and new product have to balance the risk factor to enter the market. The Supplier power: The supply group can hold the bargaining power over buyer in some situations. The buyer point out supplier are not grateful to challenge with other replacement goods for sale to the industry (Groucuttet al. ,2004). There are various supplier for Curry electrical shop for house hold items and electrical items such as Sony, Dell, Hp, Samsung, Apple, IBM etc. The suppliers are supplying different items from Uk and other country. The Buyer Power: Buyers are particularly powerful within an industry and have the good power to create the competition among other suppliers. The buyer power conditions are i. Purchase large volumes related to the sellers sales. ii. customers face few switching costs iii. The company earns low profit iv. The buyer has full market industry information. Currys retail shop less cost product, house hold items offer or discounted fares buyers pwer increased. The level of buyer power is related to the amount of product sales. Threat of Substitutes: Products or Services can perform the same similar functions as the product or services already established within the organization. There are other way of purchase electronics goods in UK other than High street. Comet is one of the electronic business shop sells different house hold and electronic items, which is the main competitor for Currys . The highly efficient and cost effective substitute dependent on the availability. The Competitors: The three competitive advantages are cost, differentiation and focus, the competitive dimensions are segment scope, vertical scope, geographic scope and industrial scope. The marketing mix provides the edge. The three main generic strategies of cost, differentiation and focus and their variants. The Currys cost leadership support to provide lowest cost product. The differentiation strategy support the company to serve the attributes significantly differ from its competitor. The focus are two types i. Cost focus ii. Differentiation focus Ex: The Curry electrical store become a highly competitive market. This might not discourage new entrants if they believe competitive advantage through some form of focus or differentiation. CONSUMER BEHAVIOR: Consumer behavior is the main study which supports to the group of people purchase, services and satisfy their purchase. Consumers are the players to help the business to run, In addition consumer buy goods to use .Segmentation are one of the features, and Consumer separated according to much different scope according to the market. The online business support to the group of people to view the high street retailer products to register and purchase. The Consumer behavior is use to support the public policy issues and the culture. The dark side of the part is theft or damage. The consumer behavior disciplines categorized as individual consumer and the macro consumer group. The consumer is rational decision maker use to purchase the retailer products which contain good feature. Buying Behavior: Specific Needs and Buying behavior are strongly value personal accomplishment.(David, 1955) The most important needs are relevant to the Currys electrical consumer behavior includes Need for affiliation that means to be consumed as group, Need for power, Need for uniqueness. The Consumer Involvement defined as a persons needs, values, and interests (Measuring Marketing, 1985). The UK Culture has a set of values that imparts to its members. (Richard W. Pollay, 1983). Currys Consumer motivations are frequently determined by essential values. Each Culture is characterized by a set of main values. Life Style and Personalities: In the traditional societies one of the main consumption are family , class and caste but in the modern consumer society people are free to select the product , services and activities that communicated to others. The Life Style refers reflecting of persons choices of how she or he expense the money. In the economic sense allocation of income related to the allocation of income related to service and product (Benjamin D, 1976) The persons personalities are distinctive psychological behavior influences by the environment. The marketing strategies support to identify the people life style and differentiate the business success applied by the real life. The life style research analyzed in the small group and measure for the larger group. This lifestyle analyzes support for retailer to understand the customer outlook. A Lifestyle marketing perspective recognize that people class into groups on the basis of what they like , how they like to spend leisure time and their disposable income.(Zablocki and Kanter). The fashionable lifestyle increases the retail purchase activities, interests and opinions. Marketing Research: Marketing research is the process to find the information in the way of marketing , collecting, analyzing and reporting an organization. The marketing has the main objectives such as find the business problems and improve the sales. The high street people buying capability observe from the different strategy and using small samples, making the questionnaire , interviews supporting to analyze the research. The primary data collection such as survey, experiment, Mail telephone communication method very useful to gather information. The secondary data collection from the website, internet, books and different retail market articles support the business to find better solution for the future. The electrical marketing sales people and customers report support for the business growth. The festival and economy inflation survey research support the retailer to make better price for their customer. The quality , cost, services are the main marketing key factors whi