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Introduction to Individual Reflection
Individual reflection can be defined as an ability of human beings to analyse the fundamentals and willingness to learn facts. However, personal development is based on learning facts and fundamentals. It is related with the knowledge and abilities of a person to reflect what he has learnt. On the basis of above concept, present report is prepared to reflect the fundamentals of retail marketing. It also emphasises on the key performance indicators and retail calculations. Also, it includes forecasting and planning in a business. It will enlighten the relationship between key performance indicators and forecasting. Apart from that, summarised reflection is also given in this report.
Key performance indicators
Key performance indicators are used to measure various factors that affect business. It reflects various aspects like lost sales, average order value, conversation rate and bounce rate. For example: to identify success, customer needs, problems and measures to improve the current position. Earlier, I had a little idea about key performance indicators and its meaning. But after reading more about the subject, I came to know about performance indicators in retail services. I was not aware about the measures that can affect fashion. But with the help of reading, I found that service level, lost sales and product substitute percentage helps in measuring seasonal fashion. Apart from that, I also came to know about the development of key performance indicators by adopting a balanced approach. With the help of this subject, I can improve my performance at the time of employment in the future.
Forecasting and planning
Forecasting and planning is the process of analysing present situation to make future plans. This study helped me to gain knowledge about forecasting and planning. In this study, I have learnt about the stakeholders who are involved in forecasting. People involved in forecasting are managers of different departments, that is, marketing, production, finance, distribution and sales. Basically, forecasting is done on the basis of two types of data i.e. internal and external. With the help of internal information, level of sales is compared with marketing actions. On the other side, external data includes political, economic, social and technological factors. However, both; the internal and external factors are helpful in making sales and production plan effective. Future plan includes promotion of products in an innovative way. New market is searched where the products are sold. This study helps me to have an idea about the given subject. Further, it will help me to implement my knowledge at workplace. With the use of this subject knowledge, I can implement these techniques at the time of working (Moritz, Hill and Donohue, 2013).
Gina Tricot, Anna Appelqvist
Gina Tricot is a fashion chain that provides clothes and accessories for women in different countries. Organization uses simple approach while designing and working. Marketing manager uses various online tools to promote its products and services. I came to know that Anna Appelqvist is the head of production department at Gina Tricot. Main aim of company is to provide the latest product with unique design and style. Earlier, I had no idea about this company but with the help of reading, I have identified that the firm wants to grow employees with its development.
Retail logistic can be defined as a process through which flow of merchandise is managed with the help of supply to customers. However, logistics at retail can be used by opting right service level and efficient retailing. With the help of this subject, I have come to know about distribution structure which includes three things i.e. vertically integrated online brands, branded retailers and brands without own distribution. On the other hand, I learnt about the challenges that are faced by retailers. Earlier, I had no idea regarding the area of improvement that can be used by retailers. I came to know that with the help to retail logistics, measurement of cost and sales improvements can be done.
Customer service is a process of providing product or service in consideration of money. These services are provided with an aim to fulfil the demands and needs of customers. On the basis of this study, I have come to know about the gap analysis and SERVQUAL. Gap analysis shows difference between customer’s expectation and delivered services. However, the measures are taken by organizations to overcome this difference. This study also helps me to know the service quality dimensions. It defines those factors through which the quality of product or service is measured. Before conducting this study, I was not aware about the model that increases customer loyalty. It is necessary to serve best services to the customers so that it will increase the trust and loyalty of the customers towards the product or service. It is crucial to treat customers with respect so that the production of company can be increase. For better understanding of importance of customer service certain points are taken into consideration. It is required to analyse the demands and needs of the customers. On the basis of those needs the services are provided accordingly. Excellent services can be provided by adopting feedbacks so that the problems can be solved (Stam and et.al., 2014). Furthermore, after reading this chapter I have realised the importance of giving good services to the customers. Thus, all the thing which I have learned from the given module will be applied by me in the firm from where I will be employed in future.
Sustainability and innovation
On the basis of this study, I have come to know about sustainable Apparel Coalition which was found by the group of sustainability leaders. Main motive behind forming this group is to measure the impact of sustainability of products and to remove the problem of waste. On the other side, innovation is a way through which a new concept can be brought to remove old practices. In retail industry, innovation is necessarily to be in firms with change in time so as to survive. With the help of the two concepts, I have got an idea about the use of practices that reduce waste. With the help of study, I also understood about the concept of sustainability in a business practice. Apart from that, study explains the conventional production from fibre to garments (Smith, 2014). Earlier, I was not aware about such concepts but after imparting knowledge about sustainability and innovation, I have learnt the usefulness of these two concepts in today’s competitive era. These two concepts are necessary because providing innovation should not be the only core objective of firm but eliminating the waste must also be considered to sustain in the long run. After examining the given module, I have improved my knowledge about the relationship which tend to exit between two concepts such as sustainability and innovation.
Marketing is a process through which the value of product can be increased and making it available to the end user. However, online marketing is a way through which promotion can be done with the help of using social networking sites. Through this study, I have gained knowledge about different terminologies like CPC- cost per click, CPV- cost per view, ROI- revenue over investment, etc. I have got a broad idea about search engine optimization (SEO). It is the technique used by companies to know where a company stands in online ranking at the time of search. Thus, with the help of SEO, a person can get required amount of information. On the other side, social media is a platform through which online promotion is done to attract the interest of customers towards a product or service. It is seen that around 28% of time is spent by people on social media every day. Giving ads on these sites helps in gaining the attention of customers. There are different social networking sites like Facebook, Twitter, G mail, Blogs, etc. I have gained knowledge about various terminologies that are used in online marketing like SEO and PPC. Online marketing helps in promoting and advertising a product at a huge level. It also plays a vital role in delivering the product to its end user. I have learnt the practical aspect of using online marketing in an organization.
In this part, relationship between various aspects is mentioned. On the basis of above study, relationship between key performance indicators (KPI) and forecasting and planning is done. Key performance indicators play a crucial role in planning and forecasting. KPI's are those indicators that measure the performance of an organization. It can also be said that with the help of these factors, actual position of a company can be measured. On the contrary, forecasting and planning is the process of deciding what is to be done so that future goals will be achieved effectually. In a company, management aims at increasing sales, customer’s base, profits etc.
All these can be termed as performance indicators. However, to increase sales in future forecasting is necessary. To enhance the customer base of a company, planning is essential. Without planning, operations of the firm cannot be initiated. Planning is a direction through which workforce of a company can operate their tasks. On the basis of KPI's, analysis can be done which helps in knowing the present requirements to attain future needs of organization. Even, the indicators help in knowing demand and needs of customers. After knowing the needs of people, production management of a company can forecast and plan. On the basis of forecasting, they can produce the products that can satisfy the needs of customers to a high extent (Moritz, Hill and Donohue, 2013).
Another relationship that can be summarised is in between Gina Tricot and online marketing. As it is mentioned above, Gina Tricot is a family owned company that provides fashion products for women in UK (Smith, 2014). Organization produces variety of products with an aim of expanding in different parts of UK as well as throughout the world. On the other side, online marketing is a tool which can be used by a company to advertise its products and services. It can be known as the fastest means of communication and promotion of product within short span. Company offers fashionable clothes with great accessories for women. However, to attract large number of women customers, company can use better advertising techniques. With the adoption of these techniques, marketing manager of firm can communicate with the audience frequently.
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This interaction will help the firm to solve customer problems as soon as possible. Basically, women are very selective and interested towards online shopping, thus, organization can use different sites to capture the interest of women customers. It will also help to maintain the trust of customers towards brand. It will increase the brand loyalty of customers and clients. Using online mode will help the firm to reduce its advertising and promotion cost. Giving ads in newspaper, TV and magazines can cost higher as compared to online marketing. It is seen that people at every age uses social media or internet. People are getting advanced day by day with the help of internet. So, using this technique will not only increase the profitability of firm but also enhance the number of employees. Having a positive and strong brand image will attract talented candidates towards company.
On the basis of above study, another relationship can be defined in between customer services and innovation. Earlier, I was only aware about the importance of innovation with product. But after reading this module, I came to know that it is important to bring innovation in customer services. Customer services can be defined as the way of delivering goods and services to satisfy the needs of an individual or it can be said that, it is related to services provided to a customer before or after purchase. The size of a business must not affect customer services. It is necessary to provide effectual services to the target market in order to retain them in the long run. Rendering services should not be the only motive of organization but to take feedbacks from customers must also be involved. With the use of innovative ways, services can be provided in an effective manner.
Using old practices for customer services will result in decreasing number of customers with a particular brand or product. I have understood the concept of innovation in customer services. With the adoption of innovative ways, companies can sustainability work in the long run. I have learnt the relation between above concepts and it helped me in enhancing my knowledge related to the subject.
Another relationship that can be highlighted is in between retail logistics and customer services. The logistic department plays a crucial role for sellers as well as customers. It helps in offering products to its end users (Beaudoin, 2012). It is a link between retailer and supplier. Retail logistics is related with customer services with an aim to foster the services to consumers. Customer services prove to be very important for the organizations. Companies are aware of growing customer requirements and adopt set standards as well. The logistic department makes balance between customer services, logistic cost and benefits. Department needs to be in touch with the customers regarding time, location and status of goods. The department needs to make sure that whether goods are delivered at right place or not.
In today's world where majority of the population is using internet to find out any information, company can use online marketing tools to promote goods and services in the market. This tool is commonly used by the management as a marketing tool. Online marketing is mostly preferred by the firm to introduce a new product in the market by displaying advertisement on online sites, customers can also use this means to redress the grievances of customers and provide customer services (Moritz, Hill and Donohue, 2013). Customers can order their products without physically moving them to stores. This eases the task of customers as well as of company. An organisation can promote its product by mailing the details about product through mails. Online marketing allows its customers to provide quality services to their customers. Now, customers can sell its product online with a brief description about the product.
It can be stated that all above mentioned points are interlinked with each other. The retail industry needs to follow all stated subjects effectually so that it can earn higher revenues. The report has depicted different concepts related with retail organizations. It has also described the concept of online marketing in business. On the basis of above topics, I have learnt different aspects of forecasting and planning. Proper use of forecasting determinants will help in attaining the goals of an organization within stipulated time period. Report also included key performance indicators which help in measuring the performance of company. Overall, it can be said that I have learned many things from the given modules.
- Beaudoin, B., 2012. Creating community: From individual reflection to SoTL transformation. International Journal for the Scholarship of Teaching and Learning.
- Moritz, B. B., Hill, A. V. and Donohue, K. L., 2013. Individual differences in the newsvendor problem: Behavior and cognitive reflection. Journal of Operations Management.
- Smith, T. D., 2014. Using the expressive arts to facilitate group music improvisation and individual reflection: Expanding consciousness in music learning for self-sdevelopment.
- Stam, D. and et.al., 2014. Why quiet reflection improves development performance.RSM Discovery-Management Knowledge.