LO 4 Know how the retail sector responds to internal and external changes

In this final area of investigation we will be looking at identifying the competitive factors in the retail environment a selected organisation faces

Areas for discussion: PESTLE

Political

• The retail environment - the Macro Environment
• Government policy - trading hours
• The planning process - Central government, local government, application process, retail strategy
• Implementation of legislation

Economic

• Economic growth - GDP advantages and disadvantages
• Recession
• Inflation
• Employment
• Stock market
• Competition and competitors
• Market position
• Barriers to entry
• Pricing

Social

• Demographics
• Household structures
• Mobility

Technological

• CRM
• Global marketplace
• Information management - data mining
• Product development
• New products and services
• New retail concepts
• Mobile shopping for a mobile population - airports, railway stations, mootorway services

Legal

• How does the competitive commission engage with the industry
• Trading hours

Environmental

• Renewable energy
• Carbon emissions and footprints
• Recycle
• Environmentally friendly

For P4 you need to understand the competitive factors in the retail environment that drive change in the industry and how retailers costs and ways of working may be determined by government policy.  A broad range of competitive forces should be researched, understood and included from the list above.

You will need to write a report that identifies the level and variety of competition faced by your chosen retailer.

Deadline for P4 is Wednesday 2nd April 2014