Retailing- Boots V Superdrug - Essay Example

?INTRODUCTION Retailing could be defined as an activity that involves selling goods and services to the final s for their personal use (Zentes, Morschett, & Schramm-Klein, 2011). Retailing is the fastest growing business in the international market as it provides quick access to the customers to purchase the everyday products they require. The main function of this retail business is to identify the needs of the customers and to provide the customers with products that could satisfy their needs (Varley, & Rafiq, 2004). The goods and services sold by the retailer are at profit (Levy, Weitz, & Beitelspacher, 1992). In order to remain competitive in the market, the retailers have to adapt some strategies in order to differentiate their business from others (Barry, 2003). In this report, the strategies adapted by two retailers; Boots and Superdrug based in the same market sector and segment have been compared. The report also evaluates the retail strategy as well as the implementation of those strategies in the light of its competitive environment. Both the retailers are present in the United Kingdom. In the end, both the retail businesses are compared using the SWOT analysis with the intention to provide a clear view of the business. The aim of this comparison is to analyze which retail business is more effective in today’s competitive environment and the strategies adapted by which of the two retailers are better than the other. BOOTS Boots is the one of the most recognizable businesses in United Kingdom. Being established in the 1849, the company has a strong heritage and wide range of products offered to customers. This is the main reason why the company is very well regarded by the customers. Boots is a very reputable brand in UK as well as in other parts of the world. It could be said that Boots in itself is a very strong brand and it owns several strong sub-brands as well which includes No.7, Soltan and Botanics (Bized, 2009). Boots is the member of Alliance Boots which was formed in the year 2005 to face the rising competition in the market. The alliance has helped the business to become the UK’s leading pharmacy and beauty retailer. With the merger, the company has remained focused on its philosophy of treating the customers fairly and equally. Moreover, the company has been expanding its offerings to further improve its profits (Taylor, 2012a). MARKET SECTOR AND SEGMENT The market sector in which the company operates is the retail business and provides the customers with variety of products. The products being offered by the company includes; Health and beauty Personal care Cosmetics and toiletries Baby care Dental care Bathroom toiletries Hair care Men’s toiletries Pharmacy services Skincare Perfumes Paper products OTC medicines (Bized, 2009) The company’s market segment is based on demographics; age. The company aims to provide the mature women; that are more health and beauty conscious, and would pay higher price than normal to look young and beautiful again. The company also provides the male customers with products to enhance their looks and to remain smart and handsome even at the maturity age. EVALUATION OF RETAIL STRATEGY IN LIGHT OF COMPETITIVE ENVIRONMENT Boots strategies to deal with the environment External environment or factors influence the businesses of retailers as well (Lusch, Dunne, & Gable, 1990).. Therefore it is important for retailers to formulate strategies to manage their external environment (Oldfield, Ian, & Malcolm, 2000). The strategies to deal with the environment adapted by Boots are as follows Strategies to deal with the Political factors To deal with the political environment, the company always looks for flaws in the business and creates contingency plans for their vulnerability. The company also employs rigorous planning for the identification and assessment of political environment in order to remain ahead of schedule. Boots aims to operate in countries that are politically stable therefore the company does not actually face many problems from the political uncertainty or political instability. Strategies to deal with the Economical Factors The company can be severely affected by the macro-economic environment in which the company operates. To deal with the macro-economic environment, the company keeps a close-eye to identify and assess the environment through unbiased planning. To deal with the uncertain economic downturn, the company has established its outlets in different parts of the world to mitigate the risk so by this the company aims to attract more consumers and increase their sales. The company analyses economic factors such as tax and then tries to take advantage of it (Pratley, 2011). Strategies to deal with the Socio-cultural factors The company aims to be the global leader in the retail business and aims to help the people to look and feel the best. The socio-cultural environment; changes in the trends, demands, the spending level of consumers, shopping habits and preferences could adversely affect the company. In order to seek the best response from the environment, the company has focused on the commercial skills and has spent heavily to identify and meet the consumer demands. The success of the company lies in this environment, due to which, the company offers differentiated products and expert customers’ service along with the strategy of strategic partnership. Strategies to deal with the Technological factors Strategies in managing the technological factor are the other external factor which has helped the business to reach such a position. Through constant creativity, innovation and use of technology, the company became the leader in the pharmaceutical and beauty products. The company not only provides its customers with pharmaceutical products and beauty products but also provides the customers with exclusive brands i.e. No.7 etc (Taylor, 2012b). Strategies to deal with Environmental factors The health, safety and environmental factor could severe damage to the company’s reputation and goodwill. To overcome this issue, the company closely monitors the standards set by the company in order to eliminate any type of accident within and outside the company. The company has also kept its focus on the environmental impact and to eliminate this particular issue, the company took certain measures to overcome it. The measures includes; designing of products in such a way that it reduces the environmental impact, best use of resources, recycling and water efficiency. Strategies to deal with the Legal issues The changes in regulations and failure to comply the regulations could severely affect the operations of the company in the market. To overcome this environment, the company participates actively in the policy making processes and regulatory matters. The company has direct relations with the regulatory bodies through trade associations. The company also operates in different countries to mitigate the risk of changes in the regulations. Boots strategies to deal with the competitive environment Boots retail strategies in the light of competitive environment are as follows Opening new stores in markets where Boots is already establishes This strategy is to enhance the number of retail store where the customers are already aware of the company and the retail outlets are already established. Through this strategy, the company aims to reduce the competitor’s interference and to provide the customers with convenience and more opportunities to purchase from the company’s retail outlet (Brand Recruitment, 2011). Developing specific Boots brands to meet the local needs As the company is operating in different countries, it has aimed to meet the local needs through retail outlets. This strategy is focused to provide the customers with products according to their needs. This highlights that each retail outlet would provide the customers with products that are in demands of the local customers along with some exotic brands. Increasing sales of Boots products to third parties This strategy focuses on endorsing a third party to sell the company’s products where the company does not have retail presence. This strategy includes independent pharmacies, retail partners and distributors to sell the company’s products such as No.7 and other key brands in the international market (BBC, 2011). Increasing efficiency and driving down cost This strategy highlights that the company is aiming to improve the efficiencies; including supply chain and customer service, to reduce the cost of the business. To increase the efficiency of the company, Boots aims to acquire new businesses to increase the scale of operation and to enhance the growing market share. Further differentiating the products being offered By providing the customers with innovative and creative products, the company aims to further differentiate the products from the competitors in the market. The business aims to provide exclusive range of products to the customers to catch their eyes and attention. One such example of this strategy is further development of Almus; exclusive range of generic medicine. Entering new geographical markets The business aims to set its business in new geographical market to reap impressive profits. This would allow the business to meet the needs of the new market with an opportunity to introduce the brand in new geographical market. Boots is seeking a market with stable environment along with growth scope. To enhance the relationship with customers and suppliers This strategy deals with the competitive environment and focuses on enhancing the relationship between the company and its suppliers along with the customers. This would enhance the company’s buying and promotional activities to attract the customers and to build relation with the customers based on trust and confidence (Douglas, n.d.). Target Market; Competitive positioning The major target markets of the company are pharmaceutical and beauty products. The company is regarded as the leader in the pharmaceutical and beauty products but along with these products, the company offers variety of brands under one roof. The products offered by the company are at competitive prices and the company is known for its high-quality products. However, Boots faces problems from fierce competition as many are offering low priced products (Daily Mail, 2011). The company is regarded as a differentiated-based company as it seeks to provide unique and special products to its customers. The company aims to provide the customers with excellent value and to do so; the company is working with its partners to develop differentiated products to be offered to the customers. EVALUATION OF STRATEGY IMPLEMENTATION IN LIGHT OF ITS COMPETITIVE ENVIRONMENT The company has implemented all the strategies effectively and accurately to deal with the competitive environment. To encourage the customers to enhance their shopping at the company’s retail outlet, the products offered were enhanced by the company. This has attracted a lot of customers. The success of the company could be seen through the constant increase in the revenues of the company. To tower the competition in the market, the company has expanded its operation in countries with stable government and growth opportunities. The locations selected by the company could be said as the most convenient for the consumers. The retail stores are located in the prime and busy shopping centre. The company has recently inaugurated 40 new stores at convenient locations to help the customers to purchase variety of exclusive products under one roof. The retail outlets are always busy but the interior of the outlet looks tired and drab. But due to the high availability of the products at the store, the preference of the customers could be said as the Boots. The staff of the company is well managed and smartly dressed but still the factor that the store is missing in the retail stores is the communication and interaction with the customers. The customers had to find the products they require themselves and the staff members did not pay much attention to the customers. SUPERDRUG Superdrug is another leading retailer in the United Kingdom. The company operates under the flagship of AS Watson group since 2002. The company is one of the leading health and beauty retailers in UK (Retail Week, 2012). The company has 900 stores operating in the England, Scotland, Wales, Northern Ireland and Republic of Ireland. The company is very well known for its innovative and fashionable products at competitive price (Bloomberg Businessweek, 2013). MARKET SECTOR AND SEGMENT The market segment in which Superdrug operates is retail business. The company provides its customers with variety of fashionable and innovative products at competitive prices. The main categories in which Superdrug offers products are as follows; Makeup Skin care Fragrance Toiletries Hair care Health care Men’s toiletries Superdrug offer a range of products and it is the largest retailer in the United Kingdom after Alliance Boots. The market segment of the company is young females that are interested in purchasing health and beauty products to look beautiful and lovely (Delineo, 2010). The company has not much products for men due to which the company is disregarded by the male gender (Cassidy, 2012). EVALUATION OF RETAIL STRATEGY IN LIGHT OF COMPETITIVE ENVIRONMENT Superdrug’s strategies to deal with the environment The strategies to deal with the environment are as follows Strategies to deal with the Political factors Political environment basically refers to political stability, the taxation factors and the environmental regulations within the country. The strategy that the company has implemented to deal with the political environment is the continuous planning and expansion into countries with stable political environment; where the businesses are supported and encouraged by the policies of the government. By considering this factor, the company makes its strategic decision in order to remain ahead of its competitors in the market. Strategies to deal with the Economical factors This environment includes the interest rates, taxation changes, economic growth and opportunities and inflation. To deal with this environment, Superdrug seeks continuous financial and decisive support from its parent company in order to overcome this problem. One strategy applied by the company to manage this type of external environment is the expansion of the product portfolio with prices that are in reach of the customers. This would allow the customers to buy as many products as they can from the company’s outlet. In addition, the company has also introduced the loyalty card system which allows the customers to purchase products free of cost through the point earned after every pound spent (Travers, 2011). Strategies to deal with the Socio-cultural factors This environment is related to the changes in the lifestyle and social trends that could impact the sales of the company’s product. The retail company has employed marketing and advertisement strategies to deal and manage with this environment. The aim of this strategy has been to create awareness regarding the products being offered by the company’s retail outlets. This environment being the most crucial for the growth of the company, the company took precautionary measures to identify the needs of the customers and to meet them accordingly. Strategies to deal with the Technological factors The customers are now more interested using the online shopping mode rather than the traditional means due to which the company has introduced its first website. This e-transaction facility was aimed to provide the customers with the information regarding the products available at the company’s retail outlet. Another strategy applied by the company was the continuous introduction of innovative and creative products to catch the eyes of the customers. Strategies to deal with the Environmental factors To deal with this environment, the company has implemented the strategy of waste and lean management. This strategy is aimed to reduce the waste to minimum level and to increase the efficiency and the performance of the company. Through this strategy the company is able to reduce the water and waste inefficiencies and is able to provide the customers and the employees with healthy and safe environment. Strategies to deal with the Legal factors The company is exposed to legal environment which includes the changes in tariffs and trade barriers as well as the laws and regulations within the country in which it operates. The company is aware that failure to meet these laws and regulations could adversely affect the financial conditions and the reputation of the company. To deal with this environment, the company takes active part in the policy making processes to provide the government with its expert advices and opinions. The company is also an active participant of trade associations and with the help of this; the company is able to accept the rules and regulations without any objections. SUPERDRUG’S STRATEGIES TO DEAL WITH THE COMPETITIVE ENVIRONMENT Superdrug, being the second largest retailer of pharmaceutical and beauty products, employs certain strategies in order to deal with the competitive environments which are as follows: Innovation and Creativity Innovation and creativity are the two most important factors for the company that has helped the company in succeeding for years. The company has always tried their best to provide their customers with the most fashionable products to meet the demands of the customers. To deal with the competition, the company has employed the strategy of innovation and creativity. This means that the company aims to take their products to another and to meet the customer’s need through further innovative and creative products. Enhancing the customer’s service and quality The company takes the customer’s service and quality very seriously. The company is aware that to be the best in the market, the company would have to provide the customers with the best quality products. To achieve this aim, the company has taken this strategy into consideration; enhancing the customer’s service and quality to beat their fiercest rival; Boots, in the retail business. Increasing awareness through TV commercials After 10 years, the company has launched its first major TV commercial. The idea to launch TV campaign is to attract more consumers as the industry has become highly competitive. This strategy has been taken into consideration by the company in order to promote the Superdrug’s autumn/winter products and to take another look at the company’s health and beauty products (Eleftheriou-Smith, 2010). Repositioning the brand In the earlier years, Superdrug was perceived as low- end destination for beauty products due to which the retail outlets were considered as a female-oriented. This was highly disregarded by the male gender. But with the passage of time and the ambition to be the market leader, the company has repositioned its brand with the help of highly budgeted marketing campaign. This reposition of the brand is to give the company another chance to prove its worth in the market and to abandon all the previous perceptions regarding the company’s product portfolio. Expansion of marketing budget To attract the customers in the marketplace, the company has expanded the marketing budget to almost double i.e. ?15 million in the upcoming years. This would provide the company a chance to attract and aware the customers through their advertisements and marketing campaign along with a chance to observe the customer’s choice and their purchasing behavior. New stores format After an alarming situation in the market, the company has decided to invest in the new stores format. This strategy is to emphasize the beauty products being offered along with variety of other fashionable brands to meet the health and beauty needs of the customers. Previously, the company was taken as a general retailer that provides the customers with low-price variety of products (Whiteaker, 2011). The company is expanding its stores as well as facilities at different stores or outlets (Zapata, 2012).This perception caused the company to lose their focus but since then, the company has reverted to its original focus. The company has now additional exclusive brands to attract the customers with refurbished and reconfigured retail stores (Holland, 2012). Increasing the exclusive brands being offered To become the market leader and to beat the competition, the company has implemented the strategy to increase the number of exclusive brands at the retail stores. This strategy is aimed to attract larger number of customers which would eventually help the company to become the market leader. Target Market; Competitive Positioning The major target markets of the company are the health and beauty products. The company is the second largest retailer of the health and beauty products and also provides its customer base with vast variety of products to its customers. The products offered by the company innovative and creative along with low-cost factor. The company has tried to reinvigorate the brand by changing the perception of the customers. The company was previously regarded as a low-cost retail; merchandiser outlet providing variety of products at reasonable prices. The company is now regarded as differentiation-based company that aims to provide the customers with fashionable and exclusive eye-catching brands along with high customer service (Delineo, 2010). EVALUATION OF STRATEGY IMPLEMENTATION IN LIGHT OF ITS COMPETITIVE ENVIRONMENT By evaluating the strategies adapted by Superdrug, it can be analyzed that the company has performed exceptionally well to reinvigorate the brand in the light of competitive environment but the company would still have to face many challenges from the global and local retail outlets; competing for market share. The training and development of the staff is as one of the best strategies to enhance the customer’s service and interaction with the customers. This strategy would help the company to compete against the market leader and the rest of the competitors for the market share. But the company would have to face stiff competition as the customer base of the company is very limited with low-margins but strong resonance. After evaluating the marketing and advertisement strategy adapted by Superdrug, it could be said that the marketing strategies of Superdrug to introduce the TV advertisement on the day of Christmas has been highly successful. This strategy was perfectly planned to create awareness of the company’s variety of products and to recreate the persona of the brand. The selection of the location of the retail outlet by the company could be said as one of the best strategies as the company’s retail outlets are located at the most busy locations with tons of potential customers. This would remind as well as attract a large number of consumers. With great customer’s service, the company would be able to attract potential customers and could turn them into loyal customers. COMPARING BOTH THE RETAIL BUSINESSES (BOOTS VS SUPERDRUG) To compare the strategies of both the retailers; Boots and Superdrug, it can be said that Superdrug has quite few retail strategies to tower the success of its fiercest rival; Boots. With increasing competition, it has been recommended by many that the retailers need to globalize and expand their offerings (Lawson, 2012). To compare both operating in the retail industry of UK, strategies of these two retailers are analysed in more detail. Target segment Boots has segmented the market based on demographics (i.e. age). The customers of this retail outlet could be said as mature women that are more inclined towards the beauty and health products. This target segment are willing to pay higher than the other segments as this segment has much higher income as compared to others. To keep looking gorgeous and beautiful and to eventually hide their fading beauty, this segment could be said as the best for retail business. On other hand, Superdrug has also segmented the market based on demographics (i.e. age and gender). The company provides its customers (young females) with fashionable and innovative products to enhance their beauty and looks. The purchasing power and the income of this target segment is much lower as compared to Boots due to which the revenue generated are much lower than the fiercest competitor (Lockley, 2011). Differentiation Another retail strategy discussed in this section is the differentiation. Boots is recognized for its exclusive brands and variety of products it has. The company offers its customers with a wide variety of products to fulfil their health and beauty needs along with exclusive and infamous brands such as No.7 etc (Marketing Week, 2012). On the other hand, Boots has tried to follow the leader in the retail business. Boots has switched from low-cost retail store to differentiated retail store and this change has shown great signs of success for Boots. Boots also has a great variety of exclusive brands and to give the retail store more promising touch, the management of Boots has introduced its own line perfumes to attract more and more customers (Red Orbit, 2007). Customer’s loyalty Another retail strategy analysed is regarding increasing the customer’s loyalty. Boots has a prestigious and strong heritage due to which creating and enhancing customer’s loyalty is not a big deal for this retail business. Boots has introduced its loyalty card that provides its customers with four points on each pound spent. The concept behind this card is to encourage the customers to spend their money so that they could free shop through the point collected. On the other hand, Superdrug has also followed the same strategy but with a better style. The company has provided its customers with beauty cards that would enable the cardholders to collect point on their money spent (Travers, 2011). Price and Convenience The last but not the retail strategy that has been discussed in this section is related to the price and convenience of the customers. Boots provides its customers with high quality and price products due to which it has faced stiff competition from many global and local companies. The company is looking to move forward in the convenience market to provide its customers with broader offerings under one roof (Piddock, 2012). On the other hand, it could be said that in price and convenience strategy, Superdrug is ahead of the current market leader in retail business. As the target audience of the company is the young females in particular, the company has decided to reduce the cost in order to provide the customers with fashionable and innovative products at low cost to enhance the customer’s confidence and beauty. Superdrug also provides variety of products under one roof. CONCLUSION The retail strategies of Boots are far greater than the Superdrug and to tower the success, Superdrug must implement strategies to strengthen its competencies and must work towards customer’s loyalty. Both the company’s retail strategies are unquestionable as both the companies are doing great in terms of growth, attracting and retaining customers, innovation and creativity and finally the meeting the unending demands of the customer base. To win the retail war, Superdrug must establish its presence on the high streets as done by Boots. But it should be kept in mind that customers are more encouraged by prices than the brand loyalty and in the price wars, Superdrug is far ahead of Boots. Even the ambiance of the Superdrug’s retail store is greater than Boots which could provide an opportunity to Superdrug to become the leader of retail business in the forthcoming years. List of References Barry, B. (2003). Retail management: a strategic approach. India, Pearson Education. 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