PRIMARK RETAILER NEW REALITIES

Primark Retailer New Realities

Table of Content

Introduction3

Technology, Market, and Trends4

Primark: An Overview6

Primark's management and business structure7

What are business ethics?8

Ethics in practice11

Why take an ethical approach?13

The costs of ethical behaviour13

Garment sizing, body size variation and standardisation14

Strategic Realities16

Analysis on the internal and external environment of Primark retail industry17

Conclusion20

References22

Primark Retailer New Realities

Introduction

The omnipresence of global trends and innovations debunk the idea of business monopoly and empire states. Today, the trends are set to maximize the potential of human powers by trivializing simple phenomena in order to fashion complex and subtle effects. In the minds of prominent sociologists and philosophers these trivialization of occurrences brought about by man's deepest desire of uncovering the truth and meaning of life. However, our correspondence and connection with the truth is indirect and diluted which can only be accessible via representations and constructs. Hence, the necessity, though, not necessarily is, of excavating the truth embedded on phenomena became an ordinary human laborious pursuit (Birtwistle, 2001, 18).

Rapid changes in media, transport and communications technology have made the world economy more interconnected now than in any previous period of history. Nowhere is this more evident than in the world of textile manufacture and clothing distribution. Consumers want fashionable clothes at affordable prices. Much of high street fashion is produced in various countries across the world. Businesses source clothes from countries like India, China, Bangladesh and Turkey because of lower material and labour costs in these countries. In order to meet consumer demand, Primark works with manufacturers around the world. Primark is part of Associated British Foods (ABF), a diversified international food, ingredients and retail group. Primark has almost 200 stores across Ireland, the UK, Spain, Netherlands, Germany, Belgium and Portugal. Primark's annual turnover accounts for a significant proportion of ABF's revenues and profit. Primark's target customer is fashion-conscious and wants value for money. Primark can offer value for money by:

sourcing products efficiently

making clothes with simpler designs

using local fabrics and trims

focusing on the most popular sizes

buying in volume

not spending heavily on advertising.

Primark's business growth comes from meeting these customer needs whilst continuing to expand stores and move into new markets.

Technology, Market, and Trends

The incorrigibility of technological advancement obviously shoves business operations and economic modes to be flexible. Here, business movers, analysts, strategists, theorists, scholars, and other personalities with significant role in business management and economic functions should be shrewd enough to incline their attention to the unexpected events and surprises which charily crafted by setters of global trends and innovations. Therefore, in business operations incessant assessment, evaluation, and revision of organization's strategies, programs, standards, objectives and goals are imperative. So much so, that such relentless observation should have mixed with collective effort and work of all representatives and members of the giving organizational body (Brunn, 1983, 98).

Hence, the evolution of marketing processes and modes of producing goods and services was not only invented during the recent centuries but, was already present when the first civilization came to ...