Essay on Brand Audit

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TABLE OF CONTENTS

1. Executive Summary………………………………………………… 2
2. Introduction………………………………………………………….. 3
2.1 History…………………………………………………………… 3
2.2 General information………………………………………. 3
2.3 News/Articles………………………………………………… 3
3. Main body……………………………………………………………….4
3.1 External Factors………………………………………………4
3.1.1 Market Structure……………………………………….. 4
3.1.2 Competitors………………………………………………. 4
3.1.3 Potential for Growth…………………………………..4
3.1.4 Other Factors……………………………………………… 5
3.2 Internal Factors………………………………………………. 6
3.2.1 Mission Statement……………………………………… 6
3.2.2 Objectives and Strategies…………………………… 6
3.2.3 Core competences……………………………………… 6
3.2.4 Internal Policies…………………………………………. 6
3.2.5 Organisational Structure……………………………. 7
3.2.6 Price Elasticity of Demand…………………………. 7
3.2.7 Financial Analysis………………………………………. 7
3.2.8 Strengths and Weaknesses………………………… 8
4. Future Risks…………………………………………………………….. 8
5. Conclusion………………………………………………………………. 9
6. Recommendations………………………………………………….. 9
7. Appendix…………………………………………………………………10
8. References……………………………………………………………… 13

Executive Summary

Throughout this report it will be found that the financial strategies being used are safe for upcoming years in order to guarantee success, and to guarantee potential in increasing share price. It will also be visible that based on overall strategies being used, Next plc has enough resources for years to come. Also, to keep in mind major competitive retail background, their sales will never seem to be affected at any stage. Furthermore, throughout the report you will find almost every updated financial statement until the current month January 2014, from factors influencing their sales, to income statement, balance sheet, and cash flow statement. With these, you will be able to presume all future profits and losses for the company. Not only will these financial statements be included but various details including strengths and weaknesses, as well as internal and external factors, objectives, background and history, recommendations and potential, plus much more is included for additional insight into the business’ ups and their downs. Throughout this report, it will also come to your attention the information based on improving and developing their product ranges, increasing retail selling space, and managing their financial strength by using mainly their balance sheet and the other financial structures. With all this and other bonus information the road to success for Next plc and predictions for the even more successful future for Next plc will be easily dictated.

Introduction
Next Plc. was found in 1981 when J. Hepworth & Son Gentleman's Tailors acquired Kendall’s. As most retailers, Next started small by opening a mini-department store in Edinburgh offering men's and women's wear, shoes and a cafe. In the 90’s more change was noticed as the first complete store with all product lines opened doors in Regent Street, London and in the meantime, J Hepworth & Son, changed its name to NEXT. Five years ago, revolution for the company took place as thirty-nine stores were remodelled and thirty-nine new stores were opened.
For the past years, Next Plc. has grown big becoming the second largest retailer in Britain. The company is primarily engaged in selling clothing, footwear, accessories and home products. Next Plc. is headquartered in Leicester, the UK but also trades in Europe, the Middle East and Asia. Next Plc. operates through seven business segments but the main ones are Next Retail, Next International and Next Directory. All three channels are of a very high importance for the brand as the company has over five hundred stores in the United Kingdom and about two hundred stores in over thirty countries overseas. With more than three million online customers, the Directory is Next’s internet and catalogue business which plays a vital role for the company in today’s competitive and dynamic industry. In fact, about 80% of NEXT's
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