Rising Costs of the Retail and Funeral Industry

Rising Costs of the Retail and Funeral fabricationThe retail industry feeds more than 64 million people all day in UK. The retail sales account for 177.5bn makes 51% donation to UK economy. It employs 3.8 million people make up 14% employment in UK (IGD, 2015).Figure Total Retail Spend by Category (Retail Economics, 2016).As the figure shows, the retail industry can divided into several categories. The largest slice is food retail merchant. Clothing also plays an important part in retailer industry. Moreover, the online retailer becomes more and more popular (Retail Economics, 2016).With the development of the technology, the manufacturers have change magnitude labour intersection pointivity by 20.7% in the last 10 historic period while the productivity of the agricultural industry has risen by 20% in the last 25 years (IGD, 2015). An other(a) main process of the retail industry is depends on the consumer spending. The consumer will be attracted by the discount rate and th e good assistant. There are a great number of researches to get laid groups by using variant retail strategy. For large personal line of credit, it has enough pay and ability to achieve economic of scales. Therefore, low cost strategy whitethorn be better. For small business, the customer service and product specialization or customization rather than low price may be widely true (Megicks, 2011). The SMEs in retail industry are more than any other industry arrives to 318,470 (IGD, 2015). Tesco is the largest retailer in UK consists of 54.433 million sales. Sainsbury, ASDA is also larger take around 23 million compared with others.Over the years, the securities industry share of the biggest companies in the industry dropped while the discount retailers such as Aldi and Lidl had a very significant growth (Source).RetailIGD (2015). THE UKS FOOD AND GROCERY INDUSTRY. visible(prenominal) at 2015http//www.igd.com/Documents/Other%20downloads/Grocery%20Industry%20A5%20booklet%20up date%20online%20version.pdfPhil Megicks (2001) Competitive strategy types in the UK individual retail sector, Journal of Strategic Marketing, 94, 315-328, Online operational at http//www.tandfonline.com/inside/pdf/10.1080/09652540110079029?needAccess=trueRetail Economics (2016) UK Retail Sales http//www.retaileconomics.co.uk/download/ prototype%20-%20UK%20Retail%20Sales.pdfAround 1 meg was estimated to be gained with over 600,000 funerals taking place in UK funeral commercialize annually (UK Funerals Online). The price is varies enormously due to the Funeral directors professionalism. The industry is worth 1.7bn any year. gibe to the Office for National Statistics, The death rate rose at its fastest pace since 1968 (Financial Times, 2016). The death rate in the United ground increased in 2012-2013 also supported the industry growth (IBISWorld, 2016).The 2 UK market leaders of funeral group are the Co-operative Group (CWS Ltd) and Dignity sympathize with Funeral Services (Dig nity Plc). The Co-operative Group (CWS Ltd) has over 675 branches across the UK and conducts around 90,000 funerals a year. They also own the North Eastern Co-operative. Dignity has just over d branches and conducts 75,000 funerals a year. They together control over 25 per penny of the market (UK Funerals Online). The rest of the funeral company is largely made up of small, independent businesses.According to the line chart, the price of the funeral has increased year by year. The Co-operative Group account a 9.9 per centime rise in funeral sales while Dignity, the scarcely listed UK funeral services company said the pre-tax profits had grown by around a quarter for 2015. These two main companies controlled about 30 per cent of the market shares. According to market analysts IBISworld, the industry is predicted to expand by 2.9 per cent in 2016 (Financial Times, 2016).Figure The rising cost of a funeral (Financial Times, 2016).FuneralUK Funerals Online (no time). The UK Funeral Industry. Available at http//www.uk-funerals.co.uk/funeral-industry.htmlIBISWorld (2016) Funeral Activities Market Research Report. Available at https//www.ibisworld.co.uk/market-research/funeral-activities.htmlFinancial Times (2016). Funeral business reaps profits as UK death rate soars. Available at https//www.ft.com/ field/b6053e72-fd8b-11e5-b3f6-11d5706b613bThe UK amends industry the largest in Europe and the third largest in the world, it plays an inhering part in the UKs economy, managing investments of over 1.9 trillion. It also makes 29 billion piece to GDP in 2012 and employs around 344,000 individuals (Association of British Insurance, 2014).Insurance is a nail down which represented by a policy for individuals or entity to seek pecuniary protection from an insurance company (investopedia). For insurance industry, there are different types of insurance such as auto insurance, home insurance, health insurance and medical care ( every(prenominal) Kinds of Insurance, 20 17).The main player includes Legal full general, Aviva and Prudential.Aviva is the UKs largest insurer by providing insurance, savings and investment products to around 31 million customers worldwide. Aviva aims to builds positive function to society to accomplish sustainable business and powerful brand. The Legal General over 175 years aiming to provide best possible product s as well as clear and fair service to make sure the safe pair of hands of money.For Prudential, it manage 562 billion of assets to serve around 24 million customers. It has a long-established leading provider of life and pensions in UK and the assets excess of 255.4 billion.Insurancehttp//www.investopedia.com/terms/i/insurance.aspAll Kinds of Insurance (2017). Available at http//allkindsofinsurance.com/Association of British Insurance (2014) Statistics. Available at https//www.abi.org.uk/Insurance-and-savings/Industry-datahttps//www.pru.co.uk/about/http//www.aviva.co.uk/about-us/https//www.legalandgeneral. com/about-us/