Answered: Describe the components of aretail…

Foundations of Business (MindTap Course List)

6th Edition

ISBN:9781337386920

Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor

Publisher:William M. Pride, Robert J. Hughes, Jack R. Kapoor

Chapter6: Understanding The Management Process

Section6.2D: Controlling Ongoing Activities

Problem 1CC

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Describe the components of a
retail strategy.

Expert Solution

Step 1

Retail is the conclusive phase of any business activity. Retail has always played an important contribution to the global economy. This is a scheme used by a company to increase customer influence.

Step 2

Following are the components of a retail strategy:

Scope: The scope is the domain of the organization. The size of the company is determined by the target market, the location of the company and the product the company is offering. The scope requires a range of planning.
Goals and Objectives: A goal is something that wants to happen or be fulfilled in the future. Goals and objectives are important to the organization’s retail strategy because it helps the company know where they are and where they will go in the future to maintain its competitive benefits.
Resource Deployment: This is an important component of the retail strategy because it determines how much money and talent can be spread throughout an organization without wasting its assets. Companies need to figure out how much money to invest in each department.
Recognition of Sustainable Competitive Achievement: Competitive benefits give a company the best business position against its competitors. Customer service is an important part of an organization’s competitive edge. A company of employees with consistent and excellent customer service contributes to the company’s long-term competitive advantage.
Synergy: Synergy occurs when two parts are stronger than each other. In retail strategy, this means that one company can combine with another company to increase value and competitive advantage.

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