The first step towards developing a retail strategy is to select a pricing strategy in order to avoid making loss.

Question

Quizplus · Accepted Answer

While pricing strategy is an important aspect of a retail strategy, it is not the first step. The first step should be to understand the target market, competitor analysis and identifying unique selling propositions. Only then can a pricing strategy be selected that aligns with the overall retail strategy.

The First Step Towards Developing a Retail Strategy Is to Select