Once a retailer understands its environment,it needs to develop and implement a(n):
A) retail strategy
B) advertising plan
C) customer base
D) competitive strategy
E) functional strategy

Question

Quizplus · Accepted Answer

Developing and implementing a retail strategy is essential for a retailer to effectively compete in the marketplace. It includes decisions about target market, product and service offerings, pricing, store location and layout, and customer service. This strategy guides the overall direction of the business and helps achieve the goals and objectives of the organization. Advertising, customer base, competitive, and functional strategies are important components of the overall retail strategy.

Once a Retailer Understands Its Environment,it Needs to Develop and Implement