An overall plan or framework of action that guides a retailer is its _____.
A)mission statement
B)retail strategy
C)corporate philosophy
D)retail tactics

Question

Quizplus · Accepted Answer

A retail strategy is a comprehensive plan or framework that outlines a retailer's long-term goals, objectives, and actions to achieve competitive advantage and maximize profits. It considers factors such as target market, positioning, product assortment, pricing, promotion, and store design. A mission statement, corporate philosophy, and retail tactics are all important components of a retailer's overall strategy, but they alone do not provide a comprehensive plan or framework for action.

An Overall Plan or Framework of Action That Guides a Retailer