The first stage in development of a retail strategy should be to determine the retailer's _____.
A)most appropriate target market
B)short-run objectives
C)long-run objectives
D)type of business and orientation of the firm

Question

Quizplus · Accepted Answer

Determining the type of business and orientation of the firm is the first step in developing a retail strategy as it lays the foundation for all future decisions regarding target market, objectives, and overall direction of the business. Knowing the type of business and orientation of the firm helps in identifying the competitive environment, assessing opportunities and risks, and making informed decisions about how to allocate resources to achieve long-term growth and success. Once the firm has a clear understanding of its type of business and orientation, it can then determine its target market and establish short- and long-term objectives.

The First Stage in Development of a Retail Strategy Should