The underlying principle of a strategic approach to the study of retailing is that a retail firm needs to plan and revise its plans continually in order to adapt to a changing environment.

Question

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This statement accurately reflects the fundamental concept of strategic retail management, which emphasizes the importance of proactive planning and ongoing adaptation in response to shifting market conditions and consumer preferences. By regularly assessing their internal capabilities and external opportunities and threats, retail firms can develop and refine strategies that enable them to achieve long-term success and sustainable competitive advantage.

The Underlying Principle of a Strategic Approach to the Study