The steps in a retail strategy are:
A. interdependent of each other.
B. independent of each other.
C. organized by specific and then general factors.
D. organized by short- and then long-term factors.
I like A best.
B is wrong.
C,D one can organize by a multitude of criteria.
The correct answer is C. organized by specific and then general factors.
To understand the steps in a retail strategy, it's important to know that a retail strategy refers to the overall plan and approach that a retail business adopts to achieve its objectives and meet customer needs.
The steps in a retail strategy are generally organized by specific and then general factors. Here's an explanation of each step:
1. Situation Analysis: This is the first step in developing a retail strategy. It involves assessing the current market conditions, competition, customer preferences, and internal capabilities of the retail business. This step focuses on specific factors affecting the business.
2. Target Market Selection: After analyzing the situation, the retail business needs to identify and select its target market(s) - the specific group(s) of customers it wants to serve. This step narrows down the focus on specific segments of customers.
3. Positioning: Once the target market is defined, the retail business needs to determine how it wants to position itself in the minds of the customers. This step involves identifying the unique value proposition and competitive advantage that the business will offer to differentiate itself from competitors. It still focuses on specific factors related to the target market.
4. Retail Mix Decisions: This is where the strategy begins to consider more general factors. In this step, the retail business makes decisions about the various elements of the retail mix, including product assortment, pricing, promotion, and distribution. These decisions are more general as they apply to the overall retail business, rather than specific target markets.
5. Implementation: Once the retail strategy is defined, it needs to be implemented effectively. This step involves executing the various elements of the retail strategy and ensuring proper coordination and integration across different functional areas of the business.
6. Evaluation and Control: Finally, the retail strategy needs to be continuously monitored and evaluated to determine its effectiveness. This step involves tracking key performance indicators, measuring customer satisfaction, and making necessary adjustments to the strategy based on feedback and market changes.
In summary, the steps in a retail strategy are organized by specific factors like situation analysis, target market selection, and positioning, before transitioning to more general factors like retail mix decisions, implementation, and evaluation.