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Business & Management - Report Example

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The study "Business & Management" examines the marketing strategies concerning the retail sector boom in developing economies, a retail store as a chain of management factors, 7P's parameter, a competition to Studio 25, enterprise leadership within a Studio 25. …
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Business & Management
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Download file to see previous pages All business enterprises seek to enhance their profits by keeping their costs and overheads within control. “Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements” is the definition given to marketing by the Chartered Institute of Marketing (CIM). CIM further emphasis that for a small enterprise like (Studio 55), marketing may not always include high allocation of resources to advertisement and sales increment but small instances as improving the workplace functioning, customer dealing, tidying up the workplace bringing efficiency into systems, making the business more akin to customer demands increases the market prospects of a place. The marketing strategies become operational the moment a customer steps into the store.
The retail sector is one of the most growing sectors in the developing world. It has been defined by academics that supplies goods to the end customer. Retailing has been defined as business activities involved in selling goods and services to consumers for their personal, family, or household use. (Das) The retail sector business has the advantage of dealing with the customer first hand. The goods sold in retail are tangible and not much of policy formulation is required. The first-hand experience of the customer can make or mar the reputation of the business. While the retail sector made up around 47 percent of entrepreneurship in developing countries and only 25 percent in industrialized countries, the services sector made up 17 percent in developing countries and around 41 percent in industrialized countries. The study suggests lower requirements of investment, human resources, knowledge, and capital among the reasons that entrepreneurs may focus on the retail sector in developing countries (Breaking Entrepreneurial News). Though outwardly an enterprise like Studio 55 may convey a very simplistic look but the multiple small functions. ...Download file to see next pagesRead More
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