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Retail Stategy (6) - Assignment Example

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Owing to the increasing competition and ongoing changes in the marketplace, it has become essential for all organizations to keep a track of advancements and variations in the industry. These changes can be either in the form of technological advancements, some new environmental…
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Retail Stategy (6)
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Owing to the increasing competition and ongoing changes in the marketplace, it has become essential for all organizations to keep a track of advancements and variations in the industry. These changes can be either in the form of technological advancements, some new environmental regulations, new product launch or strategy from the competitors, or even the changing preferences and needs of the customers. All these changes directly influence the profitability and market position of the company. For this purpose, one should be efficient in analyzing the external and internal environment of the organization. With the help of continuously tracking and monitoring the environment for changes, organizations can identify several threats and opportunities and can take steps accordingly. This in turn allows the organizations to create a competitive edge over other competitors in the industry (Witcher & Chau, 2010).
There are several methods and techniques for conducting audit of the internal and external environment of the organization (Witcher & Chau, 2010). Technology has made it more easier for the organizations to keep an eye on important environmental factors. With the help of properly implemented information systems and other technological devices one can identify important patterns and trends. Along with this, extensive market research also facilitates in the process of identifying and analyzing the changes in the marketplace (Witcher & Chau, 2010).
With reference to the retailing business and retail management, it is highly essential for the retail organization to keep a track of the changing needs and preferences of the customers. This allows the retail organization to formulate strategies in accordance with the requirements of the customers (Berman & Evans, 2010). For this purpose the retail organization can link the data generated through RFID and other technological tools with the information systems in order to analyze the demands of the products (Berman & Evans, 2010). In this way, the organization will get an idea about the needs and preferences of the customers. Also, top management of the organization should conduct regular mystery shopping analysis in different retail outlets. This will also enable them to collect significant information and identify different changes in the marketplace. All this data should be stored in the database and should be available for the research analysts to identify important trends. This data will be helpful in identifying important patters like overall sales of a particular product, response rate, purchasing and shopping behavior, etc (Berman & Evans, 2010).
The organization should ensure that there is a continuous process of market research and all data is available to the top management in order to formulate effective and efficient retail management strategy and respond to the changing marketplace in more effective manner. New technologies and management information systems can be beneficial in this regard for the retail organization (Dunne, Lusch, & Carver, 2011).
Berman, B., & Evans, J. (2010) Retail Management: A Strategic Approach. Upper Saddle River, New Jersey: Prentice Hall.
Dunne, P., Lusch, R., & Carver, A. (2011). Retailing. Mason, OH: Cengage Learning.
Witcher, B., & Chau, V. (2010). Strategic Management: Principles and Practice. Hampshire, UK: Cengage Learning EMEA. Read More
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