Question

what is the purpose of developing a formal retail strategy?

Answer 1

Strategic planning includes defining of overall mission or purpose of the company, deciding on objectives that management wants to achieve and developing a plan to achieve these objects. HMV evaluated the retail music industry in Canada and identified strategies that would allow the firm to prosper and grow.
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Answer 2

The purpose of developing a formal retail strategy:

• Retail strategy is a set of activities that are needed for the overall promotional plan that influence commercial activities.  

• It is a plan that involves activities needed and its response to market forces such as economy and competition.  

• The need for forming a retail strategy is to work at things that are different from the competitors. It is the process of selling goods and services to consumers.  

• The retail strategy entails the marketing plan that is needed to attract the products and services to the consumers.  

• This process helps retailers to maximize their profitability and helps the manufacturers to sell their products.

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During each stage in the development of a retail strategy, retail managers should:

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