Retail Management: a Strategic Approach
ADMN - 3170h | Essay Assignment 1: “In the retail context, doing business and living life converge” | |
Throughout the centuries and decades of human presence, the theme that have time after time resonated and stayed constant is inevitable change. Change is the pushing factor that contributed to innovation, growth and evolution; nowhere is that theme more predominate than the twenty-first century and even more so in the business environment. The delicate balance between the consumers and the retailers is pivotal upon the response and react to the changes in the environment; it is the leading factor in the success of any modern business-and ever more so in the retailing market. It is an understatement to declare that ‘doing business’ mirrors ‘living life’; it is better stated that it is critical for survival that all retailing markets to assess the change in the consumers’ behaviours, habits and lifestyle to accommodate and act in response accordingly. The retailers must first assess and monitor the spending power, patterns and behaviours of their designated market. Secondly, it is necessary in observing the demographic shifts and movements; in doing so they would move to building strategies. Lastly, management of competitors and external threats would create a fuller portrait of the overall environment of the business and living landscape. All in all, the threat and potential of change in the modern time is an unchangeable fact; the emerging retail sector are completely irradiated from yesteryears, and the undoubtedly will only exist in fragments in the years to come. The customers are the driving force of these changes thus the evolution of retailing must survive on their ability to innovate, response and integrate.
It is no secret that the western society-United States and Canada, as well as most of the developed society, have experienced a large setback economically. The recession has had a negative impact on employment rates, spending power,
Throughout the centuries and decades of human presence, the theme that have time after time resonated and stayed constant is inevitable change. Change is the pushing factor that contributed to innovation, growth and evolution; nowhere is that theme more predominate than the twenty-first century and even more so in the business environment. The delicate balance between the consumers and the retailers is pivotal upon the response and react to the changes in the environment; it is the leading factor in the success of any modern business-and ever more so in the retailing market. It is an understatement to declare that ‘doing business’ mirrors ‘living life’; it is better stated that it is critical for survival that all retailing markets to assess the change in the consumers’ behaviours, habits and lifestyle to accommodate and act in response accordingly. The retailers must first assess and monitor the spending power, patterns and behaviours of their designated market. Secondly, it is necessary in observing the demographic shifts and movements; in doing so they would move to building strategies. Lastly, management of competitors and external threats would create a fuller portrait of the overall environment of the business and living landscape. All in all, the threat and potential of change in the modern time is an unchangeable fact; the emerging retail sector are completely irradiated from yesteryears, and the undoubtedly will only exist in fragments in the years to come. The customers are the driving force of these changes thus the evolution of retailing must survive on their ability to innovate, response and integrate.
It is no secret that the western society-United States and Canada, as well as most of the developed society, have experienced a large setback economically. The recession has had a negative impact on employment rates, spending power,
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