Quiz 20: Integrating and Controlling the Retail Strategy

Business

Statement: "It is imperative for a firm to view its strategy as an integrated and ongoing process." Explanation: • The changes in the needs, tastes and preferences of the consumers stress the firms to change the strategies from time to time which otherwise would show adverse effects • The economic conditions of the nation are important for the firms to run the business smooth. The changes in which leads to the recession or inflation resulting the business to lose its path • The increase or decrease in the competition in the respective industry also affects the firm's growth The Strategy development stages are mutually dependent and continuous. If a firm fails to view its strategy, it will cause irregularity and poor variation to the environment.

Sales opportunity grid : The sales opportunity grid is the tool which helps the retailers in evaluating the opportunities for the new and the existing products or services. This clearly suggests the strategies that are to be followed by the retailers to become successful in the market. The sales opportunity grid is shown by the following figure with the current, related and the unrelated products on the horizontal axis and the current, related and the unrelated markets on the vertical axis. img In planning for the Rb DVD rental machine to the services mix of super market it is necessary to know the products or services that the retailer is offering to the consumers. And in addition to this, it is also important to know the current, related and unrelated markets in which the retail outlet is situated. By considering these, it would be easy for the retailer to decide when and how to launch the service to its existing products and services.

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