The underlying principle of a strategic approach to the study of retailing is that a firm needs to ________.
A) be a low-cost provider
B) base all of its decisions on retail research
C) be aware of opportunities and constraints in decision making
D) plan for and adapt to a complex, changing retail environment

Question

Quizplus · Accepted Answer

A strategic approach to the study of retailing involves planning for and adapting to the complex, changing retail environment. This requires a firm to be aware of opportunities and constraints in decision making, rather than simply being a low-cost provider or basing all decisions on retail research. A strategic approach involves anticipating and responding to changes in consumer behavior, technology, and competition, and developing a long-term plan for success in the retail industry.

The Underlying Principle of a Strategic Approach to the Study