Good Essay On Retail Management

Question 1

It is imperative for a firm to view its strategy as an integrated and ongoing process because of changes in both the firm’s internal and external environment. Changes in the external environment include emerging competitors with advanced technologies as well as customers with more sophisticated tastes and access to information. To remain relevant and competitive, a firm needs to review its strategy from time to time and make the relevant changes.

Question 2

Benchmarking is where a firm compares its strategy, production design, information systems and performance procedures to the leading firms in the industry in order to improve on its product and services. It is where a firm attempts to keep itself in line with the very best in its industry. The five steps involved in benchmarking are:
Planning: This where the benchmarking team determines which organization to study, what production systems to benchmark and how to go about the process of benchmarking.
Research: This step involves the collection and analysis of data within the organization. This helps in determining which variables are to be measured against other organizations.
Observation: This is where the benchmarking team study and analyse the other organization(s) that they have picked to benchmark with. The team is required to gather all the relevant information for analysis.

Analysis: This is where the benchmarking team attempts to draw conclusions from the information gathered.

Implementation: After analysing the information and making the necessary recommendations, the team presents a report to the top level management for further analysis and implementation. Here, strategies are formulated and necessary steps taken to keep the organization effective and efficient.

Question 3

The three steps that are followed in the planning process are; establishing the company’s goals and formulating the mission statement, determining the strategies to be used in achieving the set goals and implementing the formulated strategies using the organization’s resources.