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Strategic Perspectives in the Retail Industry

StrategicPerspectives in the Retail Industry

StrategicPerspectives in the Retail Industry

Companiesneed new-economy strategies to help them stand the test of time. Inother words, the new economy strategies will help them identify astrategic inflection point at their company’s disposal, which willlead them to making the correct strategic choice. Technologicaladvances of the new economy represent a threat to companies andbusinesses. This is because technology keeps changing every now andthen, and requires that companies conform to the changes. Failure toconform would lead to drugging behind in the industry, and consumersneed up-to-date services, thus losing ground in the market share.Marketers therefore, need to address the development of strategies inorder to take advantage of –or defend against- a rapid pace ofchange inherent in the new economy. They can do the same byunderstanding and using demographics to forecast certain markettendency. The demographics that they ought to use to forecastspecific trends in the market include the aging population,polarization of income, changing households and exploding ethnicity.Besides the demographics, marketers can take advantage of customers’doing business in various places without being so loyal to onespecific company, understand that they want to spend time on whatthey value understand their wish to be in control of his/hershopping, and offering healthy lifestyle services (Stern &amp Ander,2008).

Theinternet and other technological advances are good marketers ofproducts and services in the contemporary world. Online shoppinghelps customers transact right from their places of convenience, thusany company using this service has an upper hand in attractingcustomers. In addition, at the internet, customers are able tocompare prices and quality of services, which companies add to theirsites to help customers make decisions. It is also easy for a verylarge number of people to view a product at a click of a button atthe same time, from different geographical places (Stern&amp Ander, 2008).

Reference

Stern,Z. N., &amp Ander, N. W. (2008). Greentailingand other Revolutions in Retailing: Hot Ideas that are GrabbingCustomer’s Attention and Raising Profits,Hoboken, NJ: Wiley. Print.