e-learningsite.com

free essays
Free essays

Strategies for increasing returns for your retail organization

STRATEGIES FOR INCREASING RETURNS FOR YOUR RETAIL ORGANIZATION 4

Strategiesfor increasing returns for your retail organization

Strategiesfor increasing returns for your retail organization

Themain aim for any business enterprise is to make profits or returns.It is critical for every retail organization to have strategies inplace, which will ensure that returns are maximized. Marketsegmentation has been one strategy that retail organizations can useto increase returns (Walker &amp Mullins, 2010). Due to thelimitation of resources, retail organizations can adopt thegrowth-market strategy where they target the growing sections of themarket. It is evident that such segments offer little competition andhave a potential for high returns. In addition, the growth-marketstrategy of market segmentation does not require extensive resources,which is effective for a retail organization.

Theretail business must also possess organizational structures andcapabilities that are hard to imitate by competitors. It is alsoparamount for the retail organization to develop a model that iseconomically viable. The retail organization must also offercustomers products that are unique and beneficial in a way thatcompetitors cannot provide. This will ensure that the retail businesssells its products at a high rate and increases the returns. The teamleading the retail organization must also be up to the task in orderto carry out the mission of the organization of increasing returns(Walker &amp Mullins, 2010). The retail organization must alsoensure that it carries market research in order to identify threatsand opportunities. This will ensure that the organization capitalizeson the opportunities hence increasing returns. The organization musthave knowledge of the market trends in order to determine the beststrategy to use in order to gain maximum returns (Walker &ampMullins, 2010).

Itis evident that the retail organizations are operating under extremecompetition and they must therefore come up with strategies toincrease returns.

Reference

Walker,J., &amp Mullins, O. (2010). Marketingstrategy: A decision focused approach, 7th Edition.

NewYork, NY: McGraw-Hill.