Outline the Principles of Benchmarking for a Retailer

question 43

Short Answer

Outline the principles of benchmarking for a retailer.

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Definitions:

Target Audience

Refers to a specific group of consumers most likely to want or need a product or service, identified for marketing and product design strategies.

Opportunity Recognition

The process of identifying and analyzing a potentially profitable business venture or investment.

Concept Innovator

An individual or entity that introduces new ideas, thoughts, or methods into a particular field or market, significantly contributing to development and change.

Pro Forma Analysis

A method of financial forecasting that projects future business performance based on presumed events or conditions.