The First Step in the Strategic Retail Planning Process Is

question 104

Multiple Choice

The first step in the strategic retail planning process is to:

• A) identify strategic opportunities
• B) develop a retail mix
• C) define the business mission
• D) conduct the situation audit
• E) assess the strengths and weaknesses of the business relative to its competition

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Definitions:

Tax Burden

The measure of the total amount of taxes imposed by a government on individuals, businesses, and other entities, often expressed as a percentage of GDP.

Product Structure

An organizational framework that groups together all the elements involved in producing a specific product or product line.

Organizational Structures

The framework within which organizational tasks are divided, resources are allocated, and departments are coordinated.

Functional Structure

An organizational format that divides a company according to specialization, such as marketing, finance, and production.