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Functions Of Retail Management

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Running head: STRATEGIC MANAGEMENT Strategic Management Student’s Name Institutional Affiliation 1 STRATEGIC MANAGEMENT 2 Question 1: Strategic Management in Retail An evaluation of strategic management requirements include; • Strategic management requires competent skills among employees in the retail industry (Mesquida & Mas, 2015). The employees are required to have analytical skills which they can make use in the business. • Strategic management requires flexibility and strong leadership abilities within the industry for the organization to establish its objectives and work towards meeting its overall goals. • A financial forecast is essential in strategic management as business management is expected to work towards ensuring that they promote the growth of the business. • The career outlook is equally a requirement of strategic management, considering that the retail industry is expected to work towards ensuring that they set attainable goals and targets within the business. • Career development in terms of getting qualified personnel is one of the requirements in strategic management as the employers need to have credentials that make them fit for a job position within the industry. The following are challenges that the retail industry faces; • Consumers tend to have multichannel buying experiences. Customers today tend to move between getting their products offline and online. In most cases, the consumers prefer making orders of getting g ...
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Tags: supply chain management Retail Management ret

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