FINAL THOUGHTS 4
Aretail strategy is part of marketing approach based on the goals andstrategic plans of the organization. Today, the retailing environmentis highly competitive and thus, managers need to assess the strengthsand weakness of the organization, in addition to identifying itsopportunities and threats (Walker & Mullins, 2010).
Thetopic that I found most interesting is change management. Aftercoming up with a new strategy change is inevitable, however, the mainchallenge with the implementation of plans rests with how successfulorganization will manage change. I found this topic interestingbecause the issue of change is extensive and most change initiativesdo not work and often face resistance from employees. Alternatively,many strategies fail due to unsuccessful change management in theorganizations. No matter how an idea is well implemented it will failif the initiative is inappropriate. On the other hand, lack ofsupport from the top management may be a reason change initiative mayfail. In summary, there must be a real alignment of employee’sday-to-day roles and the asserted values by the organizationmanagement, in order to achieve success (Peter & Donnelly, 2006).
Changemanagement is a significant topic which can also be applied topersonal change using the same principles for organizations. Inorganizations, change can be used to increase employee productivitythrough better controls and reduce costs though automation.Management of change requires thoughtful planning as well assensitive implementation, in addition to involvement of specificpeople to be affected by the change.
Inconclusion, retail strategy is significant in the 21st century wheretechnology has improved its nature and firms as well as customershave options to multiple communication tools. Ultimately, successfulretail strategy involves identifying a target market andunderstanding the needs of customers as well as communicating throughthe available multiple channels.
Peter,P., & Donnelly, J. (2006). Marketingmanagement.10th Edition, New York, NY: Mc Graw-Hill.
Walker,J., & Mullins, O. (2010). Marketingstrategy: A decision focused approach,7th Edition. New York, NY: McGraw-Hill.