MARKETPLACE CHANGE 3
s is an aspect that is imminent in the retailindustry. Various elements of the retail market such as financialstatus, size and ownership have changed drastically. There has beenmergers, downsizing, bankruptcies and closings of retail outlets.These marketplace changes have had a tremendous impact on the retailbusiness. However, research has indicated that the retail sectorremains one of the most significant sectors in the United States.s can be realized or notice through the changes indemand or changes in sales. Market place changes can also be notedthrough the decline in the family wealthy and the lowering of thestock market (Walker & Mullins, 2010). s can beanalyzed through the study of consumer behaviors such as theirpreferences and the quantity of goods and services that they demand.
There are various strategies that can be applied in the retailmanagement strategies in order to manage the marketplace changes.Retailers need to provide goods and services that are affordable tothe consumers. The retail managers must also learn the change incustomer preferences and change their goods and services to fit therequirements of the customers. It is also imperative to have amission for the retail business, which will be critical to ensuringthat the business manages the marketplace changes (Walker &Mullins, 2010). Furthermore, a business entity must have setobjectives to be achieved within a particular time. Merging withother retailers can also be a strategy to deal with the marketplacechange. Downsizing has also been viewed as a main strategy in theretail sector for dealing with marketplace changes.
Walker, J., & Mullins, O. (2010). Marketing strategy: Adecision focused approach, 7th Edition. New York, NY:McGraw-Hill.