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Advances in Strategic Management - Essay Example

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Author : bettie95

Summary

Within various industries also, the roles played by individual organisations and businesses go a long way to determine the extent of growth that will be recorded by the industry at large…

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Advances in Strategic Management

By strategic management policy, reference is being made to the use of key decision making processes that ensure that the companies come to terms with the selection of best strategies, policies, principles, and action plans that focus directly on their competitive growth (Kearney, 2002). One such industry where the kind of strategic management used is very important in determining extent of competitiveness is the retail industry. This is because as the days go by, there continues to be more and more new openings within the industry, calling for the need of individual organisations to strategise their ways out to becoming competitive.
The selected industry for the study is the retail industry. This is the industry that is responsible for the sale of goods and services directly to the end user, who is the customer (Lamb, Hair and McDaniel, 2008). This means that retailers do not go through such production processes as manufacturing and logistics but find a means of directly receiving out to the customer with finished products and services from manufacturers. Retailing has been a core part of the economic composition of the country for several years. This is because since time immemorial, people have had the need to make purchases of products and services to meet their needs and wants. Very often though, the means to going directly to the manufacturer is not there due to such limitations as transportation and distribution channel (Krafft and Mantrala, 2006). It is in such instances that retailers become very important to the ordinary consumer and the nation at large by meeting the consumer at the point of his or her need. One unique feature about the retail industry is that it is found in almost every corner of the country, and has very limited restrictions in the form of market penetration (Lamb, Hair and McDaniel, 2008).
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