Topics: Management, Business, Strategic management Pages: 2 (546 words) Published: October 12, 2013

7 Key Retail Business Strategies - Redefining Competitive Business Position

Richard Banks, Yahoo Contributor Network
Nov 8, 2010 "Share your voice on Yahoo websites. Start Here." MORE:
Business Strategy
Retail Business
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Throughout the financial world, retail businesses are attempting to increase their competitive competitive position in the marketplace. Whether the retail business is a small start-up or a worldwide chain, the stakes are high. The retail operation which sets the bar in respect to retail business strategy is Walmart. With over 8500 stores and $400 billion in annual sales, Walmart can teach any business about a functional retail business strategy. Target market

When building a retail business strategy consider your audience. To capitalize on your retail business strategy, rely on community demographics provided by the local Chamber of Commerce. Within the community, focus on economic factors such as median household income. Business strategy

Aligning an effective retail business strategy is more than just putting plans on paper. TO be effective, one must incorporate aspects of the surrounding community. Look at the competition within the area. Consider a Consumer loyalty card is the market is saturated with grocery stores. If Consumers frequent your business often, reward them for their business with discounts and special designed to fit their lifestyle.

Human Resources
The Human Resource Professional is not just a figure head, but the voice for people matters within an organization. Part of a functional retail business strategy is hiring the right people for the competitive positions available. The role in which the HR professional play is critical since this is the first person a new employee will see. From the initial meeting, a trusting relationship can begin to foster.

Supply Chain Management
How will your organization receive goods or services at the lowest cost without sacrificing quality? An effective...
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