Question

for this assignment, you are required to write a Retail Innovation Strategy Essay
write a 3-5 page paper dicussing how innovation should be incorporated into a retail strategy. Specifically identify two retail innovations to ensure you have a global reach

Answer 1

Retail innovation strategy

A retail outlet or a shop is fully designed for attracting the customers with their preferable choices and the common items that are in regular demand are required to make available. As per the current trade, a completion is always a general phenomenon which is utilized for the rebuilding the retail strategy. The strategy is likely required innovate the services and the product varieties for the customers so that they can fulfill their choices and demands.

The strategy which is mostly concentrating on the innovations is to change the pattern of selling of the products and supporting with esteemed services. Some factors which determine the innovativeness of the retail strategy are the attractiveness of the product, discounting of the product, promotional planning, and placing of the product. All these factors are correctly required to be formulated to high rise the innovativeness of the retail strategy.

The customers understanding are highly necessary aspects for the formulation of the retail innovative strategy. The customers are required to understand first and then as per their demands in the market new ideas are constructed to support the promotions for the products, it will attract them if the correct formulation of strategies is feasible with the present market competitiveness.

The two retail innovation for global reach is the organization's economic conditions and the correct placing of the product as per the market demand. To formulate the correct retail innovative strategy it is required to know the organization's financial strength so that it will be easier to spread the business in a long run.
Business needs to the enhancement of the different sector to lead the business properly and it requires being strategically feasible with respect to marketing and promotions. To make a strong network in the global position it requires sufficient fund for marketing so the economic condition is highly necessary to be stable to make a global outreach.

Another factor is the positioning of the strategy in the global market, a global market comprises of different influences likewise the competitors will basically create constraints in continuing any others business. The approach is likely required to be researched well by considering the Geographic’s and demographic factors. This is used to position the product based on the group of population and demand in the market.

These factors are crucial for demonstrating the strategies for innovating the retail corner to fix the business with a sky touching limit and it will also enhance the process to make the organization stable to lead a growing business by gaining customer attraction and achieving the height in business.