Explain what you think is the most essential aspect of retail planning necessary to generate a profit. Use scholarly resources to support your conclusions.
Like other sectors, retail store business too needs proper planning to become successful. There are some essential aspects which are needed to do a retail planning. These are -
a) A proper business analysis is really important to make the retail business more successful. The analysis includes the structure of the retail store, name of the store, location of the store, different products and services to be offered to the customers.
b) Another important aspect is marketing strategy. This explains the ways to penetrate into the target market. A larger part of the profit depends upon the way the retail entered into the market.
c) To generate more profit, the retailer can focus on building traffic which would attract more and more number of customers and thereby would increase the sales and later profit.
d) Retail stores needs to be customer-centric as customers would be more satisfied with it and would visit the store frequently.
Hope this helps :)
Explain what you think is the most essential aspect of retail planning necessary to generate a profit. Use scholarly resources to support your conclusions.
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