BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -A retailer expanding their hours to open an additional hour each evening is using the market penetration growth strategy. Technological environment improve products and the processes and even create new products and the processes that will expand profits and markets.

Detailed explanation-2: -A retail strategy is the process you use to develop your products or services and sell them to customers. There are multiple elements to this plan, including location, store, merchandise/assortment, visual merchandising, staff, service, mass media and communications, and price.

Detailed explanation-3: -Market expansion approaches include opening more stores in the target market and/or keeping existing stores open for longer hours. A retail format development growth opportunity is an opportunity in which a retailer develops a new retail format for the same target market.

Detailed explanation-4: -An outline of the retailer’s retail strategy includes three parts: (1) identifying the retailer’s target market, (2) identifying the format the retailer intends to use to meet the needs of that market, and (3) identifying the bases on which the retailer intends to build a sustainable competitive advantage.