Retail Stategy (6) Assignment Example | Topics and Well Written Essays - 250 words

Retail Stategy (6) - Assignment Example With the help of continuously tracking and monitoring the environment for changes, organizations can identify several threats and opportunities and can take steps accordingly. This in turn allows the organizations to create a competitive edge over other competitors in the industry (Witcher & Chau, 2010). There are several methods and techniques for conducting audit of the internal and external environment of the organization (Witcher & Chau, 2010). Technology has made it more easier for the organizations to keep an eye on important environmental factors. With the help of properly implemented information systems and other technological devices one can identify important patterns and trends. Along with this, extensive market research also facilitates in the process of identifying and analyzing the changes in the marketplace (Witcher & Chau, 2010). With reference to the retailing business and retail management, it is highly essential for the retail organization to keep a track of the changing needs and preferences of the customers. This allows the retail organization to formulate strategies in accordance with the requirements of the customers (Berman & Evans, 2010). For this purpose the retail organization can link the data generated through RFID and other technological tools with the information systems in order to analyze the demands of the products (Berman & Evans, 2010). In this way, the organization will get an idea about the needs and preferences of the customers. Also, top management of the organization should conduct regular mystery shopping analysis in different retail outlets. This will also enable them to collect significant information and identify different changes in the marketplace. All this data should be stored in the database and should be available for the research analysts to identify important trends. This data will be helpful in identifying important patters like overall sales of a particular