The Role of Retail Industry towards the Economic Advancement of the Essay - 1

The Role of Retail Industry towards the Economic Advancement of the Country - Essay Example The researcher states that very often, the extent to which individual companies can experience growth is very much dependent on the strategic management policies that are used to run these organizations. By strategic management policy, reference is being made to the use of key decision making processes that ensure that the companies come to terms with the selection of best strategies, policies, principles, and action plans that focus directly on their competitive growth. One such industry where the kind of strategic management used is very important in determining the extent of competitiveness is the retail industry. This is because as the days go by, there continue to be more and more new openings within the industry, calling for the need of individual organizations to strategize their ways out to becoming competitive. The selected industry for the study is the retail industry. This is the industry that is responsible for the sale of goods and services directly to the end user, who is the customer. This means that retailers do not go through such production processes as manufacturing and logistics but find a means of directly receiving out to the customer with finished products and services from manufacturers. Retailing has been a core part of the economic composition of the country for several years. This is because, since time immemorial, people have had the need to make purchases of products and services to meet their needs and wants. Very often though, the means of going directly to the manufacturer is not there due to such limitations as transportation and distribution channel. It is in such instances that retailers become very important to the ordinary consumer and the nation at large by meeting the consumer at the point of his or her need. One unique feature of the retail industry is that it is found in almost every corner of the country, and has very limited restrictions in the form of market penetration.