Successful Retail Innovation: Rules & Steps


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question 1 of 3

When a business is striving for profitability and success, putting _____ first is a good strategy.

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1. Why is it important to keep an eye on your competition if you want to be successful in retail?

2. When you're thinking about customer experience on your path to retail success, you should look at all of the following areas EXCEPT which?

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About This Quiz & Worksheet

There are some rules and various steps to consider with regard to innovation in the retail sector. Take this quiz and see what you know about specific areas of study, like a good strategy for a business that's working toward profitability and success and the reason why it's important to pay attention to your competitors.

Quiz & Worksheet Goals

You'll be quizzed on these topics:

  • Areas that are important to consider when you're thinking about success in the customer experience
  • Crucial rule for profitability when thinking about expanding your business
  • The most important aspect of store design to ensure profitability

Skills Practiced

  • Making connections - use your understanding of store design and how it's connected to profitability
  • Knowledge application - use your knowledge to answer questions about a useful strategy for a business that wants to be profitable and a rule that's significant for profitability during a business expansion
  • Information recall - access the knowledge you've gained regarding the reason it's important to stay current with your competitors

Additional Learning

For more information on profitability in retail, you can review the lesson named Successful Retail Innovation: Rules & Steps. These points will be highlighted:

  • Profitability as a major measure of a successful business
  • Recognizing your strengths and weaknesses
  • The importance of a business plan
  • Putting yourself in the right location
  • Passion that intelligently drives your business decisions