About This Chapter
Strategic Retail Perspectives - Chapter Summary
Take a look at this self-paced online chapter to study a variety of strategic retail perspectives. Broken into a series of short and fun lessons, this chapter explores the retail lifecycle, stages of economic development and the effects of globalized business on retail. To strengthen your understanding of the information, we've included short quizzes throughout the chapter. You'll also be able to submit questions to our subject matter experts if you need any extra help with the chapter topics. When you're finished, you should be able to:
- Explain the importance of the global environment
- Describe the globalized retail environment
- Outline all five economic development stages
- Provide examples of retail inflection points
- Define the retail lifecycle
- Assess the impact of the retail lifecycle's decline
- Explain how cultural norms can impact global businesses
1. The Global Environment: Definition & Importance
The global environment can have a major impact on how a company operates. This lesson defines the global business environment and describes the risks and benefits of operating within the global environment.
2. Five Stages of Economic Development
Countries and their economies develop at different rates, depending on a number of factors. In this lesson, we'll discuss Rostow's five levels of economic development and look at other systems used to track economic development.
3. Inflection Point in Retail: Definition & Model
An inflection point in retail means that change is on its way! In this lesson, you'll learn more about what an inflection point is and how accelerators and disruptors play a critical role in inviting or forcing change.
4. The Retail Lifecycle: Definition & Examples
The retail lifecycle is like the human life cycle: it consists of different stages that correspond to different experiences. In this lesson, you'll learn more about the retail lifecycle and its stages and explore some examples of businesses at each stage.
5. Decline in the Retail Lifecycle: Definition & Impact
When retailers dip into the decline stage of the retail life cycle, it's because they've fallen into one of the four major failures that typically precede it. In this lesson, learn more about these causes of business decline.
6. Impact of Cultural Norms on Global Businesses
Cultural norms can greatly impact how a company operates in the global environment. This lesson will discuss how cultural norms can influence business strategies and performance.
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Other chapters within the Business 328: Retail Innovation course
- Introduction to Retail Innovation
- Evaluating Retail Innovation
- Identifying Long-Term Trends in Retail
- Intrapreneurship in Retail Management
- Product & Process Innovation
- Innovation & the Customer Experience
- Innovation through Greentailing
- Gaining a Competitive Retail Advantage
- Retail Innovation: Opportunities & Threats