Question

Josh is responsible for the strategic retail planning process in his organization. He has defined the business mission and conducted a SWOT analysis. Which of the following steps is most likely his next stage in the strategic retail planning process?

1) Evaluate strategic opportunities.
2) Establish specific objectives and allocate resources.
3) Identify strategic opportunities.
4) Develop a retail mix to implement strategy.
5) Evaluate performance and make adjustments.

Answer 1

After conducting a SWOT analysis, Josh's next step in the strategic retail planning process is to identify strategic opportunities. This involves recognizing areas where the company can utilize its strengths and address weaknesses to capitalize on market opportunities and counteract threats.

Step-by-step explanation:

After Josh has defined the business mission and conducted a SWOT analysis, the next step in the strategic retail planning process is most likely to identify strategic opportunities.

At this stage, Josh should look for areas where the company can capitalize on its strengths, improve its weaknesses, exploit opportunities, and defend against threats.

Once these opportunities are identified, Josh can then move on to evaluating them to establish specific objectives and decide how to allocate resources effectively to leverage these opportunities.