Question

Which of the following steps is typically the previous step before establishing specific objectives and allocating resources in the strategic retail planning process?

1) Identifying target market segments
2) Analyzing the competitive environment
3) Developing a marketing strategy
4) Conducting a SWOT analysis

Answer 1

The correct answer is option 3) Developing a marketing strategy.

Step-by-step explanation:

The previous step before establishing specific objectives and allocating resources in the strategic retail planning process is Developing a marketing strategy.

Developing a marketing strategy involves creating a plan that outlines the overall direction and goals for the retail business, including target markets, product offerings, pricing strategies, and promotional activities.

This step helps to define the overall approach and framework for the retail planning process.