Question

Closure strategy is:

1) often referred to as a "retailer's cost management" strategy.
2) just getting shoppers into the store.
3) getting shoppers in the store and converting them into customers at the lowest operating cost possible.
4) often referred to as a retailer's traffic strategy.
5) having the right merchandise, using the right layout and display, and having the right sales

Answer 1

A closure strategy in business relates to converting shoppers into customers effectively and efficiently. It includes cost management, storefront displays, and competitive pricing, essential for businesses to maintain market presence against competitors such as Amazon.

Step-by-step explanation:

A closure strategy in business is not just about getting shoppers into the store but is more comprehensively about converting shoppers into customers at the lowest operating cost possible. This encompasses strategies to manage costs effectively while ensuring that the business remains attractive and competitive in the market. An effective closure strategy may involve a variety of practices, such as cost management, storefront displays, and competitive pricing and product selection tactics like tying sales and exclusive dealing. In the face of market competition, businesses like Amazon have succeeded in part due to their innovative production models and cost structures which allow them to offer lower prices, sometimes even with additional costs like shipping factored in.