Question

When developing the _______________ for his salon, Theo decided to obtain an advantage over other salons, by offering longer hours, better prices, a well-trained staff, and hair coloring for half-price every Wednesday to attract customers.

Answer 1

Answer:

Retail Strategy

Explanation:

A retail strategy refers to a future course of action, adopted by a retailer, with respect to the kind of goods and services that would be provided, the pricing strategy i.e deciding upon the price to be charged, the ways to withstand and overcome competition and to keep customers satisfied and maximize profits at the same time.

This activity would also take into consideration, how the products would be displayed and promotion.

In the given case, The salon owner while developing strategy, decided upon gaining a competitive edge over the other salon operators by providing similar services at a reduced price, with employment of well trained staff, and offering heavy discounts on specific services on Wednesdays.

This represents development of a retail strategy.