Part I: Industry Overview
The retailing industry is an economic section that consists of people and businesses that are involved with the sale of finished goods to the final consumers. Several external factors affect this industry with one of them involving technology. Technological change is a tremendously significant influence in the retail industry because it is highly capricious. Therefore, adjusting to new forms of technology can be put off by limitations that are caused by interior and exterior resources (Bhatia 84). Technology processes also gives room for the opportunity of obtaining a large market while at the same time cause a threat for personal organizations. For example, since technology keeps changing, a company might suffer loss after selling obsolete products that do not measure up to the standards of what other competitors’ advanced products are offering.
Technology has also assisted retailers by enabling them to evaluate goods using advanced equipment for weighing goods. As a result, goods are measured accurately and hence consumer contentment is enhanced. Other technological applications that have aided in improving the retail industry include product packaging, bill processing and print advertising among many others. Another factor is economic and finance, which involves profits, cost, investments and credit accessibility. It is necessary for marketers in the retailing industry to be updated on changes in the financial environment because they can negatively influence the business strategies of an organization.
Financial analysts focusing on the future are prone to discover that their calculations have been blurred by regular matters involving economic deficiency and increased prices, which present the marketers with challenge and risks to their businesses. However, these challenges could be transformed into congenial opportunities based on the marketing strategy applied. The next factor is cultural society, whereby the idea of societal accountability is currently being applied as a substitute to the marketing concept.