The collaborative strategy brings all stakeholders in a retail organization together in collective forums to engage in a decision making that is consensus oriented. To establish a cooperative strategy in a retail organization, one must identify key variables that will determine if the mode of governance will be successful (Bell, 2004). The variables to be considered include the first history of collaboration and conflict, resource and power imbalance, the incentives for stakeholders, the institutional design, and the leadership. One should also identify the key factors in collaborative strategy. These include; trust building, a creation of commitment and universal understanding and face-to-face dialogue. Additionally, the foundation of or components of the collaborative strategy include a sound definition of the scope, goals, and objectives, as well as a competitive cutting edge that puts a business above its competitors.
The collaborative strategy can be used in a retail organization in the following areas, in identifying the target market. The stakeholders come together in recognizing and knowing in details the different segments of the market in which the organization intends to channel a retail team to bring together the stakeholders in developing lasting competitive advantages over other retail organization can also use its resources Collaborative strategy (Bell, 2004). By dropping prices of their commodities, choosing the best location for the stores, raising the level of advertising and giving customers better services, collaboration strategy offers a definitive approach to marketing. This strategy can also help in identifying the best ways of building customers loyalty. Through this strategy, a retail organization can create an efficient system of information flow (Bell, 2004). A retail organization uses the collaborative approach to come up with the development plan, both local and international growths. The development can be done by bringing on board both domestic and international stakeholders.
Collaboration strategy can help a retail organization in increasing quantity of commodities purchased per given period, growing number of loyal customers, increasing the frequency of purchase, reaching other segments of the market that the retailer has not exploited yet, expanding the market for the business, diversifying, improving productivity and accessing target markets. Corporate strategy is one of the significant elements of marketing technique. One of the companies that have used this strategy collaboration is Samsung mobile company which has used it to direct their mission, objectives, and policies. Technical competition has revealed the importance of cool technical innovations that appeal to the younger generation and raise the customer numbers of products all over the world. Another strategy of collaboration is the business level strategy that gives an entity an advantage over its rivals.
Bell, R. (2004). Retail strategy: the view from the bridge. Routledge.
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