Home / Business /INDUSTRY The retail sector in Kenya has witnessed a turbulent time with major retailers struggling to survive. This could be attributed to a variety of factors ranging from internal factors such as resource availability, style of leadership; probably the changes in the economic environment, competition form the upcoming retailers both national and international, upcoming retail outlets in the residential estates, the growth of online retailing among others. The industry has had a fairly good time as retailers innovate on new product offerings, product diversification, and market development by opening new outlets among others. Despite all the positive growth the last two years since 2016 has witnessed a sharp decline in the fortunes of the big retailers Nakumatt and Uchumi supermarkets leading having closed down. Other stores are now facing challenges due to the Covid 19 pandemic. The interest of the various stakeholders is at stake with each and all watching proposing and ultimately becoming desperate to see the supermarkets back on their feet Required a) Distinguish and explain various external and internal factors affecting the retail industry in Kenya using two appropriate environmental scanning tools. ( 10 marks) b) Explain the strategic alternatives(corporate, business and functional level) that you would you recommend to reverse the downward trend of the retailers ( 6 marks) c) What strategic alternatives would you recommend for the retail industry and why? ( 5 marks) d) In what ways would you ensure that the strategies suggested above are implemented as proposed (4 marks) Question two. a) Strategy refers to the plans made and actions taken to enable an organization fulfill its intended strategy. Discuss the various characteristics of strategic decisions. Also, explain the various reasons, due to which the firms often fail to develop sound strategic management perspective. ( 12 marks) b) Politics is a key aspect of strategy implementation because it enables managers to be proactive and to influence their environment rather than being manipulated and dominated by external events. In this context, what does Politics mean? Also explain the various political tactics applied to obtain results. ( 8 marks)

Question INDUSTRY The retail sector in Kenya has witnessed a turbulent time with major retailers struggling to survive. This could be attributed to a variety of factors ranging from internal factors such as resource availability, style of leadership; probably the changes in the economic environment, competition form the upcoming retailers both national and international, upcoming retail outlets in the residential estates, the growth of online retailing among others. The industry has had a fairly good time as retailers innovate on new product offerings, product diversification, and market development by opening new outlets among others. Despite all the positive growth the last two years since 2016 has witnessed a sharp decline in the fortunes of the big retailers Nakumatt and Uchumi supermarkets leading having closed down. Other stores are now facing challenges due to the Covid 19 pandemic. The interest of the various stakeholders is at stake with each and all watching proposing and ultimately becoming desperate to see the supermarkets back on their feet Required a) Distinguish and explain various external and internal factors affecting the retail industry in Kenya using two appropriate environmental scanning tools. ( 10 marks) b) Explain the strategic alternatives(corporate, business and functional level) that you would you recommend to reverse the downward trend of the retailers ( 6 marks) c) What strategic alternatives would you recommend for the retail industry and why? ( 5 marks) d) In what ways would you ensure that the strategies suggested above are implemented as proposed (4 marks) Question two. a) Strategy refers to the plans made and actions taken to enable an organization fulfill its intended strategy. Discuss the various characteristics of strategic decisions. Also, explain the various reasons, due to which the firms often fail to develop sound strategic management perspective. ( 12 marks) b) Politics is a key aspect of strategy implementation because it enables managers to be proactive and to influence their environment rather than being manipulated and dominated by external events. In this context, what does Politics mean? Also explain the various political tactics applied to obtain results. ( 8 marks)

TC4DG3 The Asker · Economics

Transcribed Image Text: INDUSTRY The retail sector in Kenya has witnessed a turbulent time with major retailers struggling to survive. This could be attributed to a variety of factors ranging from internal factors such as resource availability, style of leadership; probably the changes in the economic environment, competition form the upcoming retailers both national and international, upcoming retail outlets in the residential estates, the growth of online retailing among others. The industry has had a fairly good time as retailers innovate on new product offerings, product diversification, and market development by opening new outlets among others. Despite all the positive growth the last two years since 2016 has witnessed a sharp decline in the fortunes of the big retailers Nakumatt and Uchumi supermarkets leading having closed down. Other stores are now facing challenges due to the Covid 19 pandemic. The interest of the various stakeholders is at stake with each and all watching proposing and ultimately becoming desperate to see the supermarkets back on their feet Required a) Distinguish and explain various external and internal factors affecting the retail industry in Kenya using two appropriate environmental scanning tools. ( 10 marks) b) Explain the strategic alternatives(corporate, business and functional level) that you would you recommend to reverse the downward trend of the retailers ( 6 marks) c) What strategic alternatives would you recommend for the retail industry and why? ( 5 marks) d) In what ways would you ensure that the strategies suggested above are implemented as proposed (4 marks) Question two. a) Strategy refers to the plans made and actions taken to enable an organization fulfill its intended strategy. Discuss the various characteristics of strategic decisions. Also, explain the various reasons, due to which the firms often fail to develop sound strategic management perspective. ( 12 marks) b) Politics is a key aspect of strategy implementation because it enables managers to be proactive and to influence their environment rather than being manipulated and dominated by external events. In this context, what does Politics mean? Also explain the various political tactics applied to obtain results. ( 8 marks)
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Transcribed Image Text: INDUSTRY The retail sector in Kenya has witnessed a turbulent time with major retailers struggling to survive. This could be attributed to a variety of factors ranging from internal factors such as resource availability, style of leadership; probably the changes in the economic environment, competition form the upcoming retailers both national and international, upcoming retail outlets in the residential estates, the growth of online retailing among others. The industry has had a fairly good time as retailers innovate on new product offerings, product diversification, and market development by opening new outlets among others. Despite all the positive growth the last two years since 2016 has witnessed a sharp decline in the fortunes of the big retailers Nakumatt and Uchumi supermarkets leading having closed down. Other stores are now facing challenges due to the Covid 19 pandemic. The interest of the various stakeholders is at stake with each and all watching proposing and ultimately becoming desperate to see the supermarkets back on their feet Required a) Distinguish and explain various external and internal factors affecting the retail industry in Kenya using two appropriate environmental scanning tools. ( 10 marks) b) Explain the strategic alternatives(corporate, business and functional level) that you would you recommend to reverse the downward trend of the retailers ( 6 marks) c) What strategic alternatives would you recommend for the retail industry and why? ( 5 marks) d) In what ways would you ensure that the strategies suggested above are implemented as proposed (4 marks) Question two. a) Strategy refers to the plans made and actions taken to enable an organization fulfill its intended strategy. Discuss the various characteristics of strategic decisions. Also, explain the various reasons, due to which the firms often fail to develop sound strategic management perspective. ( 12 marks) b) Politics is a key aspect of strategy implementation because it enables managers to be proactive and to influence their environment rather than being manipulated and dominated by external events. In this context, what does Politics mean? Also explain the various political tactics applied to obtain results. ( 8 marks)
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【General guidance】The answer provided below has been developed in a clear step by step manner.Step1/5a) Two appropriate environmental scanning tools to distinguish and explain the various external and internal factors affecting the retail industry in Kenya are PESTEL analysis and SWOT analysis.–PESTEL analysis:ExplanationPESTEL stands for Political, Economic, Social, Technological, Environmental, and Legal factors, and is a tool used to identify and analyze the external factors affecting a business or industry.Political factors: The Kenyan retail industry is affected by political factors such as government regulations, policies, and stability. Economic factors: Economic factors such as inflation, exchange rates, and economic growth affect the retail industry. Changes in disposable income and consumer behavior due to economic changes can also impact the industry.Social factors: Social factors such as changes in consumer preferences and trends, demographics, and culture can affect the retail industry.Technological factors: Technological advancements and changes in the retail industry such as e-commerce, mobile payments, and digital marketing affect the retail industry.Environmental factors: Environmental factors such as climate change, natural disasters, and environmental regulations can affect the retail industry, particularly in terms of supply chain and logistics.Legal factors: Legal factors such as labor laws, intellectual property laws, and consumer protection laws affect the retail industry.SWOT analysis:ExplanationSWOT stands for Strengths, Weaknesses, Opportunities, and Threats, and is a tool used to analyze the internal and external factors affecting a business or industry.Strengths: The retail industry in Kenya has strengths such as a growing middle class, increasing urbanization, and a young and growing population.Weaknesses: Weaknesses in the retail industry include poor infrastructure, high operating costs, and lack of skilled labor.Opportunities: Opportunities for the retail industry in Kenya include expanding into new markets, introducing new products and services, and adopting new technologies.Threats: Threats to the retail industry in Kenya include competition from local and international players, economic instability, and changes in consumer behavior.Explanation:Please refer to solution in this step.Step2/5b)To reverse the downward trend of retailers in Kenya, strategic alternatives can be implemented at the corporate, business, and functional levels.At the corporate level, retailers can consider diversifying their operations by exploring new markets and product lines. ExplanationThis can be achieved through mergers and acquisitions, partnerships, or joint ventures. By expanding their reach and diversifying their products, retailers can reduce their reliance on a single market or product and increase their revenue streams.At the business level, retailers can focus on improving their marketing and branding strategies to increase customer loyalty and retention. ExplanationThis can be achieved by investing in customer relationship management systems, social media marketing, and personalized marketing campaigns that are tailored to the needs and preferences of individual customers. Retailers can also improve their supply chain management by optimizing inventory management, reducing lead times, and improving delivery times.At the functional level, retailers can focus on improving their operational efficiency by optimizing their processes and reducing costs. TExplanationhis can be achieved through automation, outsourcing, and improving employee training and development programs. Retailers can also invest in technology solutions that enable real-time monitoring of inventory levels, sales performance, and customer feedback to make data-driven decisions.c)For the retail industry in Kenya, I would recommend the following strategic alternatives:Digital Transformation: The growth of online retailing has been a major challenge for traditional retailers in Kenya. Therefore, retailers can invest in digital transformation to improve their e-commerce capabilities, including the development of mobile apps, online marketplaces, and delivery services. Diversification: To reduce their reliance on a single product or market, retailers can explore new markets and product lines. This can be achieved through mergers and acquisitions, partnerships, or joint ventures. Diversification will enable retailers to spread their risks, create new revenue streams, and remain competitive in the market.Customer Experience: Improving the customer experience will increase customer loyalty and retention, leading to higher sales and revenue.Operational Efficiency: Retailers can improve their operational efficiency by optimizing their processes and reducing costs. This can be achieved through automation, outsourcing, and improving employee training and development programs. Explanation:Please refer to solution in this step.Step3/5b)To ensure the successful implementation of the recommended strategies for the retail industry in Kenya, the following steps can be taken:Clearly define goals and objectives: It is important to set clear goals and objectives for each strategy to ensure everyone is aligned on what needs to be achieved. This will help to create a shared vision and ensure that everyone is working towards the same objectives.Develop a detailed action plan: An action plan should be developed for each strategy that outlines specific steps to be taken, timelines, responsible parties, and metrics for measuring progress. This will help to ensure that each strategy is implemented effectively and efficiently.Assign responsibility and accountability: The responsibility for implementing each strategy should be assigned to specific individuals or teams. This will ensure that everyone knows their role and is accountable for the success of the strategy.Provide resources and support: Adequate resources should be allocated to support the implementation of each strategy. This includes fund ... See the full answer

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