Q1: ABC retail operates a chain of retail stores at the national level. The company has almost 15 branches nationwide and employs about 1000 staff. The company is experiencing problems as sales are declining every year. The ABC retail failed in its marketing mix.
For example, the company did not add the right product brands which could be offered to the customers. In terms of pricing, the company could not select a clear strategy as to whether to attract customers on low price or differentiation and thus resulted in sending mixed signals to the customers.
The company is also experiencing finance-related problems as its debt burden is increasing. The staff turnover rate is also high resulting in a higher cost for recruitment, selection, orientation, and training. Based on the poor performance of the company, the shareholders removed the previous CEO and hires you as a new CEO.
In the given situation of the company, what will be the two most suitable strategies you will implement in this retail outlet? Provide details and justification of your choice. (Answer must be between 300 to 400 words) (Outcome 3)