The Strategic Audit Framework

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1 The Strategic Audit Framework Student Name Student ID Professor Name Course Name September 27, 2022

2 Retail Industry Natural The number of retail establishments that sell food goods has increased. The status of the environment impacts the quality of the product as well as the options available. It also implies being subject to more economic and political considerations. For instance, businesses are concerned about a "soda tax," which refers to a higher tax on selling soda at retail establishments. Similarly, some companies in several other nations are required to pay a tax for selling fatty meals (Booth & Hamer, 2007). Societal Retailers might benefit from considering the age range of their customers when deciding what sorts of goods and services to stock. Retailers can make decisions and exercise control over the types and quantities of goods they order for their stores based on the ages of the customers who purchase from them. This will also help them choose how to sell, promote, and display their items in the most attractive way to the audience they are trying to attract to their business. Retailers can stay on the leading edge of competition by studying customers' purchasing habits in each age bracket (Eckert & Eckert, 2008). Economic When the economy is doing well, people can purchase the things they desire rather than just buy the goods they need. Additionally, it indicates that an increasing number of investors are interested in the lucrative opportunities presented by retail establishments. When the economy is doing well, things like this become feasible. The converse is true when it is falling in value. The

3 majority of consumers put aside their savings for essential goods. They'll spend the absolute minimum on meals, and the rest of their money will go toward their overdue debts (Moretta Tartaglione et al., 2019). Technological Every day, retail establishments use a wide array of different technologies. Comparable to a point-of-sale system. In addition to registers for handling money once a purchase has been made. It is typical for every retail establishment. As a result of technological developments, retail establishments are implementing new computer systems, software, and hardware. For example, cash registers in smaller shops are increasingly being replaced with computer terminals or iPads. It is quick and straightforward to put into use (Schoenborn, 2018). Political-Legal Any retail establishment's income and profitability are subject to the laws and regulations enacted by the government. These restrictions affect the economy, consumers' purchasing patterns, and international commerce rules. Regarding these developments, the only option left for the firm is to continue operating following them. Every nation is obligated to behave following its political norms (Shweta Roy, 2021). Before opening their doors, retail stores are required to fulfill several regulatory requirements. These terms and conditions are often taken as given. It involves obeying regulations about taxes and labor, among other laws. When a corporation extends its operations to other countries or sells its wares online, the legal considerations are more complex. After then, the application of international law is considered. The rules governing data and copyright do the same (Moretta Tartaglione et al., 2019).

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4 Social Cultural Forces Customers' preferences are the most important social elements influencing the retail business. For example, many consumers want to purchase items in large quantities. Costco, a retail establishment in Canada, is founded on just this principle. Large numbers of various goods, including apparel and electrical goods, may be found at this location. Several retailers besides CostCo now keep large quantities of multiple items in stock so they don't rapidly run out. The purchase of these items by shops does not occur on a whim. They do market research to determine shifting customer behavior patterns and purchase trends (Booth & Hamer, 2007). Task Environments In the retail sector, the environment that directly impacts the organization's ability to achieve its business objectives is referred to as the Task Environment. In a nutshell, the Task Environment relates to the circumstances that arise from the organization's suppliers, distributors, consumers, stock markets, and rivals that directly impact the organization's ability to achieve its objectives (Schoenborn, 2018). An organization's suppliers, distributors, consumers, and other businesses that compete with it are all components of the larger ecosystem in which it functions. Every firm depends on different companies to guarantee that the most acceptable product is developed for the consumer, satisfying their requirements and generating a profit. These interrelated circumstances form the environment of the work (Shweta Roy, 2021).

5 References Booth, S., & Hamer, K. (2007). Labour turnover in the retail industry. International Journal of Retail & Distribution Management , 35 (4), 289–307. https://doi.org/10.1108/09590550710736210 Eckert, A., & Eckert, H. (2008). Environmental Regulation and Rationalization in the Retail Gasoline Industry. SSRN Electronic Journal . https://doi.org/10.2139/ssrn.1154061 Moretta Tartaglione, A., Bruni, R., & Bozic, M. (2019). Exploring the retail industry environment using nonlinear analysis. International Journal of Retail & Distribution Management , 47 (4), 453–470. https://doi.org/10.1108/ijrdm-09-2017-0224 Schoenborn, J. (2018). RFID technology in the retail industry – bound for success or failure? A two-factor approach. MaRBLe , 1 . https://doi.org/10.26481/marble.2018.v1.623 Shweta Roy, H. G. (2021). ANALYSIS OF SENSORY MARKETING ON CONSUMERS AT RETAIL STORES. INFORMATION TECHNOLOGY in INDUSTRY , 9 (1), 736–744. https://doi.org/10.17762/itii.v9i1.194

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