According to the Harvard Business Review article “3 Changes Retailers Need to Make to Survive”, what are the three principles leading retailers generally follow to strengthen their stance against disruption? Select all that apply.
As the authors say, “While executives excel at setting a firm’s strategy, it usually takes teams made up of people on the front line from all of the divisions affƒected by proposed changes to figure out how to implement them at pace.”
Similar to agile models used in technology companies, “top retailers have found that executives, including chief executive officers, need to get involved day-to-day for revolutionary thinking to be accepted quickly. Otherwise, issues raised will go unresolved or projects will drift back to more conventional paths.
As the authors say, “Leading retailers have developed the ability to nimbly change direction, even based on beta testing. The ones that do this best have CEOs who forget their instincts to avoid failure and instead champion taking more risks and learning from them – even at the very top of their organizations.”
