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A traditional retail company can apply the innovative approach of adapting to environmental changes by being open to change and willing to adapt their business model based on market trends and customer demands. For instance, if a retail company notices a shift in consumer behavior or a new trend, they should be willing to adjust their product offerings or services to meet these new demands. This could mean introducing new product lines, investing in new technologies, or even changing their store layout. The key is to be proactive and not reactive, and to always keep the customer's needs and wants at the forefront of their decision-making process.
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Macy's tied their success to being a premier fashion store until their numbers began to fall. Appliance sales were increasing, and there was a positive impact on the bottom line that couldn't be ignored. The company's leadership saw these increased sales as an "embarrassing success." Macy's didn't want to be an appliance store, but when they finally accepted the impact of appliance sales, they began to regain some of their financial stability.
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Take the mystery out of entrepreneurship and innovation with this book. The author provides a series of case studies to demonstrate that the best inno...
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