Improving Productivity of Ghanaian Supermarkets through Strategic Management Decision-Making, Budgeting and Product Pricing
1.0 Provisions for Topic Strategic decision-making simply refers to the long-term direction of an organisation. By means of the configuration of the resources of the organisation, the organisation strategises to achieve sustainable competitive advantage while also fulfilling the expectations and aspirations of all the stakeholders. Budgeting, as the foundation of all financial plans, refers to the process of determining planned expenses and revenues. It is also planning for investments either long-term or short-term. Product pricing, on the other hand, means to establish a selling price for a product. Prices of the products have a direct effect on the success of the business. As such, prices should cover costs and profits and must be established to assure sales. 2.0 Introduction Today, the Ghanaian food retail industry is made up of convenience stores and small groceries, traditional open-air markets and large supermarkets. However, there is a virtual monopoly held by foreigners in ...