1. Define this concept and describe why this concept is important to the management ofretail operations. 2. Apply this concept to Zara (this retailer could have physicalstores, online stores or a combination of store formats) 3. Analyse how successful this retailer is in relation to this concept. 4. Develop recommendations for this retailer to improve their performance in relation tothis concept. Conclusion at the end. *As this is to be written in a professional format, tables and bullet points should be included. Tables and charts are not to be included in word count.