196x Filetype PPTX File size 0.73 MB Source: homes.ieu.edu.tr
Retail Strategy • An overall plan for guiding a retail firm • Influences the firm’s business activities • Influences firm’s response to market forces Six Steps in Strategic Planning 1. Define the type of business (corporate mission) 2. Set long-run and short-run objectives 3. Determine the customer market 4. Devise an overall, long-run plan 5. Implement an integrated strategy 6. Evaluate and correct (fine-tune) Retail Strategy • The overall plan or framework of action that guides a retailer • One year in duration • Outlines mission, goals, consumer market, overall and specific activities, and control mechanisms Elements of a Retail Strategy Retail Strategy Benefits of Strategic Retail Planning • Provides thorough analysis of the requirements for doing business for different types of retailers • Outlines retailer goals • Allows retailer to determine how to differentiate itself from competitors • Allows retailer to develop an offering that appeals to a group of customers • Offers an analysis of the legal, economic, and competitive environment • Provides for the coordination of firm’s total efforts • Encourages anticipation and avoidance of crises
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