ºÝºÝߣ

ºÝºÝߣShare a Scribd company logo

Retail strategy

•Download as PPTX, PDF•
•
Vijyata Singh
Vijyata Singh

The long term plan the retailers make in order to achieve their objective is called retail strategy.

1 of 6
Download to read offline
RETAIL STRATEGY By - Vijyata
Retail Strategy A retail strategy is the overall plan or framework of action that guides a retailer. A retail strategy serves as a roadmap for the next 3 to 5 years and helps thoughtful and objective decision making on many key business elements, including: – What the retailer will need to do to get started and what resources (time, money, etc.) he will need to expend? – What it will take for his business to make a profit and how long that will take? – What information potential customers, vendors, and investors will need to know in order for the retailer to effectively market your business ?
The retail strategy identifies - • The target market, or markets, toward which the retailer will direct its efforts; • The nature of the merchandise and services the retailer will offer to satisfy the needs of the target market; and • How the retailer will develop unique assets that enable it to achieve long term advantage over its competitors.
Features of strategic retail planning • It provides a thorough analysis of the requirements for doing business for different types of retailers. • It outlines retailer goals. • A firm determines how to differentiate itself from competitors and develop an offering that appeals to a group of customers. • The legal, economic, and competitive environment is studied. • A firm’s total efforts are coordinated. • Crises are anticipated and often minimized or avoided
RETAIL strategy steps 1. Situation Analysis • Organizational mission • Ownership and management alternatives • Goods/service category 2. Objectves • Sales • profit • image • satisfaction of public 3. Identifica tion of customer • Mass marketing • Concentrated Marketing • Differntiated marketing 4. Overall strategy • Controllables Variables • Uncontrollable Variables 5. Specific activities • Daily short term operations • Response to environment 6. Control • Evaluation • Adjustment
THANK YOU !!! Write to me at vijyata.rwc@gmail.com or comment in the comment box

More Related Content

Retail strategy

  • 2. Retail Strategy A retail strategy is the overall plan or framework of action that guides a retailer. A retail strategy serves as a roadmap for the next 3 to 5 years and helps thoughtful and objective decision making on many key business elements, including: – What the retailer will need to do to get started and what resources (time, money, etc.) he will need to expend? – What it will take for his business to make a profit and how long that will take? – What information potential customers, vendors, and investors will need to know in order for the retailer to effectively market your business ?
  • 3. The retail strategy identifies - • The target market, or markets, toward which the retailer will direct its efforts; • The nature of the merchandise and services the retailer will offer to satisfy the needs of the target market; and • How the retailer will develop unique assets that enable it to achieve long term advantage over its competitors.
  • 4. Features of strategic retail planning • It provides a thorough analysis of the requirements for doing business for different types of retailers. • It outlines retailer goals. • A firm determines how to differentiate itself from competitors and develop an offering that appeals to a group of customers. • The legal, economic, and competitive environment is studied. • A firm’s total efforts are coordinated. • Crises are anticipated and often minimized or avoided
  • 5. RETAIL strategy steps 1. Situation Analysis • Organizational mission • Ownership and management alternatives • Goods/service category 2. Objectves • Sales • profit • image • satisfaction of public 3. Identifica tion of customer • Mass marketing • Concentrated Marketing • Differntiated marketing 4. Overall strategy • Controllables Variables • Uncontrollable Variables 5. Specific activities • Daily short term operations • Response to environment 6. Control • Evaluation • Adjustment
  • 6. THANK YOU !!! Write to me at vijyata.rwc@gmail.com or comment in the comment box