Retail Market Strategy

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Presentation transcript:

Retail Market Strategy Chapter 5 Retail Market Strategy Tasha Dorrnick Shannon Franke

Target Market

Retail Format

Sustainable Competitive Advantage

Customer Loyalty Customer Loyalty- Customers are committed to buying merchandise or services. How to obtain Customer Loyalty Retail Branding Positioning Loyalty Programs

Retail Market Strategy Location Human Resource management Distribution and information systems Unique Merchandise Private label or store brands Vendor Relations Customer Service Multiple Sources of advantage

Growth Strategies Market Penetration Market Expansion Retail Format Development Diversification Vertical Integration Strategic Opportunities and Competitive Advantages Entry Strategies

Strategic Retail Planning Process Step one- Define Business Mission Step 2 Conduct a situation audit Step 3- Identify Strategic Opportunities Step 4- Evaluate Strategic Opportunities Step 5- Establish Specific Objectives and Allocate Resources Step 6- Develop a Retail Mix to implement Strategy Step 7- Evaluate performance and Make Adjustments

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