Strategic Planning in Retailing Chapter 3

Objectives of This Chapter Show Value of Strategic Planning Explain Steps in Strategic Planning Examine Controllable and Uncontrollable Elements of Retail Strategy Present Strategic Planning as a Series of Integrated Steps

Overall Plan or Framework of Action At Least One Year Outlines Retail Strategy Overall Plan or Framework of Action At Least One Year Outlines Mission Goals Consumer Market Overall and Specific Activities Control Mechanisms

Retail Strategy Features Provides Analysis of Retail Requirements Outlines Retailer Goals Teaches Firms How to Differentiate Themselves Studies Environment Coordinates Efforts Anticipates Crises

Retail Strategy Elements Situation Analysis II. Objectives III. Identification Of Consumers IV. Overall Strategy V. Specific Activities VI. Control

Ownership and Management Step I Organizational Mission Situation Analysis Ownership and Management Alternatives Goods/Service Category

Satisfaction of Publics Step 2 Sales Profit Objectives Satisfaction of Publics Image

Concentrated Marketing Differentiated Marketing Step 3 Mass Marketing Identification of Consumers Concentrated Marketing Differentiated Marketing

Controllable Variables Uncontrollable Variables Step 4 Controllable Variables Overall Strategy Uncontrollable Variables

Daily and Short-Term Operations Responses to Environment Step 5 Daily and Short-Term Operations Specific Activities Responses to Environment

Step 6 Evaluation Control Adjustment

Organizational Mission Type of Business Role in Marketplace Business VS Consumer Market Leader or Follower Market Scope

Ownerhsip and Management Alternatives Sole Proprietorship Partnership Corporation Independent Ownership Franchise

Good/Service Category Durable Nondurable Service Personal Amusement Repair Hotel

Considerations Personal Abilities Financial Resources Time Demands

Objective Requirements Measurable Specific Attainable

Sales Objective Growth Stability Market Share

Profit Objective ROI Increased Operating Efficiency

Satisfaction Objectives Stockholder Consumer

Positioning Objectives Mass Merchandising Niche Retailing Bifurcated Retailing

Positioning Map

Target Market Selection Techniques Mass Marketing Concentrated Marketing Differentiated Marketing

Overall Strategy Uncontrollable Variables and Pricing Retail Customer Store Location Managing a Business Merchandise Management and Pricing Communicating with the Customer Uncontrollable Variables Consumers Competition Technology Economic Conditions Seasonality Legal Restrictions Retail Strategy

What You Should Know Value of Strategic Planning Steps in Strategic Planning Controllable and Uncontrollable Elements of Retail Strategy

Questions? Questions?