Professional Documents
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Elements of Retail Strategy
Elements of Retail Strategy
STRATEGY
Mission, Ownership & Mgt.Alt, Goods & service category
SITUATION ANALYSIS
Control
Evaluation , Adjustment
SITUATION ANALYSIS
Evaluation of the opportunities & Potential
Problems facing a prospective or existing
retailer.
It seeks to answer two general questions:
What position or status is the firm now? In
which direction should it be heading?
For a retailer it means defining the Org.
Mission ,evaluation of ownership & Mgt.
options, and outlining the goods & service
category to be sold.
Organization Mission
Apparel Group
Nondurable goods Food Group
store General merchandise group
Eating & Drinking place
Petrol pump
Drug store
Liquor store.
SERVICE CATEGORY
Laundries & Dry-cleaning
Beauty/Barber shops
Photographic studies
Funeral services
Personal services Health-care services.
Movie theatres
Dance halls
Amusement services Golf course
Skating rinks
Amusement parks
Coin-operated game arcades
Automobile repairs
Repair services Car washes
Consumer electronic repairs
Appliance repairs
Watch & jewelry repairs
Hotel services
Hotels
Motels
Camps.
OBJECTIVES
Uncontrollable Variables:
Consumers
Controllable variables:
Store location Retail Competition
Managing a business Technology
Merchandise Mgt. & Pricing Strategy
Communication with customer Economic conditions
Seasonality
Legal restrictions.
Choosing a store location
Competitors
Transportation access
Population density
Type of neighborhood
Nearness to suppliers
Pedestrian traffic and
Store composition.
Managing a business
E-Banking
Video Ordering system
Retail Strategies
Defining the business of the firm.
Setting short term & long term objectives
Identifying the target Mkt
Deciding the broad direction
Implementing an integrated plan that
encompasses all aspects of retailing like
pricing, location, and channel decision.
Evaluating and revising the plan depending
on the nature of the internal & external env.