strategic planning in retailing
Strategic Planning in Retailing RETAIL MANAGEMENT: A STRATEGIC APPROACH,
10th Edition
Chapter Objectives
To show the value of strategic planning for all types of retailers
To explain the steps in strategic planning for retailers: situation analysis, objectives, identification of consumers, overall strategy, specific activities, control, and feedback
To examine the individual controllable and uncontrollable elements of a retail strategy, and to present strategic planning as a series of integrated steps
To demonstrate how a strategic plan can be prepared
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
Figure 3-1: Elements of a
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 the firm’s total efforts
Encourages anticipation and avoidance of crises
Organizational Mission
Retailer’s commitment to a type of business and to a distinctive role in the marketplace
Figure 3-2: The Focused Organizational Mission of Frisch’s Restaurants
Ownership and Management Alternatives
A sole proprietorship is an unincorporated retail firm owned by one person
A partnership is an unincorporated retail firm owned by two or more persons, each with a financial interest
A corporation is a retail firm that is formally incorporated under state law; it is a legal entity apart from its officers
Figure 3-3: Checklist to Consider When Starting a New Business
Figure 3-4: Checklist for Purchasing an Existing Retail Business
10th Edition
Chapter Objectives
To show the value of strategic planning for all types of retailers
To explain the steps in strategic planning for retailers: situation analysis, objectives, identification of consumers, overall strategy, specific activities, control, and feedback
To examine the individual controllable and uncontrollable elements of a retail strategy, and to present strategic planning as a series of integrated steps
To demonstrate how a strategic plan can be prepared
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
Figure 3-1: Elements of a
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 the firm’s total efforts
Encourages anticipation and avoidance of crises
Organizational Mission
Retailer’s commitment to a type of business and to a distinctive role in the marketplace
Figure 3-2: The Focused Organizational Mission of Frisch’s Restaurants
Ownership and Management Alternatives
A sole proprietorship is an unincorporated retail firm owned by one person
A partnership is an unincorporated retail firm owned by two or more persons, each with a financial interest
A corporation is a retail firm that is formally incorporated under state law; it is a legal entity apart from its officers
Figure 3-3: Checklist to Consider When Starting a New Business
Figure 3-4: Checklist for Purchasing an Existing Retail Business