Chapter 3
• 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
– Mission
– Goals
– Consumer Market
– Overall and Specific Activities
– Control Mechanisms
• Provides Analysis of Retail
Requirements
• Outlines Retailer Goals
• Teaches Firms How to Differentiate
Themselves
• Studies Environment
• Coordinates Efforts
• Anticipates Crises
I.
Situation
Analysis
II.
Objectives
III.
Identification
Of Consumers
IV.
Overall
Strategy
V.
Specific
Activities
VI.
Control
Organizational
Mission
Situation
Analysis
Ownership and Management
Alternatives
Goods/Service
Category
Sales
Profit
Objectives
Satisfaction of Publics
Image
Mass Marketing
Identification
of
Consumers
Concentrated Marketing
Differentiated Marketing
Controllable Variables
Overall
Strategy
Uncontrollable Variables
Daily and Short-Term Operations
Specific
Activities
Responses to Environment
Evaluation
Control
Adjustment
•
•
•
•
•
Type of Business
Role in Marketplace
Business VS Consumer
Market Leader or Follower
Market Scope
•
•
•
•
•
Sole Proprietorship
Partnership
Corporation
Independent Ownership
Franchise
• Goods
– Durable
– Nondurable
• Service
– Personal
– Amusement
– Repair
– Hotel
• Personal Abilities
• Financial Resources
• Time Demands
• Measurable
• Specific
• Attainable
• Growth
• Stability
• Market Share
• ROI
• Increased Operating Efficiency
• Stockholder
• Consumer
• Mass Merchandising
• Niche Retailing
• Bifurcated Retailing
• Mass Marketing
• Concentrated Marketing
• Differentiated Marketing
Controllable Variables
Uncontrollable Variables
• Store Location
• Managing a Business
• Merchandise Management
and Pricing
• Communicating with the
Customer
•
•
•
•
•
•
Retail
Strategy
Consumers
Competition
Technology
Economic Conditions
Seasonality
Legal Restrictions
• Value of Strategic Planning
• Steps in Strategic Planning
• Controllable and Uncontrollable
Elements of Retail Strategy
Questions?