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Retail Management: A Strategic ApproachThirteenth EditionChapter 3Strategic Planning In RetailingCopyright @ 2018, 2014, 2012 Pearson Education, Inc. All Rights Reserved
Learning Objectives3.1 To show the value of strategic planning for all types of retailers3.2 To explain the steps in strategic planning for retailers: situation analysis, objectives, identification of consumers, overall strategy, specific activities, control, and feedback3.3 To examine the individual elements of a retail strategy (both controllable and uncontrollable), and to present strategic planning as a series of integrated steps3.4 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
Benefits of Strategic Retail PlanningProvides thorough analysis of the requirements for doing business for different types of retailersOutlines retailer goalsAllows retailer to determine how to differentiate itself from competitorsAllows retailer to develop an offering that appeals to a group of customersOffers an analysis of the legal, economic, and competitive environmentProvides for the coordination of firm’s total effortsEncourages anticipation and avoidance of crises
Figure 3.1 Elements of a Retail Strategy
Organizational MissionRetailer’s commitment to a type of business and to a distinctive role in the marketplace.
Figure 3.2 Leadership Lessons from Retail Executives
Lands’ End Mission StatementLands’ End is a global multi-channel retailer designing and selling classically styled apparel, swimwear and outerwear for Women, Men and Kids, plus a complete line of home products, luggage and seasonal gifts.We provide our customers with the highest levels of service in our industry, unparalleled quality and value, and an unequivocal ironclad guarantee.
Core Values Statement of L.L.BeanOutdoor heritage— The natu
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