Chapter 3. Show Value of Strategic Planning Explain Steps in Strategic Planning Examine Controllable and Uncontrollable Elements of Retail Strategy Present.

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

VI.Control

V.Specific

Activities

IV.Overall

Strategy

III.Identification

Of Consumers

II.Objectives

I.SituationAnalysis

SituationAnalysis

Organizational Mission

Ownership and ManagementAlternatives

Goods/ServiceCategory

Objectives

Sales

Profit

Satisfaction of Publics

Image

Identificationof

Consumers

Mass Marketing

Concentrated Marketing

Differentiated Marketing

Controllable Variables

Uncontrollable Variables

OverallStrategy

SpecificActivities

Daily and Short-Term Operations

Responses to Environment

Adjustment

Evaluation

Control

• 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

RetailStrategy

Controllable Variables

• Store Location• Managing a Business• Merchandise Management

and Pricing• Communicating with the

Customer

Uncontrollable Variables

• Consumers• Competition• Technology• Economic Conditions• Seasonality• Legal Restrictions

• Value of Strategic Planning

• Steps in Strategic Planning

• Controllable and Uncontrollable Elements of Retail Strategy

Questions?

Questions?