Retail Market Strategy 5.1 Key Issues What is retail strategy statement How does it differ from “mission” and “tactics” Career-search “strategy” The building blocks of retail strategy Process of developing retail strategy The characteristics of a “window of opportunity” SWOT analysis
28
Embed
Retail Market Strategy 5.1 Key Issues What is retail strategy statement How does it differ from “mission” and “tactics” Career-search “strategy”
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
Retail Market Strategy 5.1
Key Issues
What is retail strategy statement How does it differ from “mission” and
“tactics” Career-search “strategy” The building blocks of retail strategy Process of developing retail strategy The characteristics of a “window of
opportunity” SWOT analysis
Retail Market Strategy 5.2
Strategy vs Tactics
Planning, Direction
Broad
Unstructured
Problem solving
Creative
External focus
Irregular
Long-term
Difficult to evaluate
Success comes from having a good strategy& executing it well
Strategy TacticsImplementation
Specific, detailed
Structured
Problem solving
Analytical
Internal focus
Regular
Short-term
Easy to evaluate
Retail Market Strategy 5.3
The Building Blocks of Retail Strategy
What are the elementsof the retail mix?
What are theenvironmental
variables?
ControllableVariables
Store Location Store Format & Layout
Merchandise Management Pricing
Communications
UncontrollableVariables
Consumers Competition Technology
Economic Conditions Seasonality
Legal Restrictions
Retail Market Strategy 5.4
E.g., McDonald’s Retail Strategy
What is McDonald’s …Target marketRetail formatBases for competitive advantageWhat threats might it face in the future?
Retail Market Strategy 5.5
RetailStrategy
The main focus:The main focus:Bringing harmony between the controllableBringing harmony between the controllable
variables and the uncontrollable ones.variables and the uncontrollable ones.Uncontrollable variables drive the controllable ones!Uncontrollable variables drive the controllable ones!
Any objective must be clear, concise, and realistic. Objectives are often based on profit, market share, growth, etc.
E.g., “…to get a 15% market share and maintain a profit margin of 25% by the end of the fiscal year” for a particular store. Or, “to increase comp store sales by 15% by end of the year.”
Note that each objective must have a time frame.
15%
Retail Market Strategy 5.16
Suggest Objectives for:
Krispy KreemKrispy Kreem Wal-MartWal-Mart Burger KingBurger King
Retail Market Strategy 5.17
Finalizing Retail Strategy
SituationAnalysis
CorporateObjectives
Sales & Profit
Satisfaction of Publics
Image & PositioningImage = how a retailer wants to be perceived by consumersPositioning = the strategy to project this image
IdentifyConsumers
OverallStrategy
Retail Market Strategy 5.18
Finalizing Retail Strategy
SituationSituationAnalysisAnalysis
CorporateCorporateObjectivesObjectives
IdentifyIdentifyConsumersConsumers
OverallStrategy
SpecificActivities(Tactics)
Retail Mix Variables
Uncontrollable Variables
Short-term operations
Response to theenvironment
Retail Market Strategy 5.19
Monitoring Retail Strategy
SituationSituationAnalysisAnalysis
CorporateCorporateObjectivesObjectives
IdentifyIdentifyConsumersConsumers
OverallOverallStrategyStrategy
SpecificSpecificActivitiesActivities
(Tactics)(Tactics)
Control(Monitoring)
Retail Mix Var’s
Uncontrollable Var’s
Short-term operations
Response to environ.
Evaluation
Adjustment
Retail Market Strategy 5.20
E.g., Chevron’s Control Mechanisms
Retail Market Strategy 5.21
JobStrategy
The main focus:The main focus:Bringing harmony between the controllableBringing harmony between the controllable
variables and the uncontrollable ones.variables and the uncontrollable ones.Uncontrollable variables drive the controllable ones!Uncontrollable variables drive the controllable ones!
Developing an Overall Job Strategy
Your “Marketing Mix”:Your “Marketing Mix”:Controllable FactorsControllable Factors
Leadership, time management, planning, communications
Learning skills, adaptability to new concepts, perseverance
Ability to work with a new culture, tolerance
Dedication & hard work
Action Skill Derived
Retail Market Strategy 5.26
What Is the Interviewer Really Asking?
Tell me about yourself Why are you interested in this position? What are your geographical requirements? What are your salary requirements? Tell me a story! Do you have any questions?