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See all Premium member Presentation Transcript STRATEGIC RETAIL MANAGEMENT : STRATEGIC RETAIL MANAGEMENT STRATEGIC RETAIL MANAGEMENT : STRATEGIC RETAIL MANAGEMENT What is retail management and retail strategy Steps in strategic planning Creating the desired market position Strategic Retail Management : Strategic Retail Management Is both an art and science Requires both creative and analytical skills Involves an overall framework of action Is intended to help: The retail manager step back and take a fresh look at the business Create the desired position or image in the marketplace STRATEGIC RETAIL MANAGEMENT PROCESS INVOLVES : STRATEGIC RETAIL MANAGEMENT PROCESS INVOLVES Planning the organization Implementing strategic and tactical decisions at all organizational levels Controlling all the firm’s activities. Retailing is such a nitty-gritty business it is often difficult to“see the forest for the trees” Slide 5: Retail Strategy: is an overall plan to gain a competitive advantage through the use of a distinctive retail mix to capture the patronage of one or more target markets STEPS IN STRATEGIC PLANNING : STEPS IN STRATEGIC PLANNING 1.Develop Mission Statement 2.Establish Objectives 3.Conduct A Situation Analysis 4.Select Markets In Which To Compete 5.Obtain Resources Needed To Compete 6.Develop A Positioning Strategy 7.Implement Strategy 8.Evaluate Results THE MISSION STATEMENT : THE MISSION STATEMENT Defines the retail concept Is a generalized, yet meaningful expression of the firms future direction Often reflects the organization’s values or corporate culture It should: Identify both the business and the customer domains Identify the organization’s responsibilities to stakeholders Provide a general blueprint for accomplishing the mission MISSION STATEMENT SOBEYS INC. : MISSION STATEMENT SOBEYS INC. “We are and will continue to be a leading progressive food retailer providing excellent service, quality and value to our customers through dedicated people while aggressively developing new markets.” ORGANIZATIONAL OBJECTIVES : ORGANIZATIONAL OBJECTIVES Market Objectives are aimed at securing customer patronage and achieving competitive positions within the general marketplace Financial Objectives are directed at ensuring that the retail organization operates profitably and productively Social Objectives are concerned with identifying the firm’s relationships with and reactions to social, cultural, and ethical environments that are both internal and external to the firm’s operations MARKET OBJECTIVES : MARKET OBJECTIVES Customer Patronage Sales Objectives Customer Traffic Customer Loyalty MARKET OBJECTIVES : MARKET OBJECTIVES Competitive Position Market Share Retail Image Vendor Relations FINANCIAL OBJECTIVES : FINANCIAL OBJECTIVES Profitability Targeted Returns Earning Per Share Stockholder Dividends FINANCIAL OBJECTIVES : FINANCIAL OBJECTIVES Productivity Labor Space Merchandise SOCIETAL OBJECTIVES : SOCIETAL OBJECTIVES Social Responsibility Corporate Values CONDUCT A SITUATION ANALYSIS : CONDUCT A SITUATION ANALYSIS Complete a Retail Audit Determine retail strengths and weakness Evaluate market opportunities and threats Conduct a Competitive Analysis DEVELOP A POSITIONING STRATEGY : DEVELOP A POSITIONING STRATEGY Positioning: Refers to the position the company occupies in the market relative to the competition Explains how the company will differentiate itself from other organizations competing for the same customers Gives the retailer’s reason for being Involves selling the store; not the merchandise Gives the customer a reason to shop at your store rather than the competitor’s store HOW DO YOU CREATE THE DESIRED POSITION IN THE MARKET : HOW DO YOU CREATE THE DESIRED POSITION IN THE MARKET Create an environment conducive to exchange Match your retail mix to consumer expectations Perceptual mapping can be useful to identify market gaps What does the retailer provide in the exchange? : What does the retailer provide in the exchange? products / services transfer of ownership temporary use of store facilities point of purchase information image / prestige credit delivery other What does the customer provide in the exchange? : What does the customer provide in the exchange? money time and effort word of mouth advertising hope of repeat patronage Retailer must meet or exceed customer expectations! Retailer must put together the retail program that the customer wants, that is different from the competition!! RETAIL IMPLEMENTATION INVOLVES…. : RETAIL IMPLEMENTATION INVOLVES…. People Money Time RETAIL CONTROL : RETAIL CONTROL Check to see that objectives are achieved Evaluate strategies and tactics to see if they are still relevant and effective Set new performance targets and plans as required You do not have the permission to view this presentation. In order to view it, please contact the author of the presentation.
STRATEGIC RETAIL MANAGEMENT ankush85 Download Post to : URL : Related Presentations : Share Add to Flag Embed Email Send to Blogs and Networks Add to Channel Uploaded from authorPOINT lite Insert YouTube videos in PowerPont slides with aS Desktop Copy embed code: (To copy code, click on the text box) Embed: URL: Thumbnail: WordPress Embed Customize Embed The presentation is successfully added In Your Favorites. Views: 8795 Category: Education License: All Rights Reserved Like it (14) Dislike it (1) Added: July 05, 2009 This Presentation is Public Favorites: 6 Presentation Description No description available. Comments Posting comment... By: janto2011 (9 month(s) ago) Please send this presentation to me. Saving..... Post Reply Close Saving..... Edit Comment Close By: chamchit206 (11 month(s) ago) CAN I DL YOUR NICE PPT? THANK YOU Saving..... Post Reply Close Saving..... Edit Comment Close By: ssaberi (12 month(s) ago) indeed a very nopyice presentation...can you please mail me a copy...salman.saberi@yahoo.com Saving..... Post Reply Close Saving..... Edit Comment Close By: daniyal.saadi (12 month(s) ago) A very Useful Presentation it is gist of Retail management Saving..... Post Reply Close Saving..... Edit Comment Close By: simkuringadit (15 month(s) ago) Great Presentation thanks to please allow to download Saving..... Post Reply Close Saving..... Edit Comment Close loading.... See all Premium member Presentation Transcript STRATEGIC RETAIL MANAGEMENT : STRATEGIC RETAIL MANAGEMENT STRATEGIC RETAIL MANAGEMENT : STRATEGIC RETAIL MANAGEMENT What is retail management and retail strategy Steps in strategic planning Creating the desired market position Strategic Retail Management : Strategic Retail Management Is both an art and science Requires both creative and analytical skills Involves an overall framework of action Is intended to help: The retail manager step back and take a fresh look at the business Create the desired position or image in the marketplace STRATEGIC RETAIL MANAGEMENT PROCESS INVOLVES : STRATEGIC RETAIL MANAGEMENT PROCESS INVOLVES Planning the organization Implementing strategic and tactical decisions at all organizational levels Controlling all the firm’s activities. Retailing is such a nitty-gritty business it is often difficult to“see the forest for the trees” Slide 5: Retail Strategy: is an overall plan to gain a competitive advantage through the use of a distinctive retail mix to capture the patronage of one or more target markets STEPS IN STRATEGIC PLANNING : STEPS IN STRATEGIC PLANNING 1.Develop Mission Statement 2.Establish Objectives 3.Conduct A Situation Analysis 4.Select Markets In Which To Compete 5.Obtain Resources Needed To Compete 6.Develop A Positioning Strategy 7.Implement Strategy 8.Evaluate Results THE MISSION STATEMENT : THE MISSION STATEMENT Defines the retail concept Is a generalized, yet meaningful expression of the firms future direction Often reflects the organization’s values or corporate culture It should: Identify both the business and the customer domains Identify the organization’s responsibilities to stakeholders Provide a general blueprint for accomplishing the mission MISSION STATEMENT SOBEYS INC. : MISSION STATEMENT SOBEYS INC. “We are and will continue to be a leading progressive food retailer providing excellent service, quality and value to our customers through dedicated people while aggressively developing new markets.” ORGANIZATIONAL OBJECTIVES : ORGANIZATIONAL OBJECTIVES Market Objectives are aimed at securing customer patronage and achieving competitive positions within the general marketplace Financial Objectives are directed at ensuring that the retail organization operates profitably and productively Social Objectives are concerned with identifying the firm’s relationships with and reactions to social, cultural, and ethical environments that are both internal and external to the firm’s operations MARKET OBJECTIVES : MARKET OBJECTIVES Customer Patronage Sales Objectives Customer Traffic Customer Loyalty MARKET OBJECTIVES : MARKET OBJECTIVES Competitive Position Market Share Retail Image Vendor Relations FINANCIAL OBJECTIVES : FINANCIAL OBJECTIVES Profitability Targeted Returns Earning Per Share Stockholder Dividends FINANCIAL OBJECTIVES : FINANCIAL OBJECTIVES Productivity Labor Space Merchandise SOCIETAL OBJECTIVES : SOCIETAL OBJECTIVES Social Responsibility Corporate Values CONDUCT A SITUATION ANALYSIS : CONDUCT A SITUATION ANALYSIS Complete a Retail Audit Determine retail strengths and weakness Evaluate market opportunities and threats Conduct a Competitive Analysis DEVELOP A POSITIONING STRATEGY : DEVELOP A POSITIONING STRATEGY Positioning: Refers to the position the company occupies in the market relative to the competition Explains how the company will differentiate itself from other organizations competing for the same customers Gives the retailer’s reason for being Involves selling the store; not the merchandise Gives the customer a reason to shop at your store rather than the competitor’s store HOW DO YOU CREATE THE DESIRED POSITION IN THE MARKET : HOW DO YOU CREATE THE DESIRED POSITION IN THE MARKET Create an environment conducive to exchange Match your retail mix to consumer expectations Perceptual mapping can be useful to identify market gaps What does the retailer provide in the exchange? : What does the retailer provide in the exchange? products / services transfer of ownership temporary use of store facilities point of purchase information image / prestige credit delivery other What does the customer provide in the exchange? : What does the customer provide in the exchange? money time and effort word of mouth advertising hope of repeat patronage Retailer must meet or exceed customer expectations! Retailer must put together the retail program that the customer wants, that is different from the competition!! RETAIL IMPLEMENTATION INVOLVES…. : RETAIL IMPLEMENTATION INVOLVES…. People Money Time RETAIL CONTROL : RETAIL CONTROL Check to see that objectives are achieved Evaluate strategies and tactics to see if they are still relevant and effective Set new performance targets and plans as required