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    Retail Strategy

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    HCM IV24Deepankar Tiwari
    The document outlines the 7 key steps in developing a retail strategy: 1. Establish the organization's mission which defines what it does, who it serves and what differentiates it. 2. Conduct a situational analysis using tools like PESTLE and Porter's Five Forces to understand the external environment. 3. Identify strategic alternatives and options for the business. 4. Set specific, measurable and time-bound objectives that prioritize goals like sales, market share and profitability. 5. Obtain and allocate the necessary human and financial resources to execute the strategy. 6. Develop the strategic plan which includes segmentation, targeting, positioning and defining the retail marketing mix.

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    Retail Strategy

    Uploaded by

    HCM IV24Deepankar Tiwari
    27 views13 pages
    The document outlines the 7 key steps in developing a retail strategy: 1. Establish the organization's mission which defines what it does, who it serves and what differentiates it. 2. Conduct a situational analysis using tools like PESTLE and Porter's Five Forces to understand the external environment. 3. Identify strategic alternatives and options for the business. 4. Set specific, measurable and time-bound objectives that prioritize goals like sales, market share and profitability. 5. Obtain and allocate the necessary human and financial resources to execute the strategy. 6. Develop the strategic plan which includes segmentation, targeting, positioning and defining the retail marketing mix.

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    The document outlines the 7 key steps in developing a retail strategy: 1. Establish the organization's mission which defines what it does, who it serves and what differentiates it. 2. Conduct a situational analysis using tools like PESTLE and Porter's Five Forces to understand the external environment. 3. Identify strategic alternatives and options for the business. 4. Set specific, measurable and time-bound objectives that prioritize goals like sales, market share and profitability. 5. Obtain and allocate the necessary human and financial resources to execute the strategy. 6. Develop the strategic plan which includes segmentation, targeting, positioning and defining the retail marketing mix.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    27 views13 pages

    Retail Strategy

    Uploaded by

    HCM IV24Deepankar Tiwari
    The document outlines the 7 key steps in developing a retail strategy: 1. Establish the organization's mission which defines what it does, who it serves and what differentiates it. 2. Conduct a situational analysis using tools like PESTLE and Porter's Five Forces to understand the external environment. 3. Identify strategic alternatives and options for the business. 4. Set specific, measurable and time-bound objectives that prioritize goals like sales, market share and profitability. 5. Obtain and allocate the necessary human and financial resources to execute the strategy. 6. Develop the strategic plan which includes segmentation, targeting, positioning and defining the retail marketing mix.

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    of 13

    4.

    Retail Strategy
    Strategy- The Retail Perspective

    A retail strategy can be defined as ‘a clear and definite


    plan that the retailer outlines to tap the market and
    build a long-term relationship with the customers.’
    Steps Involved In Strategy Development
    Establish Mission

    Analyse situation

    Identify options

    Set objectives

    Obtain and allocate resources

    Develop the strategic plan

    Implement the strategy, evaluate and control


    Step I- Define Organization's Mission
     A mission statement is a brief description of why a company or
    nonprofit organization exists. In one to three sentences, it explains
    what the company does, who it serves, and what differentiates it from
    competitors.
     It’s used to provide focus, direction, and inspiration to employees
    while it tells customers or clients what to expect from the business.

     Retailer’s mission statement normally highlight-


    - The products and services that will be offered
    - The customers who will be served
    - The geographic areas that the organization chooses to operate in
    -The manner in which the firm intends to compete in its chosen
    markets
    Mission Statement: Examples
     Amazon: To be Earth's most customer-centric company where people can find and
    discover anything they want to buy online.

     Wal-Mart:We save people money so they can live better.

     IKEA:To create a better everyday life for the many people.

     Starbucks: Establish Starbucks as the premier purveyor of the finest coffee in the
    world while maintaining our uncompromising principles while we grow.

     Hyatt: To provide authentic hospitality by making a difference in the lives of the


    people we touch every day
    Step II- Conduct A Situational Analysis

    • PESTLE analysis
    - Political, Economic, Social,Technological factors etc.

    • Porter’s Five Forces


    - Entry barriers, suppliers, customers, substitute products
    and industry rivalry
    Step III- Identifying Options/ Strategic
    Alternatives
    Step IV- Set Objectives
    Sales Volume

    Market Share

    Retail Expansion

    Profitability

    Liquidity

    Returns on Investment

    Good objectives are measurable, are specific to time and indicate the
    priorities for the organisation
    Step V- Obtain And Allocate The
    Resources Needed To Compete

    Human Resources

    Financial Resources
    Step VI- Develop The Strategic Plan

     Segmentation
     Targeting
     Positioning
     Retail Marketing Mix
    Step VII- Implement the Strategy,
    Evaluate and Control
    For implementation
    - Focus on target market
    - Single minded merchandising
    - Appealing displays
    - Advertising in sync
    - Personnel empathy
    - Customer service as per target customer
    To evaluate
    - Periodic evaluation
    - Decision about future changes

    All this helps in maintaining control


    International Expansion- A Growth Strategy
    Thank you.

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