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Retail market strategies

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For ProProfs module: Issues in Retail Organizations (RTL 101: 3 of 10, National Online University).

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Retail market strategies

  1. 1. RETAIL MARKET STRATEGY When retailers understand customer needs, they can create niche in marketplace by building a retail strategy Effective strategies consider the target market, set formats to reach target market, and plan growth of competitive advantage over time Retailers with a strong, proven strategy and stick to it do better than those who don’t
  2. 2. RETAIL MARKET STRATEGYThe strategic retail planning processgives steps retailers follow to meetstrategic goals:1. Define Mission: describe stores objectives and activities2. Situational Audit: also called a SWOT assessment, it looks at Strengths, Weaknesses, Opport unities, and Threats in the retail environment
  3. 3. RETAIL MARKET STRATEGY 3. Identify Opportunities: based on SWOT assessment, identify opportunities to increase sales 4. Evaluate Alternatives: now that opportunities are identified, decide which best establish a sustainable competitive advantage 5. Establish Specific Objectives and Allocate Resources: set specific goals, define the timeframe to meet these goals, and decide the level of investment dedicated to the goals
  4. 4. RETAIL MARKET STRATEGY6. Develop Retail Mix to Implement Strategy: decide specifically how each objective will be merchandised, advertised, marketed, etc.7. Evaluate Performance and Make Adjustments: review each objective, decide if performance met expectations, and course-correct as needed

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