Retail strategy
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The overall the retailing plan needed to operate the store efficiently and effectively is called Retail Strategy.
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This document discusses tools that companies can use to monitor and improve their marketing activities. It describes four types of marketing control: annual-plan control, profitability control, efficiency control, and strategic control. Annual-plan control ensures companies achieve their sales and profit goals. Profitability control examines where companies make and lose money by product, customer, etc. Efficiency control evaluates marketing spending. Strategic control examines market opportunities and can involve marketing audits or excellence reviews to assess practices as poor, good, or excellent. Marketing audits provide a comprehensive, systematic, independent, and periodic examination by outside consultants. Excellence reviews distinguish levels of practices, orientation, and performance.
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This document discusses tools available to help companies monitor and improve their marketing activities. It describes several types of marketing control processes including annual-plan control, profitability control, efficiency control, and strategic control. These control processes help companies assess whether their marketing activities and programs are achieving goals, determining product and market profitability, improving marketing efficiency, and periodically reassessing their strategic marketing approach. The document also discusses marketing audits which comprehensively examine a company's marketing environment, objectives, strategies, and activities to identify issues and opportunities for improving performance.
Ml0011 buying and merchandising
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What tools are available to help companies monitor and improve their marketin...
This document discusses tools available to help companies monitor and improve their marketing activities. It describes several types of marketing control processes including annual-plan control, profitability control, efficiency control, and strategic control. These control processes help companies assess whether their marketing activities and programs are achieving goals, determining product and market profitability, improving marketing efficiency, and periodically reassessing their strategic marketing approach. The document also discusses marketing audits which comprehensively examine a company's marketing environment, objectives, strategies, and activities to identify issues and opportunities for improving performance.
Ml0011 buying and merchandising
Dear students get fully solved assignments
Send your semester & Specialization name to our mail id :
“ help.mbaassignments@gmail.com ”
or
Call us at : 08263069601
(Prefer mailing. Call in emergency )
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5) Organizing marketing resources and implementing the marketing plan.
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This document discusses the importance of effectively implementing marketing plans. It notes that the success of any marketing plan relies on how well it is implemented and managed. A marketing plan indicates objectives, strategies, and tactics for accomplishing planned activities and serves as a guide for implementation and control. The document outlines the annual marketing planning cycle of strategic planning, implementation, and evaluation. It emphasizes that people tasked with implementing the plan must have strong communication, teamwork, and motivational skills. Periodic reviews of key performance indicators are needed to identify any gaps between the plan and actual results for making necessary adjustments.
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The key aspects of retail marketing are satisfying customer needs and wants. Retailers must consider customer needs in their decisions and develop merchandise that meets specific customer needs. The essence of retail marketing is a customer-centric philosophy that places customers at the core of all retail activities.
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The document discusses the key aspects of retail marketing including satisfying customer needs, developing merchandise and services to meet those needs, and coordinating the elements of the retail marketing mix. It also covers the importance of retail marketing planning, which involves setting objectives, identifying options, and coordinating activities in a logical sequence to maximize profits in a complex retail environment. Finally, the document outlines different types of retail marketing plans from annual tactical plans to long-term strategic plans focused on adapting to market opportunities.
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The document discusses the key concepts and elements of retail marketing. It defines retail marketing as satisfying customer needs through merchandise and services at profitable prices. The retail marketing concept places the customer at the center of all retail activities. The marketing mix is the combination of elements like product, price, place, and promotion that must work together to achieve retail objectives and create a distinct brand image. Planning is important to coordinate these elements in a way that is responsive to customers and competitive strategies.
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A marketing assignment help research is primarily a systematic process of obtaining, documenting, and analyzing qualitative and quantitative data regarding topics pertaining to the marketing of goods and services. The objective is to figure out and evaluate how different aspects of the marketing mix affect customer behavior. This include defining the data needed to solve these challenges, as well as developing the data gathering technique, organizing, and implementing the data collection process.
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The document discusses strategic planning and marketing processes. It outlines steps in strategic planning including defining a company mission and objectives. A mission statement communicates an organization's purpose. Business portfolios contain different strategic business units that can be planned independently. The marketing mix involves four Ps - product, price, place, and promotion. Developing marketing strategies requires understanding target consumers through market segmentation, targeting, and positioning. A marketing plan outlines objectives, strategies, budgets, and controls to monitor progress.
Sales forecasting
The document discusses various methods for sales forecasting. It describes 8 steps in the sales forecasting process: 1) deciding basic issues; 2) identifying important factors; 3) selecting suitable methods; 4) deciding length; 5) preliminary sales forecast; 6) final sales forecast; 7) making operational program; 8) evaluation and revision. It then explains 8 different methods for sales forecasting: executive opinion, experts opinion, sales force opinion, Delphi method, user's expectation, economic indicators analysis, past sales projection, and market test. Statistical methods like trends projection and regression analysis are also mentioned.
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This document provides guidance on developing a marketing budget for product launches. It discusses factors to consider such as the product category, type of launch activity, marketing objectives, target audiences, markets, creative strategy, and methods for determining budget amounts. Budget planning requires understanding category spending trends, historical data, sales goals, and objectives for reaching people at different awareness levels. The document stresses developing clear cash flow plans and paying media partners on time.
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Marketing control is the process of assessing marketing activities and programs and making necessary adjustments. It includes annual plan control, profitability control, efficiency control, and strategic control. Strategic control is exercised by top management and consists of marketing effectiveness reviews and marketing audits to review objectives, strategies, and programs. A marketing audit is a comprehensive, systematic, and independent examination of a company's marketing environment, objectives, strategies, and activities to identify problems and opportunities for improved performance.
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This document discusses retail sales forecasting concepts and issues. Retail sales forecasting involves analyzing historic outlet data to predict future sales trends. The purpose is to accurately forecast product demand to inform purchasing, production, logistics, finance, and marketing. A sales forecast typically estimates volume for a specific time period like weeks, seasons, or years. Creating an accurate forecast requires considering consumer tastes, market size, spending patterns, economic conditions, sales potential, and competitors' strategies. Key issues that impact forecasts are sales trends, seasonality, weather, and calendar effects of holidays.
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The document discusses key aspects of marketing including marketing strategy, product distribution, marketing management, marketing research, and pricing. It defines marketing strategy as all long-term activities dealing with analyzing a company's strategic situation and formulating market-oriented strategies to contribute to business goals and objectives. It describes product distribution as making products available for consumers through direct or indirect means using intermediaries. It also provides definitions and considerations for marketing management, marketing research, and determining pricing.
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1) The document analyzes the fuel station forecasting and inventory management practices of Agarwal Automobiles, an authorized fuel station in India.
2) It identifies weaknesses in the current approach, which does not use formal analytical techniques for ordering and inventory policies.
3) Recommendations include developing a forecasting model and inventory management system to increase efficiency and profits.
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There are four types of marketing controls according to Professor Philip Kotler:
1. Annual plan control monitors current marketing efforts and results to ensure annual sales and profit goals are achieved through setting targets, monitoring performance, identifying deviations, and taking corrective actions.
2. Profitability control determines the actual profitability of products, territories, segments, and channels and examines whether the company is making or losing money to inform expansion and contraction decisions.
3. Efficiency control evaluates and improves spending efficiency and impact of activities like personal selling, advertising, sales promotion, and distribution by analyzing sales, advertising, promotion, and distribution efficiency.
4. Strategic control ensures marketing objectives, strategies, and systems are optimally
Sales forecasting
Sales forecasting is a projection of expected future demand under certain conditions. There are two main types of sales forecasting: quantitative forecasting which uses past sales figures to predict future sales in existing markets, and qualitative forecasting which relies on surveys and expert opinions to predict sales in new markets where past data does not exist. Sales forecasts can be for periods of less than 3 months, 1 year, or more than 3 years into the future.
Approaches to marketing implementation
The document discusses different approaches to implementing marketing strategies, including the command approach where strategies are decided at the top and forced down, the change approach which focuses on modifying the organization, the consensus approach where managers collaborate to develop strategy, and the cultural approach which aims to shape the culture so all employees work towards shared goals. It also covers organizing marketing activities and alternatives like centralizing authority at a certain level or decentralizing, as well as organizing by functions, products, regions, or customer types. The marketing concept and customer needs are discussed as pivotal to organizational goals.
Marketing strategy implementation and control
This document discusses the importance of effectively implementing marketing plans. It notes that the success of any marketing plan relies on how well it is implemented and managed. A marketing plan indicates objectives, strategies, and tactics for accomplishing planned activities and serves as a guide for implementation and control. The document outlines the annual marketing planning cycle of strategic planning, implementation, and evaluation. It emphasizes that people tasked with implementing the plan must have strong communication, teamwork, and motivational skills. Periodic reviews of key performance indicators are needed to identify any gaps between the plan and actual results for making necessary adjustments.
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The document discusses strategic planning, marketing plans, and managing the marketing process. It outlines the major steps in strategic planning at the corporate, division, and business unit levels. These include defining mission statements, establishing strategic business units, and allocating resources. It also describes the typical contents of a marketing plan, including a SWOT analysis, goals, strategies, and implementation programs. Finally, it discusses how companies can manage the marketing process through organization, building a marketing orientation, control mechanisms, and periodic reviews.
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This document discusses marketing strategic planning. It outlines the three main stages of the marketing management process: planning, implementation, and evaluation. The planning stage involves setting goals and strategies. The implementation stage assigns personnel and resources to execute the plan. The evaluation stage analyzes performance against goals to inform future planning. Strategic planning maps long-term resources and opportunities and consists of defining the mission, analyzing the situation, setting objectives, and choosing strategies. Situation analysis examines past performance and future challenges. Objectives should align with overall company goals. Strategic planning also considers positioning, competitive advantages, target markets, demand forecasting, and the marketing mix.
Winning markets through market oriented strategic planning
Strategic planning consists of 3 key actions: 1) Managing a company's portfolio of businesses, 2) Assessing each business' strengths in the market, and 3) Formulating plans for each business to achieve long-term objectives. It involves analyzing markets, designing strategies, and implementing marketing efforts to communicate value to customers. Competitive strategies depend on whether a company is the market leader or a challenger, and may include defending market share through innovation or expanding into new areas for the leader, and flank or encirclement attacks for the challenger.
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Sales forecasting is the prediction of expected sales , by product or price for a number of months or years
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Similar to Retail strategy
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The key aspects of retail marketing are satisfying customer needs and wants. Retailers must consider customer needs in their decisions and develop merchandise that meets specific customer needs. The essence of retail marketing is a customer-centric philosophy that places customers at the core of all retail activities.
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The document discusses the key aspects of retail marketing including satisfying customer needs, developing merchandise and services to meet those needs, and coordinating the elements of the retail marketing mix. It also covers the importance of retail marketing planning, which involves setting objectives, identifying options, and coordinating activities in a logical sequence to maximize profits in a complex retail environment. Finally, the document outlines different types of retail marketing plans from annual tactical plans to long-term strategic plans focused on adapting to market opportunities.
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The document discusses retail strategy formulation and implementation. It begins by defining retail strategy as a clear plan to tap the market and build long-term customer relationships. It then outlines the key steps in retail strategy as defining the mission, analyzing the situation, identifying objectives and strategic alternatives, developing and implementing the plan, and monitoring progress. The strategies discussed include market penetration, market development, retail format development, and diversification. Effective implementation and evaluation are emphasized as important for strategic success.
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The document discusses retail strategy formulation. It begins with defining the retailer's mission which is the core of its existence. A situation analysis is then conducted to understand strengths, weaknesses, opportunities and threats. Various strategic alternatives like market penetration, market development, retail format development and diversification are identified. Objectives are set and resources are obtained to implement the chosen strategy. Progress is then monitored through evaluation and control. International expansion is also discussed as a growth strategy through various methods like exports, franchising, joint ventures, acquisitions and organic growth.
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The document outlines the key aspects of developing a retail strategy, including defining the mission, analyzing the situation, identifying strategic options like market penetration or expansion, setting objectives, allocating resources, implementing the plan, and monitoring progress. It emphasizes that a retail strategy provides a clear plan for tapping new markets and building long-term customer relationships.
Retail marketing mix and planning
This document discusses retail marketing mix and planning. It covers:
1. The key aspects of retail marketing include understanding customer needs and making decisions driven by what customers want and value.
2. The retail marketing mix involves coordinating elements like product, place, price, and promotion. Effective planning is needed to balance these elements.
3. Retail marketing planning involves setting objectives, identifying options, and implementing plans through a logical sequence of activities to achieve goals. Both short and long-term planning are important.
Retail marketing mix and planning
The document discusses the key aspects of retail marketing including understanding customer needs, developing products and services to satisfy those needs at profitable prices, and coordinating the retail marketing mix. The retail marketing mix encompasses elements like location, merchandise, customer service, price, and promotion. Developing an effective mix requires determining optimal strategies for each element and ensuring consistency and synergy between elements to meet customer expectations.
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Retail strategy
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Retailers must make competent decisions about what merchandise to buy, how much to buy, and when to buy it. The merchandise selection communicates the type of company to consumers and allows stores to differentiate themselves. Merchandise management focuses on planning and controlling retailer inventories by balancing financial requirements with a merchandise purchasing strategy. It involves acquiring, handling, and monitoring merchandise categories for a retail organization. Retailers use various methods to plan and calculate inventory levels like basic stock, percentage variation, weeks' supply, and stock-to-sales methods. Visual merchandising is the art of product presentation that puts merchandise in focus to educate and create desire in customers.
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Sales & Distribution Management Module 1.pdf
SALES & DISTRIBUTION MANAGEMENT MODULE 1| INTRODUCTION TO SALES MANAGEMENT| MARKETING PAPER 1 MBA SEM 3| RTMNU NAGPUR UNIVERSITY| BY JAYANTI R PANDE
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Marketing control involves monitoring marketing plans, assessing results, and making adjustments to achieve goals. It includes establishing performance standards, measuring results, comparing to standards, and taking corrective actions. Marketing control helps ensure plans are on track, problems are identified and addressed, and marketing efforts are effective. It is a critical process for organizations to evaluate performance and make strategic decisions.
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Pricing decision
Price is the sum of all the values that customers give up to gain the benefits of having or using a product or service
Retail image mix
Retail Image refers to how a retailer is perceived by customers and others.To succeed, a retailer must communicate a distinctive, clear, and consistent image.
Store Layout Design
Store layout is an arrangement of the store that include space management, product display, network of passages, arrangement for amenities and customer convenience and other facilities required.
Hypothesis
Hypothesis is a formal statement that represents the expected relationship between an independent and dependent variable.
It is an assumption about the relationship between two or more variables and is predictive in nature
Internationalization process
This document discusses the stages of internationalization that companies go through as they expand globally. It begins by outlining several drivers of corporate internationalization including cost drivers, government drivers, competitive drivers, and market drivers. It then describes 5 stages of internationalization that companies typically progress through: 1) Domestic Company, 2) International Company, 3) Multinational Company, 4) Global Company, and 5) Transnational Company. For each stage, it provides details on the company's strategy, view of world markets, orientation, key assets, and the role of country units. It concludes by summarizing the differences between each stage in a chart.
EPRG Orientation
Douglas Wind and Pelmutter advocated four approaches to international business: the ethnocentric approach, polycentric approach, regiocentric approach, and geocentric approach. The ethnocentric approach involves exporting the same products designed for the domestic market to foreign countries. The polycentric approach decentralizes decision-making to foreign executives. The regiocentric approach markets similar products designed for a region to neighboring countries. The geocentric approach operates subsidiaries globally as independent companies coordinated by the headquarters.
International Business Environment- Domestic, Foreign & Global Environment
The document discusses the influence of domestic, foreign, and global environments on international business. It identifies controllable variables such as finance, production, human resources, and marketing. It also identifies uncontrollable variables including the domestic environment, foreign environment, and global environment. The global environment encompasses factors like the international economic environment, regional economic groups and agreements, and international financial institutions. Understanding the business environments is important for businesses to determine market potential, how to enter foreign markets, production scale, labor deployment, financing operations, marketing strategies, and compensation.
Market Environment Analysis
This document provides an overview of tools for analyzing a company's marketing environment, including SWOT analysis and Porter's Five Forces model. SWOT analysis involves examining a company's strengths, weaknesses, opportunities, and threats. Porter's Five Forces model analyzes the bargaining power of buyers and suppliers, threat of substitutes, threat of new entrants, and rivalry among existing competitors. The document was created by an assistant professor to provide guidance on marketing environment analysis.
Retail formats
This document discusses various retail formats categorized by ownership. It identifies the main ownership models as independent stores, chain stores, franchising, leased department stores, vertical marketing systems, and consumer cooperatives. Independent stores are owned and operated by a single retailer, while chain stores have two or more outlets owned under joint control. Franchising involves a contractual agreement where a franchisee pays fees to a franchiser in exchange for using their brand name and operating format. Leased department stores involve renting space within a larger store. Vertical marketing systems integrate manufacturers, wholesalers, and retailers to facilitate product flow. Consumer cooperatives are owned by their customers.
Retail formats part 3
This document discusses different types of retail formats, dividing them into store-based retailing and non-store-based retailing. Some examples of non-store-based retailing discussed are direct marketing, which involves exposing customers to goods through non-personal media and allowing them to order by mail, phone or online; direct selling, which involves personal contact with customers in their homes; and vending machines, which allow 24-hour automated sales without sales personnel. The document also briefly outlines other non-traditional retail formats such as electronic retailing (e-commerce), mobile van retailing, video kiosks, event retailing, trade parks, and forecourt retailing at gas stations.
Retail formats part 2
This document discusses different store-based retail formats. It identifies convenience stores, supermarkets, food-based superstores, and limited-line stores as food-based retailers. For general merchandise retailers it outlines specialty stores, full-line discount stores, factory outlets, membership clubs, flea markets, off-price chains, and traditional department stores. The document provides brief descriptions of each retail format's characteristics including store size, product assortments, pricing, and target customers.
Retail formats
The document discusses various retail formats categorized by ownership. Independent stores are owned by a single retailer, while chain stores have two or more outlets owned under joint control. Franchising involves a contractual agreement where a franchisee pays fees to the franchiser in exchange for using their brand name and operating format. Leased department stores section off areas of a larger store to outside retailers paying monthly rent. Vertical marketing systems integrate manufacturers, wholesalers, and retailers to different degrees to facilitate product flow from creation to consumer. Formats provide options for retailers based on their resources and target markets.
Rural Consumer Behaviour
This document discusses rural consumers in India. It provides information on the profile of rural consumers, including their low literacy and income levels, scattered population across many villages, and principal occupations in farming and trades. It describes the types of rural consumers as household consumers, rural industrial users, and rural resellers. It also outlines different groups of rural consumers based on their buying behavior, such as habitual, cognitive, emotional, and impulsive groups. Finally, it briefly discusses factors that influence rural consumer behavior, including stimuli, perception, attitudes, needs, demographics, culture, and social influences.
Rural vs. urban marketing
The document compares rural and urban marketing in India, noting key differences in their philosophies, buyer motivations, marketing objectives, mix, research methods, technologies used, and development strategies. Rural marketing focuses on inclusive growth and uses simple research methods, while urban marketing emphasizes fashion, lifestyle, and sophisticated research. The marketing mix also differs, with rural using the basic 4 P's and urban utilizing an expanded 7 P's approach.
The Rural Environment
The document discusses the rural environment and is divided into several sections. It covers the demographic environment including changes in rural population, family structures, age, education, and occupation. The physical environment discusses rural settlements and housing patterns. The socio-cultural environment examines socio-cultural regions, village communities, and the caste system. The political environment analyzes panchayati raj institutions and gram sabhas. The technological environment addresses rapid mechanization and the growth of information and communication technology. Finally, the rural economic environment describes the transitioning rural economy, economic structure, rural enterprises, income disparity, and spending.
Evolution of Rural marketing
This document outlines the evolution of rural marketing in India through four phases:
Phase I (prior to 1960) consisted of agricultural marketing and exchanges of crafts and utensils; Phase II (1960-1980) saw the entry of consumer goods companies and changes in rural demand due to the Green Revolution; Phase III (1990-2000) included new service sectors, pro-rural government initiatives, and companies launching rural-focused products; Phase IV (after 2000) featured financial inclusion, media expansion, hiring of rural staff, and improved standards of living through various government programs.
Introduction to Rural marketing
This document provides an overview of rural marketing in India. It defines rural marketing as developing, pricing, promoting, and distributing rural-specific goods and services to satisfy consumer demand in rural areas. Some key points:
- Rural markets have consumers located in rural areas with different behaviors than urban consumers. Transactions can be rural-to-urban or urban-to-rural.
- Rural marketing focuses more on development than transactions, customer satisfaction, and increasing living standards through a mutually beneficial process.
- Rural markets are large and diverse but scattered, with low incomes mainly from agriculture. They face challenges like high distribution costs, seasonal demand, and lack of infrastructure.
Advertsing budget
The document discusses advertising budgets, which estimate the financial requirements to achieve advertising objectives within a given time period. The budget is a guideline for allocating funds to advertising functions and activities. Key factors that influence the budget include available finances, sales percentages, competitors' spending, and return on investment. The budget specifies income, expenses, and how funds will be allocated. It must be constructed within the company's financial capabilities. The budget process involves estimating total advertising costs based on market information, then appropriating funds and specifying expenditures for each advertising function. The budget is presented to management for review and modification before execution and control to ensure actual spending matches estimates. Various methods can be used to allocate the budget, such as percentages of sales or objectives
Application of research in business
This document discusses research applications in business functions. It identifies the main business functions as marketing, personnel and human resource management, financial and accounting, production and operations management, and cross-functional problems. For each function, it provides examples of types of research that can be applied, such as market potential analysis, demand estimations, and performance management for marketing and personnel respectively. Finally, it mentions cross-functional research can analyze topics such as corporate governance, knowledge management, and environmental impacts. The document provides an overview of how research can inform decision-making across the key areas of business.
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International Business Environment- Domestic, Foreign & Global Environment
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Charles McClure | Retail Scavenger Hunt |
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3:国家专业人才认证中心颁发入库证书
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5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
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Retail strategy
- 2. 2 A retail strategy is the overall plan or framework of action that guides a retailer. Ideally, it will cover at least one year and outline the retailer’s mission, goals, consumer market, overall and specific activities, and control mechanisms. Retail strategic planning often occurs in cycles due to the seasonality of much of retail activity. A retail strategy serves as a roadmap for the next 3 to 5 years and helps thoughtful and objective decision making on many key business elements
- 3. 3 The target market, or markets, toward which the retailer will direct its efforts; The nature of the merchandise and services the retailer will offer to satisfy the needs of the target market; and How the retailer will develop unique assets that enable it to achieve long-term advantage over its competitors.
- 4. Diagram: Steps in Retail Strategy Formulation 4 6. Control Evaluation Adjustment 5. Specific activities Daily short term operations Response to environment 4. Overall strategy Controllables Variables Uncontrollable Variables 3. Identification of customer Mass marketing Concentrated Marketing Differntiated marketing 2. Objectives Sales profit image satisfaction of public 1. Situation Analysis Organizational mission Ownership and management alternatives Goods/service category
- 5. THANK YOU! For any query or suggestion mail me at vijyata.rwc@gmail.com or comment in the comment box