The long term plan the retailers make in order to achieve their objective is called retail strategy.

1. RETAIL STRATEGY
By - Vijyata

2. Retail Strategy
A retail strategy is the overall plan or framework of action that
guides a retailer. 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, including:
– What the retailer will need to do to get started and what resources (time,
money, etc.) he will need to expend?
– What it will take for his business to make a profit and how long that will
take?
– What information potential customers, vendors, and investors will need to
know in order for the retailer to effectively market your business ?

3. The retail strategy identifies -
• 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. Features of strategic retail planning
• It provides a thorough analysis of the requirements for doing
business for different types of retailers.
• It outlines retailer goals.
• A firm determines how to differentiate itself from competitors
and develop an offering that appeals to a group of customers.
• The legal, economic, and competitive environment is studied.
• A firm’s total efforts are coordinated.
• Crises are anticipated and often minimized or avoided

5. RETAIL strategy steps
1.
Situation
Analysis
• Organizational
mission
• Ownership and
management
alternatives
• Goods/service
category
2.
Objectves
• Sales
• profit
• image
• satisfaction of
public
3.
Identifica
tion of
customer
• Mass
marketing
• Concentrated
Marketing
• Differntiated
marketing
4. Overall
strategy
• Controllables
Variables
• Uncontrollable
Variables
5. Specific
activities
• Daily short
term
operations
• Response to
environment
6. Control
• Evaluation
• Adjustment

6. THANK YOU !!!
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