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Distribution and 8. Information System 9. Unique Merchandise 10. Vendor Relations 11. Customer Service 12. Multiple Sources of Advantage
Growth Strategies * Growth Strategies involves realizing growth by directing efforts toward existing customers using retailer's present format. * Market Expansion involves using the existing retail format in new market segments. * Retail Format Development is an opportunity in which a retailert develops a new retail format- a format with a different retail mix for the same target market. * Diversification retailer introduces new retail format toward a market segments that's not currently served by the retailer * Vertical Integration diversification by retailers into wholesaling or manufacturing.
Key to success
1. Globally Sustainable competitive Advantage
- Entry into nondomestic markets is most successful when the expantion is consistent w/ the retailer's core base of competitive advantage.
2. Adaptability
- While successful global retailers build on
Their core competencies, they also recognize &
Adapt their core strategy to the needs of local
Market.
3. Global …show more content…
4. Franchising
- offers the lowest risk & requires the least investment.
THE STRATEGIC RETAIL PLANNING PROCESS
The strategic retail planning process entails the set of steps a retailer goes through to develop a strategic retail plan
STEP 1 : Define the business Mission
The mission statement is a broad description of a retailer's objectives & the scope of activities it plans to undertake.
STEP 2 : Conduct a situation Audit
An analysis of the opportunities & threats in the retail environment & the strengths & weaknesses of the retail business relative to its competitors.
MARKET FACTORS some critical factors related to the consumers & their buying patterns are the target market size & growth, sale cyclicity, & seasonality.
COMPETITIVE FACTORS
The nature of the competition in retail markets is affected by barriers to entry, the bargaining power of vendors, & competitive rivarly.
ENVIRONMENTAL FACTORS
It can affect market attractiveness span technological, economic, regulatory, & social changes.
STRENGTHS & WEAKNESSES ANALYSIS
A strengths & weaknesses analysis indicates how well the business can seize opportunities & avoid harm from threats in the
Growth Strategies * Growth Strategies involves realizing growth by directing efforts toward existing customers using retailer's present format. * Market Expansion involves using the existing retail format in new market segments. * Retail Format Development is an opportunity in which a retailert develops a new retail format- a format with a different retail mix for the same target market. * Diversification retailer introduces new retail format toward a market segments that's not currently served by the retailer * Vertical Integration diversification by retailers into wholesaling or manufacturing.
Key to success
1. Globally Sustainable competitive Advantage
- Entry into nondomestic markets is most successful when the expantion is consistent w/ the retailer's core base of competitive advantage.
2. Adaptability
- While successful global retailers build on
Their core competencies, they also recognize &
Adapt their core strategy to the needs of local
Market.
3. Global …show more content…
4. Franchising
- offers the lowest risk & requires the least investment.
THE STRATEGIC RETAIL PLANNING PROCESS
The strategic retail planning process entails the set of steps a retailer goes through to develop a strategic retail plan
STEP 1 : Define the business Mission
The mission statement is a broad description of a retailer's objectives & the scope of activities it plans to undertake.
STEP 2 : Conduct a situation Audit
An analysis of the opportunities & threats in the retail environment & the strengths & weaknesses of the retail business relative to its competitors.
MARKET FACTORS some critical factors related to the consumers & their buying patterns are the target market size & growth, sale cyclicity, & seasonality.
COMPETITIVE FACTORS
The nature of the competition in retail markets is affected by barriers to entry, the bargaining power of vendors, & competitive rivarly.
ENVIRONMENTAL FACTORS
It can affect market attractiveness span technological, economic, regulatory, & social changes.
STRENGTHS & WEAKNESSES ANALYSIS
A strengths & weaknesses analysis indicates how well the business can seize opportunities & avoid harm from threats in the