Chapter 3

• Show Value of Strategic Planning • Explain Steps in Strategic Planning • Examine Controllable and Uncontrollable Elements of Retail Strategy • Present Strategic Planning as a Series of Integrated Steps

• Overall Plan or Framework of Action • At Least One Year • Outlines – Mission – Goals – Consumer Market – Overall and Specific Activities – Control Mechanisms .

• Provides Analysis of Retail Requirements • Outlines Retailer Goals • Teaches Firms How to Differentiate Themselves • Studies Environment • Coordinates Efforts • Anticipates Crises .

Control . Overall Strategy V. Situation Analysis II. Objectives III. Specific Activities VI. Identification Of Consumers IV.I.

Organizational Mission Situation Analysis Ownership and Management Alternatives Goods/Service Category .

Sales Profit Objectives Satisfaction of Publics Image .

Mass Marketing Identification of Consumers Concentrated Marketing Differentiated Marketing .

Controllable Variables Overall Strategy Uncontrollable Variables .

Daily and Short-Term Operations Specific Activities Responses to Environment .

Evaluation Control Adjustment .

• • • • • Type of Business Role in Marketplace Business VS Consumer Market Leader or Follower Market Scope .

• • • • • Sole Proprietorship Partnership Corporation Independent Ownership Franchise .

• Goods – Durable – Nondurable • Service – Personal – Amusement – Repair – Hotel .

• Personal Abilities • Financial Resources • Time Demands .

• Measurable • Specific • Attainable .

• Growth • Stability • Market Share .

• ROI • Increased Operating Efficiency .

• Stockholder • Consumer .

• Mass Merchandising • Niche Retailing • Bifurcated Retailing .

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• Mass Marketing • Concentrated Marketing • Differentiated Marketing .

Controllable Variables • Store Location • Managing a Business • Merchandise Management and Pricing • Communicating with the Customer Uncontrollable Variables • • • • • • Consumers Competition Technology Economic Conditions Seasonality Legal Restrictions Retail Strategy .

• Value of Strategic Planning • Steps in Strategic Planning • Controllable and Uncontrollable Elements of Retail Strategy .

Questions? .