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Mindmap-Galerie Retail Strategy - Strategic Retail Planning Process in 7 Steps

Retail Strategy - Strategic Retail Planning Process in 7 Steps

For my class. Two mind maps on seperate pages. Page 1: The first mind map is about retail strategy. Page 2: The second mind map is about strategic retail planning process (7 steps).

Bearbeitet um 2021-02-01 06:12:20

Tom Walker

Retail Strategy - Strategic Retail Planning Process in 7 Steps

Tom Walker

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Strategic RetailPlanning Process

1. Define the Business Mission

What do we do? (scope)

Who do we do it for?

How do we do it? (secret sauce)

What do we want to accomplish?

2. Conduct a Situation Audit (SWOT Analysis)

Market Attractiveness Analysis

Market Size

Market Growth

Growing markets offer better margins & fluid customers(haven't yet developed loyalty to any brand).

Sales Cyclicality / Seasonality

Competitor Analysis

Barriers to Entry

Economies of Scale

Customer/Brand Loyalty

Availability of Great Locations

Bargaining Power of Vendors

Unattractive when merch is controlled by an oligopoly that dictates prices & terms.

Degree of Competitive Rivalry

High rivalry usually occurs where there is...

Large number of similar-sized competitors

Slow growth

High fixed costs

Lack of perceived differences btwn competitors

- Price wars- Expensive ads- Low profits

Macro-Environmental Analysis

Technological

Economic

Value-oriented retailers are less elastic than premium retailers.

Retailers w/ lower levels of service are less impacted by low unemployment levels (i.e., fewer employees to pay higher wages to)

Regulatory / Legal

Taxes & gov't red tape can make entering a market less appealing, if not impossible.

Social Trends

Demographics

Lifestyles

Attitudes

Values

Self-Analysis (Strengths & Weaknesses)

Management Capabilities

Experience/Ability of top management

Depth of management - capabilities of middle managment.

Management's commitment to the firm

Financial Resources

Cash flow from existing business.

Ability to raise debt or equity financing.

Current liquid assets.

Locations

Operations

Overhead cost structure.

Quality of operating systems.

Distribution capabilities.

Management information systems.

Loss-prevention systems.

Inventory control systems.

Merchandise

Knowledge/skill of buyers

Relationships w/ vendors

Capabilities in developing private brands.

Advertising & promotion capabilities

Store Management

Management capabilities

Quality of sales associates

Commitment of sales associates to firm.

Customer Loyalty

3. Identify Strategic Opportunities

Market Penetration

Market Expansion

Retail Format Development

Diversification

May involve redefining the mission statement.

4. Evaluate Strategic Alternatives

Market Attractiveness

Competitive Position

High if the strategic opportunity would use theretailer's strengths & area of competitive advantage.

Greatest investments should be made in opportunitieswhere the retailer has a strong competitive position.

5. Establish Specific Objectives and Allocate Resources

The retailer's overall objective is included in the mission statement.

Specific objectives are goals which progresstoward the overall objective can be measured.

Three components:

The performance sought (including a numericalindex against which progress may be measured)

A time frame within which the goal is to be achieved.

The level of investment needed to achieve the objective.

6. Develop a Retail Mix to Implement Strategy

7. Evaluate Performance and Make Adjustments

If the retailer fails to meet its objectives, re-analysis is needed.

Starts with re-viewing the implementation programs

May indicate the strategy (or mission statement) needs to be reconsidered.

Would require a new planning process, including a new situation audit.

Actual planning processes have interactions among the steps.