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Chapter 3

Chapter 3. RETAIL MANAGEMENT: A STRATEGIC APPROACH,. Strategic Planning in Retailing. Agenda. Discuss Retail Institutions experience Introduce several retail concepts including: The Retail Concept The process of retail strategy development

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Chapter 3

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  1. Chapter 3 RETAIL MANAGEMENT: A STRATEGIC APPROACH, Strategic Planning in Retailing

  2. Agenda • Discuss Retail Institutions experience • Introduce several retail concepts including: • The Retail Concept • The process of retail strategy development • Identification of the components of retail strategy • Retail positioning (with application to a short case)

  3. Applying the Retail Concept Customer Orientation Retailing Concept Coordinated Effort Retail Strategy Value driven Goal Orientation Figure 1.10, p. 12

  4. Benefits of Strategic Retail Planning • Opportunity for analysis • Identify points of differentiation • Appeal to a group of customers • Anticipation and avoidance of crises • Direction • Coordination of the firm’s total efforts

  5. Figure 3.1 Elements of a Retail Strategy

  6. Figure 3.7 Selected Retail Positioning Strategies

  7. The Positioning Approach of High-End Jewellery Stores Case #4, p. 78

  8. The Positioning Approach of High-End Jewellery Stores • Positioning Chart – Jewellers • Blurred positioning? • Pros and cons of Tiffany’s low price strategy • How would you expect the total retail experience to differ in Wal-Mart, department stores and high-end retailers?

  9. Figure 5.3 Scrambled Merchandising by a Shoe Store

  10. “It is critical … for a retailer to choose his or her spots…to accept the notion that you can’t be everything to everyone.” - Kevin Coupe, Morningnewsbeat.com

  11. Controllable Factors Overall Strategy Components The Retailing Strategy Mix is a combination of: • Product • Price • Location • Communication • Operations Management • Need to balance with uncontrollable environmental and marketplace factors

  12. Retail Growth Strategies Market Segment Existing New Market Penetration Market Development Existing Retail Format New Retail Format Development Diversification

  13. Consider La Senza Growth • Classify the type of growth strategies employed by La Senza with these initiatives: • La Senza • Multiple store openings in one market • New product lines in current stores • New stores opening in previously unserved markets • Licensing La Senza brand internationally • Lasenza.ca • La Senza Express • Power Centre locations Market penetration Market penetration Market development Diversification Retail Format Dev. Diversification Retail Format Dev.

  14. Takeaways • Strategic Retail Planning is essential • Successful retailers are • aware of their environments and • create strategies that • Are goal oriented • Reflect who their customers are and effectively position the company in consumers’ minds • Involve efficient business processes • Create value • Those strategies must achieve balance between customer, supplier and retailer desires

  15. Administrative • Next class • Pick up a copy of the case for next class

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