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Chapter 3

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

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Chapter 3

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

  2. Agenda • 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. Figure 1.10 Applying the Retail Concept Customer Orientation Retailing Concept Coordinated Effort Retail Strategy Value driven Goal Orientation

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

  5. Figure 3.1 Elements of a Retail Strategy Strategy Development Process

  6. 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

  7. Figure 3.7 Selected Retail Positioning Strategies

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

  9. 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?

  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. 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

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

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