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Chapter 20

Integrating and Controlling the Retail Strategy. Chapter 20. Objectives. To Demonstrate the Importance of Integrating a Retail Strategy To Examine Key Factors in Developing and Enacting an Integrated Retail Strategy

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Chapter 20

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  1. Integrating and Controlling the Retail Strategy Chapter 20

  2. Objectives • To Demonstrate the Importance of Integrating a Retail Strategy • To Examine Key Factors in Developing and Enacting an Integrated Retail Strategy • To Show How Industry and company Data Can Be Used in Strategic planning and Analysis • To Explain the Principles of Retail Audit • To Provide Examples of Audit Forms

  3. Planning Procedures and Opportunity Analysis Defining Productivity Performance Measures Scenario Analysis Integrated Retail Strategy

  4. Planning Procedures and Opportunity Analysis • Overall Direction and Goals • Top-Down Plans • Bottom-Up Plans • Enactment • Sales Opportunity Grid

  5. Defining Productivity • Integration • Target Market • Location(s) • Operations, Merchandising, Pricing, and Communications Efforts • Avoid Unnecessary Expenses • Avoid Losing Customers

  6. Performance Measures • Measures • Total Sales • Average Sales Per Store • Sales by Goods/Service Category • Sales Per Square Foot • Gross Margins • Gross Margin Return on Investment • Operating Income • Inventory Turnover • Markdown Percentages • Employee Turnover • Financial Ratios • Profitability • Benchmarking

  7. SERVQUAL Reliability Responsiveness Assurance Empathy Tangibles

  8. Other Firms’ Performance Better-than- Expected Performance (2) Measure Performance (3) Determine Gaps in Performance (4) Adjust Strategy & Tactics as Needed Performance as Expected Worse-than- Expected Performance Company’s Own Performance Gap Analysis (1) Set Performance Standards

  9. II. Customer Profiling III. Customer Life-Cycle Model IV. Extended Business Model V. Relationship Program Planning & Design VI. Implementation Retail Relationship Process I. Customer Insight

  10. What You Should Know • Importance of Integrating a Retail Strategy • Key Factors in Developing and Enacting Integrated Retail Strategy • Planning Procedures and Opportunity Analysis • Defining Productivity • Performance Measures • Scenario Analysis • How Industry and Company Data Can Be Used • Principles of Retail Audit • Controlling • Horizontal vs. Vertical • Audit Forms

  11. Scenario Analysis • Forecasts • Economies of Plenty • Consumer Up for Grabs • One Size Doesn’t Fit All • Communication Dialog • No One-Trick Ponies • Virtually Boundless • Supply and Demand Chains • High Value Solutions • Customers, Not Transactions • 21st Century Global Economy

  12. Retail Audit Process

  13. Questions? Questions? Questions?

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