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Chapter 20

Chapter 20. RETAIL MANAGEMENT: A STRATEGIC APPROACH , 10th Edition. Integrating and Controlling the Retail Strategy. BERMAN EVANS. Chapter Objectives. To demonstrate the importance of integrating a retail strategy

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Chapter 20

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  1. Chapter 20 RETAIL MANAGEMENT: A STRATEGIC APPROACH, 10th Edition Integrating and Controlling the Retail Strategy BERMAN EVANS

  2. Chapter Objectives • To demonstrate the importance of integrating a retail strategy • To examine four key factors in the development and enactment of an integrated retail strategy: planning procedures and opportunity analysis, defining productivity, performance measures, and scenario analysis • To show how industry and company data can be used in strategy planning and analysis (benchmarking and gap analysis) • To show the value of a retail audit

  3. Planning Procedures • Outline the firm’s overall direction and goals • Combine top-down plans and bottom-up or horizontal plans • Enact specific plans, including checkpoints and dates

  4. Figure 20-2: The Integrated Strategy of Chico’s

  5. 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 Performance Measures

  6. American Customer Satisfaction Index (ACSI) • Are customer satisfaction and evaluations of quality improving or declining in the United States? • Are they improving or declining for particular sectors of industry and for specific companies?

  7. Figure 20-3: Opportunity Analysis with the SBA

  8. Measuring Service Retailing • Reliability • Responsiveness • Assurance • Empathy • Tangibles

  9. Figure 20-4: Utilizing Gap Analysis

  10. Minimizing Gaps • Customer insight • Customer profiling • Customer life-cycle • Extended business model • Relationship program planning and design • Implementation

  11. Figure 20-5: Retail Audit Process

  12. Figure 20-6a: Management Audit Form forSmallRetailers

  13. Figure 20-6b: Management Audit Form forSmallRetailers

  14. Obstacles to Doing a Retail Audit • An audit may be costly • It may be quite time consuming • Performance measures may be inaccurate • Employees may feel threatened and not cooperate as much as desired • Incorrect data may be collected • Management may not be responsive to the findings

  15. Figure 20-7: Retailing Effectiveness Checklist

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