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Chapter 20

Chapter 20. RETAIL MANAGEMENT: A STRATEGIC APPROACH 11th Edition BERMAN EVANS. Integrating and Controlling the Retail Strategy. 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 11th Edition BERMAN EVANS Integrating and Controlling the Retail Strategy Retail Mgt. 11e (c) 2010 Pearson Education, Inc. publishing as Prentice Hall

  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 Retail Mgt. 11e (c) 2010 Pearson Education, Inc. publishing as Prentice Hall

  3. Planning Procedures • Outline the firm’s overall direction and goals • Combine top-down plans and bottom-up/horizontal plans • Enact specific plans, including checkpoints and dates Retail Mgt. 11e (c) 2010 Pearson Education, Inc. publishing as Prentice Hall

  4. Figure 20-3: The Integrated Strategy of Coach Retail Mgt. 11e (c) 2010 Pearson Education, Inc. publishing as Prentice Hall

  5. Performance 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 Retail Mgt. 11e (c) 2010 Pearson Education, Inc. publishing as Prentice Hall

  6. American Customer Satisfaction Index (ACSI) • Are customer satisfaction and evaluation of quality improving or declining in the United States? • Are these attitudes improving or declining for particular sectors of industry and specific companies? Retail Mgt. 11e (c) 2010 Pearson Education, Inc. publishing as Prentice Hall

  7. Figure 20-3: Opportunity Analysis with the SBA Retail Mgt. 11e (c) 2010 Pearson Education, Inc. publishing as Prentice Hall

  8. Table 20-1: Sales Opportunity Analysis Retail Mgt. 11e (c) 2010 Pearson Education, Inc. publishing as Prentice Hall

  9. Table 20-2: Benchmarking Through Operating Statements Retail Mgt. 11e (c) 2010 Pearson Education, Inc. publishing as Prentice Hall

  10. Measuring Service Retailing • Reliability • Responsiveness • Assurance • Empathy • Tangibles Retail Mgt. 11e (c) 2010 Pearson Education, Inc. publishing as Prentice Hall

  11. Figure 20-4: Utilizing Gap Analysis Retail Mgt. 11e (c) 2010 Pearson Education, Inc. publishing as Prentice Hall

  12. Minimizing Gaps • Customer insight • Customer profiling • Customer life cycle • Extended business model • Relationship program planning and design • Implementation Retail Mgt. 11e (c) 2010 Pearson Education, Inc. publishing as Prentice Hall

  13. Figure 20-5: The Retail Audit Process Retail Mgt. 11e (c) 2010 Pearson Education, Inc. publishing as Prentice Hall

  14. Figure 20-7a: Management Audit Form for Small Retailers Retail Mgt. 11e (c) 2010 Pearson Education, Inc. publishing as Prentice Hall

  15. Figure 20-7b: Management Audit Form for Small Retailers Retail Mgt. 11e (c) 2010 Pearson Education, Inc. publishing as Prentice Hall

  16. Obstacles to Doing a Retail Audit • An audit may be costly. • It may be time-consuming. • Performance measures may be inaccurate. • Employees may feel threatened and may not cooperate as much as desired. • Incorrect data may be collected. • Management may not be responsive to the findings. Retail Mgt. 11e (c) 2010 Pearson Education, Inc. publishing as Prentice Hall

  17. Figure 20-7: A Retailing Effectiveness Checklist Retail Mgt. 11e (c) 2010 Pearson Education, Inc. publishing as Prentice Hall

  18. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of the publisher. Printed in the United States of America. Retail Mgt. 11e (c) 2010 Pearson Education, Inc. publishing as Prentice Hall

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