Retail strategy is the overall plan guiding a retail firm. It influences the firm’s business activities & its response to market forces, such as competition & economy. Top management of the organization frames the overall strategy for the retail business. It identifies the Retail Mix for the retailer.
Steps in strategic planning
Define the type of business in terms of the goods or services & company’s specific orientation.
Set long-run & short-run objectives for sales & profit, market share, image etc.
Determine the customer market to target on the basis of its characteristics (like gender & income level) & needs (like product & brand preferences).
Devise an overall, long-run plan that gives general direction to the firms & its employees.
Implement an integrated strategy that combines factors like store location, transportation, product variety, pricing and advertising & display to achieve objectives.
Regularly evaluate performance & correct weaknesses or problems when observed.
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