{"id":104059,"date":"2021-01-25T15:53:14","date_gmt":"2021-01-25T10:23:14","guid":{"rendered":"https:\/\/www.vskills.in\/certification\/tutorial\/?page_id=104059"},"modified":"2024-04-12T14:21:41","modified_gmt":"2024-04-12T08:51:41","slug":"retail-strategy-2","status":"publish","type":"page","link":"https:\/\/www.vskills.in\/certification\/tutorial\/retail-strategy-2\/","title":{"rendered":"Retail Strategy"},"content":{"rendered":"\n<p>Retail strategy is the overall plan guiding a retail firm. It influences the firm\u2019s business activities &amp; its response to market forces, such as competition &amp; economy. Top management of the organization frames the overall strategy for the retail business. It identifies the Retail Mix for the retailer.<\/p>\n\n\n\n<p><strong>Steps in strategic planning:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Define the type of business in terms of the goods or services &amp; company\u2019s specific orientation.<\/li><li>Set long-run &amp; short-run objectives for sales &amp; profit, market share, image etc.<\/li><li>Determine the customer market to target on the basis of its characteristics (like gender and income level) &amp; needs (like product &amp; brand preferences).<\/li><li>Devise an overall, long-run plan that gives general direction to the firms &amp; its employees.<\/li><li>Implement an integrated strategy that combines factors like store location, transportation, product variety, pricing and advertising &amp; display to achieve objectives.<\/li><li>Regularly evaluate performance &amp; correct weaknesses or problems when observed.<\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Retail strategy is the overall plan guiding a retail firm. It influences the firm\u2019s business activities &amp; its response to market forces, such as competition &amp; 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&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-104059","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Retail Strategy - Tutorial<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.vskills.in\/certification\/tutorial\/retail-strategy-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Retail Strategy - Tutorial\" \/>\n<meta property=\"og:description\" content=\"Retail strategy is the overall plan guiding a retail firm. 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