Target Market Techniques Effective customer analysis includes work around how the firm will position itself as uniquely differentiated from others within the competitive set, so that it is best suited to meet the needs of its target customers. To do this, the firm needs to understand what consumers think of it relative to their needs and to alternatives. Differences can be physical or perceptual. Physical differences can be found in… Read More »Target Market Techniques

Target Market Techniques Effective customer analysis includes work around how the firm will position itself as uniquely differentiated from others within the competitive set, so that it is best suited to meet the needs of its target customers. To do this, the firm needs to understand what consumers think of it relative to their needs and to alternatives. Differences can be physical or perceptual. Physical differences can be found in… Read More »Target Market Techniques

Short and Long-Run Objectives Earlier, you read that a firm might pursue any number of objectives for any number of reasons. Of course, we cautioned that objective setting is not just stating a goal, ambition or target. It isn’t only about WHAT the firm plans to accomplish, but also HOW the firm can accomplish that goal, thus implying WHY the objective is strategically important. It is important to note that… Read More »Short and Long-Run Objectives

Creating a Strategic Plan What you’ll learn to do: Describe step-by-step how retailers create a strategic plan Strategic planning helps retailers make decisions around growth opportunities, consumer targeting, and performance. Of course, these aren’t narrow topics. Instead, they require the application of broad analysis and understanding of the competitive environment, the firm’s capabilities and limitations, product/service fit, and likely competitive responses. Strategic planning requires that a firm engage in rigorous research… Read More »step-by-step how retailers create a strategic plan

Decisions and Strategy As you read earlier, strategic planning is a formal process that evaluates the market and the factors that influence it, the needs of the consumer, the relative position of the competition, the firm’s own capabilities, the financial implications, given required trade-offs. The output of this process is a strategic plan, a shared document that serves as the “road map” for how the firm will pursue its strategic objectives.… Read More »Decisions and Strategy : strategic planning is a formal process that evaluates the marke

Strategic planning is the formal process firms (should) undergo to develop a plan for how best to compete, understanding the market and the factors that influence it, the needs of the consumer, the relative position of the competition, the firm’s own capabilities, and the financial implications, given required trade-offs. The outcome of this process, which includes objective setting, situational analysis, customer analysis, tactical planning, and implementation & control, is the… Read More »importance of strategic planning to retailers

Strategic Planning in Retail What you’ll learn to do: Explain the importance of strategic planning to retailers Strategic planning is the formal process firms (should) undergo to develop a plan for how best to compete, understanding the market and the factors that influence it, the needs of the consumer, the relative position of the competition, the firm’s own capabilities, and the financial implications, given required trade-offs. The outcome of this… Read More »Strategic Planning in Retail

Why It Matters: Strategic Retail Planning and Management “You can’t be all things to all people.” -Michael Porter This is an absolute truth and particularly appropriate in business, where finite budgets force prioritization and focus. Every firm, no matter how well resourced or capable, must determine its strategic direction. In making that decision, they look at themselves and those outside the firm. They assess the market and the factors that… Read More »Strategic Retail Planning and Management

Putting It Together: Identifying and Understanding Customer Behavior You started this module considering a customer faced with a multitude of options in the yogurt section, watching as they made their choice. And, you considered, what made them pick the selection they did? Was it brand, flavor, or price? Health credentials? Maybe advertising? Their previous experience or an impulse, a desire to try something new? Could it have been based on… Read More »Identifying and Understanding Customer Behavior

Predicting a Retail Strategy Mix Marketing strategy involves not just stating an objective, but also includes identifying the method for achieving it. For instance, grow sales by 12% by introducing a new line or improve customer satisfaction to 65% by increasing “on-time/ in-full” order fulfillment for high velocity items or increase net profit by 1.0 points by revising promotional activity on tier-3 customers. The statements don’t describe every activity or… Read More »Predicting a Retail Strategy Mix