Importance Of Retail Strategy

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FORMULATING AND IMPLEMENTING RETAIL STRATEGY FORMULATING RETAIL STRATEGY Strategy is the most commonly used term in retailing. For example, retailers talk about their promotion strategy, location strategy, merchandise strategy or private brand strategy. The term is used such that it states all retailing decisions are strategic decisions, but retail strategy isn’t a different expression for retail management. Retail strategy is a statement which identifies: (1) The target market of the retailor (2) The retailer’s plan of format to satisfy the needs of the target market, and (3) The base on which the retailer plans to establish an advantage on sustainable competitiveness. The target market is that segment of the market where the retailer plans…show more content…
Offering good service consistently is difficult because customer service is provided by retail employees, and humans are less consistent than machines. Retailers who offer good customer services impart the importance in their employees for a long period of time through coaching and training. In this way, customer service becomes a part of the retailer’s organizational culture. It takes significant period and energy to build a tradition and reputation for customer service, but a good service is always a valuable strategic asset. When a retailer has earned a service reputation, he can withstand this advantage for a long time because it’s difficult for a competitor to develop a comparable…show more content…
It requires a blend of diverse knowledge and skills to meet the challenges posed by customers, products, staff and financial resources. It has been moved from the strategic planning stage to the implementation of that particular plan at the organizational level. In particular, the roles and responsibilities of the outlet manager and the centralized departments have been examined in order to give an understanding of the relationship between the departments, and how they support the directional development of the retail corporate strategy. After being appreciated on how well retail companies are organized and set up, it helps us know how logistics and information technology, underpin the smooth running of a retail business. It even concentrates on elements such as retail mix, which contributes to a retailers overall strategic market
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