Location Strategies for Retail Business Location Strategies for Retail Business Location is the most important ingredient for any business that relies on customers.
For the purpose of developing retail strategies, retailers are required to follow a step by step procedure or planning process. Considering the importance of strategic decisions for the future success of Retail location strategies business, a systematic approach is essential.
The strategic planning process, which after considering the HR potential and USP of a particular store takes proper shape, is normally divided into following steps: Formulation of retail strategy 4. Strategy implementation and control. The mission of a store entails identifying the goods and services that will be offered to customers.
It also deals with the issue that how the resources and capabilities of a store will be used to provide satisfaction to customers and how the store can compete in the target market vis-a-vis its competitors. How a store will work and accomplish its day to day operations? What is the emergency planning?
This reflects not only the way it tends to treat its customers, but discusses the secret of its competitive advantage, i. Once the organization mission has been determined, its objectives, desired future positions that it wishes to reach, should be identified.
External store objectives are those that define the impact of store on its environment, e. Internal store objectives, on the other hand, are those that define how much is expected to be achieved with the available resources, e.
The difference between current and future position forecasted is known as planning or strategic gap. Under organisational analysis, normally stores study their external environmental and internal environments.
The external analysis studies factors that affect the macro-environment of retailing industry and the task environment. Under external analysis, retailer studies these parameters: The store will try to increase its capabilities, and overcome the weaknesses that deter the business profit. While doing the internal analysis, store examines the quality and quantity of its available resources and critically analyzes how effective these resources are used.
These resources for the purpose of examining are normally grouped into human resources, financial resources, physical resources assets and intangible resources goodwill, image etc. The types of questions that are enquired under different resources are: Formulation of Retail Strategy: Marketing is the way to achieve the set objectives.
Retail positioning is made possible under these circumstances: Retail Mix is the blend of various retail activities which in total present the whole concept of retailing.
Utmost care is required on the part of retail manager to select the various elements for a perfect retail mix. The main elements a retail store manager has to face are:A location strategy is a plan for obtaining the optimal location for a company by identifying company needs and objectives, and searching for locations with offerings that are compatible with these needs and objectives.
Retail strategies outline the mission and vision of the retail organization.
Elements of a Retail Strategy include the target market segments that the retailer plans to focus its retail mix and resources, the retail format to include the . Importance of Location Decision Location is a broader concept, which denotes the store and its trading area from where a majority of its customers originate, while a site refers to the specific building or part of the building where a store is located.
© October Kane Bank Services 1 Strategies and Tactics to Improve Deposit Growth Margaret Kane President and CEO Kane Bank Services Hopkins Road. A location strategy can help any business find profitable growth. Retailers uncover customer and market insights to optimize product mixes and boost customer engagement.
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