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Retail strategic planning involves situational analysis, goal setting, identifying target markets, using specific tactics, controlled processes, and feedback to ensure success. Owners and executives guide the process, starting with a review of the company’s mission, opportunities, and threats, followed by setting objectives and identifying target markets. Specific tactics and controlled processes ensure efficiency and effectiveness, while feedback helps assess consumer perception and improve operations.
Retail strategic planning is a detailed process that organizations go through to have the most successful operations possible. Steps in this strategic planning process include situational analysis, goal setting, and identifying target markets. Once the initial set is complete, a second set of steps includes the use of specific tactics to meet objectives, controlled processes, and feedback. In some cases, the last set of steps may not apply from the start. Owners and executives are responsible for guiding the business at every step and ensuring success in the retail organization.
Situation analysis involves a review of the company’s mission, opportunities, and threats. These general objectives ensure that the retail strategic planning process has a solid foundation for the remaining steps. For example, the mission is the theme that guides the company at all times. Opportunities represent new options to increase revenue and profit. Threats are any external factor that can reduce the ability of the retail business to succeed in its mission.
Objectives are the various goals that a retail business has set for itself. Monetary goals include the sales and profit levels that the owners want to achieve during each year. Retail strategic planning may also include objectives to present a store image to consumers. Product positioning is another possibility. This defines how a company places its products on the market to compete with other businesses and gain market share.
Target markets represent the demographic groups that a company believes will be most likely to buy its products. Retail strategic planning can also include information on how to best reach these target markets, often through the use of marketing and advertising campaigns. For example, a retail operation might start with a small, well-defined market and then build up from there. Other times, a retail operation may start with a strong national campaign if it has a large and broad target market. The target markets of multiple retail chains can overlap, creating the need for strong strategic planning.
Specific tactics and controlled processes define how a retail company is governed. These two steps in the retail strategic planning process ensure that the company is efficient and effective in what it does. Feedback is necessary to assess how consumers perceive the company and its products. Customer service departments are often the link between the general public and retail operations. Internal feedback represents the information obtained from operational managers and employees, which can help the business to improve operations.
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