retail marketing final ppt
TRANSCRIPT
Retail Strategic Planning
Submitted to Submitted byProf. Yamini Jaiswal Gajraj S Pawar Prabhjot S Luthra Shubham Ahuja MBA(BE)IV Sem
Contents
• Introduction
• Steps involved in retail strategic planning
• Individual step discussion
• Practical implication of those strategies in Wal-Mart
Retail Planning
• A clear and definite plan outlined by the retailer to tap the market
• A plan to build a long-term relationship with the consumers
• Process of strategy formulation in retail is the same as that for any other industry
• It starts with the retailer defining or stating the mission for the organization
• The mission is at the core of the existence of the retailer• Other aspects of the strategy may change over a period
of time or vary for different markets
Steps In Designing Retail Strategy
Objectives
Objectives helps mould a strategy and translates the organizational mission into action.These objectives can be:• Sales (growth, market share)
• Profit (level, ROI, efficiency)
• Satisfaction of publics (stockholders and consumers)
• Image (customer and industry perception).
Identification of Consumer Characteristics & Needs
Strategic Mass Concentrated DifferentiatedImplications marketing Marketing Marketing
Retailer’s near a large near a small or medium near a largeLocation population base population base population baseGoods/ wide assortment deep assortment of high distinct goods/services Services of medium quality quality or low quality items aimed at each segment
itemsPrice popular prices High or Low High, Medium and Orientation Low Strategy General Specific SpecificPromotion mass advertising Direct mail/ Different Media for Efforts subscription each segment
Overall Strategy
Controllable Variables•Store location•Managing business•Merchandise mgmt.•Pricing•Communicating withcustomer
Uncontrollable Variables•Consumer•Competition•Technology•Economic conditions•Seasonality•Legal restrictions
Retail Strategy
Retail Strategy
Retail
Formats
Market Segments
Specific Activities
In store management:Width and depth of merchandise, quality of goods & services offered, buying decisions, budgeting, forecasting, retail accounting, level of inventory.Pricing techniques, range of price.
Communicating with Customers:Building & maintaining image as well as promotional techniques.Store exteriors, layouts, displays, wall and floor colors, lights, music, smell, temperature, kind of sales personnel, customer service.Flyers, ad campaigns, sales promotion.Free publicity through stories written, televised or broadcast.
Control
Elements are coordinated to have a consistent, integrated strategy and to systematically account for uncontrollable variables.
Control
Retail audit
Feedback
Wal-Mart strategy
Wal-Mart’s Retail Mix
Retail Strategy
Customer Service
Location
MerchandiseAssortment
PricingCommunication Mix
Store DesignAnd Display
Wal-Mart’s Retail Mix
Free-standing Stores
Customer Service
MerchandiseAssortment
PricingCommunication
Mix
Store DisplayAnd Design
Location Strategy
Wal-Mart’s Retail Mix
Location
PricingCommunication
Mix
Store Design and Display
Customer Service
Large Number of Categories
Few Items in Each Category
Assortment Strategy
Wal-Mart’s Retail Mix
Location
Communication Mix
Store Design and Display
Customer Service
Merchandise Assortment
Low, EDLP
Pricing Strategy
Wal-Mart’s Retail Mix
Communication Mix
TV and NewspaperInsert Ads
Location
Pricing
Store Design and Display
Customer Service
Merchandise Assortment
Wal-Mart’s Retail Mix
Store Design and Display
Basic, Special Displays
for Products
Customer Service Location
Merchandise Assortments
PricingCommunication
Mix
Wal-Mart’s Retail Mix
Customer Service
Limited
Location
Merchandise Assortment
Pricing
Communication Mix
Store Design and Display