Retail Strategy That Works For You!
. This article deals with concepts like vision, mission, store differentiating strategies, retail growth and expansion strategies.
a. Strategies to develop vision:
Many retailers do develop a vision before venturing into retail business, so that the direction of the company is set in order to achieve profit maximization and efficiency. Some of the questions answered for setting directions are:
1. Why am I in business?
2. Who do I serve?
3. How big is my market?
4. What is my purpose?
b. Strategies to develop mission:
After setting vision, retailers do develop mission at different stages in order to achieve the vision. For example, what are the accomplishments needed to be made during the next planning period (2-3 years usually) in order to get closer to the vision.
c. Store differentiating strategies:
After setting mission, it is important to position retailer as unique in the market. Some of the marketing techniques like segmentation strategy, positioning etc are found beneficial to establish strong identity in a specific market. Using these strategies, a retailer differentiates himself from the competition and establishes an image that is unique.
d. Retail growth and expansion strategies:
Growth is an inevitable desire of a retail business. In the present retail environment, it is harder than ever to grow by rolling out more stores and more SKUs. So, planned or purposeful growth requires a framework for thinking about growth opportunities like optimizing, expanding and redefining the business. It requires a process to investigate, generate, evaluate, and initiate growth opportunities.
Some of the aspects which require undergoing above said process are:
1. Developing strategies by integrating with economic indicators like GDP, disposable income, population, consumer preferences, and demand.
2. Identification of existing growth patterns that we can position towards it.
3. Evaluation of unmet needs of the consumer, market, channel, accounts that are not being pursued by competitors.
4. Internal or business model barriers that are preventing potential growth.
By defining these specific directions, it helps a retailer to develop strategies which are justifiable, realistic and sets a retailer on right path to achieve vision of the company.
Vision without action is a dream. Action without vision is simply passing the time. Action with vision is making a positive difference. - Joel Barker
by: jimmyanderson85
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