Strateg Strategy And Retail Strategy

The first step in formulating an organization’s strategy is to evaluate its current position and describe its strategic direction for the future. Because a sound strategy both influences and develops the organization’s existing competitive position, and provides direction for the future development of the organization. Formulating a strategy first requires an accurate evaluation of where the firm currently is. It then requires an ambitious strategic plan, one that creates a gap between a company's existing resources and capabilities and those necessary to achieve its intent. A company's strategic intent is a long-term goal that is ambitious builds upon and extends the firm's existing core competencies and originates from all levels of the organization (Schilling. 2005). …show more content…
Classical strategy of retail as industry bases on key factors, which can divide into 8 groups (Figure 3.1)

Figure 3.1 Key factors of retail strategy (A strategy for future retail by Department for …show more content…
Service strategy is cornerstone of DIY’s retailers. According to research of Indyme (Feb.2015), poor customer service and engagement in store is driving shoppers to abandon their purchases and head straight to a competitor, with the Home & DIY sector branded the worst for customer service. Consumers, when asked to rank the top five sectors that need to improve customer interaction, revealed Home & DIY (40%), Grocery (36%), Electrical (35%), Department stores (30%) and health and beauty (23%) as the top five sectors needing the most improvement. The results also revealed an interesting insight into gender perceptions of customer service with both men and women ranking Home & DIY stores as the worst sector for customer