Retail Marketing Strategy Essay
1. What is retail strategy ?
2. How can retailer build a sustainable competitive advantage ?
3. What steps do retailers go through to develop a strategy ?
4. What different strategic growth opportunities can retailers pursue ?
5. What retailers are best positioned to become global retailers ?
Retail Strategy - is a statement identifying..
Target Market - is the market segment(s) toward which the retailer plans to focus its resources and retail mix.
Retail Format - suggests the type of retail mix used by the retailer to satisfy the needs of its target market.
Sustainable Competitive Advantage - is an advantage over the competition that is not easily occupied and thus can be maintained over a long period of …show more content…
1. Globally Sustainable competitive Advantage
- Entry into nondomestic markets is most successful when the expantion is consistent w/ the retailer's core base of competitive advantage.
- While successful global retailers build on
Their core competencies, they also recognize &
Adapt their core strategy to the needs of local
3. Global Culture
- To be global, retailers must think globally. it is not sufficient to transplant a home country & infrastructure into another country.
4. Financial Resources
-Expansion into international markets requires a long term commitment & considerable upfront planning.
1. Direct Investment involves a retail firm investing in an & owning a division or subsidiary that operates in a foreign country.
2. Joint Venture
- A joint venture is formed when the entering retailer pools its resources w/ a local retailer to form a new company in which ownership, control, & profits are shared.
3. Strategic alliance
- Is a collaborative relationship between independent firms.
- offers the lowest risk & requires the least investment.
THE STRATEGIC RETAIL PLANNING PROCESS
The strategic retail planning process entails the set of steps a retailer goes through to develop a strategic retail plan
STEP 1 : Define the business Mission
The mission statement is a broad description of a retailer's objectives & the scope of activities it