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Thursday, August 5, 2010

Introduction to Strategic Retail Planning

A Retail Strategy can be defined as a specific plan or framework of action that direct a retailer to achieve its goals.

A Strategic Retail Planning is the total planning of company's overall resources for the achievement of objective.

It describes how retailers select target market segment, determine the appropriate retail format, and build a sustainable competitive advantage




Benefit or Features of Strategic Retail Planning

1. Strategic Retail Planning Provides thorough analysis of the requirements for doing business for different types of retailers
2. Strategic Retail Planning Outlines retailer goals
3. Strategic Retail Planning determine how to differentiate itself from competitors
4. Strategic Retail Planning Allows an analysis of the legal, economic, and competitive environment
5. Strategic Retail Planning Encourages anticipation and avoidance of crises

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