For ProProfs module: Issues in Retail Organizations (RTL 101: 3 of 10, National Online University).

1. RETAIL MARKET STRATEGY
 When retailers understand customer needs, they can
create niche in marketplace by building a retail strategy
 Effective strategies consider the target market, set
formats to reach target market, and plan growth of
competitive advantage over time
 Retailers with a strong, proven strategy and stick to it do
better than those who don’t

2. RETAIL MARKET STRATEGY
The strategic retail planning process
gives steps retailers follow to meet
strategic goals:
1. Define Mission: describe stores
objectives and activities
2. Situational Audit: also called a
SWOT assessment, it looks at
Strengths, Weaknesses, Opport
unities, and Threats in the retail
environment

3. RETAIL MARKET STRATEGY
3. Identify Opportunities: based on
SWOT assessment, identify
opportunities to increase sales
4. Evaluate Alternatives: now that
opportunities are identified, decide
which best establish a sustainable
competitive advantage
5. Establish Specific Objectives and
Allocate Resources: set specific
goals, define the timeframe to
meet these goals, and decide the
level of investment dedicated to
the goals

4. RETAIL MARKET STRATEGY
6. Develop Retail Mix to Implement Strategy: decide
specifically how each objective will be
merchandised, advertised, marketed, etc.
7. Evaluate Performance and Make Adjustments: review
each objective, decide if performance met
expectations, and course-correct as needed