Page 86 - DMGT550_RETAIL_MANAGEMENT

Unit 5: Retailing Strategy

Notes

Note The main elements of a retail store mix are:
(a) The store’s location
(b) Merchandise assortment
(c) Pricing policy
(d) Customer service mechanism

(e) Visual merchandising
(f) Personal selling efforts
(g) Advertising efforts
(h) The store’s internal and external environments.

4. Strategy Implementation and Control: It is concerned with the designing and management
of retail system to achieve the best possible combination of human, financial, physical and
service resources of a retail store; to achieve the formulated objectives, without timely
and effective implementation also requires scheduling and coordination of various retail
activities.
Further, the spirit of teamwork is an essential part for the success of strategy
implementation. If the retail store’s strategies are competitive, marketing efforts are as
per demand, but the sales promotion employees are not taking it seriously or are
ineffective, the result will not be up to the mark. The implementation of new retailing
strategies sometimes require changes in the way of functioning and duties that can lead to
resistance from employees. Therefore, stores should take positive steps to reduce this
resistance to change and to convince the employees that it in the long term will be beneficial
for both the store and the employees.
Strategy control deals in three basic concepts
(a) Inspection

(b) Detection
(c) Correction
It means after implementing the retail strategies, a retailer should assess how effectively
the strategies are being implemented, how far the strategic objectives are being achieved
and what has been left to be achieved in the store’s objectives list. Therefore, retailers
inspect the implemented strategies from time to time and detect any fault in the
implementation of various retail elements. If any deficiency is found during the inspection
process that has to be corrected with immediate effect without any further loss to the store.

Task Examine the retail strategy of Planet M and Levis in India.

5.2.3 Alternate Retail Strategies

Given that the objectives are well articulated, resources are well managed but when it comes to
implementation due to sudden change in internal or external environment, the old concepts or
formulated policies become invalid. Now what should a retail manager do, this is not an

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