Page 115 - DMGT551_RETAIL_BUSINESS_ENVIRONMENT

Retail Business Environment Pavitar Parkash Singh, Lovely Professional University

Notes Unit 6: Retail Planning and Environment

CONTENTS
Objectives
Introduction
6.1 Concept of Business World
6.2 Strategy - The Retail Perspective
6.3 Strategic Planning Process

6.4 SWOT Analysis of a Retail Sector
6.5 Retail Mix
6.6 The Retail Value Chain
6.7 Integrated Marketing System Forgoing Relationships for Success in Retail
6.8 Retail Formats and Merchandise
6.9 Summary
6.10 Keywords

6.11 Review Questions
6.12 Further Readings

Objectives

After studying this unit, you will be able to:
Explain the concept of Strategic Planning Process

Discuss the SWOT analysis of retail sector
Discuss Integrated marketing system
Explain the Role of retail formats

Explain the concept of Merchandise
Introduction

‘Strategy’ means several things to several people at different points of time. It is fashionable
nowadays to use the word ‘strategy’. Hence, people talk about defense strategies, business
strategies, strategies for games (be it cricket or chess), National Strategies, Global Strategies and
many more strategies.
The retailing strategy outlines the mission and vision of a retail organization. It is a systematic
plan that provides the retailers the overall framework for dealing with competitors as well as
technological and global movements. In the past traditional retailers mainly reacted to changes
in the business environment, but with increasing business complexities, this is no longer valid.
The reason of this, competition in all the disciplines of retailing is increasing and changes in the
consumer’s tastes, need, wants, technological environment and other external environmental
variables are taking place very fast. Long term strategies and continuous examination of strengths,
weaknesses, opportunities and threats (SWOT analysis) is required to ensure that the growth

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