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Chapter 3. Retailing Secrets: Tips from ... > Business Planning and Retail Differe...

Business Planning and Retail Differentiation

Retailers don't merely rent space, stock it with goods, and open the doors. They engage in extensive business planning, customer analysis, and competitive evaluation. Without an effective business and marketing plan, it is very difficult to establish metrics and to evaluate the success of the business. We'll discuss some specific retail techniques such as category management and SKU rationalization later in this chapter. The essential components, then, of a sound business plan include the following:

  • Identifying the current situation, issues, or problems

  • Creating objectives, strategies, and a mission statement

  • Determining, analyzing, and selecting target customers

  • Identifying the customers' needs

  • Analyzing current and potential competition, other customer alternatives, and the role they fill

  • Determining the differentiation strategy and the value proposition

  • Creating the tactics including supply chain management, warehousing and inventory plans, personnel and training, stocking, promotional programs, and other retail issues

  • Projecting financial needs, forecasts, and cash flow

  • Staffing and training

  • Developing a legal plan

  • Measuring results


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