integrated retail

23問 • 1年前

問題一覧

Four fundamental factors especially need to be taken into account in devising and enacting an integrated retail strategy:

planning procedures and opportunity analysis properly defining productivity performance measures scenario analysis

three coordinated activities. The process is then more systematic and reflects input from multiple parties:

• senior executives outline the firm’s overall direction and goals. • top-down plans and bottom-up or horizontal plans are combined • specific plans are enacted, including checkpoints and dates

which rates the promise of new and established goods, services, procedures, and/or store outlets across a variety of criteria

sales opportunity grid

The Integrated Strategy of TJX: 6

situation analysis objectives identification of consumers overall strategy specific activities control

refers to the efficiency with which a retail strategy is carried out; it is in any retailer’s interest to reach sales and profit goals while keeping control over cost

productivity

the criteria used to assess effectiveness—and setting standards (goals) for each of them, a retailer can better develop and integrate its strategy.

performance measures

whereby the retailer sets standards and measures its performance based on the achievements of its sector of retailing, specific competitors, high-performance firms, and/or the prior actions of the firm itself

benchmarking

One well-known measurement tool is SERVQUAL, which lets service retailers assess their quality by asking customers to react to a series of statements in five areas of performance:

reliability responsiveness assurance empathy tangibles

It measures the retail prospects in emerging countries with regard to four factors: market attractiveness, country risk, market saturation, and time pressure

global retail development index

These factors are equally weighted in computing a global retail development index score:

market attractiveness country risk market saturation time pressure

a company compares its actual performance against its potential performance and then determines the areas in which it must improve

gap analysis

To ensure gaps are minimized in relationship retailing, firms should do these tasks: 6

customer insights customer profiling customer life-cycle model extended business model relationship planning implementation

a retailer projects the future by studying factors that affect long-run performance and then forms contingency (“what if”) plans based on alternate scenarios (such as low, moderate, and high levels of competition)

scenario analysis

Kohl’s (www.kohls.com) has a clear strategic plan. Here are selected elements of that plan:

organizational mission and positioning goals basic strategy merchandising marketing

which systematically examines and evaluates a firm’s total retailing effort or a specific aspect of it

retail audit

Good auditing includes these elements: 6

(1) Audits are conducted regularly. (2) In-depth analysis is involved. (3) Data are amassed and analyzed systematically. (4) An open-minded, unbiased perspective is maintained. (5) There is a willingness to uncover weaknesses to be corrected, as well as strengths to be exploited. (6) After an audit is completed, decision makers are responsive to the recommendations made in the audit report.

There are six steps in retail auditing:

(1) Determine who does an audit. (2) Determining when and how often the audit is conducted. (3) determining areas to be audited. (4) Developing audit forms (5) Conduct the audit. (6) Report audit findings and recommendations to management.

is an internal employee whose prime responsibility is the retail audit.

company audit specialist

is an internal employee whose prime job is operations management; that manager may also be asked to participate in the retail audit

company department manager

is not a retail employee but a paid consultant. Advantages are the auditor’s experience, objectivity, and thoroughness.

outside auditor

analyzes a firm’s overall performance, from the organizational mission, to goals, to customer satisfaction, to the basic retail strategy mix and its implementation in an integrated, consistent way. It is also known as a “retail strategy audit.

horizontal retail audit

analyzes—in depth—a firm’s performance in one area of the strategy mix or operations, such as the credit function, customer service, merchandise assortment, or interior displays

vertical retail audit

Two audit forms:

management audit for retailers retailing effectiveness checklist.

Chap 1

Jake Matthew · 10問 · 1年前

Chap 1