Factor influencing Retailing

There are several factors that influence retailing, including:

Demographics: The age, gender, income, and other demographic characteristics of consumers can significantly impact the types of products and services that retailers offer. For example, retailers targeting older consumers may focus on health and wellness products, while retailers targeting younger consumers may offer more technology and fashion-related products.

Strategic Retailing Planning process

The strategic planning process for retailing involves a series of steps aimed at defining the retailer’s mission, goals, and objectives, and developing strategies to achieve them. Here is a general overview of the process:

Mission and Vision: The first step is to define the retailer’s mission and vision. This includes identifying the retailer’s target market, the products and services they offer, and their value proposition.

Situation Analysis: A thorough analysis of the internal and external factors that impact the retailer’s business is conducted. This includes analyzing the retailer’s strengths, weaknesses, opportunities, and threats (SWOT analysis), as well as analyzing the competitive landscape and consumer trends.

Objectives: Based on the situation analysis, the retailer sets specific objectives that they aim to achieve. These objectives should be measurable, time-bound, and aligned with the retailer’s mission and vision.

Strategy Development: The retailer develops a strategy to achieve their objectives. This involves identifying the most effective ways to reach their target market, developing a pricing strategy, and determining the most effective promotional and advertising channels.

Implementation: The retailer puts their strategy into action. This involves setting up operations, launching marketing campaigns, and developing relationships with suppliers.

Evaluation and Control: The retailer monitors and evaluates their performance regularly to determine if they are on track to achieving their objectives. They may adjust their strategies as needed to ensure that they are meeting their targets.

Overall, the strategic planning process for retailing is an ongoing process, with retailers regularly monitoring their performance, assessing their strategies, and adjusting their plans as needed to stay competitive in the market.