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Retail Management: A Strategic Approach Thirteenth Edition
Chapter 20 Integrating and Controlling the Retail Strategy
Copyright © 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved.
Learning Objectives 20.1 To demonstrate the importance of integrating a retail strategy 20.2 To examine four key factors in the development and enactment of an integrated retail strategy: planning procedures and opportunity analysis, defining productivity, performance measures, and scenario analysis 20.3 To show how industry and company data can be used in strategy planning and analysis (benchmarking and gap analysis) 20.4 To show the value of a retail audit Copyright © 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved.
Planning Procedures • Outline the firm’s overall direction and goals • Combine top-down plans and bottom-up/horizontal plans • Enact specific plans, including checkpoints and dates
Copyright © 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved.
Global Retail Development Index • Market attractiveness • Country risk • Market saturation
• Time pressure
Copyright © 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved.
Performance Measures • Total sales
• Operating income
• Average sales per store
• Inventory turnover
• Sales by goods/ service category
• Markdown percentages
• Sales per square foot • Gross margins
• Employee turnover • Financial ratios • Profitability
• Gross margin return on investment
Copyright © 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved.
American Customer Satisfaction Index (ACSI) • Are customer satisfaction and evaluation of quality improving or declining in the United States? • Are these attitudes improving or declining for particular sectors of industry and specific companies?
Copyright © 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved.
Measuring Service Retailing-SERVQUAL • Reliability– dependable and accurate • Responsiveness—prompt service • Assurance– instill confidence in customers
• Empathy –caring, in best interests of customers • Tangibles– visually appealing facilities
Copyright © 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved.
Outrage, Satisfaction and Delight • Outrage occurs when must-be attributes are not met. Must-bees include adequate parking, d goods in stock, etc. • Satisfaction occurs when expectations are met or exceeded. “Under-promise, over-deliver.” • Delight occurs when positive, surprise and memorable activities occur. Problem with need to constantly surprise consumer to garner his/her delight.
• Both outrage and delight have high levels of wordof mouth communication Copyright © 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved.
Figure 20.5 Utilizing Gap Analysis
Copyright © 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved.
Table 20.3 ABC STORES: Internal Benchmarking and Gap Analysis
Copyright © 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved.
Minimizing Gaps • Customer insight • Customer profiling • Customer life cycle
• Extended business model • Relationship program planning and design • Implementation
Copyright © 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved.
Figure 20.6 The Retail Audit Process
Copyright © 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved.
Criteria of Good Audits • Audits are conducted regularly. • In-depth analysis is involved. • Data are amassed and analyzed systematically.
• An open-minded, unbiased perspective is maintained. • There is a willingness to uncover weaknesses to be corrected, as well as strengths to be exploited. • Decision makers are responsive to the recommendations made in the report.
Copyright © 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved.
Undertaking an Audit • Determining who does the audit – Company audit specialists(internal employees) – Company department managers – Outside auditors (paid consultants)
• Determining when and how often the audit is conducted. • Determining areas to be audited – Horizontal, vertical
Copyright © 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved.
Obstacles to Doing a Retail Audit • An audit may be costly. • It may be time-consuming. • Performance measures may be inaccurate.
• Employees may feel threatened and may not cooperate
as much as desired. • Incorrect data may be collected. • Management may not be responsive to the findings.
Copyright © 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved.
Chapter 20 Integrating and Controlling the Retail Strategy
Copyright © 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved.
Learning Objectives 20.1 To demonstrate the importance of integrating a retail strategy 20.2 To examine four key factors in the development and enactment of an integrated retail strategy: planning procedures and opportunity analysis, defining productivity, performance measures, and scenario analysis 20.3 To show how industry and company data can be used in strategy planning and analysis (benchmarking and gap analysis) 20.4 To show the value of a retail audit Copyright © 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved.
Planning Procedures • Outline the firm’s overall direction and goals • Combine top-down plans and bottom-up/horizontal plans • Enact specific plans, including checkpoints and dates
Copyright © 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved.
Global Retail Development Index • Market attractiveness • Country risk • Market saturation
• Time pressure
Copyright © 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved.
Performance Measures • Total sales
• Operating income
• Average sales per store
• Inventory turnover
• Sales by goods/ service category
• Markdown percentages
• Sales per square foot • Gross margins
• Employee turnover • Financial ratios • Profitability
• Gross margin return on investment
Copyright © 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved.
American Customer Satisfaction Index (ACSI) • Are customer satisfaction and evaluation of quality improving or declining in the United States? • Are these attitudes improving or declining for particular sectors of industry and specific companies?
Copyright © 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved.
Measuring Service Retailing-SERVQUAL • Reliability– dependable and accurate • Responsiveness—prompt service • Assurance– instill confidence in customers
• Empathy –caring, in best interests of customers • Tangibles– visually appealing facilities
Copyright © 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved.
Outrage, Satisfaction and Delight • Outrage occurs when must-be attributes are not met. Must-bees include adequate parking, d goods in stock, etc. • Satisfaction occurs when expectations are met or exceeded. “Under-promise, over-deliver.” • Delight occurs when positive, surprise and memorable activities occur. Problem with need to constantly surprise consumer to garner his/her delight.
• Both outrage and delight have high levels of wordof mouth communication Copyright © 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved.
Figure 20.5 Utilizing Gap Analysis
Copyright © 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved.
Table 20.3 ABC STORES: Internal Benchmarking and Gap Analysis
Copyright © 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved.
Minimizing Gaps • Customer insight • Customer profiling • Customer life cycle
• Extended business model • Relationship program planning and design • Implementation
Copyright © 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved.
Figure 20.6 The Retail Audit Process
Copyright © 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved.
Criteria of Good Audits • Audits are conducted regularly. • In-depth analysis is involved. • Data are amassed and analyzed systematically.
• An open-minded, unbiased perspective is maintained. • There is a willingness to uncover weaknesses to be corrected, as well as strengths to be exploited. • Decision makers are responsive to the recommendations made in the report.
Copyright © 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved.
Undertaking an Audit • Determining who does the audit – Company audit specialists(internal employees) – Company department managers – Outside auditors (paid consultants)
• Determining when and how often the audit is conducted. • Determining areas to be audited – Horizontal, vertical
Copyright © 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved.
Obstacles to Doing a Retail Audit • An audit may be costly. • It may be time-consuming. • Performance measures may be inaccurate.
• Employees may feel threatened and may not cooperate
as much as desired. • Incorrect data may be collected. • Management may not be responsive to the findings.
Copyright © 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved.
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