COMMERCE 4MF3 Lecture Notes - Lecture 2: Target Market, Swot Analysis, Operations Management
10 Apr 2017
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Document Summary
Strategic planning: planning that ultimately leads to strategy. Involves adapting the resources of the firm to the opportunities and threats of constantly changing retail environments. Influenced by shelf price and velocity: labour productivity (annual sales divided number for. It is not easy to anticipate consumer demands, styles, quantities, colours, sizes, etc: ex. Eaton"s move to edlp when consumers were getting brand and status conscious; shift from upscale department store for discriminating families. Elements of a mission statement: where future growth is coming from, overall direction, corporate values what a company wants to be known as, talks about what kind of business retailer should be in. Specific goals: the performance results intended to be brought about through the execution of a strategy, provide specific direction and guidelines, provides a standard to measure and evaluate performance, smart goals, specific, measurable, attainable, realistic, timely. Strategic profit model: net profit margin x asset turnover = roa x financial leverage = total.
