RMG 200 Chapter Notes -La Senza, Competitive Advantage, Target Market

• School: Ryerson University
• Department: Retail Management
• Course: RMG 200
• Professor: Brent Barr

Document Summary

A retail strategy is a statement identifying the retailer"s: target market, the format the retailer plans to use to satisfy the target market"s needs, the bases upon which the retailer plans to build a sustainable competitive advantage. Target market: the market segment(s) toward which the retailer plans to focus its resources and retail mi. Retail format: the retailers" type of retail mix (nature of merchandise and services offered, pricing policy, advertising and promotion program, approach to store design and visual merchandising, and typical location) Sustainable competitive advantage: a distinct competency of a retailer relative to its competitors that can be maintained over a considerable time period. Retail market: a group of consumers with similar needs (a market segment) and a group of retailers using a similar retail format to satisfy those consumer needs. When developing a retail strategy, two sets of variables that will impact your retail business must be assessed: All of the things within the retailer"s control,