RMG 200 Chapter Notes - Chapter 4: Swot Analysis, Starbucks, Tim Hortons

• School: Ryerson University
• Department: Retail Management
• Course: RMG 200
• Professor: Janice Rudkowski

Document Summary

The term strategy is frequently used in retailing. Definition of retail market strategy: a retail strategy is a statement identifying the following: The retailer"s target (cid:373)arket (cid:894)(cid:373)arket seg(cid:373)e(cid:374)ts to(cid:449)ard (cid:449)hi(cid:272)h the retailer pla(cid:374)s to focus its resources and retail mix). The for(cid:373)at (cid:894)des(cid:272)ri(cid:271)es the retailer"s (cid:373)i(cid:454), i. e. produ(cid:272)t, pri(cid:272)e, et(cid:272). (cid:895) the retailer pla(cid:374)s to use to satisfy the target market"s (cid:374)eeds. The bases upon which the retailer plans to build a sustainable competitive advantage (advantage that cannot be easily copied): every retail strategy involves: Selecting the elements in the retail mix, Developing a sustainable competitive advantage that enables the retailer to reduce the level of competition it faces. The retailing concept is a management orientation that focuses a retailer on determining the needs of its target market and satisfying those needs more effectively and more efficiently than its competitors. The target market focuses the retailer on a group of consumers whose needs it will attempt to satisfy.