{"id":1842,"date":"2018-03-27T18:26:29","date_gmt":"2018-03-27T18:26:29","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/wm-retailmanagement\/?post_type=chapter&#038;p=1842"},"modified":"2024-04-25T02:23:54","modified_gmt":"2024-04-25T02:23:54","slug":"introduction-to-creating-a-strategic-plan","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/wm-retailmanagement\/chapter\/introduction-to-creating-a-strategic-plan\/","title":{"raw":"Introduction to Creating a Strategic Plan","rendered":"Introduction to Creating a Strategic Plan"},"content":{"raw":"<h2>What you'll learn to do:\u00a0Describe step-by-step how retailers create a strategic plan<\/h2>\r\nStrategic planning helps retailers make decisions around growth opportunities, consumer targeting, and performance. Of course, these aren\u2019t narrow topics. Instead, they require the application of broad analysis and understanding of the competitive environment, the firm\u2019s capabilities and limitations, product\/service fit, and likely competitive responses. Strategic planning requires that a firm engage in rigorous research and analysis to capture effectively the variables that influence performance, then consider how it can mitigate threats while leveraging strengths.","rendered":"<h2>What you&#8217;ll learn to do:\u00a0Describe step-by-step how retailers create a strategic plan<\/h2>\n<p>Strategic planning helps retailers make decisions around growth opportunities, consumer targeting, and performance. Of course, these aren\u2019t narrow topics. Instead, they require the application of broad analysis and understanding of the competitive environment, the firm\u2019s capabilities and limitations, product\/service fit, and likely competitive responses. Strategic planning requires that a firm engage in rigorous research and analysis to capture effectively the variables that influence performance, then consider how it can mitigate threats while leveraging strengths.<\/p>\n\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-1842\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Original<\/div><ul class=\"citation-list\"><li>Introduction to Creating a Strategic Plan. <strong>Authored by<\/strong>: Patrick Williams. <strong>Provided by<\/strong>: Lumen Learning. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><\/ul><\/div>\n\t\t\t\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\t\t\t <\/section>","protected":false},"author":83755,"menu_order":6,"template":"","meta":{"_candela_citation":"[{\"type\":\"original\",\"description\":\"Introduction to Creating a Strategic Plan\",\"author\":\"Patrick Williams\",\"organization\":\"Lumen Learning\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"}]","CANDELA_OUTCOMES_GUID":"a6d95143-ed08-4b89-bf91-896b982de585","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-1842","chapter","type-chapter","status-publish","hentry"],"part":1830,"_links":{"self":[{"href":"https:\/\/courses.lumenlearning.com\/wm-retailmanagement\/wp-json\/pressbooks\/v2\/chapters\/1842","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/courses.lumenlearning.com\/wm-retailmanagement\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/courses.lumenlearning.com\/wm-retailmanagement\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-retailmanagement\/wp-json\/wp\/v2\/users\/83755"}],"version-history":[{"count":6,"href":"https:\/\/courses.lumenlearning.com\/wm-retailmanagement\/wp-json\/pressbooks\/v2\/chapters\/1842\/revisions"}],"predecessor-version":[{"id":4874,"href":"https:\/\/courses.lumenlearning.com\/wm-retailmanagement\/wp-json\/pressbooks\/v2\/chapters\/1842\/revisions\/4874"}],"part":[{"href":"https:\/\/courses.lumenlearning.com\/wm-retailmanagement\/wp-json\/pressbooks\/v2\/parts\/1830"}],"metadata":[{"href":"https:\/\/courses.lumenlearning.com\/wm-retailmanagement\/wp-json\/pressbooks\/v2\/chapters\/1842\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/courses.lumenlearning.com\/wm-retailmanagement\/wp-json\/wp\/v2\/media?parent=1842"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-retailmanagement\/wp-json\/pressbooks\/v2\/chapter-type?post=1842"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-retailmanagement\/wp-json\/wp\/v2\/contributor?post=1842"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-retailmanagement\/wp-json\/wp\/v2\/license?post=1842"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}