{"id":2598,"date":"2018-04-13T22:51:40","date_gmt":"2018-04-13T22:51:40","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/wm-retailmanagement\/?post_type=chapter&#038;p=2598"},"modified":"2024-04-25T02:01:17","modified_gmt":"2024-04-25T02:01:17","slug":"introduction-to-strategic-planning-in-retail-management","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/wm-retailmanagement\/chapter\/introduction-to-strategic-planning-in-retail-management\/","title":{"raw":"Introduction to Strategic Planning in Retail Management","rendered":"Introduction to Strategic Planning in Retail Management"},"content":{"raw":"<h2>What you'll learn to do:\u00a0Explain the concept of strategic planning within the retail management decision process<\/h2>\r\nEven the best laid out plans can fail with the absence of a well defined roadmap.\u00a0 Strategy is a vital component of any retail organization for several key reasons. \u00a0First, it allows you to understand your company as well as your history, your company\u2019s history, and your overall industry.\u00a0 A key component of strategy is to write them down and incorporate them into the policy, mission statement, and vision of the company.\u00a0 You might have heard the phrase:\u00a0 \"The best-laid plans of mice and men often go awry.\"\u00a0 However, when things go awry the company can return to the initial strategy of the gap they are trying to fulfill within the marketplace.\u00a0 This allows them to understand the competitive advantage they have in the industry as well.\u00a0 In addition, it would allow them to understand the weaknesses and strengths they possess that would hinder or help growth within the organization. \u00a0Lastly, it would also help them focus on whether or not they are placing efforts and resources on those areas that will drive productivity and profitability.\r\n\r\nBefore we begin let's take a look at Tesco, profit wise it is the third largest retailer, and how retail strategy benefits them.\u00a0 Imagine the scope of a business with stores in seven countries.\u00a0 Why is strategy imperative in a business this large?\u00a0 We will address these questions in our next few modules.\r\n\r\n<iframe src=\"\/\/plugin.3playmedia.com\/show?mf=4669132&amp;p3sdk_version=1.10.1&amp;p=20361&amp;pt=573&amp;video_id=puFkfMcJW-Y&amp;video_target=tpm-plugin-cfdpn2co-puFkfMcJW-Y\" width=\"800px\" height=\"500px\" frameborder=\"0\" marginwidth=\"0px\" marginheight=\"0px\"><\/iframe>\r\n\r\nYou can view the <a href=\"https:\/\/course-building.s3-us-west-2.amazonaws.com\/Retail+Managment\/Transcripts\/TescosSirTerryLeahyTalksRetailStrategy_transcript.txt\" target=\"_blank\" rel=\"noopener\">transcript for \"Tesco's Sir Terry Leahy Talks Retail Strategy\" (opens in new window).<\/a>","rendered":"<h2>What you&#8217;ll learn to do:\u00a0Explain the concept of strategic planning within the retail management decision process<\/h2>\n<p>Even the best laid out plans can fail with the absence of a well defined roadmap.\u00a0 Strategy is a vital component of any retail organization for several key reasons. \u00a0First, it allows you to understand your company as well as your history, your company\u2019s history, and your overall industry.\u00a0 A key component of strategy is to write them down and incorporate them into the policy, mission statement, and vision of the company.\u00a0 You might have heard the phrase:\u00a0 &#8220;The best-laid plans of mice and men often go awry.&#8221;\u00a0 However, when things go awry the company can return to the initial strategy of the gap they are trying to fulfill within the marketplace.\u00a0 This allows them to understand the competitive advantage they have in the industry as well.\u00a0 In addition, it would allow them to understand the weaknesses and strengths they possess that would hinder or help growth within the organization. \u00a0Lastly, it would also help them focus on whether or not they are placing efforts and resources on those areas that will drive productivity and profitability.<\/p>\n<p>Before we begin let&#8217;s take a look at Tesco, profit wise it is the third largest retailer, and how retail strategy benefits them.\u00a0 Imagine the scope of a business with stores in seven countries.\u00a0 Why is strategy imperative in a business this large?\u00a0 We will address these questions in our next few modules.<\/p>\n<p><iframe loading=\"lazy\" src=\"\/\/plugin.3playmedia.com\/show?mf=4669132&amp;p3sdk_version=1.10.1&amp;p=20361&amp;pt=573&amp;video_id=puFkfMcJW-Y&amp;video_target=tpm-plugin-cfdpn2co-puFkfMcJW-Y\" width=\"800px\" height=\"500px\" frameborder=\"0\" marginwidth=\"0px\" marginheight=\"0px\"><\/iframe><\/p>\n<p>You can view the <a href=\"https:\/\/course-building.s3-us-west-2.amazonaws.com\/Retail+Managment\/Transcripts\/TescosSirTerryLeahyTalksRetailStrategy_transcript.txt\" target=\"_blank\" rel=\"noopener\">transcript for &#8220;Tesco&#8217;s Sir Terry Leahy Talks Retail Strategy&#8221; (opens in new window).<\/a><\/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-2598\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">All rights reserved content<\/div><ul class=\"citation-list\"><li>Tesco&#039;s Sir Terry Leahy Talks Retail Strategy. <strong>Authored by<\/strong>: TheStreet: Investing Strategies. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/youtu.be\/puFkfMcJW-Y\">https:\/\/youtu.be\/puFkfMcJW-Y<\/a>. <strong>License<\/strong>: <em>All Rights Reserved<\/em>. <strong>License Terms<\/strong>: Standard YouTube License<\/li><\/ul><div class=\"license-attribution-dropdown-subheading\">Lumen Learning authored content<\/div><ul class=\"citation-list\"><li>Introduction to Strategic Planning in Retail Management. <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":82555,"menu_order":15,"template":"","meta":{"_candela_citation":"[{\"type\":\"lumen\",\"description\":\"Introduction to Strategic Planning in Retail Management\",\"author\":\"\",\"organization\":\"Lumen Learning\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"},{\"type\":\"copyrighted_video\",\"description\":\"Tesco\\'s Sir Terry Leahy Talks Retail Strategy\",\"author\":\"TheStreet: Investing Strategies\",\"organization\":\"\",\"url\":\"https:\/\/youtu.be\/puFkfMcJW-Y\",\"project\":\"\",\"license\":\"arr\",\"license_terms\":\"Standard YouTube 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