Strategic Planning in Retail
          Learning Outcomes: Strategic Planning in Retail 
           5.1 Explain the importance of strategic planning to retailers 
           •  5.1.1 Outline the steps of retail strategy planning
           •  5.1.2 Describe the value of an organizational vision and mission
           •  5.1.3 Explain how a retail strategy guides the decisions of an organization
        Steps of Retail Strategy Planning
         Strategic planning is formal process marked by specific activities 
         where firms engage to build marketing plan.
         The actions included in strategic planning are:
         1.  Objective Setting
         2.  Situational Analysis
         3.  Customer Analysis
    Steps of Retail Strategy Planning (cont.)
    4. Tactical Planning
    5. Implementation and Control
    Strategic planning is a formal process that firms should do to 
    develop plan for how to best compete.
         Visions and Missions
          •   Keeping members focused, takes consistent 
              communication, effective management, & efficient 
              resourcing
          •   Mission statements: what firm does or wants to do
              •   critical process/performance to satisfy customer
          •   Vision statement: what company hopes to do and be in 
              future
              •   future oriented, meant to inspire