Strategic Process Planning in Retailing

A retail strategy is the overall plan or framework of action that guides a retailer. Ideally, it will be at least one year long and outline the retailer's mission, goals, consumer market, overall and specific activities, and control mechanisms. Without a defined and well-integrated strategy, a firm may be unable to cope with the marketplace: "Despite the critical importance of a business plan, many entrepreneurs drag their feet when it comes to preparing one. They argue that their marketplace changes too fast for a plan to be useful or that they just don't have enough time. But just as a builder won't begin construction without a blueprint, eager business owners shouldn't rush into new ventures without a business plan.