Question

Retail Planning Process Roberta is a long time quilter. For many years now, Roberta has been making quilts for her friends and family. She specializes in taking scrap pieces of clothing and combining them to make customized, one of a kind quilts. Often friends and family will bring her t-shirts, or scraps of baby clothes, or even fabric from worn clothes, for Roberta to make one of her signature quilts. The demand for Roberta's quilts has gotten so high, she is thinking about opening up her own retail store, "Quilts to the Hilt" to start selling her custom quilts. She is currently in the strategic planning process. The strategic retail planning process is the set of steps a retailer goes through to develop a strategy and plan. It describes how retailers select target market segments, determine the appropriate retail format, and build sustainable competitive advantages. The planning process can be used to formulate strategic plans at different levels within a retail corporation. Match each descriptor to its corresponding step in the strategic planning process. Step 1: Define the business mission Step 5: Establish specific objectives and allocate resources Step 7: Evaluate performance and make adjustments Step 3: Identify strategic opportunities Step 2: Conduct a situation audit Step 4: Evaluate strategic alternatives Step 6: Develop a retail mix to implement the retail strategy

Answer 1

1. Step 5: Establish specific objectives and allocate resources => In this step, goals against which progress toward the overall objective can be measured are established.

2. Step 1: Define the business mission => This step includes a broad description of a retailer's objectives and the scope of activities it plans to undertake

3. Step 7: Evaluate performance and make adjustments => In this step, the results of the strategy and its implementation is evaluated.

4. Step 3: Identify strategy opportunities => In this step, opportunities for increasing retail sales are identified

5. Step 2: Conduct a situation => This step includes an analysis of the opportunities and threats in an retail environment and the strengths and weaknesses of the retail business relative to its competitors

6. Step 4: Evaluate strategic opportunities => In this step, retailers evaluate their potential to establish a sustainable competitive advantage and reap long term profits from the opportunities being evaluated

7. Step 6: Develop a retail mix to implement the retail strategy => In this step, retailers develop a mix for each opportunity in which an investment will be made

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