MANAGEMENT 2

Introduction

For any business to succeed , it needs strategic planning so that it can realize its set goals and objectives . These are decisions which are made by an organization on how to properly allocate its resources so that it can realize its set goals and objectives . When these policies are properly set , then you find that the retail service can achieve its goals effectively . It is seen as a tool used to provide direction in a firm . These plans should be properly analyzed to make sure that the organization is effective when

doing its activities . A proper strategy is power . This is because the more you know about your customers competitors and then the better you can tailor your services in to attract new customers in the business , encourage them to spent more hence increasing your profits in that sector . As a result , you also realize that you are at the same time lucrating long lasting relationships which enable these customers to always shop in your retail sector hence increasing your profitability . When making the strategic plans , there are certain factors which influence these plans in a retail market and these are the SWOT analysis and the PEST analysis (Kim 1999

SWOT analysis

SWOT analysis is a tool which is commonly used by organizations when making their strategic plans . When making the strategic plans , there is the need of the SWOT analysis since in this analysis , the venture or marketer is in a position to determine the business weaknesses strengths of succeeding , opportunities and threats which might occur in your business . These are the factors which might affect your business and when making the strategic plans , there is the need of the SWOT analysis since it helps you to properly analyze your business leading to success . This is a straight forward method and serves as a development of marketing plans .SWOT analysis might influence strategic plans when not properly written . This analysis is achieved by assessing the organizations strengths and weaknesses . When you access your organization , then you are in a position to know the strengths which might accrue when running your business . Many retail services make use of the SWOT analysis when making their marketing plans as analyzed below (Kim , 1999

Strengths

Strength can be categorized as an internal factor which influences the strategic planning in a retail service . Strength in this case may be taken to mean what actually the organization can do in to make huge profits . Here , you are supposed to consider the location of your business . When making your strategic plans , it 's good to consider the location of your business . This is because when your business is properly located where you have potential customers , then your strategic plan is good since this will lead to more customers in your firm leading to more profits . A new innovative product in your service will also influence your marketing plan . In for your service industry to excel , then innovative measures should also be put...