Retail Marketing and Logistics Lecture 1

What is the SOSTAC model?

Framework for developing and managing a marketing or distribution plan

What does SOSTAC stand for?

Situational analysis , Objectives, distribution Strategy, Tactics, Action, Control

What does situational analysis look at?

The internal and external environment of a business

What are the levels of external environment?

Microenvironment, macroenvironment, mesoenvironment

What framework is used to examine the macro-environment

PESTEL analysis

What does PESTEL stand for

Political, economic, sociocultural, technological, environmental, legislative

What framework is used to examine the meso-environment?

Porter’s 5 forces

What are Porters 5 Forces?

Bargaining power of consumers, bargaining power of suppliers, entry of new competitors, rivalry among existing competitors, threat of new substitutes

What framework is used to examine the micro-encironment

VRIO

What does VRIO stand for?

Value, rarity, inimitability, organization

What is the main framework used for situational analysis?

SWOT

What does SWOT stand for?

Strengths, weaknesses, opportunities, threats

What part of swot examines the internal (micro) environment?

Strengths and weaknesses

What part of SWOT examines the external (macro & meso) environment?

Opportunities and threats

What is the main framework used to identify objectives?

GAP analysis

What is GAP analysis?

A method of comparing present state, desired, state, and steps for improvement

Mission

Formal statement which outlines the reasons for an organizations existence

What are the requirements for a mission statement

1. Purpose of organization

2. Business scope

3. Corporate values

4. Strategy

Vision

Outlines the desired future position of the company

What is the difference between a vision and a mission

A vision is the dream, while the mission is the roadmap to that dream

What types of goals are there?

Operational goals (<1 year), tactical goals (1-3 years), strategic goals (5-10 years)

What is the difference between a goals and an objective?

A goal is there general direction where a firm wants to go, while an objective is the exact outcome it intends to accomplish

What does SMART goals stand for

Specific, measurable, achievable, relevant, time-bound