Planning and Strategy Essay -- Business, Planning

In any retail operation or company, planning is a very important factor for the success of any endeavor in that it involves the actual anticipation and organization of what needs to be done and how it should be done to reach an objective.(Retailing, pg.40) Strategic planning involves a company or firm to adapt its resources to the actual opportunities and possible threats of the ever-changing retail environment, and, if used properly, a good strategic plan can help retailers achieve and maintain a beneficial balance of its resources and possible opportunities to come. There are, in fact, four major components in proper strategic planning that could assists any retailing company in achieving their goals which are to develop a mission statement, define specific goals and/or objectives, identification and analysis, and to develop a basic strategy. (Retailing, pg.42) I aim to determine, analyze, and document how a fast-paced, up-and-coming retail establishment by the name of Citi Tren ds, which is a fast-growing, value-priced retailer of urban-style fashion accessories and apparel chain store for today’s urban families, implements these particular strategic planning techniques into their operations management and business objectives. Citi Trend’s mission statement is as follows, â€Å"Citi Trends is the go-to place for incredibly low-priced, real urban brands and urban-style fashion for the whole family. You'll find Rocawear, Apple Bottoms, Coogi, Dereon, Akademiks, Mecca, Baby Phat, Ed Hardy and more for up to 60% off mall prices. As of this minute, we have over 480 stores in 27 states. As of May 2005 Citi Trends became a publicly traded company on the Nasdaq exchange with the symbol CTRN. Citi Trends' headquarters are located in hi... ...ring that their customers gain efficient circulation through their merchandise. (Retailing, pg.498) This type of environment is ideal for Citi Trends in that it provokes customers to wish to browse, and Citi Trends has strategically placed signs to provide its customers with cues as to where each department begins and ends. Citi Trends has been in the apparel retail business for over 58 years now with over 480 stores operating throughout 27 states in the United States. They have proven that they know how to adapt resources to their opportunities and are aware of and handle any and all possible threats to its company’s objectives. With their good strategic plan they were able to adapt to an ever changing retail environment to be able to achieve and maintain a certain balance of its resources; thus positioning themselves for accelerated and profitable growth.