Final answer:
The starting point of a retailer's strategic planning is creating their mission statement, which sets the direction and purpose for subsequent planning and strategy formulation.
Step-by-step explanation:
The beginning of a retailer's strategic planning process is the formulation of the retailer's mission statement. This statement serves as the foundation for b>setting goals and objectives, conducting an opportunity analysis audit, and developing the overall strategy of the business.
A mission statement is important as it clarifies the purpose and direction of the organization, and it guides subsequent decisions and strategies. Before diving into more detailed design elements like a market analysis or understanding shapes and dimensions of all physical components, the retailer must have a clear concept of its mission. The strategy also includes setting goals that are achievable and appropriate, which means careful planning to ensure the goals can be realised.