Gap

Definition

In the context of planning within the competitive world of retailing, a gap represents the difference between an organization's current performance and its desired performance or goals. It identifies areas that require improvement or adjustment to meet strategic objectives effectively.

Related terms

Strategic Planning: A systematic process of envisioning a desired future and translating this vision into broadly defined goals or objectives and a sequence of steps to achieve them.

Performance Metrics: Quantitative measures used to assess, compare, and track performance or production across different periods or against certain standards.

Action Plan: A detailed plan outlining actions needed by an organization to reach its objectives