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Retail Management
Best practices in the retail industry come down to ensuring that employees are well-trained, adequately motivated, and that there is a high level of quantitative management with respect to both staffing levels and with respect to merchandising. Getting to know the employees is a good start to developing best practices in the industry. Star merchandisers like Sam Walton and Jim Sinegal spend time on the retail floor. They know where things are in the store, they ensure that the employees are educated and working hard, and they consistently drill lower-level managers to ensure that those managers know their stores at the finest level of detail. Also, having specific programs for employee motivation, especially ones that can be tracked. This will ensure that the workers are giving their best to the company. That alone can drive more sales, because service levels are higher, but it can also reduce costs, because a few great workers can be more effective than many lousy workers.
The most important best practice in modern retail management is the use of technology to assist with understanding...
Wal-Mart uses sophisticated feedback mechanisms as the core of its retail management strategy. Thus, store managers receive figures on sales in real time, and these are transmitted to distribution warehouses and head office frequently. As a result, the manager understands the state of the business at all times. It is also a good practice to act on this information. For example, knowing that shovels are selling quickly because snow is expected is great, but it adds value to the business when management uses this information to ensure that shovels are sent to the area and put on shelves before the storm hits.
Leading retailers utilize a variety of strategies, of which technology is just one, to optimize their businesses. Wal-Mart drives a lot of its value from purchasing and logistics. It uses its size to bargain with its suppliers, but it also knows a lot about the business of the suppliers. This gives it better bargaining position and that delivers the lowest prices. They have an extensive, sophisticated logistics network and that allows them to save money in inventory, but also to…
Management Strategy The document states the plan of an organization in different phases. For each phase there will be a different management strategy. The document has described the management strategy and the effects that they will have on the performance of the business and why that particular management strategy has been chosen. Management structure needs to be examined carefully when a new business venture is setup. In order to develop and build
Management Strategy Apple Inc. -- Management Strategy Vision, Mission, and SMART Objectives Vision SMART Analysis Strategy Implementation Management Strategy Apple Inc. has had a long history of reinventing itself. The first Apple computers were built in a garage without any type of case, monitor, or keyboard. Despite these modest origins, there was still demand for Apple grew exponentially. It wasn't long before Apple introduced the trademark Macintosh and then the Mac OS X which revolutionized the company.
Retail Marketing Analysis of Retail Management at Zara in Klaipeda, Lithuania Zara is a fashion retailer that is part of the Spanish parent company Inditex, one of the largest distribution groups of the world. The company is unique in the fashion retail industry because it is the most highly vertically integrated company in the fashion industry. It owns every stage in the value chain instead of outsourcing manufacturing to low wage countries
Knowledge Management Best Practices in Services Industries The ability to stay on in step with customers' rapidly changing needs is only possible when a company completely commits itself to transforming data into information, while also capturing and using tacit and implicit knowledge. As this analysis will illustrate, data, information and knowledge are multifaceted and have many implications across the lifecycle of a business in general and customers specifically. Concentrating on how
In this regard, Lin and Lin add that, "The Chinese personal computer manufacturer wanted to increase its share in Western markets. The acquisition hoisted the manufacturer from 9th place to 3rd place in terms of PCs sold. These acquisitions illustrate China's desire to spend low-cost money to acquire existing brands and distribution access, as well as securing additional outlets for other Chinese produced goods" (2008, p. 32). Planning and control. Although
Logistics and supply chain management is what Wal-Mart has as a core strength, and have consistently found new processes to accelerate inventory turns, reduce waste of time and money in the process (Dobbs, 2007). This efficiency of the Wal-Mart supply chains and its ability to move millions of products into the hands of consumers weekly is what gives the company exceptional power over supplier relationships as well (Hansen, 2009). Retailing The