.....managing and operating a recently acquired small retail business. The paper specifically focuses on strategies for targeting customers and information gathering, a plan for recruiting and training new staff and employee management, the relevance of the concept of one hundred percent location and saturation to the business, as well as important financial dimensions for the business. Also, the paper provides a name, mission, and philosophy for the business, a description of hours of operation, and a plan for cultivating an inviting store atmosphere.
Owing to the small size of the business, it will be important to consider resource constraints when making recruitment decisions (Mathur, 2010). Conventional techniques such as print advertising and recruitment may be quite out of reach for the business at the moment. Consideration will, therefore, be made to modern approaches such as social media and online recruiting. Social networks such as Facebook and Linkedin as well as online recruitment tools offer platforms through which small businesses can inexpensively meet their human resource needs. The store can also rely on the owner's own networks. Friends and acquaintances can often provide helpful referrals. On the whole, the recruitment initiative should be driven by the desire to locate individuals with the skills, knowledge, and attributes for a position in the retail environment.
It would be imperative for the new employees to be properly trained if the store is to effectively deliver on its promises to its target audience. New employees must have adequate knowledge of customer service aspects such as answering the phone, greeting customers, and selling merchandise. This knowledge is often acquired via on-the-job training. In an effort to avoid the costs associated with training new employees, retailers tend to hire employees from competitors (Bhatia, 2008). While the need to avoid training costs may be a valid justification, it is crucial to teach new employees one's own way of doing things. All new employees, whether experienced or not, will be taken through training. This will primarily take the form of brief training sessions conducted at the store's premises by the store owner. This approach will ensure minimal training costs. Nonetheless, this does not necessarily imply inadequate training.
Retail Business Analysis: Wal-Mart Marketing Tactics Why does a business need a marketing strategy? The basic answer is simple: to generate sales. However, the manner in which a business goes about developing its marketing strategy can differ significantly from one business to another. In order to understand what type of marketing strategy works best for a certain company, one must first understand the basics of each specific strategy along with viewing
Retail Business Analysis Burlington Coat Factory Corporate History and Summary Originally founded in 1972 by Monroe and Henrietta Milstein with only one coat/outerwear factory and store, Burlington Coat Factory Warehouse Corporation has grown into an extremely successful discount retail outlet chain. Although it began as a family-owned and -operated business, the company went public for a time, with the Milsteins retaining a majority of share holdings (BCF, 2011). Eventually, the company was purchased
"For successful transactions, final sale fees are calculated using a sliding scale, with a range of 6% to 0.75% of the final transaction value, with a minimum FSF of 10¢ on completed sales. Gold account-holders are able to list up to 2000 items with no monthly fees, while higher listing limits are available with upgraded account levels carrying a monthly subscription fee" (Atomic Mall -- FAQ, 2012). Anyone who is
"Our growth strategy is to increase the number of customers benefiting from repeatable supply chain solutions, particularly in the healthcare, high tech and retail sectors, and to increase the amount of small package transportation from these customers. We intend to leverage our small package and freight customers through cross-selling the full complement of UPS services" (UPS 2008 Annual Report). Focus on environmentally friendly operations -- UPS has already declared a
Business Description Definition of the Market Description of the Products Organization and Management Descriptions Marketing Strategies Financial Management This paper presents business plan for a new leather garment manufacturing and retailing business. The business is being set up with an initial capital outlay of $53 million. The paper starts with a brief description of the business; its target market and product offerings, and then proceeds by proposing organizational and management strategies, marketing strategies, and financial management
As part of the research triangle, Raleigh has a significant portion of its population that fits the target market. For the Farmery to succeed, it only needs to capture a small portion of the market share. This is especially true because the store has a small footprint, and has the flexibility to set up on vacant lots without the costs of either renting or developing fixed real estate. The