Good Developing, Managing And Operating A Retail Business Essay Example
Business operations within a retail store are dependent on effective decision making and use of effective policies towards profitable outcomes. As such, the business decisions towards relocating and renaming requires in-depth emphasis on proper teamwork and strategy formulation. The management requires embarking on proper market research, consultations with their customer and potential new market in order to implement the most successful strategies. Thus, from the evaluation of diverse successful retail businesses; investing into effective strategy formulation result into success within their renaming and relocation strategies. Admittedly, marketing, strategic management and rebranding are some of the fundamental decisions that a retail organization has to invest into towards their operational mandate. Thus, this paper will examine the relocation and renaming of the retail store as per the case questions.
Rename the store
The name of an organization is highly imperative towards catapulting its identity within the consumer market. As such, the inoculation of a proper name becomes an effective pull factor towards drawing in new customers and maintaining the previous ones in the given market. As a retail store, it is vital that a plausible name is incorporated for the customers to continue aligning and associating with the organisation. Thus, as a retail store; aiming towards relocation into the town centre and maintenance of customer loyalty. The most plausible name for the store is “THE SOCIETY RETAIL STORE”. The main reason for the use of the aforesaid name is due to the management emphasis on ensuring association to the consumer market, the name offers a more close knit interaction or appreciation by the consumers. The society denotes a holistic retail store name that caters to the mass market needs.
Create new hours of operations
In regards to analysts, hours of operations of a renamed and relocated organisation should be highly flexible and convenient to the potential customer market. Incorporating working hours that are dynamic and customer centric should enable the retail store to capture more customers and maintain the previously loyal consumers. Thus, from the evaluation of the retail store, the new hours of operation are:
The incorporation of the above hours was as a result of in-depth consultations with the employees. Consultations with the employees are imperative towards ensuring mutually agreeable working hours. Ensuring that employees are conversant and agreeable to the working hours ensures that conflicts are not bound to prevail. Conflicts within the employees pertaining to working hours are highly evident within the diverse organizations. Additionally, ensuring that the remuneration conforms to the working hours is bound to ensure extensively motivated and satisfied employees. Employee satisfaction translates into performance and profitability within the business. The retail business depends highly on profitability and employee performance due to its risky change in names and relocation.
Hire two new part time employees and two new full time employees
First and foremost, the hiring process of two new full time employees will denote an in-depth and clear procedure towards effective outcomes. Thus, the Society Retail store requires two new cashiers within a full time mandate and two part time employees that will play a pivotal role towards the marketing activities within the store. Thus, a recruitment and hiring process for the two new full time cashiers is as follows:
The recruitment and selection process within City link in regards to delivery driver will denote a comprehensive process that denotes:
identifying the vacancy
The organization requires two full time cashiers within the organization
The company requires a cashier whose duties include:
managerial duties within the cash management at the work place
using the barcode in recording of inventory
management of petty cash books
maintaining a comprehensive communication with the clients
prospective candidate specifications
the candidate should show that he or she has worked as a cashier for a year or more
the right employability skills should be evident
the candidate should adapt quickly to the retail operational mandate
the candidate should work extensively within the daunting environment
The retail will run the vacancy for 2 weeks. After the culmination of the four weeks, the human resource will be used towards analysis of the documents uploaded towards eliminating the individuals that did meet the job description.
On the other hand, the company requires two new part time employees that will be imperative towards maintenance of an effective sales promotion. As such, the sales promotion should denote an intensive [product and service promotion that aims towards acquisition of new customers. thus, from the analysis of The Society retail store, the plausible description of the job description is as follows:
The candidate should have worked within apart time or full time position in marketing
Should be actively involved in associating with the customers
The individual should exude employability skills such as communication skills
Renaming the organizational merchandise and building the most plausible strategic approach to build the clients is dependent on effective marketing plan. As such, the marketing plan within The Society retail store entails implementation of effective branding and an integrated marketing campaign. As the first operational mandate, it is evident that the store renaming requires effective branding to target customers. An individualized branding approach should denote branding of the packages, ensuring that employees wear uniforms that have the retail store logo. Additionally, the organisation should ensure that the fast moving products have their own brand logo to catapult customer awareness. Secondly, the organisation should implement sales promotion, television and radio advertising.
Sales promotion campaign should entail gift offering to the first 100 customers. As such, the first hundred customers in the grand opening of the organisation will receive complimentary gifts. Additionally, a major draw will be undertaken for customers that make a purchase of over $100 dollars. Secondly, the television and radio advertising should entail the organisation making a financial investment into the diverse leading stations. Furthermore, the retail store should ensure that its advertisements are made during the prime time. Prime time advertising is bound to catapult public awareness regarding the goods and services available.
Relocating of the store to the town centre is highly impactful on the employee morale and is bound to result into diverse issues that the organisation needs to mitigate effectively. As such, due to the relocation, the employees may be disgruntled due to diverse issues such as:
Increase in transport expenses from the new premise
Non-consultations with the employees on the relocation and acquisition of the retail store
Confusion regarding the job security of the employees
Thus, from the analysis of the three main issues emanating from the disgruntled employees, the most plausible strategies towards mitigating them include:
Competitive remuneration and increase in salaries
Competitive remuneration is imperative towards ensuring that employees are not disgruntled in regards to the relocation to the town centre. As such, ensuring that the remuneration is competitive denotes a plausible payment level in which the employees can meet their daily expenses within a plausible mandate. As such, from the examination of the retail store, ensuring that employees are satisfied pertaining to their remuneration is bound to heighten performance and ensure profitable outcomes. As one of the satisfier factors, as per diverse analysts, it is imperative that competitive remuneration prevails that is within the living wage. Employees that are plausibly and properly paid tend to perform at a higher rate
Open and lateral communication
Lateral communication denotes the top management maintaining effective top down communication within an open mandate. The concept of bureaucracies in communicating with employees should be eliminated through the top management taking a more direct approach in assuring the employees pertaining to their jobs. As such, emphasis on communication and assurance of the employees is bound to eliminate the notion of confusion and disgruntled prospects within the employees. The management should communicate in a regular form with the employees to ensure that they are aligned to the day to day operations of the organisation in the new store location.
Participative decision making
Participative decision making denotes involving the employees in making of the most fundamental policies within the organisation. As a retail organisation, it is imperative that employee centric approach in operations is emphasized. The employee centric operational strategy denotes ensuring that employees have real time information pertaining to the organizational probable decisions and policies. As such, ensuring that the employees are encompassed in the decision making prospects ensures highly motivated employs and satisfied by the policies implemented by the top management.
Business operations depend on effective decision making and policy formulation. From the above analysis, The Society Retail store should incorporate effective marketing and consultations with their employees. Through the incorporation of the two approaches, the organisation is bound to ensure profitable outcomes from its renaming and relocation approaches.