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Assignment2_DevelopingManagingandOperatingaRetailBusiness.docx.pdf

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Running head: HIST 105 1

Small Retail Business Bridget King

MRKT 310 Gillian Martin

Strayer University August 26,2017

Small Retail Business My friend’s retail business which was called Telenixx

closed down since they could no longer withstand the challenges in the corporate world, so I decided to take the premises and started my retail store, WecomeAll. My business comprises a variety of products and because the people were used to the Telenixx that was previously in that location I had to rebrand the buildings and invest much on the publicity so that I can maintain the clients from the previous business as well as create my brand that will entice customers. WelcomeAll had a vision which was

Running head: HIST 105 1

Small Retail Business Bridget King

MRKT 310 Gillian Martin

Strayer University August 26,2017

Small Retail Business My friend’s retail business which was called Telenixx

Running head: HIST 105 1

Small Retail Business Bridget King

MRKT 310 Gillian Martin

Strayer University August 26,2017

Small Retail Business My friend’s retail business which was called Telenixx

Running head: HIST 105 1

Small Retail Business Bridget King

MRKT 310 Gillian Martin

Strayer University August 26,2017

Small Retail Business My friend’s retail business which was called Telenixx

Assignment 2_Developing, Managing, and Operating a Retail Business.docx.pdf Saved to Dropbox • Sep 6, 2017, 11E02 AM

https://blackboard.strayer.edu/webapps/assignment/download?course_id=_215675_1&attempt_id=_50599034_1&file_id=_10690756_1&fileName=Assignment%202_Developing%2C%20Managing%2C%20and%20Operating%20a%20Retail%20Business.docx

clear to ensure that the customers enjoy the value of the money once they purchase with us and the mission was to provide the best services to our dearest clients. In coming up with both the mission and the vision I made ensure that the importance of the customers in the life of the WelcomeAll is not omitted and through making our services client-centred then my business will be in a position to attain its set goals.

My main aim is to ensure that I maintain the clients that Telenixx had at the same time create my customers, so I examined the customers’ needs and preference which guided the implementation of my business plan and my entire business activities. The realization of this objective was a hurdle since most of the clients were used to Telenixx and gaining trust in a new retail store was a bit challenging to them. Similarly creating my brand was also a problem since most of the people believed that I was capitalizing on the efforts made by Telenixx. One of the strategies that I will use is the investment on the publicity where I use the media as well as the social platform to advertise my business and sell out our brand. The use of ads play a crucial role in reaching out and convincing clients about our competence once they trust our services this gradually lead the WelcomeAll picking up gradually.

I will also focus on painting the picture of our brand to the customers which they will find it comfortable to link and relate with by making sure that our services are efficient and their needs are considered and are given the first response. Most of the clients felt right in the way services are geared towards the self-sustenance which most of them saw as a new feeling from the previous business. The relevance that my business put on the client makes the customers to be my marketing agents through word of mouth and gradually the number and the trust of the clients started growing with time. Branding is a crucial strategy that begins with the naming of the organization to the way the employees carry themselves in the public domain and even when handling the customers. It is through this that the people will grow trust in my business which may be strange to them.

WelcomeAll being a new store that is craving for the position in the retailing environment then it is vital for us to come up with operating hours that will consider the fact that we need to have our brand to the customers. My team with I will operate weekdays from eight in the morning to five in the

operate weekdays from eight in the morning to five in the evening before another shift comes in to take the night services from five to the subsequent day but during the weekends WelcomeAll will only be opened on the Saturdays from eight to midday. The working routine will make us available to the client at all times but to have this possible them my employees need to be diligent and determined. It is important that in my recruiting and hiring of the employees I should be keen to have a group that will ensure that the goal is shared and personalized which will help in the realization of the goal. On the holidays my employees will not report to work as they will use that time to energize themselves as well as focus on their issues. The primary objective of the WelcomeAll administration to manage employees is that through carrying their duties diligently, and as expected of them then the business will attain its goal. Employee management also ensures that the workers provide work is expected of them based on their skills and competencies which will result in the satisfaction of the clients’ needs as well as organizational needs. Indeed employment management is crucial when it realizes the productivity level of the workers, and this also assists in ensuring that the available resources are used appropriately by the workers.

My plan on the recruitment of the two part-time and the two new-full time workers will be detailed based on the competence to carry out the mandated tasks and also coordinating with the existing employees to carry out duties in our new premises. The hired employees also are supposed to be vigorous regarding bringing new ideas that are beneficial in the established of the store and should wholeheartedly take part in the events that are fruitful to the realization of the objectives of the retail business (Headd, 2003). Because the store has the existing workers, who have experience in handling the current customers the recruited employees will work for hand in hand with the existing workforce to acquire the specific skills to handle the customers. The plan will make sure that the hired workers are gradually absorbed since they may be new regarding handling customers and may result into WelcomeAll store reporting low sales as a consequence of the customers being unsatisfied with how the new employees treat them.

The hiring of these employees will be considered after an examination is conducted on the existing workers and only the missing skills the is substantial will be incorporated through the

missing skills the is substantial will be incorporated through the recruitment and to determine whether full employed or part-time will be dictated with the importance of the potential incorporated during the hiring process. It is also important that I explain to the existing employees that because of the need of better oversee and administration I have opted to relocate to store to the centre of the town which also happens to be my proximity. The area is strategically positioned that is why as much as it may be disadvantageous to most of our current workers but the reason is that we what to put the customers’ interests first and with due time we will look for an alternative to the disadvantaged employees.

WelcomeAll, since it is a departmental store, will strategic be positioned in a busy place where many business engagements take place. The concept of one-hundred percent location and saturation of retail business will be fundamental in assisting up when it comes to determining the location of our retail business. The location plays a pivotal role in any business and our proposal we will ensure that WelcomeAll is strategically located in a place that is accessible to our clients as well as our distributors. The location, of course, should be accessible to better infrastructure and convenient to reach at any time (Levy et al, 1998). The for the success of my retail business it is vital that my business should be close to the market which is the customers it may not be a guarantee that an excellent location will result in the success of the firm. But there is an assurance that unfavourable site will cause undesirable performance of the retail business, this tells us how of importance is the business location. The WelcomeAll store aims to serve various clienteles, and because of that, it is important that I consider that general appearance of the site as well as the location ought to be spacious enough to accommodate a large number of customers as well as parking when the clients are purchasing the products.

My retail business will entirely develop on the value is denoted on the customer who is the major player in the success as well as the failure of WelcomeAll enterprise. I will ensure that I have a team that shares with me the organizational vision and mission which is categorical in explaining the exact place of the client. Having the right team and being in a position to acquire the required resources like the knowledge and favourable environment provided by the legal structures in place

favourable environment provided by the legal structures in place then WelcomeAll will achieve its goal at long last. The full development of the business comes with many challenges, so I will be in a position to analyze my business strength and weakness in the market and how best I can work on both the two sides for the sake of the new retail business. The development will only be realized upon the retail store is in a position to successfully attained its goals. And for that to be done then the responsibility starts from the established to proper management of all the inputs that are of needed help in the realization of my small commercial engagements which is the expansion and the maximization of profits.

It is crucial when focussing on the development of my business I should have a well defined financial dimension. For instance, the myth of the ‘Bottom Line’ where entrepreneurs when starting their business their focus on maximizing the profits to improve the bottom line but they hardly understand what it takes to facilitate such a shift in earnings maximization. It is crucial that strategies should be put in place so that the bottom line financial dimension should be attained which include the allocation of the right resources and having a stated financial plan that marries with the requirements of the financial dimension. The defined financial aspect of WelcomeAll retail store should be backed up with authentic financial documents that indicate the financial health of my retail business. The demands that come with the development of a retail business indeed show why many companies have continuously been dwarfed over the years. The growth of the enterprise is a gradual process that is rooted on various components of the retail business. In this important for my business to attain this climax stage I should have a business plan that directs all activities undertaken with each member of WelcomeAll institution since omission or failure to adhere to all the pros and cons that the firm is guaranteed of a serious downfall.

Management is another administrative function that comes with challenges of its own in this kind of business. Running a retail business entails hiring the right team, having the right supplies on the products, relevant market and efficient management of the inventories. These responsibilities ought to be taken to the perfection since they are dependent (Lussier, 1996). Because of that during the recruitment of the additional workers, my plan focussed on the need to have a comprehensive

workers, my plan focussed on the need to have a comprehensive employee’s audit so that the state of skills can be identified before the incorporation of the new workforce is done. The right team will ensure that I assign the duties to individuals who can rightfully deliver at the end of the day.

The WelcomeAll philosophy puts the customer first, and management is keen to ensure that all the players adhere to that and to that carried out then the creation of inviting store atmosphere is necessary. The retail store focuses primarily on the services provided as the best method of creating such an environment attending to the clients with professionalism and guided with the codes of conduct will make them feel at home, and such encounter will make them grow trust in our employees as well as the entire firm. The employees are taught on the importance of valuing the customers and making sure that they are contented with the services they offer since the clienteles are the determinants of the life of any commercial activities just like the case of our retail store.

In summary, as much as many may want to engage in retail business based on their reasons. But the experience that I have had with the established of the WelcomeAll retail store is an evident that initiating such an idea demands a lot which may be a mountain to climb to many entrepreneurs as well as other businesspeople.

References Headd, B. (2003). Redefining business success: Distinguishing

between closure and failure. Small business economics, 21(1), 51-61.

Levy, M., Weitz, B. A., & Grewal, D. (1998). Retailing management. New York: Irwin/McGraw-Hill.

Lussier, R. N. (1996). A startup business success versus failure prediction model for the retail industry. The Mid-Atlantic Journal of Business, 32(2), 79.