MARKETING

 

Developing, Managing, and Operating a Retail Business

 

NAME OF STUDENT: BUKOLA PHILLIP ADEBISI

NAME OF INSTITUTION: STRAYER UNIVERSITY

INSTRUCTOR'S NAME: Dr. RICHARD A. L CALDAROLA

DATE: AUGUST 15TH, 2014.

 

 

 

 

 

 

 

 

 

 

 

Introduction

            Development, management, and operation of a business are the major factor that has influenced the success of numerous businesses globally. In this paper, I will describe the developing, managing, and operating of a small retail business that I took over from my friend. As the manager of the new business, I resolved to change the name of the business from Barron business to Dickson’s enterprise. The business is about online retail that will supply goods and services to clients through the use of Internet. I will relocate the business to the city so as purchase electronics, furniture, household goods, and other items through the use of online technology. I am also willing to change the business hours from 4 hours to 6 hours a day. Also, I will hire two new part-time employees and two new full time employees in order to boost the business. 

As the new manager in my business, it is my responsibility as the manager to lead the development and execution of the company’s long term strategy with the view to creating shareholder value.  My leadership role also entails being ultimately responsible for all day to day management decisions and for implementing the company’s long and short term plans. As the manager, I am mandated to act as a direct liaison between the Board and management of the company and communicate to the board on behalf of managements as a process of implementing the business plan. As the manager, I will be often downplayed in the excitement of starting up of new business plans, ending a business plan or replacing the existing business plan with a new one. This is one of the most important decisions that the management team of many businesses will face (Hallinger, Bridges, & Snidvongs, 2007).

There are three major strategies that I will employ in order to target clients and gather information that I will use to develop my own customers while also maintaining the previous clients of the retail shop. One of the major strategies is to offer discount at every good/product bought from the company. This is one of the major ways of encouraging clients to continue buying from the shop despite the changes. Also, implementing customer loyalty will enhance our relationship with the client. This is a suitable approach because clients will trust the business and continue buying goods from the shop as a result of customer loyalty. Another strategy I should consider is marketing. Marketing the new business and products will attract clients and influence growth of the business. I will market the business through media and posters in order to increase the number of customer in the new business (Hallinger, Bridges, & Snidvongs, 2007).  

Being the Manager, transformational leadership style will facilitate a continuous inspiration of my managerial team and influence subordinate to improve or change. A leader is believed to have visionaries with boundless enthusiasm. Leaders are service oriented.  As the leader of the online retail company I must put the needs of my subordinate ahead of my needs. I would not only rely on my values and ideals but involve my teams heavily on the decision making of the company at large. A leader should always be charismatic. Therefore, as the manager of online retail company, charismatic type of leadership will create a feeling within the organization that there is a direct connection between corporate successes (Hallinger, Bridges, & Snidvongs, 2007).

There are specific factors that I will consider such as personal specifications in order to employ new employees into the new business. New workers in the new business should have the following qualifications:-

                                i.            Specialized in clothing and promotional products.

                              ii.            Strong interpersonal, advertising and selling skills.

                            iii.            Good management skills.

                            iv.            High passion and energy for the industry.

                              v.            Educated to college and has a degree or diploma in business studies and IT.

                            vi.            Have the skills of worker.

                          vii.            Good in Verbal communication

In order to influence positive change in the business, it is wise to recruit and train employees on how to conduct their duties. Related to the relocation of the new area, I will ensure that all employees are well trained in order to make an impact on the organization. First, as a manager, I will ensure that the new employees are given the opportunity to explore the new changes made in the business. This will help them to familiarize the environment and seek help in areas that they do not understand. Code of ethics is one of the major factors that I will implement in the business in order to employees (Montana, & Charnov, 2010).

I will also employ employee counseling in order to address and assist employees to overcome issues. The new business will face more challenges and that is the main reason why employee counseling would be appropriate. With the aid of employee counseling, employees will be in a position to face these issues without fear. Stress is a central factor that faces employees while at work. These factors can make them sad, and this affects the productivity of the company. Most employees have trouble with family needs, and aspect affects their performance at work. Therefore, I will implement considerable strategies that would address some of the significant issues affecting employees (Hallinger, Bridges, & Snidvongs, 2007).

The new business, Dickson’s Enterprise will be located in the city. There are more than a few advantages with locating the business in the city. One of the major reasons is that the company is strategically located in the market place. This will influence more clients to visit and purchase products from the shop. Conversely, internet access in the city will enable our business to grow since this is an opportunity to sell products through online retail. Also, the city is strategically located because it has a suitable transport system such as air and roads. In that case, goods can easily be delivered to clients in any location of the world without delay. Also, the charging fee for transportation is fair and affordable to any goods delivered. Therefore, the business meets the 100% concept of location and saturation (Montana, & Charnov, 2010).

Since the business needs to be expanded, it will require a huge amount of money. Shifting the business from being an ordinary retail shop to an online retail shop required sufficient amount of money. The additional expenses will be influenced by the need of more computers and the internet. Since the business requires internet, more money will be spend on that sector. The implementation and installation of technology and IT facilities is costly. Based on the scenario, the business has huge revenues and this is a clear indication that the organization will invest more money of the project. The project approximately needs $ 30900. This is because the business will first require new systems and that will turn the business to an IT environment locality (Montana, & Charnov, 2010).

I should ensure that every store in Dickson’s Enterprise has certain of consistence growth in dollars. This will aid Dickson’s Enterprise to know its financial budget and the progress that it will make in the next 2 Months. Based on huge revenues of marketing cost provided by the services of previous business, as the manager I should increase the figure by 15% and also reduce the current supplier costs by 20% through direct purchases of services from the organization. If I consider this serious, the sales of the company will increase by more than 30% in the next 2 months. This will contribute effectively to growth and development of Dickson’s Enterprise revenues in future (Montana, & Charnov, 2010).

The new name of the business is Dickson’s Enterprise. The mission statement of the business will be, “We care about our clients, and we care about you”. This mission statement is appropriate because it will influence clients to buy our products both online and directly from our shop. Also, the mission statement means that we will care for our clients such as setting cheap transport costs for clients who purchase goods online. Therefore, as the manager, I would advocate for a good management team members who can contribute their own resources to make the precision Dickson’s Enterprise the most successful business ever in the market. The philosophy of the business is to be one of the best retail shops globally. This will be influenced by the workforce and the growth of clients in the business (Hallinger, Bridges, & Snidvongs, 2007).

The new business will operate for 8 hours during the week days and 6 hours during the weekends. The purpose of doing so is to create working business atmosphere that will significantly influence the growth and development of the entire business. The main reason of employee management is to ensure that employees acquire discipline. As the manager, I will take disciplinary actions if an employee violates the company’s policy, rules, or regulations. Any employee found guilty of a mistake that can affect the business will be severely punished. In addition, disciplinary actions should be appropriate and should be a motivational chance that will enlighten employee to perform better. In that case, I will enhance my methods of punishing employees. For instance, I will ensure that I take employee into a private room and hold a meeting with the disciplinary committee over the matter involving the employee. Before any disciplinary action is taken, supervisors or the management should ensure that the victim is warned. In addition, the management should note that not all conduct issues influence issues. The disciplinary actions that will be taken in the new business include warning, written reprimand, suspension, written disciplinary action, and dismissal (Bouknight, & Shrum, 2007).

Conclusion

In the new business, as a manager I will ensure that business is conducted in a more appropriate way that will satisfy the needs of all clients. I will implement Customer Relationship Management (CRM). One of the major factors that can effectively improve the relationship between business and clients is Customer Relationship Management (CRM). CRM software is suitable for strengthening a lasting relationship of clients and their organization. The use of technology is a factor that has effectively increased customer satisfaction and loyalty towards organizations. Most businesses enhance customer loyalty and satisfaction with the aid of CRM. In that case, I will implement CRM Software in order to develop the business (Kumar & Bhagwat, 2010).    

 

References

Bouknight, O., & Shrum, S. (2007). Your MBA game plan: Proven strategies for getting into the top business schools. Franklin Lakes, N.J: Career Press

Hallinger, P., Bridges, E. M., & Snidvongs, K. (2007). A problem-based approach for management education: Preparing managers for action. Dordrecht: Springer.

Kumar & Bhagwat. (2010). Listen to the customer. Marketing Research: Print     

Montana, P. J., & Charnov, B. H. (2010). Management. Hauppauge, N.Y: Barron's