Assignment 2: Developing, Managing, and Operating a Retail Business
Imagine that you recently took over your friend’s small retail business and you now have to do the following:
- Rename the store
- Create new hours of operations
- Hire two (2) new part-time employees and two (2) new full-time employees
- Address a new plan for building your clients and merchandise, and
- Address the issues of the remaining employees from the acquired business, who are disgruntled because you are relocating the store to the center of the town where you live.
Consider how you are going to develop, manage, and operate your new retail business.
Write a three to six to eight (6-8) paper in which you:
- Propose two to three (2-3) strategies for targeting customers and information gathering that would use in order to develop your own clientele while maintaining the clients of the acquired retail business.
- Develop a plan that details your approach to recruiting and training a new staff while addressing the concerns of the remaining employees related to the proposed store relocation.
- Apply the concept of the one-hundred (100) percent location and saturation to your retail store.
- Create a design for the most important financial dimensions of your business, and develop a strategic plan for addressing the dimensions that you have indicated.
- Create a name, a mission, and a philosophy for your retail store.
- Define store hours, including holidays and weekends, and describe the key goals of employee management.
- Develop a plan for cultivating an inviting store atmosphere (e.g., music, décor, style of goods provided, services provided, etc.) and a corresponding window display.
- Use at least three (3) quality academic resources in this assignment. Note: Wikipedia and other Websites do not qualify as academic resources.
Your assignment must follow these formatting requirements:
- Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
- Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
The specific course learning outcomes associated with this assignment are:
- Analyze the retailing consumer and database management in retailing.
- Analyze human resource management and financial aspects of operation management in retail organizations.
- Describe the dimensions of operating a retail business and the development of merchandise plans.
- Use technology and information resources to research issues in retail management.
- Write clearly and concisely about retail management using proper writing mechanics.