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CH 6 - Essay Example

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Summary
Measuring financial profitability of a retail store would involve, taking into consideration, all expenses which have been used to run the operations of the retail store against the revenue which will have been earned from the same business transactions. The surplus revenue…
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CH 6
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Insert Introduction Discussing General Topics from Ch 6 Measuring financial profitability of a retail store would involve,taking into consideration, all expenses which have been used to run the operations of the retail store against the revenue which will have been earned from the same business transactions. The surplus revenue which shall be accrued will be the profit.
Retail strategy reflects in retailers’ financial objectives since it is directly proportional to the net profit margin. Effective retail strategy increases asset turnover (the productivity of the firm’s investment in its assets, which in this case efficient retail strategies) by injecting effectiveness in operations and reducing wastage.
Retailers need to evaluate their performance by first setting a performance target. When performance gap is incurred, the retail business has not met its target.
Strategic profit model provides a visual view of a firm’s finances and issues the entrepreneur with the ability to understand and analyze the firm’s return on investment and financial performance.
2- Path to Profit That a Favorite Retailer Uses
On a personal standpoint, the most favorable path to profit is communication. The ability to leverage technology and its provisions such as email marketing, online social media (such as Facebook, Twitter, MySpace and YouTube), photography and videoing helps meet business objectives the most.
3- Determining Financial Success
According to Rothberg, retailers should use multiple measures to determine financial success because financial success comprises many factors such as employee performance (in relation to the set performance target), financial accountability and avoidance of wastage, product design and marketing strategy. In this light, using only one measure such as the meeting of performance target may not suffice to measure financial success, if the volume of stock sold is not factored (Rothberg, 2, 3).
Works Cited
Rothberg, F. Arthur. “Performance Measurement: Understanding Critical Success Factors.” Resource Planning Solutions Corporation, 3.4 (2012); 2-3. Print Read More
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