An Account of the Retail Manager's Duties as Key Holder of an Outlet - Coursework Example

Management: An Account of the Retail Managers Duties as key holder" of an Outlet Contents Contents 2 Introduction 3 The Retail Manager’s Account in Context 3 Key Performance Indicators for Improving the Business 4 Conclusion 10 References 11 Management Introduction Businesses are usually ranked according to the levels of performances that they register in the consumer market. In order to classify these levels, sales play a very important role in ranking these businesses. Registering a high number of sales is what enables businesses to record profits and thus have large returns of sales. However, not all businesses are able to do this. Some businesses find it very hard to register high number of sales. This usually results in losses to the business or profits that are not exactly up to the levels that had been set previously. Such sales are recorded as very low returns by the businesses and thus this may result in the business closing down. When a business is recording such low returns in the sales that it is making, it is said to be under-achieving (Cox & Britain, 2004). The Retail Manager’s Account in Context Under-achieving businesses are usually in a gradual process towards witnessing a major downfall. It something is not done about these businesses, the levels of the losses that are incurred are set to continue affecting the running of the business. For a small chain store such the one I am managing, the under-achieving sales are very dangerous. This might actually result in the eventual closure of the business as a result of poor sales (Taleo.net, 2012). These poor sales are usually witnessed because of the poor marketing that is being done by the store. In order to increase the sales of a business, it is important that the consumers are made aware of the products that the business is selling or the services that it is offering. This way, the consumers will be more knowledgeable about these products and thus their purchases will increase the sales of the business. For my store, there are a number of factors that have played a role in causing it to become an underachieving store. This position of the store is not just as a result of a single factor. The store has got a number of issues that it is facing. These issues are very crucial and affect the sales recorded at the store. One of the major factors affecting the store is the number of staff and their payroll costs. Much as the store is a small chain, the number of employees at this store is not up to the required figures. It is important that these members of staff be in the required number in order for them to work efficiently (Cox & Britain, 2004). The current number of members if staff in the stories less than the required number. Thus, the business activities in the store have been slowed down. Clients and customers are not getting the necessary services on time and this puts most of them off. Another issue that needs to be dealt with in my store is the sales plan. Looking at the reports indicating the achieved sales, it is clear that the store needs to improve on the sales plan. The strategies put in place are not giving the required feedback to the store. The sales plan is a very important and key factor in improving the sales witnessed by a business. It is this strategies that lay down the ways through which businesses can actually attract new clients and also be able to retain the previous ones. The sales plan also gives the management of the business an idea of how it should control its marketing and the areas where it needs to pay a lot of attention in. this is important for any business in order to give it a sense of direction. For the store under my management, the sales plan needs to be improvised if at all an increase in profits is going to be witnessed. This is one area that I have to put a lot of concentration in (Stanley, 1999). Key Performance Indicators for Improving the Business In order to improve the sales of an underachieving business, it is very important to pay attention to the key performance indicators when making the strategies to improve the business. These key performance indicators are quantifiable measurements that have been agreed upon by a business beforehand. The indicators usually reflect the critical success factors that are associated with an organization. These indicators are not the same for all the businesses. They usually differ depending on the organization (Cox & Britain, 2004). For this case, the key performance indicators that I have chosen to help improve the sales of the store are directly derived from the situations being faced by the store. These key performance indicators are aimed at helping me come up with strategies that will enable me improve the marketing of my store and thus increase the sales in order to lift it from being an underachieving store. Some of these are: The percentage of income that comes from the return customers in the store. The feedback received from the customers about the services given by the store to them. The number of clients that are satisfied and are able to get help from the store. The key performance indicators that I have chosen for my store are all reflective of the goals and objectives of the store. These are all aimed at helping with the management of the store and ensuring that the goals and objectives of the store are met. The indicators have got to always be quantifiable. This will help in assessing the status of the business. They are measured based on the long term consideration and the impact that they have had on the store (Freathy, 2003). Thus, in looking at the performance of the store towards satisfying the needs of the consumer, the feedback analysis will not be conducted based on a single response from one customer. It will be conducted after an analysis of the different feedbacks from different customers over a certain period of time is conducted. One of the most important key objectives of the store under my management is to be profitable. Thus, in order to make this happen, I have got to look into the financial analysis of the company in trying to measure the profits recorded over the last period of business and the related fiscal measures. Thus, here I will have the pre-tax profit and the shareholders equity as part of my key indicators (Stanley, 1999). These indicators will give me the desired direction towards looking at how the store is fairing on and how I should strategize in order to make it more profitable and make it more marketable to the consumers. In order to achieve this, a high level of marketing will be needed. Marketing is very important in improving the sales witnessed by a company. It is through marketing and advertising that consumers will learn about the services that the store offers (Freathy, 2003). As the manager, in order to make the key performance indicators for improving the sales of this store more effective, I have got to choose indicators that are actually quantifiable. These indicators have got to have a way through which they can be measured and defined. This will help in determining the effectiveness and value of this indicator. Thus, in this case, I have got to come up with a strategy through which I will differentiate the new customers and clients to the store from the ones who have been coming to the store (Kent & Omar, 2003). This way, I will be able to accurately identify whether the store is attracting new clients and if so, get the correct numbers of the same (JobisJob, 2012). A good key indicator for this would be to keep a record of the new customers coming to the store by handing them business cards and taking their details. This will not only improve my knowledge of the customers attracted to the store, but also improve the customer relations that I have with my clients. The key performance indicators that I come up with as a manager are very important for the success of my store. As a manager, it is important to keep track of everything that is going on in the company or organization that one is in charge of. This usually enables the manager to be able to identify the risks that the organization is facing and hoe this can be tackled and solved before they turn out to be a major problem. In my position as the head of management of the store, realizing that the store is under the threat of closing down due to the low returns witnessed as well as the underachievement of the store is very important. It is by paying attention to these situations that face the store that I will be able to strategize properly on how to counterattack the same. However, implementation and monitoring of these key performance indicators is not as easy as it may seem. As a manager, there are certain procedures that I have got to follow in trying to make sure that the steps I take are as effective as possible (Freathy, 2003). The circumstances that have resulted in the current position of the store financially may be because of forces that are not within my control. It is normal for any business to record a slump in the sales and witness losses instead of profits. However, there are a number of ways that enable me as a manager to be able to improve the retail sales of my store. Based on my experience in the management of the store, the following are the ways through which I seek to improve my the sales of my store: Advertise More Advertisements play a very crucial role in marketing a business and improving the sales recorded. In the case of my store, it is important for me to conduct as many advertisements as possible (Exforsys Inc., 2012). This will make the consumers learn about the store even better. Conducting newspaper advertisements, magazines, billboards and other forms of marketing will help in selling the store to the consumers (Levi & Weitz, 2012). Competition shall always be there in the market and as a manager, it is my responsibility to come up with the best ways possible to outrun my competitors and increase the sales of my store. Generate a Buzz Keeping the consumers updated on what is going on in one’s business is very important. Generating a buzz about events happening at the store will help me as a manager be able to record a higher influx of consumers into the store. Whenever I have anything noteworthy happening in the store, it will be very important to send a press release to the media. Getting all the coverage that there is on the media will increase the popularity of the company among the consumers (Levi & Weitz, 2012). Having the members of staff in the store get involved in the community events, hosting fun days and playing roles in other networking events involving the store will make the consumers associate more with the store. Generating a buzz about the business in all the ways possible will help with the marketing of the store. Examine Your Pricing Strategy This is one of the basic strategies towards increasing the sales and profits experience in a company. As a manager, it is my duty to consider the cost of goods that the store has incurred when purchasing and pricing products. From this pricing, I will be able to determine the range of profit that should be made at the store (Retail Crossing, 2012). This is important in preventing overpricing of goods as well as avoiding losses incurred due to under pricing. The store will thus remain competitive and the consumers will not feel ripped off from the prices set by the store. The pricing of the goods at the store needs to be competitive, but at the same time profitable. Ultimately, getting the price right is what will attract the consumer to the business (Diamond & Litt, 2009). Connect With the Customer The customer is the most important asset of any organization or company. Having a good customer service will enable the store increase the sales recorded. As a manager, it is my responsibility to listen to the views of the customer and learn about what they want. This will enable me to have a chance of educating the customer about the products offered at the store. This way, the customer will be more equipped with knowledge concerning the products of the store and thus appreciate the business more. Satisfying the customer adds value to the store’s integrity. More customers will be drawn into the store because of the positive feedback that they are getting from their friends. This connection with the customer will thus boost the sales of the company (Diamond & Litt, 2009). Conclusion Having looked at the above discussion, we have seen that there are a number of ways through which a manager can improve the sales of the store under his management. Experiencing low profits and low returns of sales is a normal thing. Every manager needs to therefore be ready to strategize on how he is going to deal with this issue when it arises. As a manager, I have highlighted the key performance indicators that I will implement in helping me increase the sales of the store. I believe these strategies will lift the store from being an underachieving one and help it witness more profits and sales. Strategizing is very important and every manager needs to have a plan on how to deal with sales issues when they arise. References Cox, R., & Brittain, P., 2004, Retailing: An Introduction, 5th ed., Harlow: Pearson Education LTD. Freathy, P, 2003, The Retailing Book: Principles and Applications Harlow: Financial Times, New York: Prentice Hall. Kent, T and Omar, O., 2003, Retailing, Basingstoke: Palgrave Macmillan. Levy, M. & Weitz, B., 2012, Retailing Management, 8thed, London: McGraw Hill. Stanley, J., 1999, Just About Everything A Retail Manager Needs To Know, Kalamuda: lizard Publishing. Diamond, J. & Litt, S., 2009, Retailing in the Twenty-First Century, 2nd ed., New York: Fairchild Book. Taleo.net, 2012, Careers at Orvis: Retail Sales Associate- Key Holder, Retrieved 13 Mar. 2012 from < https://sj.tbe.taleo.net/SJ2/ats/careers/requisition.jsp?org=ORVIS&cws=1&rid=1077 >. JobisJob, 2012, Retail Manager job description, Retrieved 13 Mar. 2012 from . Exforsys Inc., 2012, Duties and Responsibilities Related to Being a Retail Store Manager, Retrieved 13 Mar. 2012 from . Retail Crossing, 2012, The Job of a Retail Store Manager, Retrieved 12 Mar. 2012 from Read More