The newspaper headlines often bring about a clue regarding the status of the economy on a daily basis. We hear from newscasts on the radio and on the television of distressing news of the market rising and dropping daily and just about every website have news regarding the impending gloom of the economy both locally and globally. Corporations cannot hide from budget cutbacks and organizational restructuring and it is inevitable that any improvement will be for the good of preserving the company. Even though many changes occur during the course of transformation; leaders and managers alike will need to learn how to hold to a quality that keeps the employee and the consumer community happy. Within the retail industry the economy drives certain changes within an organization. Corporations must use management strategies to sustain company growth and development while maintaining leadership ethics within a workforce through technology, training and communication.
The economy has affected many businesses recently but in order for any company to remain at the top of their game; they must manage change and create innovation gracefully and instinctually. There are many classifications in the retail world that encompass everyday goods that the consumer needs, want, and purchases. Different roles are present and active when taking a product from design to manufacturing through to the retailer as a sellable product. The ever-shifting economy has affected the retail industry including the service corporations that assist the product manufacturers with representation at “big-box” retailers. One specific company that has been affected is Premium Retail Services. This third-party ...
... middle of paper ...
Ivancevich, J. M. (2007). Human resource management (10th Ed.). New York, NY: McGraw-Hill/Irwin.
Jones, G. R., & George, J. M. (2007). Essentials of Contemporary Management (2nd ed.). U.S.A.: McGraw-Hill Companies, Inc.
Kanter, R. M. (1999). The Enduring Skills of Change Leaders. Leader to Leader, No. 13 (Summer, 1999). Retrieved from http://proquest.umi.com/pqdweb?did=55614266&sid=4&Fmt=4&clientId=74379&RQT=309&VName=PQD
Pearce II, J. A., & Robinson, R. B., Jr. (2009). Strategic management: Formulation, implementation, & control (11th Ed.). New York, NY: McGraw-Hill/Irwin Companies.
Premium Retail Services. (2007). Premium retail services orientation manual. Chesterfield, MO.
Velasquez, M. G. (2006). Business ethics: Concepts and cases (6th Ed.). U.S.A.: Pearson: Prentice Hall.
Need Writing Help?
Get feedback on grammar, clarity, concision and logic instantly.Check your paper »
- Since the establishment of the Internet, traditional ‘bricks and mortar’ stores, also known as store-based retailers, have been under siege by online retailers. As stated by Magner (2013), the next five years will observe an increase in online sales, domestically and/or internationally, as it provides consumers with a wider variety of products at competitive prices, no shop-trading hours and no GST payable on purchases made overseas which are under AUD$1000. Furthermore, the retail lifecycle for the majority of store-based retailers has hit the mature to decline phase.... [tags: Technological Advancements, Retail Shopping]
1475 words (4.2 pages)
- What is a Retail Strategy. A retail strategy is a clear and definite plan outlined by a retailer to target a market. Retail strategies aim to build long term relationships with customers. Retail strategies outline the mission and vision of the retail organization. Elements of a Retail Strategy include the target market segments that the retailer plans to focus its retail mix and resources, the retail format to include the retail mix and a sustainable competitive advantage. The Strategic Retail Planning process includes: 1. Defining the business mission 2. Conducting a Situation Audit, Market Attractiveness Analysis, Competitor Analysis and a Self-Analysis of the organization 3. Identifying S... [tags: swot, competition, shopping ]
2173 words (6.2 pages)
- Even the slowdown in current global economies could not bring retail sector down as retailers keep seeking for opportunities overseas to avoid challenging economic condition, which make this sector becoming more globalised and competitive. As an heir of an industrial components retailer, I also believe there are bountiful opportunities to grow in this emerging industry. But without deeply and truly understanding in every aspect of retailing, one could not survive in the battle. For this reason, I would like to pursue my education further by studying Master in retail management to obtain knowledge in retailing and hopefully become successful in the field.... [tags: extracurricular, skills, education]
602 words (1.7 pages)
- Starbucks' Business Strategies 1. What are the key elements of Starbucks. strategy as of 2004. The key elements of Starbuck?s strategy were as follows: a. Grow the business by constantly adding more stores around the world: The Company has had tremendous success in opening stores around the world. It has applied its global strategy effectively and has enjoyed increase in sales from global operations. b. Store design, planning and construction are also part of the strategy. The company began to create its own in house architects and designers to design Starbucks locations.... [tags: Starbucks Business Strategies Marketing Essays]
998 words (2.9 pages)
- Retail Merchandising Retail merchandising is a management system of strategic planning and tactical control, directed toward the financial enhancement of an inventory and the profitable distribution of that inventory to the retail consumer. Merchandising enables retailers to make the best use of space and layout. It creates part of the communication process with consumers and focuses on layout, design, traffic flow and display advantage points. It links in with the overall development of a company’s corporate image and strategies, and fits with the organisation’s objectives to enhance and promote image.... [tags: Papers]
1672 words (4.8 pages)
- Kudler Fine Foods has developed into a business with three locations, offering a wide variety of fine foods including wine and cheese, locally organically grown produce and in store cooking demonstrations extending to home parties and their most recent initiative to establish a catering business. During this time there have been many things to consider, the legal aspects of managing the business, to the current strategy and what tactics will need to be developed in order to assess how the changing technology has created business opportunities for Kudler’s current ventures.... [tags: Business Management Strategy Analysis]
1663 words (4.8 pages)
- Industry Analysis In order to analyze an industry, it is important to determine where it is in the industry lifecycle. During the 1970’s and 1980’s the retail grocery industry was expanding at a phenomenal rate. Throughout this boom period, the number of large grocery stores was rising and forcing the existing” Mom and Pop” grocery stores out of the industry. In the early 1990’s, the retail grocery industry began leaving the growth stage and entered the maturity stage in the industry lifecycle.... [tags: essays research papers]
1352 words (3.9 pages)
- Price, product, place and promotion, the four Ps of marketing, are fundamental for successful marketing communication. One of its goals is building and reinforcing relationships with clientele, retailers and other people who the company markets their products to. But the main objective is to reach \a target market and affect their behavior through informing, convincing and reminding. They must reach out to new consumers and persuade then them to purchase their product, while at the same time they must preserve their current customers.... [tags: Marketing]
1520 words (4.3 pages)
- Overview of Management-Kudler Fine Foods Kudler Fine Foods, a gourmet food store was founded by Kathy Kudler in 1998 with the vision to provide customers with a variety of quality products such as bakery, meat and seafood, cheese and dairy, wine, and produce with over 350 fresh fruits, vegetables, herbs and spices from all over the world. Kudler Fine Foods opened its first store at La Jolla, California and within five years of operations expanded to Del Mar in the year 2000 and Encinitas in the year 2003 all stores located in San Diego County, California.... [tags: Business Management ]
877 words (2.5 pages)
- "Flanking in a Price War" discusses some of the strategies utilized by retail grocery chains, wholesalers, and co-operatives within the Quebec Grocery Industry. Pricing strategies are the main focus of this article. It outlines both successful and non-successful pricing tactics. In addition, it emphasizes the importance of considering all pricing options, through price experiments, before deciding upon a pricing strategy. It tells of the decline of an industry leader, Steinberg Inc. Steinberg Inc.... [tags: Business Pricing Strategy]
1215 words (3.5 pages)