In order to understand how a business makes money and gain so much income in an unstable and changing economic like today, we must look at how a business is managed. Success in a large corporation or even a sole proprietorship business requires a strong leader. A manager with the knowledge and experience needed to obtain not only revenue but to help establish a name for the growing business. There are many ways to run a retail store and some styles are better than others but when you have a whole team of motivated employees, you can easily get your tasks done and earnings met. For instance, in this research I will be comparing how two managers who manage the same company runs their store differently. The style and way they choose to run …show more content…
That aside, I’ve been able to travel with the company working in two different states and have seen that the foundation to the booming cooperation was due to good managing. Although the styles of the two managers were different at both stores, they were still able to meet store monthly revenue goal. With that said, Managers should be trained with proper knowledge in hiring, marketing strategy and employee relations because good managing equals a successful business.
Hiring good employees is important for any type of business. Employees are hired to keep a business from failing. A business cannot function if there is no one working and transacting to help the managers. Managing is planning and finding new ways to do business better whereas an employee would complete tasks assign by management. When a new employee is hired, more expenses goes out to train and test the new hiree. So imagine if you have a bad hire that would be another extra loss of expense. Also, a good employee would have to do extra work to make up for what the bad employee isn’t doing, that puts your good employee at risk of leaving the company. For example, my brother is a manger for a clothing company. He manages over thirty employees during a night shift. He tells me that when one employee doesn’t do a job that was assign another employee has to do it. He adds
Staffing: Hiring the right people can make or break your business, and poor hiring decisions will prove to be costly. Once good employees hired, make an extra effort to keep employees happy so that you minimize the turnover rate for your business as much as possible.
The world of retail has entered a period of enormous transformation, with broader retail market growth at a pace of three percent annually, many retailers are finding themselves in an uphill battle to profitably expand growth and market share (Deloitte, 2017). According to Richard Goyder AO, Managing Director, Wesfarmers “The key to long-term corporate success is evolution – looking for new ways to do business, for new businesses and new geographies to operate in (Wesfarmers, 2015).
This research paper exhibits Trader Joe’s unique business strategy in the management skills that has built a chain of grocery markets, and the understanding of Trader Joe’s business model in planning, organizing, leading, and controlling. According to the MGMT8 textbook “planning is determining organizational goals and means for achieving them, organizing is creating structures and work systems, leading is inspiring and motivating people to work hard to achieve goals, and controlling is monitoring progress toward goal achievement and take corrective action when needed” (Williams, 2016, pp. 4-6). Trader Joe’s demonstrate the importance of the management process in planning, organizing, leading, and controlling in many different ways. According to Forbes article “Trader Joe’s stands out from all the rest of the grocery business because they have proven how cultural awareness can cultivate business growth, and a grass-roots marketing niche that draws viral consumer activity” (Llopis, 2011). Trader Joe’s is a private and a diverse company, and their approach and attitude are deeply embedded in the roots of the business model such as, product packaging, product selection, vendors, business layout, employees, and management. In addition, Trader Joe’s business model is to listen and to carefully respond to the needs of those they serve, and they encourage feedback from consumers such as, completing a simple response card that is available in every store. Trader
Human resources: this is needed in the business and is also monitored because if someone isn't doing his/her work correctly then they are likely to be replaced with someone that is better. If the business is to expand then the business needs to employ staff with certain ability that will benefit their business.
The retail industry has evolved over the last several years where “big box” retailers as Walmart and Target are sustaining more success than the endearing retailers, we call “brick and mortar”, as Walgreens or CVS/Pharmacy. With the increase use of online shopping and automation, developments of slow decline in the presence of our local drug stores and further emphasis on the strengths of larger retailers. However, I’m not sure if we can fault the success of “big box” stores for the collapse of our ”brick and mortar” retailers, as they each offer the identical online commerce and similar products, I think the organization’s leadership is the blame for the downfall. As a human resource practitioner, if I were to evaluate how we could brand our local CVS/Pharmacy or Walgreens as competitive to our Walmart and Targets, I would commence with building a better work culture for employees, as that may be the source of the issue affecting the success of the smaller retailers.
Although SHLD is attempting to cut costs and capitalize off of their newly appointed loyalty program, the company continues to manufacture quarterly losses (Sharf, 2014). Their lack of profitability stems from an inadequate mission statement, increased competition, inadequate marketing and lack of bargaining power. However, all of these aspects can be fixed to ensure that SHLD becomes profitable again. This is why research needs to be completed. I need to research ways combat competition, revitalize their marketing approach and increase their bargaining power. Furthermore, I need to ensure that SHLD’s modified mission statement provides guidelines for the entire organization to follow. Once all of these aspects of SHLD are fixed, I will present my results to my General Manager of SHLD eastern region. Prior to presenting a formal report to my General Manager, I plan to excavate information from sources as follows: Wall Street Journal, Forbes, ABC news and much more. In addition to periodicals, I will use UMUC’s Library to extract financial trends and statistics. Moreover, I plan to conduct interviews with general and store managers from Sears and K-Mart stores to retrieve their reactions to SHLD current financial
All retail firms depend on the Company’s performance and their business stratergy to obtain growth and profitability . Retail companies of all size focus on their key goals and hoe efficiently they can achieve them in order to maintain long-term success. Firms in retail industry try to control their costs, maintain high profits and evenly distribute the profits. There are some basic factors that help large retail companies to gain sustainable growth. For any company, costs of goods sold is a very necessary factor to maintain profitability.
Macy's Inc. is one of the nation's largest and well known department store chains. Started over 150 years ago, Macy's has continually generated excellent returns for its shareholders and employees. Currently, in the midst of a global recession, Macy's has generated huge profits with same store sales increasing 5.3% year to date. In 2012 same store sales increased 4.6% in the month of February alone (Macy's Inc., 2012). In fact, throughout the duration of 2012, Macy's is projecting even larger profits for its underlying business operations. Even though Macy's has experienced success with both its assortments and brand, its competitors haven't faired so well. Sears, due in part to part to a lackluster holiday season, has been forced to close nearly 120 locations to generate excess liquidity in an effort to shore up its balance sheet (Isidore, 2011).Other competitors who cater specifically to the middle class consumer have also lost significant amounts of market share as consumers trade down due to the economy. This performance is primarily due to the core functions and operations of the business. Planning, organizing, leading, and controlling. Macy's excels at these forms of management, which has allowed the company to perform at a higher level relative to its peers in the industry.
In 1967, Bill and Doris Abraham started a small, yet successful grocery store. They both had positive go-get attitudes, and ensuring happy customers was one of their priorities. They had a good reputation, focussing on the good quality meats and produce. 40 years later, Abraham’s had more than 200 stores. To begin with the management was very unstructured, each department having a different manager, and then the store manager not having control at all. This lead to a loss of control over the business and an increase of conflict occurred. The efficiency and effectiveness in managing this business can be improved by starting with a structure that will work. To become more effective, a goal must be put in place, that way the managers/employee’s
Employees are indeed a crucial part of any organization and are often referred to by economists as the most important factor of production. For many years, employers have been faced with the issue of retention and are fairly cautious when it comes to managing and retaining their workforce. Included in this is having the best possible employees or talent on your team working efficiently to ensure the business is stable and successful. As it is said “an organization can only be as successful as the people working with them”. Ensuring you have the proper team is crucial but if there is any downfall to an individual employee this can slow production or lower morale amongst your employees.
In addition, this apparent paradox need the business to be focused on growth yet perceived by shoppers as customer focused. In addition, the business had accomplished this through basing the growth strategy on an alignment of a unique corporate culture with a clearly designed corporate culture with a clearly defined competitive space. In addition, the manner in which the business was created illustrates many of the challenges that managers face (Sadler-Smith, 2006). This means that business managers must possess various skills, knowledge, as well as, abilities. For instance, management is a process that is unpredictable. The most effective managers are the likes of Joe, who makes efforts to continually improve the performance of their
As an owner of a small business, you will need to rely on your workers at times. Your employees will need to be motivated, disciplined, and productive, but finding qualified and experienced workers can be difficult. During the hiring process, make sure to evaluate each potential employee properly.
In today 's ever-changing business environment, effective managers must be competent in a plethora of varying critical competencies in order to help an organization reach and exceed its respective goals. Managers must communicate and infuse a high-performance mentality in their employees, while creating an organizational culture which promotes teamwork and competitiveness for the overall betterment of the organization. To aid managers in this task, organizations will establish tools and or processes which when utilized correctly will help managers to achieve their respective goals. In the following analysis, this paper will comment on the tools and processes provided through Walmart to their managers for the purpose of maintain market dominance, while also analyzing how top management at Walmart critique and monitor management effectiveness at both the micro and macro levels.
With the acquiring of quality employees comes the assessment and development of Human Resources. Having the right people for the job is just selecting the right people to
Business is loosely defined as buying and selling. However business is both an economic and social activity which is done to acquire wealth and serve the society through the provision of goods and services which the society needs.