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Embed code for: Senior final draft
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My senior project final draft!
Ethan Branch Branch 1
5 October 2016
How does one keep a retail business from falling into a pit? How would someone keep a retail store from running out of business? Keeping a company requires a positive rapport with customers and an extensive knowledge of the industry. Prioritizing and agreeing on the company's statements and ideas is a way to better management. It is always a continues process to run a retail company, especially as a manager.There are many ways and processes to follow to have a successful business.
A positive, relative easy way to earn profit is advertisement. Promoting brand names is important in selling and earning money. "Advertisements play a crucial role in promoting a brand and creating its awareness amongst the masses"(MSG). Advertisement helps create a way to show customers what is new or what is trying to promoted. For an example make a promotion, for instance buy one get one free promotion. Creating an advertisement helps expand awareness of the brand trying to be sold. Changing advertisements often helps draw attention, while keeping the same advertisement will be forgotten about. By making paper or commercials to enhance sells is an incredible way to get attention. Creating new ways to get the customers attention is what will maximize profits within the company. Advertisements have be set up the right way. "The advertisement must effectively communicate the right message and click on the customers. It should be a visual treat and appeal the end-users"(MSG). Using the process of advertisement can be a easy way to expand company profit quickly.
The most important way to profit is the store layout. Layout of the store is important in where each product is placed uniquely. "Opening a retail store is no joke and requires meticulous planning and detailed knowledge"(MSG). There are different ways to layout a store in order to make sales. A diagonal floor plan is a great layout, the shelves or racks are kept diagonal for the managers to watch the customers. The diagonal plan is great if the customers are able to pick out their own products. The store should be in the wide open for everyone to notice, a secluded store wont get much activity because it wont be well seen. Locating a store in a secluded place will make it hard for people to get to and will not be very successful. The way the floor is set up is very important to sales. To improve sales the floor should be well organized, easy access to get to the items customers came for. Customers should have no problem searching for products. Make the store seem like is natural for them when arriving. Store layout in important when running a retail business. Most sales will happen when customers are most comfortable with their surroundings.
Pricing is defiantly key when running a business. Overpricing and underpricing are something to always be concerned about. "According to manufacturer suggested retail pricing strategy the retailer sets the final price of the merchandise as suggested by the manufacturer"(MSG). When deciding the price of a product it cannot be to expensive, but has to be at a honest price to still gain profits. If one store has a product for ten dollars, pricing around the same range is what one should do. Earning profits is the only way to expand to a greater company. Profiting in a company is most important to greater build into bigger things. When deciding a price, taking the average of other stores would be most accurate. Pricing is key in business.
There are many factors that change and influence customers spending in their lives. How the store looks is a major eye opener for customers. "The store display plays an important role in influencing the buying decision of the customers"(MSG). If a store wants to increase customers, making the store look like "home" is the best way to increase customer count which also increases sales. Creating a display for the store increases chances for customers to spend money. Keeping these loyal customers are important for gaining profits everyday. "The store ambience plays an important role in attracting new customers and retaining existing ones"(MSG). By playing soothing music or always greeting customers like they are close friends is what keeps them coming back. They eventually start to feel like its home and will always be glad to continue to shop. Customers rely on comfort where they are shopping, so they know they are spending money in a safe enviroment without any worries.
Retail management is a risky business to run. Running retail takes patience and money and brains to succeed. To successfully run a business lots of knowledge is needed to expand and profit more then other competing stores. Keeping a store in business is all up to the owner and how it is handled.
"Factors of Buying Decisions." Managementstudyguide, managementstudyguide.com/ factors-affecting-buying-decision-of-customers.htm. Accessed 31 Aug. 2016.
"Retail Pricing." Managementstudyguide, managementstudyguide.com/ retail-pricing.htm. Accessed 31 Aug. 2016.
"Retail Store Operations." Managementstudyguide, managementstudyguide.com/ retail-store-operations.htm. Accessed 31 Aug. 2016.
"Store Design and Layout." Managmentstudyguide, managementstudyguide.com/ store-design-and-layout.htm. Accessed 13 Sept. 2016.
"Tips to Promote a Retail Brand." Managmentstudyguide, mhtmanagementstudyguide.com/retail-marketing.
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[Last Name] 4ement must effectively communicate the right message and click on the customers. It should be a visual treat and appeal the end-users"(MSG). Using the process of advertisement can be a easy way to expand company profit quickly.
There are many factors that change and influence customers spending in their lives. How the store looks is a major eye opener for customers. "The store display plays an important role in influencing the buying decision of the customers"(MSG). If a store wants to increase customers, making the store look like "home" is the best way to increase customer count which also increases sales. Creating a display for the store increases chances for customers to spend money. Keeping these loyal customers are important for gaining prof