...MERCHANDISE PLANNING AND MANAGEMENT Any business enterprise is preoccupied in planning its merchandise offerings. Effective merchandise planning is an important aspect of retailing. Incorrect planning of merchandise can lead to a very disastrous situation for retail business. Before making any merchandise plan, it is important that a retailer must know the meaning of some of the merchandise terminology: 1. Item refers to a unique kind of good within a merchandise line. 2. Stock Keeping Unit (SKU) refers to one or more of a distinctive item. 3. Merchandise Classification is a grouping of goods that serve similar customer need and exhibit closely sale patterns. 4. Variety relates to the number of different merchandise lines that are stocked by the retailer 5. Scrambled Merchandising. Some retailers follow a scrambled merchandising which occurs when unrelated merchandise line are introduced into limited-line store. 6. Assortment refers to the number of choice that are available within a particular merchandise line. THE PROBLEMS OF BUYING THE GOODS Customers nowadays are the best judge of what they want, what they will buy and from what source they will buy. With these attitude and behavior of the consumer, the retailer is then concerned with the task of securing the merchandise that will be saleable and bring the profits to the stores. This could only be accomplished if the retailer can identify clearly the basic problems in buying. What to buy. The problem...
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...Abstract You will either lose or save an abundance or money in the development of starting the corporation or retelling the merchandise this all depends on how you produced your merchandise. There are three things that need to be considered; the manufacture price, your financial plan and estimated profit margin. You will correspondingly need to reflect on your management knowledge and the people that assist you with the corporation judgments and the profits, when choosing how you need to manufacture your merchandise. How Management Operates The means of support if you want a successful corporation is the management. Management is everything and anything that affects the corporation in a moneymaking way or it could have a harmful effect on the corporation. The people that are responsible for the critical decision making to do with the corporation and they make the decisions dealing with the financial management, are called the managers. Controlling, leading, organizing, and planning are the four occupations management is broken down into. Each one of those corporations play a very significant part of what is takes to make you management successful for the corporation. (Coastal Carolina University, 2001-2011) In management controlling is completely regarding answerability. In the corporation or in a section of the corporation, a manager has a duty to establish goals, observer the goals, and if it is necessary modify or make different goals. A manager is also responsible...
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...Running head: MANAGEMENT ROLES Management Roles Rachelle Ligans University of Phoenix IT Organizational Behavior CMGT/530 Dr. Suchitra Abel April 02, 2012 Management Roles In order to understand the concept of Management Roles one would need to understand what managers do. Management roles pertain to specific categories of managerial behavior. Two businesses have been selected, one that employs less than 50 employees and one that employs over 500 employees. In researching each business a brief overview has been provided for each of the businesses, along with a brief description of the hierarchical organization, information on how the hierarchical does or does not work, why or why not. Each organization’s IT functions will be discussed as well. It does not matter whether a business employs less than 50 employees or more than 500 employees when it comes to Managerial Roles, as all manager functions are the same, smaller businesses simply have a much smaller scale. Managers generally conduct four main functions: planning, organizing, leading and controlling (Robbins & Judge, 2011), (http://ezinearticles.com/?Main-Functions-of-Management&id=4379082). Each function plays a vital role to consolidate the management in the organization. However emphasis given to each role may vary depending on the organizational level. Tim’s Grocery Store in Lewisville, AR has been chosen for the business that has less than 50 employees. Tim’s Grocery store is located in a rural area...
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...the Products and Services * Organization and Management * Marketing and Sales Strategy * Financial Management Executive Summary Fondou Business is located in Philadelphia, Pennsylvania. They provide general merchandise to the public of all ages and families. Fondou Business is located in a busy flea market that operates on Saturdays and Sundays. The store provides merchandise that would suit anyone’s needs. Fondou Business is a small business that is operated by Abou Saidou Business Description and Vision Fondou Business is located in a busy flea market that provides good customer service and quality merchandise at a low price. The vision is to receive two thousand dollars ($2000.00) for expanding the business by purchasing more merchandise to increase sales. As of right now, the business is a sole proprietorship, however there are hopes of growing bigger and changing to a S-corporation, then excelling into franchising with multiple investors. Definition of the Market Fondou Business is not only located in a busy flea market where a lot of advertisement is already done by the owner of the flea market, yet they are confident everyone will find something they need. They pride themselves in listening to what customers’ wants and needs. Increasing merchandise stock will generate new customers. Description of the Products and Services Fondou Business will be selling all types of merchandise, including but not limited to: handbags, costume...
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...executives have to keep their focus and be ready to adapt to them at a moments notice. At Wal-Mart, top executives have learned to utilize the four traditional functions of management: planning, organizing, leading, and controlling. Through understanding the four functions, they have been able to overcome the internal and external factors that have threatened Wal-Mart’s place in their industry. However, Wal-Mart has experienced situations where internal and external factors have affected and, in some cases, enhanced their ability to use those functions. Now we will take a look at these five factors: Globalization, Technology, Innovation, Diversity, and Ethics and analyze their affects on the four functions of management. For Wal-Mart, globalization has affected the four functions of management. When the organization decided to go global in 1991, Wal-Mart experienced a huge shift in its ideas of planning. With the options of going into Europe, Asia, and other countries in the western hemisphere, Wal-Mart decided to first move into the South American markets. Ultimately, Wal- Mart chose to expand its organization globally in Mexico where it could gain knowledge and experience, and use this knowledge to continue to expand internationally. Globalization affected the company’s organization function of management as well. For Wal-Mart to expand further than South America and into Canada, the firm had to establish an organizational strategy. The corporation chose four main...
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...Professional Workplace Dilemma Paper Alicia Huff GEN 480 June 19, 2012 Alexander Dunham Professional Workplace Dilemma Paper Although everyone experiences a dilemma in the workplace at least once in their life, the most important aspect of the dilemma is to learn from it and gain some knowledge and wisdom that can be used the next time you are faced with dilemma within the workplace. Furthermore, while experiencing these dilemmas in the workplace we have to ensure that it is not a repeat deal. Meaning that you are a confrontational person and always have issues with other employees, because you gossip too much or your just plain old not doing your job and causing other people to get in trouble because they have to pick up your slack. Or maybe there is a fellow employee who is looking to get a promotion as a manager soon. Currently he or she is doing some shift leading from time to time. However, you notice that sometimes while he or she is shift leading he or she takes advantage of the little bit of authority that they have been granted for his or her eight hour shift. Now you have brought the change in the shift leader’s attitude to the attention of your managers. You have explained that there is a little abuse of authority with, yelling, name calling, snatching things from other employees hands, not giving lunch breaks, gossiping about other employees to their employee friends who happen to work there, and so forth. The managers state that they will...
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...The Four Functions of Management All organizations have good and bad managers. One difference between a good manager and bad manager is that a good manager is both effective and efficient. An effective manager reaches the organizational goals and an efficient manager reaches the organizational goals with the minimal dissipation of resources in the organization such as money or people. Managers understand organizations are changing on an every day basis such as coming up with new ideas or methods used in the workplace. Managers must be able to adjust to the changes without disregarding the basics of management. The following will discuss the fundamentals of management, which includes the four functions of management such as planning, organizing, leading, and controlling. It will also explain how the four functions relate to an organization. The first function of a manager is planning. A manager must understand what the organizational goal is and plan the direction that needs to be taken to achieve an organizational goal. According to Bateman and Snell (2009), “planning is specifying the goals to be achieved and deciding in advance the appropriate actions needed to achieve those goals” (p. 19). A manager, who focuses on the function of planning, identifies objectives, goals, and methods. He or she recognizes the capital or resources needed to accomplish the methods, responsibilities, and deadlines for the completion of tasks. For instance, a Wal-Mart department manager...
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...Felwick Gifts Human Resources Manual Brian Chadwick Rasmussen College Introduction to Human Resource Management Jason Meldrum 12/16/2008 Table of Contents About Us 3 Sexual Harassment 4 Job Training 5 Pay Wages and Compensation 7 Privacy Concerns 9 About Us Welcome to Felwick Gifts, we began operations in a quaint, small town of Hastings, Minnesota during 2006. Felwick Gifts was created by Brian Chadwick, Jennifer Ostergren-Chadwick and Tom Felix. We offer figurines, DVD’s, fountains, tools, knick-knacks and collectables such as swords, dolls, collector plates and many more. Recycling is an important part of our organization and there are many recycling bins around the stores and office. We have 2 people in the office and 2 of them also work on the sales floor (Brian Chadwick and Tom Felix), with a total of 17 employees (10 women and 7 men) on the floor and in the storage room and truck comes in. Within a year, we hope to have an online store. Organization Structure of Felwick Gifts is as follows: Sexual Harassment Sexual harassment is a form of sex discrimination that violates Title VII of the Civil Rights Act of 1964. Sexual harassment is defined as unwelcome sexual advances, requests for sexual favors, and other verbal or physical conduct of a sexual nature constitutes sexual harassment when submission to or rejection of this conduct explicitly or implicitly affects an individual's employment, unreasonably interferes with an individual's work performance...
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...distinctive place amongst American families (Penney, 2013). Mr. Penney opened the first store and practiced many courtesies that are now commonplace (Columbia Business School, 2001). Practices such as money-back returns, uniform pricing, quality merchandise, and pleasant customer service set the store apart from the competition (Columbia Business School, 2001). By investing in the business and remaining committed helped build the company’s legacy. This mode of corporate citizenship continues to contribute to the advancement of social, environmental, and ethical standards (Penney, 2013). In fact, adherence to high ethical standards is an integral part of the organization’s legacy and is vital to shareholders, customers, and suppliers (Penney, 2013). The author will evaluate the changes of J C Penney’s management style, explain the shift from a catalog-based retailer, and discuss the decision to use celebrities as company spokespeople. The author will close by providing ideas that influence employees and customers and lastly the author will predict if J C Penney’s can adapt to the changing needs of customers and the market by suggesting changes in the management structure that prove beneficial to the company. J C Penney’s management style J C Penney hired a team of in-house designers to support...
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... and community looking to immerse themselves in the sporting experience. Family Futbol is a sporting goods and apparel store that caters to the family that is passionate about the sport and dedicated to representing their favorite teams both on and off the field. People all over the world spend most of the year engaged in watching, playing, and living Futbol; it is easy to recognize the demand for a business that will bring popular and rare apparel and accessories to the mass public as well as community youth soccer teams. Since Futbol is a year-round sport in various countries of the world it is critical for Family Futbol to offer merchandise ranging from local youth teams to world national teams alike; this will enhance our sales as well as become a staple in our community. Many shops around the country sell ridiculously priced Futbol merchandise in the form of poorly replicated knock-offs. At Family Futbol, our knowledgeable support staff is available online 24 hours a day 7 days a week to help each member of the family make their dreams of owning official quality fan favorite Futbol gear a reality. The idea of starting Family Futbol began as a shared love of the sport between a young couple. Together, a partnership was formed that allowed both individuals to contribute skills, resources, and passion for the sport into a thriving business that would be embraced my communities across the country. Each partner brings a specialty to the table in addition to the initial investment...
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...theme park and resort that adopted 20% on digital promotional strategy. Moreover, in gaining competitive advantage in this era of technological advancement, product development is a vital business strategy. Since Angry Birds Activity Park deals on entertainments which targeted indoor games to children, it is pertinent that its entertainment sector be expanded to outdoor activities. This will enhance the company to enlarge its customers and serve the attracted new ones better. 13. The Logistic description System of Angry Birds Activity Park Angry Birds Activity Park has a well-structured logistics management which enhances its business planning framework for the management of material, service, information and capital flows. The company has a large collection of angry bird toys, stationery, yummy snacks, apparel and other merchandise at its gift shop. There is a merchandise delivery service whereby customers...
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...vision, philosophy, and strategy for the organization. Without the endeavoring scope of management, Macy’s would not be in the position they are today. The corporate vision for Macy’s, Inc. is “a premier national retailer with iconic brands that each operate a multichannel business involving outstanding stores and dynamic online sites. While Macy’s and Bloomingdale’s are known worldwide, each has its own unique identity, brand strategy, customer focus and business strategy” (Macy’s Inc, 2010). Macy’s philosophy is customer based. Macy’s recognizes that the customer is the principal and all actions and strategies of the company should be directed and favor them. Macy’s creates competitive advantage through their superior implementation of customer-centric strategies. Within these customer-centric strategies, they focus on having open and honest communications with employees, shareholders, vendors, customers, analysts, and news media (Macy’s Inc, 2010). The corporate objectives of Macy’s Inc include: growing sales, continuing to increase the company’s profitability levels (earnings before interest, taxes, depreciation and amortization) as a percent of sales, improve return on invested capital, and maximize total shareholder return (Macy’s Inc, 2010). The four major strategic focuses of corporate managers of Macy’s are: differentiating merchandise assortments and tailoring them to local tastes, delivering obvious value, improving the...
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...Running head: MANAGEMENT PRACTICES MANAGEMENT PRACTICE Abstract This paper will explain how good management practices of planning, leading, organizing, staffing, and controlling are implemented into the workplace. It will analyze the application of these management concepts to the workplace. Including specifics of how five functions are practiced in the workplace. Applying the five functions can only improve any business that is willing to accept changes. At the time it was not known that the Boutique was using the five functions. The course made it clear that the owner was utilizing the five functions and the contribution it will offer to the business when practiced during operation. MANAGEMENT PRACTICE Effective Management Practices in the Workplace A good, effective management practice to use in any workplace is the five functions: planning, leading, organizing, staffing, and controlling (Reilly, 2011). A successful workplace has to have a great staff working to help it move forward. A great leader (owner) will ensure that employees are organized, informed of the planning, leading, staffing, and controlling to reach the goals of the organization. Working in the clothing industry is tough so applying the five-functions in the workplace will work when it is applied properly. To be successful managers and owners need to know the five functions, and how to implement them into the workplace. Success will be reachable and achievable when all five functions are...
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...Danielle Fields |Objective |My objective is to become a successful marketer, and also a small business owner. In the process of | | |doing so I want to be well prepared and capable of dealing with all types of customers, know my | | |target audience, proficient in designing business and marketing plans for the business or company I | | |work for. This will allow me to be able to teach the everyday basic of marketing and relate it to the| | |real world. I want to be able to communicate and have others understand the general management and | | |marketing to be able to job done successfully. Most of all I want to be able to give some form of | | |education to the youth in the community so that they can own, run, or become a successful business | | |person. | |Experience |2004-2005 Marie’s Little Angel Daycare Center | | |North Chicago IL, 60064 | | |Teacher for school ages of 3-5 and 7-11 ...
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...Dragonfly- Lack of Management Experience The Thompson’s business decisions’ from the start of their relationship to their current situation has proven their lack of management experience. With both of their backgrounds in retail and buying, their choices were based more on what they know; retail, rather than what will make the company succeed. Each of their choices brought more risk than a successful small business owner would have made, who has experienced in more than retailing. Lastly, their strategy at Dragonfly to markdown inventory while not paying rent to their landlord, showed their lack of experience or knowledge of running a successful business. Opening the Lady Madonna franchise was the only successful decision the Thompson’s had made. As proof of their ignorance to management skills, they foolishly chose to move on from their Lady Madonna franchise, which was already equipped with brand-name familiarity and a national marketing platform to open up their own business. The Thompson’s enjoyed the buying trips, choosing inventory, and serving customers but a company cannot be run by owners who only know one side of the business; the retail side. The risk of a decision can be described as how expensive is the cost of failing. The Thompson’s had a large cost of failing. By opening their own business without management experience or partnering with someone who had that experience, their only chance was a long-term low return. As a result from leaving Lady Madonna...
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