Retail Store Major Project Proposal Essay.

Posted: January 11th, 2023

Retail Store Major Project Proposal Essay.

You currently work for a retail store that carries basic household goods, some groceries, and health and beauty products.Retail Store Major Project Proposal Essay. The store is located in the small community (approximately 5,000 total residents) in which you live and is looking to expand its operations in some way.Retail Store Major Project Proposal Essay. For this assignment, you are required to develop a major project proposal to be undertaken by your employer.

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You may decide to expand your product offerings or open an additional store in an adjacent community, for example. You may use figure 2.4A and B in chapter 2 of your textbook as a general outline of what your proposal should entail. Your project proposal must include the following components: 1. Project title 2. Project manager (yourself) 3. Problem definition or project rationale: Describe the problem or opportunity for improvement. 4. Goal definition:Retail Store Major Project Proposal Essay. Describe the project goals. 5. Objective definition: Quantify the savings or benefits you expect from completing this project. How much will it cost (hours, materials, methods, equipment, etc.)? Estimate how long the project will take to complete. 6. Resources: Identify the resources necessary to complete the project. 7. Risk analysis: Identify the major risks associated with undertaking this project.Retail Store Major Project Proposal Essay. How likely is it that these risks will occur? How will the project be impacted if these risks occur? Refer to “The Retail Store” for additional information about your organization. Prepare this assignment according to the guidelines found in the APA Style Guide, located in the Student Success Center. An abstract is not required. This assignment uses a grading rubric. Instructors will be using the rubric to grade the assignment; therefore, students should review the rubric prior to beginning the assignment to become familiar with the assignment criteria and expectations for successful completion of the assignment.Retail Store Major Project Proposal Essay.

Retail store major project proposal

1. Project title

New store opening project – Opening an additional store in an adjacent community.

2. Project manager:(yourself)
3. Problem definition or project rationale

The flagship retail store has been largely successful and the management is seeking to increase its profits by moving into a new market. In fact, three reasons were identified for opening the new retail store. Firstly, a need to create opportunities for the new community to better themselves through having convenient access to the retail goods, and working with the store through employment opportunities. Secondly, a need to make a difference in the community through opening a store that meets the needs of the community members.Retail Store Major Project Proposal Essay. Thirdly, a need to create wealth for the retail store owners through bringing in more money. The new store will be in a new area and is anticipated to target new customers so that the store will have a larger customer base, make more sales, and record higher cumulative profits (Westwood, 2013). Besides the mentioned reasons, the new location offers a better and bigger store that offers greater exposure with the capacity to network and acquire goods at lower costs. Additionally, the present business model can be duplicated, and market research has been conducted, all showing that a new location is necessary for expansion purposes (Bond, 2013). As such, opening the new store is an opportunity for improvement.Retail Store Major Project Proposal Essay.

4. Goal definition

Opening the new retail store has been guided by specific goals centered on staffing, sales and customer service. Five goals have been identified. The first goal is to run a profitable business operation and improve profit margins through capturing a larger customer base and increasing revenue. The second goal is to increase customer satisfaction with the product offerings and store location convenience by 40% over one year. The third goal is to improve retail products turnover from four days to three days. The fourth goal is to growth the business operations. The fifth goal is to increase brand awareness.Retail Store Major Project Proposal Essay.

5. Objective definition

Five objectives have been identified for the new retail store. Firstly, reaching the goal of running a profitable business operation will be achieved through increasing annual sales by 20% within in 14 months of operation. Secondly, reaching the goal of increasing customer satisfaction will be achieved through increasing the retail product offerings by 30%. Thirdly, reaching the goal of improving retail products turnover will be achieved through lowering prices and engaging in product promotion and advertisement activities with an additional 40,000 spent annually on marketing activities. Fourthly, the goal of growing the business operations will be achieved through scouting new locations and opening a new retail store every two years. Fifthly, the goal of increasing brand awareness will be achieved through presenting an annual newsletter and creating a customer reward scheme (Wang, 2014).Retail Store Major Project Proposal Essay.

6. Resources

Four main categories of resources have been identified as necessary to complete the project of opening a new retail store. The first category is financial resources that includes loans, credit, personal investment, venture capital, and equity. The financial resources are required to pay for licenses, retail goods acquisition, rentals, salaries/wages, and so on. The second category is intellectual resources that include customer databases, partnerships, and company brand. The combination of the intellectual resources determines the unique manner in which the organization conducts business, which sets its stores apart from other retails stores. The third category is human resources who include all personnel engaged by the organization to successfully open the new retail store. They include cash register attendants, manager, cleaners, isle attendants, and security personnel. The fourth category is physical resources that includes vehicles, storage facility, transportation, and buildings (Hutt &Speh, 2013; Winston et al., 2013).Retail Store Major Project Proposal Essay.

7. Risk analysis

A risk analysis was conducted to identify the major risks associated with opening a new retail store. Two categories of risks were identified: internal and external risks. Internal risks are specific to the business and within the direct control of its management. External risks are general to the industry and affect all businesses operating in the industry to include competitors within the same geographical areas. Four internal risks were identified. The first internal risk is workforce risk that occurs through a misalignment between the existing and required workforce. The occurrence of this risk would result in personnel being absent from work so that business outputs and outcomes are not delivered. This risk is likely to occur if the working conditions, terms and remunerations are not favorable. The second internal risk is operational risks that occur if there are changes in procedures to affect workflows. There is a low risk of this occurring since the organization has established procedures that will be applied in the new retail store as part of the brand identity. The third internal risk is marketing risk that occurs if the market is not made aware of the new store through marketing activities. There is a low risk of this occurring since there is a marketing budget to ensure that the market is aware of the new store to include its location and offerings. The fourth internal risk is financial risk that occurs if funds are not available for the project. Third has been addressed by preparing a budget for the project and ensuring that funds are available before beginning the project (Baines & Fill, 2014).Retail Store Major Project Proposal Essay.

Four external risks were identified. The first external risk is changes to consumer demands, particularly changes to retail shopping trends to include online shopping. This risk is being managed through plans for home delivery services and an online shopping portal. The second external risk is government regulations. This risk is being managed through ensuring that the new store is compliant with all relevant government regulations. The third external risk is natural disasters that includes flooding and hurricanes. This risk is being managed through modifying infrastructure and getting insurance. The fourth external risk is changing economy that is characterized by changes in customer earnings. This risk will be managed through closely monitoring the economy and changing the offerings to match the economy(Baines & Fill, 2014).Retail Store Major Project Proposal Essay.