The Analysis and Selection of the Proposals for The Retail Store .

Posted: December 5th, 2022

The Analysis and Selection of the Proposals for The Retail Store .

 

CLC – Project Selection

The analysis and selection of the proposals for the Retail Store started by each group member understanding that the organizational strategy is always defined by the vision and mission statements. The mission statement of the retail store is “The Retail Store offers customers convenience, quality, and great prices. By doing so, we strive to make each and every community a better place to live. The vision statement is “The Retail Store strives to be the leading retail or as measured by fiscal results and community involvement advocacy within every small community.” Therefore, the priority project will be selected based on the organizational vision and mission statements.The Analysis and Selection of the Proposals for The Retail Store .

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After examining all the proposals, the priority project to complete is McGeough’s proposal that involves expanding stores into another state. The reason for selecting this project is because it is more defined and will include reusing already existing building to expand a new store into another state.

The objective of this project is in line with the mission and vision of the retail store when compared to the other proposals. The selected project is very logical because of a developed building will be acquired and more product distributors. The proposal meets the overall goals of the retail store.The Analysis and Selection of the Proposals for The Retail Store .

The completion of a project depends on how it is steered in the right direction. The vision and mission statements are used to guide an organization in the desired direction. Both statements should relate to the purpose of the organization (Martin et al., 2018). The selected project and the vision and mission statements are tailored towards the “needs and wants”, of the organization requesting the project.

The retail store aims to increase the annual sales to 5, 000, 000 and take part in at least 10 community activities within the locality. The store also aims to attain excellent customer services and serve the locals and this will result in making positive impacts on the community.The Analysis and Selection of the Proposals for The Retail Store .

Accordingly, it will be important for the project manager to develop a scope statement stemming from the vision and mission statements. An organization uses the mission statement to generate both short and long-term goals. The goals may consist of the revenue goals, market share in the industry, better brand awareness, as well as increasing customer satisfaction (Hallencreutz & Parmler, 2019). Therefore, the project manager will be required to take into consideration the vision and mission statement in order to meet the set goals of the company and at the same time sustain the need for growth and longevity of the company (Micu et al., 2019). In order to ensure the success of the project and minimize the probability of project failure, the team should follow the vision and mission statement while striving to meet the company objectives/goals.The Analysis and Selection of the Proposals for The Retail Store .

 

 

The Retail Store

 

Where convenience, quality, and community are our purpose.

 

Mission Statement (who we are): The Retail Store offers our customers convenience, quality, and great prices. By doing so, we strive to make each and every community a better place to live.

 

Vision Statement (who we strive to be): The Retail Store strives to be the leading retailer as measured by fiscal results and community improvement advocacy within every small community.The Analysis and Selection of the Proposals for The Retail Store .

 

Fast Facts:

 

$3.2 million in sales the last fiscal year Three stores in one state (three different small towns) Store size = 2,500 square feet About 2,500 core products from America’s most-trusted manufacturers Three distribution centers 30 employees

 

“Must” Objectives

 

Achieve annual sales of at least $5 million.

Participate in the improvement of at least 10 low income communities throughout the state. Expand core product offerings by 10% within a 2-year time frame.

The Analysis and Selection of the Proposals for The Retail Store .

 

“Want” Objectives:

 

Expand size of stores by 10%.

Open at least one store in a neighboring state within a 5-year time frame.

Retail store major project proposal

1. Project title

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

2. Project manager: Mayra G. Molina
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. The Analysis and Selection of the Proposals for The Retail Store .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.The Analysis and Selection of the Proposals for The Retail Store .

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.The Analysis and Selection of the Proposals for The Retail Store .

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).The Analysis and Selection of the Proposals for The Retail Store .

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).The Analysis and Selection of the Proposals for The Retail Store .

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 Analysis and Selection of the Proposals for The Retail Store . 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).The Analysis and Selection of the Proposals for The Retail Store .

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).The Analysis and Selection of the Proposals for The Retail Store .