Functions of Retail Management - 1021 Words

FUNCTIONS OF RETAIL MANAGEMENT When attempting to start a business, having a keen understanding of the goals of management through the main four management functions is one key to seeing success, both with the operation and with employees. With this said, a vital part of planning of the management end will involve three important activities. The first stage, planning involves developing a systematic process for attaining the goals of the organization...Leaders make change happen through planning instead of reacting to change (EntEd 2007). The first of which will be to lay out the goals that will be set for the hypothetical sporting goods store used as the example, the second will be to create a business plan since the development†¦show more content†¦It will be important for them to realize how every task they complete connects to the goals or the business plan so there is a sense of value and something at stake. Directing will not end at this stage or even after the business is open, it will continue to be a necessary component that I must actively keep up with in order for this sporting goods store to succeed. Controlling goes hand in hand with directing as it will be important for me as a manager and owner to match the tasks delegated with the business plan and goals so that I can keep firm tabs on how we are progressing. This not only involves monitoring of progress but being vigilant so that if negative changes are occurring I can resolve the issue. As Richman (2006) more succinctly puts it, when it comes to controlling, in project management terms, it involves determining variances from the approved plan, then taking action to correct those variances. Through my fulfilling of these four important functions of management, I would be a permissive leader. For a small business like this sporting goods store that has a very small number of employees and only two other managers, it is necessary to allow everyone to have an equal hand in important decisions. While directing is a large part of my responsibility, I would still like to allow employees and managers a great deal of leeway concerning how they perform the tasks assigned and if those decisions on how to work are not productive, only then willShow MoreRelatedLogistics and Supply Chain Management1186 Words   |  5 Pageslogistics management? b. State the six rights in an effective logistics management system. Logistics is defined as process of planning, implementing, and controlling the efficient flow and storage of goods, services, and related information from point of origin to the point of consumption for the purpose conforming to customer requirement, which also includes the inbound, outbound, internal, and external movements and return of materials for environmental purposes. Logistics Management is the governanceRead MoreAssignment #1- Hrm Capstone 5991393 Words   |  6 Pages Create a human resource management strategy for the retail store. According to the Society of Human Resource Management (SHRM), an HR strategy means a system of human resource practices for a particular job or collection of jobs aimed at the best employee performance possible to meet the firm’s ultimate goals (Wright, 2008). Human resource strategies are best planned and executed for a specific job or a set of jobs (Wright, 2008). In this case, for a traditional retail store recruiting, trainingRead MoreThe Halifax : The Largest Building Society And The Bank Of Scotland1700 Words   |  7 PagesThe Halifax was the largest building society and was the leading mortgage and saving company with a 22 per cent share of mortgages and 16 per cent of retail savings in UK. 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Through this interview, many aspectsRead MoreMgt/330 Week 2 Team Paper External/Internal Factors of Planning1293 Words   |  6 PagesPlanning, organizing, leading, and controlling—the four management functions—are seen in a variety of business environments. Different factors can have an impact on these four management functions. The facto rs are: globalization; technology; innovation; diversity; and ethics. These factors as they apply to Wal-Mart, one of the leading retail stores in the world, will be examined in this paper. During the past decade, retail markets have undergone many changes in their processes, services, and formatsRead MoreWalmart : The Human Resource Department1285 Words   |  6 Pagesits customers to live better and the acknowledgement that their success to a great extent depends on their employees. 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Throughout this paper, an address will be made to the control mechanisms that Wal-Mart uses within its normal business practices. In addition, a reflection will be made on how the control functions are utilized and what measures are takenRead MoreThe Philippine Financial System1068 Words   |  5 Pagesaffiliate of Foreign BankingCorporation that conduct banking transactions  in foreign currencies. BANGKO SENTRAL NG PILIPINAS AND ITS ROLE  N THE DEPOSIT EXPANSION AND  MONEY SUPPLY CENTRAL BANK –  a financial institution vested by the State  with the function of  regulating the supply, cost and use of money with a view to promotingnational and international economic stability and welfare.DEVELOPMENT OF THE BANGKO SENTRALNG PILIPNAS  The  central  bank  of  countries  within  the  region  of  Southeast  Asia  arecomparatively