Managing Communication

Decisions to be taken while starting new retail business

An individual who is planning for starting new business in retail sector has to take several decisions. On the basis of an effective decision only, individual can mark an effective presence in the business environment which is highly competitive in nature. The detailed explanation regarding decisions which are to be taken while operating new retail business is depicted below:

Type of business: At first, individual has to make decision regarding the type of retail business which they are planning to open. Here, person will basically have to decide that whether it should open its business in online platform or it should sale its product through flagship store.  Both the given form of business possesses some pros and cons (Galliers and Leidner, 2014). Thus, while taking the given decision it is being required by person that it must perform the thorough analysis of business environment. This is because; by complying with the given type of activity an effective and appropriate decision will be being taken by the person. For instance, if individual has identified that its retail competitors are selling their goods and services through online platform. Then in the given condition person should also has to comply with the same. It is due to the fact that by adopting the strategy of competitor organization can maintain its competitive position in market.

Location: It is another major decision which is required to be taken by entrepreneur who is starting new venture in the retail section. The location of the new businesses must be selected in such a manner which will help firm with regard to fulfill  the convenience related needs and demands of the buyers in an effective manner. Furthermore, it has been identified that, business location plays very crucial role in the success of new enterprise as by selecting appropriate location for the business, satisfaction of customer will be maintained. Through this, way organization can gain the benefits of high profits and sales in an effectual way.

Sources for raising the finance: Manager also has to make decision according to the type of sources which is required to be used with an aim to fulfill finance related needs and demands of new retail firm (Canary and McPhee, 2010).

Besides these given decision, individual who is setting up business in retail sector has to collect varied type of information. Here, the person has to gather information regarding its competitors as well as strategy which is being used by them. With the help of this information, strategy can be formed by the individual. In addition to this, person also has to collect information regarding laws and regulations which are associated with retail sector. By using the given information, the work of establishing new retail business can be carried out by the individual in a smother manner.

Listing internal and external sources

The information with respect to the starting of new retail business can be obtained by individual through number of sources which are enumerated below:

Internal source: Here, manager of enterprise obtains information about its new business with the help of departments like HR, finance, marketing and operations etc. These departments of the firm gives information regarding establishment of new retail firm (Meihami and Meihami, 2014). Furthermore, they also provide knowledge with respect to the type of marketing strategy which needs to be adopted by new firm. These are effective source because with the help them the individual can gather thorough information about ways through which internal operation of retail firm will be carried out.

External source: Individual can also gather information about the retail market by using external sources like journals, online articles and books etc. By taking assistance from journals, person can analyze varied researches which are being conducted by famous scholar in the retail sector. Through this way, individual can build up strong base for starting its new business (Queiroz and Oliveira, 2014). Furthermore, by complying with the given type of activity only, new retail firm can enter into respective market in an effectual way.

Recommending improvements in the information selection methods

Some recommendations are suggested individual with respect to the methods which is being used by it with an aim to select and analyze the information for starting new business. The detailed description regarding the same is depicted below:

At first, it is recommended to the person that, it must use tools like questionnaire to get information regarding tastes and preference of its customer. The given information would assist the individual in terms of making appropriate decision about its new retail business. Furthermore, with the help of this tool, the individual can resolve its entire problem relating to the type of goods and services which is required to be sold by the retail store. (Soon and Fraser, 2014). However, with the use of this tool manager of new retail firm cannot asses the validity of the responses which is given by particular individual. Thus, as the result of it the decision as being taken by manager is influenced through type of responses being given by respondent.

It is also suggested that, person must conduct interview of its targeted buyers.  With the help of these methods, opinions as well as expectation of customers from the new retail store can be gathered.

List of stakeholders in the decision making process

A person has to involve different stakeholders in the process of making decision about launching of business in retail sectors. The explanation of same is enumerated in below:

Employees: Individual has to involve these people in the process of making decision about its new venture. With the help of workers, organization can make several marketing and HR tactics which it can use to attract large number of buyers towards the newly opened retail business.

Customers: They are final users of goods and services (Customers, 2015). On involving buyers in the decision making process, individual can gather information relating to the type of products and services which is being needed by them. Thus, by selling the product through retail store individual can perform necessary improvements in its sales and profitability related condition.

Investors: They helps in fulfilling finance related demand of person who is starting new retail venture. In order to obtain finance, individual has to communicate about its vision and mission to the respective person (Proctor and Kitchen, 2002). However, in order to give importation about the vision and mission of the company manager of cited corporation has to involve its investors in the decision making process.

Developing relationship with the stakeholders

Varied ways are assessed with the help of which the individual who is starting new business in retail sector can establish contact with above mentioned stakeholders. In order to inform customer about the new business, contact can be established by person by using source like newspaper. Likewise, the tool like email and business meetings can be used in order to contact the employees as well as investors of new retail corporation (Welch and Jackson, 2007).

These all means can also be used by the individual for purpose of developing an effective relationship with the given stakeholders. For example, with the help of email, person can give information to its employees about the strategy that would be used by the company at the time of launching business. The given effort of firm will tend to entails positive feeling among workers.  With the help of this, the firm can maintain positive relationship with its employees. Likewise, by giving true information about the products and services which is being offered by new retail business, individual can build relationship with its customers as well as investors.

Plan to involve stakeholders in the decision making process

It is essential for enterprises to make efforts in involving different type of stakeholders in the decision making process. In accordance with the given context, different ways are assessed with the help of which the objective of individual in involving stakeholders in the decision making process can be fulfilled. For instance, manager must involve its workers in the decision making process when it is taking decision regarding prices of goods and services. This is because; with the help of human resource only, organization can select appropriate pricing tactic for its products. In addition to this, through this way manger can also gather information about the varied type of pricing strategies.  In the similar way, when taking decision about location of business firm must involve its customers in the decision making process (Kitchen, 2013). Through this way, view point of buyers can be assessed. Thus, on the basis of the given information appropriate and effective decision can be taken by individual who is planning for entering into the retail sector.

Strategy for future improvement

In order to perform improvement in the given plan, specific strategy is suggested to the person who is starting the new retail venture. In the initial stage, the individual must organize training and development programs for its workers with an aim to improve their understanding regarding varied pricing tactics (Hooff and Ridder, 2004). By complying with given type of activity, individual can select the best pricing strategy for its new retail venture. Thereby, firm can mark significant presence in the market which is highly competitive in nature.

Existing process of communication

Communication is being regarded as the process of sending and receiving information with the help of tools like telephone, email and letter etc (Meaning of communication, 2015). According to the analysis of given case, it is identified that, supervisor of Small voluntary firm complies with horizontal form of transmitting information. The information is transferred to people who are at the same level as well as possess same kind of knowledge and skill. After evaluating the given case, one significant problem which is assessed that, it is hampering work of whole enterprise (Guthrie and et.al., 2003). The problem which is identified is related to the transfer of information. The voluntary supervisor has the authority to transfer information about the project to the respective person. But, she finds herself helpless in managing the given work because of heavy work load.

Besides this, following process of communication are identified that can be used by the manager of small voluntary firm.

Two- way communication: It is being regarded as one of the most popular form of transferring information. This process consists of circular chain which is completed when sender receives feedback from the receiver with respect to the information which is being sent by it.

Verbal and written form of communication: The information can also be sent by the supervisor of small voluntary firm through face to face communicating with the respective people (Argenti, 2006). Through this way, all the doubts presented by the person can be resolved within given specified time limit. Besides this, supervisor of cited corporation can also use written form of communication like letter and email etc.

With an aim to improve appropriateness of communication process, it is being required by the manager of Small voluntary enterprise to take step towards its basic problem. By analyzing, it has been assessed that, supervisor of the cited firm is burdened with high amount of responsibility and due to this she will not be able to direct her effort in term of delivering project to  volunteers within particular time frame. This issue can be resolved if the manger of cited firm makes efforts in reducing responsibility of supervisor. . By complying with such activity, the operation of small voluntary firm can be carried out in a smother way. As a result of it, the company can get the benefit in the form of increased profits and sales (Finne and Strandvik, 2012). Overall, it can be said that with the help of an effective communication process, manager can send the information about the firm to the respective customers.

Ensuring integration of different communication system

The supervisor of small voluntary organization uses number of methods in order to communicate with its volunteers. With an aim to identify t effectiveness of the methods used by cited corporation, a comparison can be carried out. This will also help the firm to ensure the integration between different systems of communication in an effective manner. The appropriateness of the communication method can be enhanced by using modern mean of transferring information such as email. With the help of this tool, supervisor can transfer information to the respective individual within the given specified time limit. This source also helps in meeting in deadlines of the organization in an appropriate manner. In addition to this, by dividing responsibility between individuals on equality basis, integration between different communications can also be ensured (Gronroos, 2004). The situation like heavy workload causes stress among workers and due to this; they feel highly demotivated as well as dissatisfied. But, satisfaction of the employees can be maintained by taking action towards reducing stress. . Through this way, the goals and objectives of corporation can also be achieved. As the result of it enterprise like small voluntary corporation can perform necessary increment in its profitability related condition. achieve high profits as well as sales.

Improving own communication skill

If provided opportunity to work as the supervisor of small voluntary firm then, I can use several means to improve my communication skill. I will improve my understanding with respect to use email and video conferencing related techniques of communication. Here, in order to gain expertise in the particular means I will attain the conferences and seminars which are being organized within country. In addition to this, I will also read business communication related books and articles with for carrying out improvement in the communication skill. In addition to this, I have good verbal communication skill and I found myself able with regard to communicate with the other individual in an effectual manner. In addition to this, I have also taken the responsibility with regard to manage and organize my work appropriately. In order to perform the same I have taken help from different time management tactic. Here, through this way only I will be able to carry out my efforts with respect to complete my task within specified time period.

Existing approaches to disseminate, collect format and store information

It is important for the manager small voluntary firm that they must make effort in terms of collecting, formatting, storing and disseminating the information which is being gathered by it. In this regard, detailed explanation regarding approaches to disseminate, collect format and store information are depicted below:

Disseminate: It is important for the company to choose right way for purpose of disseminated the collected information. By choosing appropriate way only, the information can be send by the organization to the respective person within given specified time limit. In order to give information, source like e-mail can be used by the individual.

Collect: The manager of small voluntary organization can collect information by using primary sources like questionnaire (Laudon, 2010). With the help of this mean, firm can assemble information about its customer as well as employees. In addition to this, the tool will also be proved to be helpful in providing information regarding needs and demands of the buyers in an appropriate manner.

Format: In order to format the information, manager of small voluntary firm can take assistance from different MS offices software such as excel and word etc. By using these softwares collected information can be arranged in a systematic way. This will help manager in terms of making appropriate decision about the company.

Store: The information collected can be stored by individual in notebooks, registers as well as in servers of company (Maier, 2007).

Performing changes in the above mentioned approaches

From the analysis it is assessed that some changes are needed in the above mentioned approaches.  In accordance with the given context, following changes are made:

Disseminate: In order to deliver information which is collected by firm, the approach like social networking sites can be used. By using the given site, company can deliver information about its product to the respective buyers. This will leads to firm in terms of increased profits and sales.

Collect: With an aim to collect information, manager of enterprise can also take assistance from secondary sources such as books, online articles and journals etc. By taking aid from the given secondary mean, manager of the small voluntary corporation can gather thorough information regarding its environment (Shimp, 2010). Format: The collected information can be formatted by the cited corporation by using latest version of operating system and other software of Microsoft office.

Store: The organization can also use database management system to store assembled information.

Implementing tactic with an aim to perform improvement in the system of knowledge and information

The workers access to information can be improved by putting password on the confidential information of firm. By complying with the given type of activity, security of personal information of the employees can be ensured. In addition to this, it is through such type of efforts only that the effectiveness of the firm operation can be enhanced. Furthermore, individual access to the system of information can also be improved by installing server customized for volunteer work (Proctor and Kitchen, 2002). The given server helps in giving information about daily routine tasks which are needed to be performed by employees. The given server assists in accomplishing task of organization within the given specified time limit.

Conclusion

It can be concluded from the given report that, by selecting the suitable source for assembling the information, manager of enterprise can take an appropriate decision about its company. In addition to this, with the help of suitable approach for contacting stakeholders, manager of enterprise can build an efficient relationship with them. Through this way only, manager can get support from stakeholders in the circumstances when it requires them most. Furthermore, by selecting suitable process for disseminating information, the success of corporation can be ensured.

You may also like to read: Study and communication skills at Tesco

References

• Finne, A. and Strandvik, T., 2012. Invisible communication: a challenge to established marketing communication. European Business Review.
• Guthrie, J. and et.al., 2003. Intangibles and the transparent enterprise: new strands of knowledge. Journal of Intellectual Capital.
• Laudon, K. C., 2010. Management Information System: managing the firm. 11th ed.
• Meihami, B. and Meihami, H., 2014. Knowledge Management a way to gain a competitive advantage in firms (evidence of manufacturing companies). International Letters of Social and Humanistic Sciences.
• Proctor, T. and Kitchen, P., 2002. Communication in postmodern integrated marketing. International Journal of Corporate Communication.

UPTO50%

Avail The Benefit Today!

To View this & another 50000+ free

Enter Email

Submit