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Managing Communication in Retail Business

   

Added on  2019-12-03

13 Pages4283 Words264 Views
ManagingCommunication1

TABLE OF CONTENTSINTRODUCTION ..........................................................................................................................3PART A...........................................................................................................................................31.1 and 1.2 Decisions to be taken while starting new retail business .........................................31.3 Listing internal and external sources ...................................................................................41.4 Recommending improvements in the information selection methods ..................................52.1 List of stakeholders in the decision making process..............................................................52.2 Developing relationship with the stakeholders .....................................................................62.3 Plan to involve stakeholders in the decision making process ...............................................62.4 Strategy for future improvement ...........................................................................................6PART B ...........................................................................................................................................73.1 and 3.2 Existing process of communication..........................................................................73.3 Ensuring integration of different communication system .....................................................83.4 Improving own communication skill ....................................................................................84.1 Existing approaches to disseminate, collect format and store information ..........................94.2 Performing changes in the above mentioned approaches .....................................................94.3 Implementing tactic with an aim to perform improvement in the system of knowledge andinformation ................................................................................................................................10CONCLUSION .............................................................................................................................10REFERENCES..............................................................................................................................112

INTRODUCTION Managing communication is the systematic way in which all the channels ofcommunication are revised as well as monitored. This is done with an aim to ensure that theinformation which is being disseminated by one person will reach to other in a same manner(Managing communication, 2015). This report is divided into two parts. The first part of thereport will provide description regarding the process with the help of which an individual canstart or set up its new venture. However, second part of the report is based upon case study whichis related to business communication. PART A1.1 and 1.2 Decisions to be taken while starting new retail business An individual who is planning for starting new business in retail sector has to take severaldecisions. On the basis of an effective decision only, individual can mark an effective presencein the business environment which is highly competitive in nature. The detailed explanationregarding 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 retailbusiness which they are planning to open. Here, person will basically have to decide thatwhether it should open its business in online platform or it should sale its product throughflagship store. Both the given form of business possesses some pros and cons (Galliersand Leidner, 2014). Thus, while taking the given decision it is being required by personthat it must perform the thorough analysis of business environment. This is because; bycomplying with the given type of activity an effective and appropriate decision will bebeing taken by the person. For instance, if individual has identified that its retailcompetitors are selling their goods and services through online platform. Then in thegiven condition person should also has to comply with the same. It is due to the fact thatby adopting the strategy of competitor organization can maintain its competitive positionin market. Location: It is another major decision which is required to be taken by entrepreneur whois starting new venture in the retail section. The location of the new businesses must beselected in such a manner which will help firm with regard to fulfill the conveniencerelated needs and demands of the buyers in an effective manner. Furthermore, it has beenidentified that, business location plays very crucial role in the success of new enterprise3

as by selecting appropriate location for the business, satisfaction of customer will bemaintained. Through this, way organization can gain the benefits of high profits and salesin an effectual way. Sources for raising the finance: Manager also has to make decision according to the typeof sources which is required to be used with an aim to fulfill finance related needs anddemands of new retail firm (Canary and McPhee, 2010). Besides these given decision, individual who is setting up business in retail sector has tocollect varied type of information. Here, the person has to gather information regarding itscompetitors 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 collectinformation regarding laws and regulations which are associated with retail sector. By using thegiven information, the work of establishing new retail business can be carried out by theindividual in a smother manner. 1.3 Listing internal and external sources The information with respect to the starting of new retail business can be obtained byindividual through number of sources which are enumerated below:Internal source: Here, manager of enterprise obtains information about its new businesswith the help of departments like HR, finance, marketing and operations etc. Thesedepartments of the firm gives information regarding establishment of new retail firm(Meihami and Meihami, 2014). Furthermore, they also provide knowledge with respect tothe type of marketing strategy which needs to be adopted by new firm. These areeffective source because with the help them the individual can gather thoroughinformation about ways through which internal operation of retail firm will be carriedout. External source: Individual can also gather information about the retail market by usingexternal sources like journals, online articles and books etc. By taking assistance fromjournals, person can analyze varied researches which are being conducted by famousscholar in the retail sector. Through this way, individual can build up strong base forstarting its new business (Queiroz and Oliveira, 2014). Furthermore, by complying withthe given type of activity only, new retail firm can enter into respective market in aneffectual way. 4

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