BM562 Consulting in Practice: Client Project Portfolio Submission

This document presents a consulting project portfolio addressing business challenges faced by TKmaxx, an American department store chain. The portfolio outlines problems such as inflationary pressures, the impact of COVID-19, and labor shortages. It details research conducted to understand these issues and proposes solutions including enhanced digital marketing strategies, pricing policy adjustments, and improved employee engagement techniques. The document also discusses expected outcomes from implementing these solutions, emphasizing the importance of recruitment process improvements, training programs, and effective leadership styles. The consultancy aims to guide TKmaxx in overcoming these challenges to boost market growth, sales, and overall revenue. Desklib provides students with access to similar solved assignments and past papers to aid in their studies.

Consultancy in
Practices

Table of Contents
Introduction.....................................................................................................................................................................3
Main Body......................................................................................................................................................................4
Problem Statement......................................................................................................................................................4
Research......................................................................................................................................................................4
Handover.....................................................................................................................................................................8
Conclusion......................................................................................................................................................................9
References.....................................................................................................................................................................10

Introduction
A business plan is an entrepreneur's strategy for buying &selling items &services in order to
profit from them. It is vital for budding entrepreneurs to talk with specialists from consulting
businesses concerning their goals so that they may receive adequate assistance on their
prospective company ideas (Ciotti and et. al., 2020). Consulting in practice is considered as the
most effective practice which can helpful to enhance the effectiveness of the business &also
helpful to manage the performance &productivity of the company. TKmaxx is an American
famous departmental organization which deals which the store chain, this organization is
established in the year 1976 & headquarter of this organization is situated in Framingham,
Massachusetts, US. In this report, TKmaxx will consult the consultancy &discuss about the issue
which company is facing &the consultancy company will provide the solution &also discuss
about the outcomes.

Main Body
Problem Statement
TJ Maxx is an American department store company that sells items at cheaper costs than other
similar retailers. It has over 1,000 locations across the United States, earning it among the
country's largest retail brands. TJMaxx is the TJX Companies' flagship store. TKmaxx is facing
various issues which can affect the marketing of the company such as inflationary pressure,
covid -19 &also even labor shortage. TKmaxx is considered as the one of the famous
organization in America.
Research
On the basis of this study, it is analyzed that TKmaxx is facing various issues &want to improve
the market position of the organization. TKmaxx Company discusses this problem which the
consultancy firm &discuss their problem with their consultancy so that client company can gain
more profitability &resolve their issues. There are three types of issues are mainly facing by the
TKmaxx which are discussed below-
 Inflationary Pressure –It is determined that price pressure has remained high resulting
from excessive increase in total demand for goods &services. It is determined that
delayed Government's budget measure, which again was intended to reduce inflationary
pressures, has had little effect on overall demand growth. Consumers seem to be unsure
about what to spend their money on when inflation is too high. Firms are also less
interested to spend when inflation is strong even though they are unsure concerning
future prices, earnings, &expenses (Grossman, 2019). Long-term, this ambiguity
&misunderstanding may result in reduced rates. TKmaxx is facing inflationary pressure
issue &that directly &indirectly affect the performance of the company. It is analyzed
that supply interruptions such as market &trade restrictions or curfews appear to have
influenced internal food supply chains in several minimal nations, resulting in higher
wholesale market premiums &contribute to increased food price inflation. With the

restarting of the economy in 2021, procurement problems &pent-up customer demand for
products have drove up inflation.
 Covid -19 – Due to covid-19 pandemic, the situation of the market is changed &all the
companies all around the globe experienced adverse situations. Because of the pandemic,
all the companies market situation became decline &it affected the productivity
&profitability of the organization. TKmaxx is also had adverse experiences &the market
growth rate of the company was also decline (Gunter and Mills, 2017).
 Labor Shortage - It is determined that companies added a record 3.8 million employment
in 2021. However, beginning January 2020, 2.2 million Americans have departed the
work force. Businesses have reported trouble filling unfilled positions this year, as
employee turnover has reached new highs. It's referred to as a "labour shortage" by
businesses, but it's actually a complex combination of many other economic reasons.
Healthcare, systematic racism & frequent incompatibilities between employees &unfilled
positions are among them. TKmaxx is a well established organization of US & because
of the changes in the market company is facing the labor shortage issues. After the covid
pandemic, people are used to maintain social distancing & it lead the huge issues with the
attendance of the staff members (Hoyler, Parnreiter and Watson, 2018). Nearly every
day, when learn from our business units all sizes &industries, in virtually every state—
that they're having exceptional difficulty filling available positions. According to the
most recent data, there are 11.3 million job opportunities in the United States, but only
6.3 million jobless people.
It is determined that TKmaxx is that company having unprecedented difficulty filling available
positions. According to the most recent data, there are 11.3 million job opportunities in the
United States, but only 6.3 million jobless people. There are a lot of jobs, but there aren't enough
jobs to replace them (Jordan, 2016). They would all have 5 million unfilled positions when every
homeless individual in the nation found work. In our America Works Network Infrastructure, the

U.S. Business association is tracking trends in job vacancies, labor participation rate, resignation
levels, &so more to provide a fast picture of the status of the workplace. Continue reading for a
countrywide look at the status of the employment. A more in look at how much the shortage of
workers is affecting different sectors.
Solution
It is determine that the main message of the campaign is "& that we are unique! We have
the ability to earn your trust ". This aids TKmaxx in building a powerful &lasting employee
engagement with target clientele. With the help of digital marketing techniques &campaign that
mainly created with the use of a racing strategy, TKmaxx can easily reduce the problem of labor
shortage &company also boost the brand image of the company (Kisi, Shrestha and Kayastha,
2020).
It is analyzed that creating several new big awareness initiatives with the support of
marketing communication in various locations within such a 7-mile radius of the new neighbor
instructional institution. The organization used this to advertise on the buses that passed by the
renovated structure's location. Consultancy company provide the suggestion to the TKmaxx to
improve the utilization of the social media channels so that company can effectively lead the
whole marketplace (NWOSU, MARCUS and Amaka, 2020). Company also employed digital
means to promote themselves on the internet by creating a new webpage &using facebook
&twitter such as Facebook, Instagram, & LinkedIn to build an online presence for the audiences.
As per the current market situation of the TKmaxx, it is analyzed that because of the inflationary
pressure, company selling declined &it is analyzed that company need to focus on their pricing
policies so that company can attract the customers &gain more profitability. It is a difficult stage
since the viewers must be attracted by what that will attract them in subsequent levels.
Customer’s reliance on material listed on the internet & numerous social media networks, &
prospective learners used to join up there for accepting inquiries & registering themselves & the
other employees used to support their advertisements by discussing it with others.

It is analyzed that company need to focus on their purchasing where the company closes the
transaction with the independent buyer & where secondly the customer pays the money for the
desired course.
In order to combat inflation expectations, the government raised taxes & cut expenditures. This
one will lessen the effects of Alzheimer's disease. Fiscal policy can help the government borrow
less money, although it is likely to be politically costly because the public dislikes increased
taxes and expenditure cutbacks (Obeidat, Al-Suradi and Tarhini, 2016).
It is determined that Governments may fight inflation by imposing wage and price limits, but this
can lead to stagnation and job losses. Governments can also use a contractionary monetary
policy to combat inflation by limiting the amount of money in circulation by increasing interest
rates and lowering borrowing costs.
In order to resolve the labor shortage issue, consultancy suggested so many techniques to their
client that is TKmaxx. Consultancy suggested that TKmaxx need to focus on their employees
and also motivate their employees time to time. Client need to enhance the recruitment process,
improve the training procedure, implement specific leadership style, provide chances for growth
and development enhance the working atmosphere and also provide exceptional perks. With the
help of all these techniques, company can effectively improve their labor and improve their
involvement (Olive and et. al., 2018). As per to deal with the covid – 19 pandemic related issue,
consultancy advised that TKmaxx need to focus on the online marketing and also improve their
delivery system in order to satisfy their customers.
Outcomes
On the basis of the solutions which consultancy before provided to their client (TKmaxx),
it is analyzed that TKmaxx need to implement all the solutions which can helpful to maintain the
performance of the company and also resolve the issues which companies are already facing.
TKmaxx need to focus on their recruitment and development process and also provide the proper
training session to their employees in order to improve the participation of their employees.
Company also need to adopt the effective pricing policies like market penetration and cost plus

pricing strategies and apart from this company need to provide some specific offers and
discounts to gain the attention of their employees (Osbon, 2021).
In order to boost the performance and decline the impact of the covid 19 pandemic ,
company need to think about the Career advancement with the assistance of developing great
advertising & marketing skills & helps the organization to just get a positive score as a review
provided by the participants &assist in fostering a positive brand image &reputation. It is
designed to be a long-term investment for the organization.
It was determined that launching numerous new large-scale awareness campaigns with
the help of marketing communication in various regions within a 7-mile radius of the new
neighboring educational institution would be beneficial. With the help of proper utilization of
the social media and digital marketing channels, company can easily boost their sales and
revenue (Phelps and Sperry, 2020). This was utilized by the group to advertise on buses
passing by the refurbished structure's site. The consultancy firm advises TKmaxx on how to
make better use of social media platforms so that the company may successfully dominate so this
whole business. The company also used digital ways to market itself on the internet, such as
developing a new homepage and using social media sites like Facebook, Instagram, and
LinkedIn to advertise online for their target customers.
Handover
As per the completion of the project, Consultancy Company provided the solutions to
their client that is TKmaxx to resolve the issues which company is facing. Consultancy discussed
with their client that TKmaxx need to implement the new pricing policies , effective leadership
style, adopt the social media channels , pay more attention on the training and development
session for their staff members. All these techniques are need to implement the client to reduce
the impact of issues which company is facing and boost the market growth and increase the sales
and revenue of the company. Consultancy company successfully completed their project and
handover all the project related things to their client.

Consultancy company has been designed to run for three months plan for their client:
April may & June. The consultant team proposed that current consumers be engaged through
social media channels, where individuals may share training successes &incentives.
Furthermore, the consultancy has devised several ways to deal with the rapid changing
market forces by providing new strategies and pricing policies to increase the of focus such as
technology, social media channels, recruitment process, training and development, machine
learning & data analysis at the top standard. This aids the client in attracting more customers and
enhances the marketing and selling process of the company.
Conclusion
From the foregoing research, it can be inferred that just about every business organization should
engage a consultant firm about their startup company in order to handle concerns that may arise
in the coming few years. The awareness of the brand tactics that will be implemented by
TKmaxx in order to create their outstanding position in the market are addressed in the research.

References
Ciotti, M., Ciccozzi, M., Terrinoni, A., Jiang, W.C., Wang, C.B. and Bernardini, S., 2020. The
COVID-19 pandemic. Critical reviews in clinical laboratory sciences, 57(6), pp.365-388.
Grossman, G., 2019. Inflationary, political, and social implications of the current economic
slowdown. In Economics and Politics in the USSR (pp. 172-197). Routledge.
Gunter, H.M. and Mills, C., 2017. Consultants and consultancy: The case of education.
Switzerland: Springer International Publishing.
Hoyler, M., Parnreiter, C. and Watson, A. eds., 2018. Global city makers: Economic actors and
practices in the world city network. Edward Elgar Publishing.
Jordan, T.J., 2016. The impact of international spillovers on Swiss inflation and the exchange
rate. Journal of International Money and Finance, 68, pp.262-265.
Kisi, K.P., Shrestha, K.J. and Kayastha, R., 2020. Labor shortage and safety issues in
postearthquake building construction: Case study. Journal of Legal Affairs and Dispute
Resolution in Engineering and Construction, 12(3), p.05020011.
NWOSU, C.A., MARCUS, S.N. and Amaka, G.M., 2020. COVID-19 LOCKDOWN, SUPPLY
DISRUPTIONS AND INFLATIONARY PRESSURE IN NIGERIA. Socialscientia:
Journal of Social Sciences and Humanities, 5(4).’
Obeidat, B.Y., Al-Suradi, M.M. and Tarhini, A., 2016. The impact of knowledge management on
innovation: An empirical study on Jordanian consultancy firms. Management Research
Review.
Oliver, C., McNamee, S., Campbell, D. and Draper, R., 2018. Reflexive inquiry: A framework for
consultancy practice. Routledge.
Osbon, K., 2021. A strategic social value framework–a consultancy perspective. In Social Value
in Practice (pp. 135-149). Routledge.
Phelps, C. and Sperry, L.L., 2020. Children and the COVID-19 pandemic. Psychological
Trauma: Theory, Research, Practice, and Policy, 12(S1), p.S73.