Communication Strategies for a New Retail Business Venture

This report provides a comprehensive analysis of communication management within the context of establishing and operating a new retail business. The report is divided into two parts: Part A focuses on the crucial decisions required when starting a retail venture, including business type, location, and financing. It also explores internal and external information sources and recommends improvements in information selection methods, such as using questionnaires and interviews to gather customer preferences and expectations. The report further identifies key stakeholders, including employees, customers, and investors, and discusses strategies for building and maintaining relationships with them, as well as plans for their involvement in the decision-making process. Part B delves into a case study on business communication within a small voluntary firm, examining existing communication processes, ensuring integration of different communication systems, and improving individual communication skills. It also addresses existing approaches to information dissemination, collection, and storage, and suggests changes to enhance the overall system of knowledge and information management.

Managing
Communication
1

TABLE OF CONTENTS
INTRODUCTION ..........................................................................................................................3
PART A...........................................................................................................................................3
1.1 and 1.2 Decisions to be taken while starting new retail business .........................................3
1.3 Listing internal and external sources ...................................................................................4
1.4 Recommending improvements in the information selection methods ..................................5
2.1 List of stakeholders in the decision making process..............................................................5
2.2 Developing relationship with the stakeholders .....................................................................6
2.3 Plan to involve stakeholders in the decision making process ...............................................6
2.4 Strategy for future improvement ...........................................................................................6
PART B ...........................................................................................................................................7
3.1 and 3.2 Existing process of communication..........................................................................7
3.3 Ensuring integration of different communication system .....................................................8
3.4 Improving own communication skill ....................................................................................8
4.1 Existing approaches to disseminate, collect format and store information ..........................9
4.2 Performing changes in the above mentioned approaches .....................................................9
4.3 Implementing tactic with an aim to perform improvement in the system of knowledge and
information ................................................................................................................................10
CONCLUSION .............................................................................................................................10
REFERENCES..............................................................................................................................11
2

INTRODUCTION
Managing communication is the systematic way in which all the channels of
communication are revised as well as monitored. This is done with an aim to ensure that the
information 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 the
report will provide description regarding the process with the help of which an individual can
start or set up its new venture. However, second part of the report is based upon case study which
is related to business communication.
PART A
1.1 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 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
3

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.
1.3 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.
4

1.4 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.
2.1 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
5

give importation about the vision and mission of the company manager of cited
corporation has to involve its investors in the decision making process.
2.2 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.
2.3 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.
6

2.4 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.
PART B
3.1 and 3.2 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.
7

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.
3.3 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.
3.4 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
8

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.
4.1 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).
9

4.2 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.
Overall, it can be said that by carrying out changes in the given approaches the objectives
of firm can be met.
4.3 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,
10

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.
11

REFERENCES
Books and journals
Argenti, P. A., 2006. Communications and business value: measuring the link. Journal of
Business Strategy. 27(6). pp. 29-40.
Canary, E. H. and McPhee, D. R., 2010. Communication and Organizational Knowledge:
Contemporary Issues for Theory and Practice. Routledge.
Finne, A. and Strandvik, T., 2012. Invisible communication: a challenge to established marketing
communication. European Business Review. 24(2). pp. 120–133.
Finne, A. and Strandvik, T., 2012. Invisible communication: a challenge to established marketing
communication. European Business Review. 24(2). pp. 120–133.
Galliers, R. D. and Leidner, D. E., 2014. Strategic information management: challenges and
strategies in managing information systems. Routledge.
Gronroos, C., 2004. The relationship marketing process: communication, interaction, dialogue,
value. Journal of Business and Industrial Marketing. 19(2). pp. 99–113.
Gronroos, C., 2004. The relationship marketing process: communication, interaction, dialogue,
value. Journal of Business and Industrial Marketing. 19(2). pp. 99–113.
Guthrie, J. and et.al., 2003. Intangibles and the transparent enterprise: new strands of knowledge.
Journal of Intellectual Capital. 4(4). pp. 429–440.
Hooff, B. D. and Ridder, J. A., 2004. Knowledge sharing in context: the influence of
organizational commitment, communication climate and CMC use on knowledge sharing.
Journal of Knowledge Management. 8(6). pp. 117–130.
Kitchen, P. J., 2013. Marketing Communications. Qualitative Market Research: An International
Journal. 5(2).
Laudon, K. C., 2010. Management Information System: managing the firm. 11th ed. Pearson
Education India.
Maier, R., 2007. Knowledge Management System: information and communication technologies
for knowledge management. 3rd ed. Springer Publications.
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. (03). pp. 80-91.
Proctor, T. and Kitchen, P., 2002. Communication in postmodern integrated marketing.
International Journal of Corporate Communication. 7(3). pp. 144-154.
Queiroz, J. P. D. and Oliveira, B., 2014. Benefits of the marketing information system in the
clothing retail business. JISTEM-Journal of Information Systems and Technology
Management. 11(1). pp. 153-168.
12