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Functions of Retail Management

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Functions of Retail Management

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  • Jan. 2012
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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 of the business plan greatly helps to clarify the organization's plans and ensure that key leaders are all 'on the same script.' Far more important than the plan document is the planning process itself" (McNamara 2007).

During the process of coming up with this business plan, hopefully as a manager we can begin to foresee any challenges we might face, especially if those challenges arise because of unpredictable circumstances that even the most careful planning could not predict or take measures to prevent. In short, having a process that all members present at the beginning of the organization can understand and work with in the form of a business plan is the key to success. During this planning process as we begin to decide what some of the most basic building blocks of this business are going to be (location, inventory, costs, marketing, etc.) and through this act of working things out together in a permanent fashion, brainstorming about coming changes and challenges should naturally occur.

The four functions of Management will clearly demonstrate how the functions operate in this business operation and how, in the light of the tangible situation being presented, management can avoid possible pitfalls and see how these...