Question

What are the main risk factors for falls in retail operations? How they can be prevented....

What are the main risk factors for falls in retail operations? How they can be prevented. (minimum 300 words - 6 Points)

Homework Answers

Answer #1

The following are the risk factors that may cause fall in retail operations and the corresponding measures to be taken to control them-

  • Economic Condition - To cushion our business from the downtrends in Economy, we should maintain a diverse customer base thus assuring business even if a segment of customers turns down our business proposition. In addition to this, they can even add e-commerce component, so as to complement their brick and mortar business.
  • Wrong Branding - We should appropriately plan and validate our intended marketing communication. The communication should also be reinforced in the mind of the customers by having the marketing activity regularly and periodically. In addition to this, we should also maintain a forum so that the customers can easily contact us when needed.
  • Supplier and vendors - We should also maintain relationships with large network of suppliers and vendors, this shall provide us with greater control over the inventory replenishment and distribution channel. We may also possibly look into the option of vertical integration and thus limiting the control of external agencies and enhancing self dependence.
  • Labor Market- Labor market undergoes frequent change and is considered to be the costliest investment for a business. Thus, to prevent arm-twisting by labor section, we should look forward for having a right mix of contractual and permanent employees. In addition to this, we should train them well to align them as per our business need.
  • Implementation & Maintenance of IT System - IT System has not just remained a complementary thing to have but has become a point of differentiation and competitiveness in the market. Thus, to reap rich benefits out of the potentials of the IT systems, we should strategize properly on how to implement and maintain the system and hence avoiding its failures.
  • Security Breach - With such a great quantity of sensitive information available about our customers, we should keep the hacker at bay by deploying appropriate level of data security measures. We should also establish a well planned disaster management procedure to contain such instances effectively.

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