Final Exam: Retail Management
Instructions to Students:
This exam presents a comprehensive case study simulating a realistic scenario in the retail management field. You are required to apply principles of retail, management, and retail management to respond to the questions following the case study. Your answers should demonstrate your ability to conduct research, diagnose issues, interpret data, make recommendations, provide proof or rationale for your recommendations, and apply basic principles associated with retail, management, and retail management. The below industry (Sunshine Electronics) is fictious and is for example purposes only. You should research an investigate a real-life company in any industry for purposes of the exam.. PICK ANY COMPANY THAT REPRESENTS AN INDUSTRY YOU’RE INTERESTED IN. A few examples: Kohl’s: has had a drop in sales partly due to inflation and the challenge of competing in a market dominated by Amazon. Party City: the pandemic hit this store very hard. Gap: lack of expense cutting has dramatically hurt the company.
Case Study: Sunshine Electronics
Sunshine Electronics is a mid-sized electronics retailer located in the suburban area of a large metropolitan city. The retailer specializes in selling a wide range of electronic products, including smartphones, laptops, home appliances, and personal gadgets. Sunshine Electronics has been operating successfully for over 15 years and has built a strong customer base due to its excellent customer service, knowledgeable staff, and competitive pricing strategies.
Despite its past success, Sunshine Electronics has faced challenges in recent years due to the emergence of online retail giants and a noticeable shift in consumer behavior towards online shopping. To address these challenges, the management team at Sunshine Electronics is considering implementing a series of strategic changes aimed at revitalizing the business and securing its market position. (Whatever company you choose, determine the issues that the company is facing that is threatening its financial health from any angle your research reveals)
As part of the management consultancy team hired by Sunshine Electronics, you are tasked with conducting a comprehensive analysis of the retailer’s current situation and proposing a strategic plan to improve its retail and overall management practices.
Questions:
Research and Diagnosis:
Based on the provided scenario, identify and discuss the key challenges facing Sunshine Electronics (your chosen company). Conduct brief external research to compare with industry trends.
Diagnose the potential internal weaknesses within Sunshine Electronics (your chosen company) that may be contributing to its current challenges.
Market and Consumer Behavior Analysis:
Analyze the current market trends in the electronics retail industry (your chosen industry) and discuss how these trends are affecting consumer behavior towards physical and online shopping.
Based on your analysis, propose how Sunshine Electronics (your chosen company) can better align its operations with these consumer behavior trends.
Strategic Recommendations:
Propose a comprehensive strategy for Sunshine Electronics (your chosen company) focusing on retail, management, and retail management principles. Your strategy should address the identified challenges and aim to enhance the company’s competitiveness in the current market.
Your recommendations should cover areas such as product assortment, pricing strategies, customer service, online presence, and in-store experience.
Implementation Plan:
Outline a realistic implementation plan for your proposed strategies, including key actions, timelines, and responsible parties.
Discuss potential obstacles Sunshine Electronics (your chosen company) might face during the implementation phase and suggest how these could be mitigated.
Evaluation and Proof:
Describe how Sunshine Electronics (your chosen company) can measure the success of the implemented strategies. What metrics and KPIs should be used?
Provide examples or case studies (if available) that demonstrate the effectiveness of similar strategies in the retail industry.
Submission Guidelines:
Your responses should be comprehensive and well-structured, covering all aspects of the questions asked.
Support your answers with relevant theories, models, and examples where applicable.
References to external research, articles, or case studies should be appropriately cited.
Length and Format: Your submission should be no less than 7 pages, excluding appendices, citations, and a cover page. Include “2” charts, graphs, or tables that support your pricing strategy and decisions. Use any format for citations and references. Ensure all data, theories, and research findings are properly cited. The paper should be double-spaced, 12-point font, Times New Roman
Due Date: May 8, 2024, by 8:40 PM. A stapled, hard copy must be presented to the teacher. NO late submissions will be accepted.
Evaluation Criteria
Your assignment will be evaluated based on the depth of your analysis, creativity in your strategic approach, application of consumer behavior principles, clarity of communication, and adherence to submission guidelines.
PLEASE INCLUDE “2” CHARTS.
