Assignment: RETAIL MANAGEMENT PROJECT REPORT 2 INSTRUCTIONS
General Project Overview
Imagine you are an entrepreneur who is planning to open a retail establishment somewhere in the community where you live within a 50-mile radius. You need to determine what type of retail establishment you will be managing (in what industry and product categories). In this project, you will respond to specific questions on how you would establish your retail business that will result in a report to be delivered to a potential investor or banker.
This project will consist of 3 interim reports consisting of 500-750 words each and a final report which will contain segments of your 3 interim reports, edited based on the feedback provided by the instructor, and responses to the unique prompts for the final report. Grading rubrics are provided for both classifications of reports (interim and final). Each report must be written using current APA format and submitted using the designated SafeAssign plagiarism link.
Report Specifics
1. Describe how your store will make a profit. Include forecast revenues for the first 3 years of operations and a description of both variable and fixed costs from your operations.
2. Describe where you will locate your store. Include the type of location and the rationale for placing your store in that location.
3. Describe your plan for hiring, training, and motivating employees within your retail store. Explain the rationale behind your strategy.
4. Describe how you will receive your inventory, and include how you plan to establish relationshipswith your vendors.
5. Describe your customer relationship management (CRM) plan for attracting and holding loyal customers.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.