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Weakness Poor customer service Availability of goods in store is less when compared to online Delivery of goods ordered online takes at least 2-3 weeks Weak marketing and advertising Opportunities Providing wide range of products in store Improve the online delivery’ system Expansion of stores in all over the country and neighboring countries Threats Online shopping websites Demand of goods Inflation Low space to provide for all goods in store Gap Analysis To improve market share in coming years
To improve marketing and advertising in next two years To improve customer service both online and in store increase customer base and by providing membership cards Objectives and Goals Maintaining low costs of products and providing quality goods at all times Meeting the demand of customers by analyzing the requirements of customer Proportioning delivery services and enhancing customer services Starting memberships to increase customers and providing them with discounts on purchases Avoiding stealing or shoplifting in stores Key Performance Indicators (Kepi’s): Kepi’s are also known as key success actors Of a company.
They usually help an organization in labeling its goals and measuring organizational development linked to the objectives. Following are some of the Kepi’s designed for Bizarre that are aligned with its goals and objectives. Net revenue Number of new stores Deliver Eng services Customer satisfaction reports Memberships registered monthly Number of thefts occurring monthly Net revenue: This KIP is directly aligned with first goal, second goal and fourth goal.
The overall revenue of the organization is directly affected by the sales of the products. If Bizarre maintains the price and quality of goods properly then there will be an exponential growth in sales, which Will increase the net revenue as well. With the increase in number of stores to meet demand of the customer, increase in number of stores also plays a key role in net revenue. To attract customers gift coupons and discounts can be offer to regular customers with membership which will increase sales.
As profits play a vital role in companies’ future, we need to go through revenue every quarter. As bizarre is a nation wide company with over 700 million dollar venue in last year it is essential to keep in mind that threshold value or minimum value for each quarter must not be less than 180 million dollars which is represented by yellow color. Any revenue above can be considered as good profit margin and is denoted by green and revenue below 180 should be considered as danger zone and is denoted by red color.
If a quarters revenue is in red then it should be considered as an alert and authorities must revise their goals and objectives. Number of new stores: This KIP is primarily linked to second goal of meeting customers demand and plays a role in increasing net revenue. As there is a vast need of products that is required by customers and not everyone likes to purchase online. Increasing number Of stores yearly to meet the demand will also increase sales of Bizarre. To achieve this Bizarre needs to open stores in north, south, west, and east regions in India.
Opening of stores can be schedules in quarterly basis. To achieve the goal and produce good outputs company has to open more than 25 stores in each quarter if this criterion is met than the graph is represented in green color. The management can handle more than 20 stores per quarter, which is labeled in allow color. However, if the stores opened per quarter is less than 20, then the production of the company will be effected hence it must be considered as an alert and new stores should be planned for the next quarter.
Delivering services: This KIP is aligned with part of third goal that is proportioning delivery system. Most of the customers prefer shopping in store mainly because with in Store shopping products are obtained instantly. However, by providing proper information and good delivery system online shopping can decrease strain of driving. As Bizarre has to compete with its competitors, t must provide a good delivery system through which it can gain profits. To monitor delivery service we must concentrate on delivery percentage obtained every year.
For Bizarre to maintain a good delivery system it is important that delivery percentage is 60 or above which is moderate and any percentage above 70 should be considered a good percentage of deliveries. If the percentage is less than 60, then the issue must be taken to officials notice. Customer satisfaction report: This KIP is affiliated to a part of third goal, which is to enhance customer service. For any retail store, it is very important to maintain a good customer service relationship.
To see through that there is a good reputation on customer services offered by the store we can conduct survey and call members to get feedback from them and ask them to rate the services on a scale of five. Getting grade of 4 or 5 can be considered as good, which is colored in green and a grade of three can be reflected as moderate that is colored in yellow, which means it can be improved with little effort. But a grade of 1 or 2 should be considered as threshold and colored as red and a serious effort has to be put into rectifying the customer services. The aim is to get at least 60% of the customers to grade amongst 4 or 5.
Memberships registered monthly: This KIP addresses fourth goal, which states to increase memberships by offering coupons and discounts. While increasing membership organization can gather information regarding purchase patterns of customers and improve stores structure. Members can get coupons and discounts on purchases, which makes them regular customer this will also help improve sales and revenue. As Bizarre is a nationwide company with many branches, there should be at least 7000 new customers every month registering for membership, which is moderate and is represented with yellow color.
If the number of memberships registered is 8500 or above it should be considered as good and is represented with green color. If the number of new memberships registered is less than 7000, it must be colored in red and this issue must be informed to marketing department. Number of thefts occurring monthly: This KIP is directly linked to fifth goal that is to avoid shoplifting and stealing in stores. Shoplifting is one of the reasons, which causes a massive loss to the store. Some security measures need to be taken in order to avoid thefts in stores.