Marketing class Developing, Managing, and Operating a Retail Business Imagine that you are now starting your own business to compete with the retailer you selected in the Week 4 assignment. (based on...

Running Head: RETAIL BUSINESS PLAN         1
RETAIL BUSINESS PLAN         5
DEVELOPING, MANAGING, AND OPERATING A RETAIL BUSINESS
Name: ______________________________
Week 8 Assignment
MKT310: Retail Management
Dr. Rachel Burger
Month day, year: ______________________________
Table of Contents
Introduction    3
Feedback and Improvisation    3
Customer Targeting Strategy    3
Targeting based on Income Specificity    3
Targeting based on Customer Demands    4
Recruitment, Engagement and Management of Staff    4
Staff Recruitment Strategy    4
Staff Engagement Strategy    5
Staff Management Strategy    5
Strategic Operational Management Plan    6
Aims/Goals    6
Objectives    6
Impact    6
Time    6
Mission, Philosophy and Location of the Store    10
Inviting Store Atmosphere and Window Display    10
Conclusion    11
References    12
Introduction
Entrepreneurship has been one of the major forms of economic development associated with the different countries. New business start-ups often require different attributes that make them sustainable in the longer run. Therefore, the management systems and strategies are needed to be planned ethically and systematically to ensure that they provide a sustainable lead to the business in the longer run.
This report demonstrates the different instances and attributes that have been made in the context of the new grocery retail that will be developed. The different strategies of operations, management, recruitment and targeted customers have been elaborated in this report.
Feedback and Improvisation
The primary feedback, in this case, has been the lack of a formative way of presentation. In this case, I would like to improvise the skill of presentation. Presentation in a formative and in an appealing way may provide the ability to the company to ensure that they not only successfully attract the customers but also at the same time, they may be assured about the company reputation.
I would imply my skills to ensure that I take proper care in presenting not only my business but also the content and strategy that I may implement in my business that I will be developing in the future. This will allow me to boost my personal levels of motivation as well as my personal levels of confidence while pursuing my business.
Customer Targeting Strategy
Targeting based on Income Specificity
It is evident that customers in a specific community have different income specificity. The average income of India determines the overall ability of the customers to spend on a particular product or service that is related to a business. It is therefore important for the businesses to ensure that income specificity is one of the primary concerns for targeting the customers towards the company (Zhang et al., 2018). In the context of the retail business, the targeting of the customers will be based on the income specificity of the customers in the given region of operation of the business.
The company in this case will target the customers that belong to the average and lower-income standards. In other words, the products that will be made available by the company will not be of a higher price range. Rather, it will rather belong to the average and lower price ranges that may be significantly afforded by the customers in the community.
Targeting based on Customer Demands
Customer demand has been one of the most important parameters that determine the overall levels of sales that are encountered by a business in modern times. It is therefore important for the businesses selling their products and services in an area or a market to understand the customer demands and modulate their businesses accordingly. This not only provides the development of customer retention, but also it increases the overall sustainability of the business companies (Hanaysha, 2018).
In the context of the new business retail store, it will be important to ensure and measure the overall demands of the customers regarding the particular products and services that are commonly used by them in the particular market or community. Accordingly, these strategies of business and sales may be developed by the company so that the increasing levels of customer demands are met at lower price changes that may be...