Business Management Assignment On Performance Assessment Tool For The Retail Organizations

Question

Task: This is a group assignment that builds on the work completed in Assessment 2.

The objective of Assessment 3 is to develop skills that enable you to evaluate which idea (from Assessment 2) has the highest chance of success, and to then prepare a pitch that presents a compelling business case to secure financial backing. This facilitates an appreciation of what potential investors will be evaluating before they commit to project investment.

In summary, there are two parts to Assessment 3. The first requires the group to prepare a 1500-word business report that compares then selects which business idea to present from Assessment 2. The second involves everyone in the team pitching the idea to secure development capital. Each of these is detailed below:

The structure of 1500-word business report should be set out as follows:

1. Idea Evaluation (Develop an evaluation framework to compare the ideas developed individually in Assessment 2)
2. Idea Selection (Describe and justify how the best idea was selected)
3. Improvements (Identify any gaps that need to be addressed before the idea is pitched to an investor)
4. Revised Business Model (Amend the business model canvas to incorporate the above revisions)
5. Cash flow projections (Prepare ‘best case’ and ‘worst case’ cash flow projections for the first two years. Remember to state your assumptions about the key drivers of cash flow in each scenario)

Answer

Introduction
Idea generation elaborated in this business management assignment is stated as the process that focuses on creating, developing and communicating different business ideas. This process also includes the process through which the ideas are innovated, developed and brought into execution. Through the process of idea generation, retail organisations would be able to deliver value to their customers and also establish socio-economic and cultural aspects through which it becomes easier for the business owners to enhance their business strategies and business model modification. The study would demystify the evaluation of the idea of using Performance Assessment Tool for the retail organizations. The selection of this idea from other ideas, improvements after the idea is implemented and revised business model after the application of the idea. Based on the identified idea, cash flow projections would also be made to analyse the step-by-step development of the company.

1. Idea Evaluation
Different ideas have been selected for mitigating the issues related to management and hence, it is necessary for organisations to develop an evaluation framework to compare the ideas that have been developed initially. The below table would be effective for understanding the most effective idea for enhancement of retail business:

Table 1: Comparison of the ideas
(Source: Created by Author)

By comparing different ideas from the above table provided in this business management assignment, it has been observed that among different ideas, performance assessment tool is an effective idea for business enhancement as this idea covers the aspects of management, employees as well as the customers (Hicks et al., 2017). Through this tool, organisational feasibility can also be analysed.

2. Idea Selection
From different ideas, it has been observed that performance assessment tool is an effective idea as this tool can be considered as a critical success factor, action oriented, team building and personal accountability and building a trustworthy relationship. This tool is effective for operational, technical and financial feasibility (Banerjee & Mishra, 2017). With the help of this tool, different key partners are involved for development of an organisation. Herein, leaders play a significant role in supervising the performance of the employees and also analyse the way employees are performing their tasks. Additionally, using performance assessment tool is effective for direct observation, maintaining instructional alignment, measuring multiple concepts and objectives and high order thinking.

Majorly this assessment tool is effective for setting goals, performance planning, improvising performance through better management and training the managers and leaders so that they are able to handle the issues that have the probabilities to arise in the meanwhile (Kumar, 2016). On the other hand, the other ideas like situational leadership or transformational leadership styles are also effective enhancing the managerial decision, however, these ideas are limited to the development of leaders and managers; this might not be much effective for the employees and customers. The systems for customer feedback is only limited to the customers and not the employees and for overall development of an organisation, it is the core responsibility of management of an organisation to cover all the necessary spheres of companies (Hicks et al., 2016). Therefore, to meet the requirements of the employees and customers as well, it is necessary to implement performance assessment tool. From the above analysis, it is clearly understood that idea of performance assessment tool is way better to that of other ideas.

3. Improvements outlined in business management assignment
Apart from the positive aspects of performance assessment tool, there are certain negative consequences of the tool as well. It is necessary to identify the gaps that are prevalent in case of this assessment tool before it is installed in an organisation. Considering financial feasibility, it has been observed that this tool is not financially feasible as installing tool might cost 3000 AUD, and this amount might not be affordable by small or large retail firms. Thus, it can also be said that the tool is not financially suitable or feasible (Santoro et al., 2018). In case of technical feasibility, explaining the techniques to the employees about using this tool would require extra training session and that would cost around 500 AUD. Thus, this is only feasible for large companies to afford such an amount and might be unsuitable for small-scale organisations, as this might not be adjustable for their estimated budget. Then comes the market feasibility, cost of endorsing the tool and undertaking the efforts to make customers understand the value of the same is a bit difficult as when the estimated amount is calculated, this might be possible for the large retail firms but is not possible for the small-scale companies. In case of operational feasibility, it would be necessary for the managers and leaders to introduce different tools and techniques for development (Garcia & Janssen, 2018). However, it would also be necessary for the management to introduce new sessions for the new employees. The sessions might be conducted with the help of specialists and they would also be required to pay. This factor would again pressurise the management where they would be charged with extra amount from their estimated budget. Henceforth, it is important for the companies to ensure about addressing the issues that have been identified above in business management assignment before installing.

4. Revised Business Model
Initially it has been discussed about the partners who are involved in the execution of the idea along with appropriate leadership style where it has been identified about the managers, employees and supervisors of retail firms, who are able to handle the performance assessment tool within their organisation. Additionally, it has also been explained about the activities that are undertaken including integrating feedback from the customers to acquire their viewpoints along with involvement of resources like time taken and employees (Noble, Anderson & Thakarar, 2015). Nonetheless, different channels for handling the communication process with the customer and strengthen relationships with them. Customers were also handled as per their demographic factor where it has been targeted 18-45 years of customers who are observed to be having a frequent buying pattern. Customer relationship is also handled through online survey platforms and feedback machines along with other technicalities of the tool.

As per the analysis conducted above in this business management assignment, it has been observed that along with the implementation of performance assessment tool, if the leaders also focus on adopting situational leadership style, them the performance of the employees would be triggered at a higher level. The companies would be able to fulfil the requirements of the customers leading to their satisfaction (Zhao, 2016). However, in the amended form in the business model canvas, it has also been explained about the key activities and tools that are undertaken by the management of the organisation. This includes proper training and development sessions, usage of mixed learning tools and methods, role play on a regular basis, implementation of modular training program would lead to strive for continuous development within the organisation (Kesavan & Mani, 2015). As per the Gallop’s report, retail owners would be able to enhance performance in different ways as stated in the figure.

Figure: Ways to increase store performance
(Source: Kesavan & Mani, 2015)

From the below table of cash flow projection provided in this business management assignment, it has been observed that starting from year 1 until year 5 there has been depreciation in the cost of machine, session cost. There has been a 10% increment in the salaries of the employees and net cash flow has been acquired by deducting the total expenses from the revenue.

Table 2: Cash flow projections (Best Case)
(Source: Created by Author)

Table 3: Cash flow projections (Worst Case)
(Source: Created by Author)

Conclusion
From the above study of business management assignment, it has been concluded that it is necessary for management of every organisation to ensure about adopting appropriate leadership style through which the leaders, employees and customers are satisfied and also enable the customers to acquire a sense of job satisfaction. This study has effectively delineated about the aspects that required to be undertaken by every retail owner like performance assessment tool to ensure about present and future development of their organisation. It has also been highlighted about picking up an idea, its evaluation and description through which the idea would be effective for the company.

Reference List
Banerjee, M., & Mishra, M. (2017). Retail supply chain management practices in India: A business intelligence perspective. Journal of Retailing and Consumer Services, 34, 248-259.

Garcia, D., & Janssen, M. (2018). Retail channel management in consumer search markets. International Journal of Industrial Organization, 58, 162-182.

Golhar, D., & Alex, A. (2017). Training and Development: Role of Organized Retail Organization in Bridging the Skill Gap. International Journal of Research in Organizational Behavior and Human Resource Management, 5(2), 25-33.

Hicks, B. J., McWhirter, B. K., McArthur, D., & Williams, B. (2017). U.S. Patent No. 9,747,632. Washington, DC: U.S. Patent and Trademark Office.

Hicks, B. J., McWhirter, B. K., McArthur, D., & Williams, B. (2015). U.S. Patent No. 8,972,283. Washington, DC: U.S. Patent and Trademark Office.

Kesavan, S., & Mani, V. (2015). business management assignment An overview of industry practice and empirical research in retail workforce management. In Retail Supply Chain Management (pp. 113-145). Springer, Boston, MA.

Kumar, A. (2016). A conceptual model for automation of product dynamic pricing and sales promotion for a retail organization. Kybernetes, 45(3), 490-507.

Kumar, A., Adlakha, A., & Mukherjee, K. (2016). Modeling of product sales promotion and price discounting strategy using fuzzy logic in a retail organization. Industrial Management & Data Systems, 116(8), 1418-1444.

Noble, A., Anderson, J., & Thakarar, S. (2015). Three rules for building the modern retail organization. Bain & Company.

Santoro, G., Fiano, F., Bertoldi, B., & Ciampi, F. (2018). Big data for business management in the retail industry. Management Decision.

Zhao, S. (2016, May). Exploration and Research on the Category Management for the Chain Retail Enterprises: Taking Jiajiayue as Example. In 2016 2nd International Conference on Social Science and Technology Education (ICSSTE 2016). Atlantis Press.

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