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Running Head: MANAGEMENT STRATEGIES

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Management Strategies within the Retail Industry: A Literature Review
Jocelyn Navarrete
The University of Texas at El Paso

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Many of the successful companies that are admired today were able to flourish due to the use of a well-developed management system. They are the bedrock of community life in the United States. Business management strategies can be illustrated as a process of specifying a company’s objectives. . and hair salons are only a few of the many different types of businesses that are part of people’s daily lives.MANAGEMENT STRATEGIES 2 Management Strategies within the Retail Industry: A Literature Review Businesses throughout the United States serve a dual role in the economy. dry cleaners. What management strategies used in companies located in the United States create innovative workforce management? 3. providing goods and services that people rely on an everyday basis. How is it that having an innovative workforce management system improves companies in the United States? These questions will focus on the purpose of this literature review by providing a variety of information that will explain the process of business management strategies and the workforce management system in companies throughout the United States. Businesses in the retail industry are important contributors to the engines of economic growth and innovation. How has the use of technology in management strategies evolved in the retail industry over the last 5 years in companies located in the United States? 2. Restaurants. A successful management system rests first and foremost on strong management strategies which are steps to attain long-term objectives as to achieve the highest rates of growth and profits in the long run. developing policies and plans to achieve these objectives and the allocation of resources in the direction of implementing the policies and attaining these objectives. car repair shops. Business management strategies used in companies throughout the United States will be better analyzed through the review of these three questions: 1.

Research was done primarily through an examination of published articles. Texas. . 2016. An interview was also conducted with Loretta Samaniego. The idea of a global world is important for business because it allows companies to incorporate technology in their corporations which will allow them to do better business and make more money. The interviewee has been a manager for nearly 6 years in the beauty department at Dillard’s located at Sunland Park Mall in El Paso. and books. The interview consisted of questions in regards to management strategies and how these strategies are applied in the department. How has the use of technology in management strategies evolved in the retail industry over the last 5 years in companies located in the United States? The 21st century has evolved to become a global world.MANAGEMENT STRATEGIES 3 Purpose and Methodology The purpose of this literature review is to look further into management strategies within the retail industry in response to three questions. but what exactly does this mean? It means that individuals throughout the world are all connected to each other. Many of the retail companies in the United States are leaning more into the use of technology. a manager at the retail store Dillard’s. and can communicate with just about anyone in the world. The interview was conducted in person on March 9. videos.

Nevada.28%-14. Aaron Davis talks about how unified mobile device management works in the retail industry.This image shows the use of technology within businesses across the United States. Georgia. In the video he states that “smart retailers use this solution to manage a variety of devices in multiple locations. Colorado. California. Utah. According to figure 8-52 the states of Texas. Companies see how mobile point-of-sale is changing the way people shop. The figure above shows the percentages of the amount of technology used in businesses located in the United States during 2015. Virginia. The image shows how technology has become an essential part for businesses in the United States. New Hampshire. and support their . In the video: “Managing Mobile Devices in Today’s Retail Industry”.78% . The retail industry has changed during the past 5 years in numerous ways and mobility is a big part of those changes. and Delaware had the highest percentages with the use of technology ranging from 9. collect analytics using customer facing tablets.MANAGEMENT STRATEGIES 4 Figure 8-52 High-technology establishments as a percentage of all business establishments: 2015 Figure 8-52. Retail stores are trying to adapt to this changes by managing mobile devices in order to provide efficient customer service. Maryland.

This software is a retail document management solution that enables retail organizations to significantly improve internal processes. such as human resources. contract management and other content-heavy departments. lower customer satisfaction. then. Sometimes. and deposit verifications” (K. most organizations struggle to unlock critical data stored in separate and disparate business systems. Jeff Judkins.2014). Realizing this takes a bit of humility at the executive level and strong motivation to implement change. The main goal of this management strategy is to secure mobility in the company so that it can result in a successful business. but on the business management strategy for identifying those roles and supervising their execution. Jack Welch. system administrator of E-Z Mart said: “Our HR department uses KnowledgeLake to manage everything from insurance policies to safety inspections…accounting uses it to manage bank deposits. This software utilizes Microsoft software and the main goal of KnowledgeLake is to reduce costs in the retail business. 2014). According to an analysis done to chief executive officer of General Electric. However. a new software called KnowledgeLake was introduced in 2014 into the management department. the success of General Electric was attained due to the “ energetic and visionary . longer response times and higher operating costs. retail employees need quick and easy access to important information to support customers.MANAGEMENT STRATEGIES 5 warehouse and operations devices” (S. which leads to lost productivity. In addition to technology being integrated into management strategies in the retail industry.. In order to improve employee productivity. daily cash detail reports. a business under-performs because of a poor or outdated management strategy. What management strategies used in companies located in the United States create innovative workforce management? The success of a retail business depends not only on employees fulfilling their roles efficiently.. capture paper or electronic business content. accounts payable. and generate staff productivity gains across a wide range of departments.

2010). however. The management principles in the Welch management system provide strategic and tactical moves to improve employee relations with managers. in the interview conducted to Loretta Samaniego. In the analysis it is stated that having strong management strategies is essential to a company’s success which will eventually lead to a stronger workforce. don't be afraid of it. Be focused. Having an innovative workforce management system is essential to the success of a company in the retail industry. be consistent and follow up on every detail” ( Davis. Building strong management strategies help the corporation become more successful and prosperous in the business environment.MANAGEMENT STRATEGIES 6 leadership of Jack Welch. excite and control. How is it that having an innovative workforce management system improves companies in the United States? Having an innovative workforce management system within a company can help the corporation become even more successful. In addition. Lead a company. The five points are the following: “Change is good. she described in detail the corporate strategy used in designing the marketing plan in the department. it is a complex narrative of managerial innovation and prescient strategic moves” ( Davis. don't over-manage it. Hire and develop managers who can energize. 2010). The principles of the Welch management system address five points that companies may use to have an innovative workforce management. wellfunded marketing programs in a business aims at building brand equity” (Samaniego. Acknowledge the facts and proceed to exploit them for advantage or eliminate their negative impact. who is a manager in the beauty department at Dillard’s. Samaniego stated that “Developing innovative products and e-commerce websites increased sales by at least 15% per year for the past 3 years in the corporation…Having aggressive. A workforce management system creates . 2016). 2010). It is vital for a company to have a strong workforce management because it could potentially lead to “10% or more earnings growth” (Davis.

“Business management strategies can be said to be fundamentally hinged on the basic market principles of getting people their most suitable jobs. preparation and prediction in the everyday process becomes much easier and attaining targets can come in strides” (Earl. Business Strategic Planning” published by EconomyWatch. 2010). Samaniego said: “An increase in sales and revenue within a corporation can be directly linked to how well the company’s management system is used” (Samaniego. . 2006). Furthermore.MANAGEMENT STRATEGIES 7 an organizational process that smooths out the business cycle in the company. 2015). With efficient workforce management system programming. delegation of duties and improving the cash flow to the company” ( E. 2016). A good workforce management system “will give the business independence to take decisions and create a network that is effective to control the entire workforce and to manage the work proficiently. Eventually having a strong and effective workforce management system results in the company’s success due to the various strategies applied in the firm. thus developing a process that works effectively for the employees and the managers. According to the article “Business Management Strategy. establishing certain standards. it is stated that “having an innovative workforce management system can increase profits in the company by up to 15%” (Fredman. In the article “How to Change Management Strategies in the Retail Industry” written by Josh Fredman. system managers are able to recognize opportunities and take advantage of them to the benefit of the organization. The information given by the article shows that having business management strategies in the company will improve the corporation in different ways. When a company has an efficient workforce management. effective Research and Development activities..

its employees and its customers. In the end. as well as to concentrate on integrating all aspects for the good of the company.MANAGEMENT STRATEGIES 8 Conclusion In conclusion. this literary review has analyzed and answered three questions in regards to management strategies within the retail industry. . the corporation is able to make better use of a company’s resources. Management strategies within the retail industry are a key point in the success of a company in the retail industry. By having well-developed management strategies and an innovative workforce management.being of the company in order to be successful. management strategies work towards the well. Involvement and integration in a company improves the business in various factors.

from https://www.com/ K. E.chron. C.com/images/search Earl. Business Strategic Planing. 2016. (2015). Retrieved March 17. New York. (2010).com/ High technology establishments as a percentage of all business establishments: 2015 [Digital image]. (2010). Building a business in the virtual world. F. M. Managing Mobile Devices In Today's Retail Industry. &Virtanen.com/articles/financial. 2016. (2015). Retrieved March 17. How to Change Management Strategies in the Retail Industry. . J. Business Management Strategy. H. from http://www. D. Retrieved from http://www. & Lichtenstein. (2014). Retrieved March 17..investopedia. from https://www. Document Management Software for the Retail Industry. from http://www. Management Strategies From A Top CEO | Investopedia. 2016. 2016. Lichtenstein. 2016. from http://smallbusiness..com/watch?v=hCiEeGec72Y Fredman. Retrieved March 17.com/ S. New York. (2006). (2014).youtube.knowledgelake.bing. N. (2006) Wal-Mart: The face of twenty-first-century capitalism.MANAGEMENT STRATEGIES 9 References Davis. NY: The New Press. & Media.EconomyWatch. Retrieved March17. NY: The New Press. N..