Apply the chaos theory to retail store of your choice, for instance, Nordstrom's, Dillard's, and so forth. Identify core components and processes.
- Examine how SWOT analysis can be used.
As a continuation of retail store project:
- Identify chaos in the retail business
- Examine how systems principles apply to the internal management of the store
- Examine how systems principles apply to the store and community
- Determine how to estimate the community's total demand for retail goods
- Identify the core components and critical processes of the store.
Chaos theory in a Retail Business
Core components and critical processes in a retail business:
Retailing is defined by Kotler and Keller (2006) as all the activities involved in selling goods or services directly to final consumers for personal, nonbusiness use. As such, a retail store is any business enterprise whose sales volume comes primarily from retailing.
The retail process is done in several ways- by person, mail, telephone, vending machine, in a store, on the street, in the consumer's home, or through the Internet. Just like other types of businesses, a retail business passes through stages: it emerges, it enjoys a period of accelerated growth, reaches maturity, and then declines (Kotler and Keller, 2006).
How SWOT analysis can be used:
SWOT analysis involves analysis of the company's strengths, weaknesses, opportunities, and threats. The strengths and weaknesses are internal in nature while the opportunities= and threats are external in nature.
As applied to a retail business, company strengths (e.g. Wal-Mart) may be its size or volume of resources, its established name, and well established channels of distributions. Opportunities or chances for further growth and development may include: increase in population, increase in the number of households in ...
The solution discusses the chaos theory in retail business.