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1、|BUSINESS REPORTINCREASING THE DEPARTMENT STORES PROFITS FOR |INCREASING THE DEPARTMENT STORES PROFITSPrepared forJohn SmithGeneral ManagerHARRODS department storePrepared byPeter AlbertChief advisorTWCB |July 15, 2013MEMODATE: 07/15/2013TO: John SmithFROM: Peter AlbertSUBJECT: INCREASING PROFITSHer
2、e is the report you requested on Jul.12, 2013 on the department stores profits.Your uneasiness was right. As we only focused on some high-quality products, we cant expand market share in other aspects, then the profits fell sharply.The solutions to the problem are clear. We need to take some cares i
3、n other marketing. Set up some convenience stores, discount stores and speciality stores as competition did. Expand foreign retail chains in some economically potent states like China and Japan. Make transition of service mode to follow the consumer demands.Thank you for giving me the opportunity to
4、 work on this assignment. If you have any questions about the report, please call me.|Executive SummaryIn the past six months, the profits of Harrods department stores fell sharply. As a result, several similar famous store groups are now heavily in debt. The report studies the cause of the fell and
5、 recommends solutions to the problems.Causes of the fellWe have found three causes relating to the fell: Market Positioning is inflexible. The Foreign market didnt develop well. Service concept was out of date.Some positions and service concepts are out of date, its lower customer satisfaction. We a
6、lso found that a large number of staff numbers and managers lack awareness to follow with customers consumption concept. Harrods department store may start training their staff to keep up with modern customers idea.Measures to Increase the Profits Set up some convenience stores, discount stores and
7、speciality stores as competition did. Expand foreign retail chains in some economically potent states like China and Japan. Training staff. Make transition of service mode to follow the consumer demands.|Estimates for Implementing the ProposalMost of the expenses of implementing the measures will be
8、 on set up new stores and expand foreign retail chains. They are estimated to be 25, 0000 pounds.Table of ContentsExecutive Summary Introduction 1Purpose, Scope, and Challenges 1 Methods 2The Decreasing Profits in Harrods Department Store 225% Decreasing compared with 2011 2Competitions Average Prof
9、its in 2011 it gives us a great competitive pressure at now and future. We need to do something to change the bad situation.3. Major Causes of the DecreasingFrom the research, we can see the major problems which caused the decreasing, and we summarized them as follows: As we only focused on some hig
10、h-quality products, we cant expand market share in other aspects, our market positioning is inflexible. As economic globalization becomes strong, our foreign market should develop more deep and widely. Our strategy is good, but it didnt pay attention to nowadays shopping fashion. Service concept was
11、 out of date.We must take concrete measures to solve all the problems.Q1 Q2 Q3 Q411%16%21%26%31%36%41%46%20112013|Part ThreeImpact on Harrods Department storeThe decreasing of the profits not only made damage to the economic interests of Harrods department store, it wills also jeopardizing the Harro
12、ds brand reputation and then when we need more funds to increase the profits will be very hard.1. More Funds Needed to Increasing ProfitsIndeed to increasing the department stores profits, we should do a lot of research and work. To make a perfect solution, all the projects will spend a lot of money
13、 to get the most accurate answer. During the whole things, we will cooperate with many famous companies on investigation or doing business expanding. To make sure everything is moving on schedule and is within the budget, we will make an accurate expense, and expect to complete the project without e
14、xceeding the budget.2. Jeopardizing the Harrods Brand ReputationWith the result of our questionnaire, we can see that: among the 800 customers, 650 are employees and rests of them are teenagers and senior citizens. In the employees group, 25% of them with an annual income of 100, 0000or more, and ot
15、hers annual income is about 30, 000 to 80,000. The high income group didnt show any unsatisfactory to the service and product. But in the middle income group, many of them want value for money and to feel they have got a bargain and services which make life easier or save time, which they think Harr
16、ods cant serve well.|Part FourMethods for Increasing the ProfitsThe working team has worked out methods to increase the profits of the department store. We will depend on marketing positioning, foreign market, and training new service concept as our main approaches to our customers.Three Ways to Inc
17、reasing the Profits To attract customers we will rebuild our department store to make a place for some discount goods. And in other city area, like communities and shopping mall, we will set up some convenience stores, discount stores and speciality stores as competition did. But as the long history
18、 and special brand charm we has, our stores will be very different from others. We will develop a new message to our potential customers, that “Luxury culture also can be an Approachable culture.” The message together with pictures showing features of our new stores will be advertised in the local p
19、apers, magazines, and our new catalogs. Although HARODDS is a successful department store in London and has many chain stores in New York and Italian, we cant ignore the mega consumer market in some Asian countries, like China and Japan. These countries own a large consumer population, which makes t
20、hem consumer markets with great potentials. So we should try to connect with those local business men to expand our foreign retail chains and develop foreign markets. With a survey shows that: as the English population ages, older groups will provide opportunities for sales growth. And nowadays the
21、English consumers want value for money and to feel they have got a bargain. Britain is moving from a luxury culture to a convenience culture. People want services which make life easier or save time. So the old service concept was out of date, we should do a series of trainings to improve staffs awareness of the shopping