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Recommended Sales Forecasting Method
Every organization including Zara aims at maximizing sales revenue while minimizing the costs incurred in production. Maximizing the revenue realized in sales requires that the organization utilize best sales forecasting strategies so that the inventory held by the company is sold.
Zara manufactures much of the clothes sold in the company stalls. The manufacturing process takes only 15 days from the time the manufacturing decision is made to the time manufactured products are delivered to the market. This is a far less period when compared to other large-scale fashion designers and retailers such as Henez & Mauritz (Certo & Certo, 2008).
Given the large clientele of the firm and the level of competition of the industry, it is important that the firm utilize the open-model time series technique that involves store-by sales forecasts. This is because Zara manufactures and sales many fashion styles to different groups of customers.
Store by store sale forecast would enable the firm to segment the market and produce fashion styles that fit into specific markets within a short period. In addition, stores that indicate increased demand of fashion styles should be supplied with more of the given fashion of clothes. This forecasting method for sales is not only relevant, but it is also important since the company would be able to know specific type of product to be manufactured for a specified group of customers.
Procedures, Policies and Rules
Opening of a new store is an important function to the organization since it is equivalent to unveiling of the company brand in the location of the new store. The main goal of the event is to create a celebration that would promote the brand of the company. As the company intends to open a new store in a given place, it should begin by establishing a committee that will oversee the necessary preparations for the opening of a new store.
Members of the committee should include all managers of other stores since they can help in idea generation and planning. The planning process should begin by setting the dates in advance (Certo & Certo, 2008). The dates and time set should maximize the opportunities for broad based participation from the firm and the community in which the store is to be established.
The programming of the main event should enable display of the variety of fashion products offered by the company since this forms the company brand to be sold in the store. Emphasis should be put on the benefits and best qualities of the products to be provided. The established planning committee should come up with budget estimates for the event. Invitations to be made should be received in advance (i.e. three weeks before the main store opening ceremony).
PERT Network: Critical Path Activities in Store Opening
PERT was established to help organizations manage projects that are perceived as complex. The tool helps an organization in listing the important activities in the execution of a given project. In this given project for Zara
Corporation on opening a new store, critical activities form important activities that cannot be ignored by the firm and help the company complete the project in time and cost efficiently. The identifiable critical path activities in this project include:
Project committee: the committee should be set up immediately the opening ceremony is identified and certain to happen. It should be responsible for all planning among other activities.
Planning: this is a critical activity because it failure to plan for the ceremony is planning to fail. It involves setting of the goals of the ceremony, the dates and main events of the activity.
Budgeting: the success of the ceremony depends on the preparations made. The preparations involve various activities that require financial expenditure. The committee should establish all required resources and set aside funds for their purchases and/or availability.
Program: the program of the main event is part of the critical path because it helps in making the ceremony a success. The program should focus on providing a chance for the display of the various company products, promotion and marketing of the brand of the company. Its ignorance could greatly affect the success of the ceremony.
Guest invitation: the planning committee should not overlook this important activity. Invited guests should receive invitation letter at least three weeks to the main event. They may act as motivators for local residents to purchase company fashion products.
Store Launching: this is the last activity for the project since it is the climax of the project. Successful launching of the new store involves preparations following the above set steps and activities. The launch of the store is a one-day event that marks the beginning of operation of the store in the region.
Reference
Certo, S. & Certo, T. (2008). Modern Management: Concepts and Skills. 11 Ed. Pennsylvania: Pennsylvania State University.
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