Risk Management in a Corperate Retail Store Research Paper

Risk Management in a Corperate Retail Store - Research Paper Example In the final portion of the paper, the researcher identifies important methods of dealing with the issues in JCPenney. This is done through an application of methods and systems of retail risk management and corporate governance. The paper recommends that the management of JCPenney need to re-examine the controls and the risk management system of the supermarket. This should lead to the formulation of alternative systems and strategies for the prevention and control of risks in the supermarket. Retail management is defined by Berman and Evans as â€Å"the art and science of bringing the ultimate consumer a product through a series of stages which are coordinated through a set of defined objectives and strategies† (2009 p1). Retail management therefore entails all the necessary steps that a shop or store goes through to ensure that consumers get products that they desire. However, retail management is a conscious process that involves certain activities and steps that provides optimal services for consumers (Berman and Evans, 2009 p1). This means that for retail management to succeed, there should be a clearly defined end which will be attained through a deliberate and conscious effort to attain that end. 5. Alignment: all stakeholder needs, ranging from shareholders quests for higher profits and the wider societys desire for healthy lives and environmental responsiveness should be aligned to the activities of a retail venture. This therefore means that retail management is intertwined with numerous activities and plans that enables the ends and objectives of the company to be actualized. Management of retail ventures is described as both an art and a science. This therefore means that it is about how to attain stated objectives through rules, regulations and other competencies. 1. Supply chain management and channel distribution: this involves the sourcing of goods from wholesalers or producers and getting them to the final