Conduct a risk assessment on possible barriers

Reference no: EM133220035

Question - XY-HiFi is one of the biggest electronics companies in Australia. It has more than 140 shops all over the country which consist of more than 50 employees in each store. I recently started working as the manager of the XY-HiFi store in Penrith, New South Wales, and during my first three months, I saw a number of things that may be improved to boost the store's overall output.

Issues that need attention are:

(1) The company's website is quite simplistic and lacks interactive features.

(2) There is no e-commerce functionality on the company website, and pre-orders are still taken over the phone.

(3) The company only maintains one Facebook account, which is updated once each week.

(4) The teams and departments don't communicate well with one another.

In this fast-paced generation, trends in the workplace have moved far forward than ever before. Based on the research I have done, these are three trends relevant to the business:

The rise of online shopping has grown in popularity due to its convenience and is likely to keep doing so. By putting all products and services online, customers have the power to buy, compare and discover fantastic deals, in the comfort of their place and time. Online customers can compare prices and discover fantastic deals.

The trend towards mobile shopping will have an effect on the industry by making it easier for customers to buy electronics using their mobile devices and by enabling the industry to reach a larger audience.

The social media trend will have an effect on the company by increasing its visibility to potential customers and enabling direct customer interaction.

1. Based on the information above, outline how you would approach the identified trends and gaps in your chosen business.

2. Conduct a risk assessment on possible barriers that your chosen business may face while closing the identified gaps.

3. Explain how you would ensure continuous improvement in your chosen business. List three techniques or approaches.

4. Explain the role of leadership in innovative thinking. How would you approach the situation to ensure the effective execution in your chosen business?

Reference no: EM133220035

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