Reference no: EM133046569
Planning Your Own Entrepreneurial Retail Business
Donnelly's Jewelers, a family business your grandfather started in 1952, had annual sales last year of $900,560. Your parents, who purchased this business from your grandfather in 1981, have asked you to help them develop a strategy to improve sales. Since you plan to open a second Donnelly's Jewelers store on graduation with your family's support, you want to use this opportunity to impress your parents with your business and retail-marketing skills.
In reviewing the records of the store, you were surprised to find that a record had been kept of how many shoppers visited the store on a daily basis. For the most recent year, you computed that there were 15,000 visitors and that 2,803 of these made a purchase. You also have spent the last few weeks observing the salespeople (including your parents) make sales presentations. Your observation is that they do a good job on approaching shoppers and making a sales presentation, but they are quite weak and passive on closing a sale. You also have observed little effort is made to cross-sell merchandise.
Your recommendation is to have a local professor who teaches a course in personal selling conduct a sales-training workshop. This two-day workshop would cost $5,000. After consulting with the professor, you both believe the training should produce an increase in average transaction size of $30 and an increase in the conversion rate of 5 percent.
Based on the preceding information, show the impact on annual sales of the proposed training program.
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