Big Lots – Business Plan – jayedot
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BIG LOTS, INC. Jessica Y. Hicks Bus/475 Eldridge Newlin 8/3/2015 Table of ContentsPg. 3 Executive Summary 5 Business Model and Strategic Plan Part I: Existing Business or New Business Division; Vision, Mission, and Value Proposition 9 Business Model and Strategic Plan Part II: SWOTT Analysis – Internal and External Environmental Analysis; Supply and Value Chain Analysis 16 Business Model and Strategic Plan Part III: Assumptions, Risk and Change Management Plan; Summary of Strategic Objectives; Balanced Score Card and its impact on stakeholders; the Communication Plan20 Conclusion21 Reference Page Executive SummaryBig Lots, Inc. was founded in 1967 and is an American retail company that sells a wide variety of merchandise from , but not limited to, packaged food and drinks to toys, clothing and furniture. Are main offices are located in Columbus, Ohio. Although we have many different product offerings, we would now like to step up our customer service and turn it into a personal premier service at no charge. Currently we do offer the standard customer service desk where we accept returns and exchanges. We also have a layaway program but it is for furniture and mattresses only. Our future plan is to offer, on our website and mobile application, the ability to do your shopping online but instead of waiting 3-5 business days for delivery, they can go right in the store and all of their items they have purchased will be right there waiting for them to just pick up and go. Our customers will be able to go shopping with a click of a button and possess those items right away ( minimum wait time is an hour).
CompetitionWe are in competition with a few other retailers most notably Walmart and Target. Kmart is also in the competition mix. Our product is unique because a customer can purchase from home wait an hour and all of their items will be ready to go. Our other competitors offer online shopping but the customer has to wait 3-5 days on shipping. Risk/OpportunityOur biggest risk is that customers will not need to simplicity of purchasing online and picking up and they would rather wait for the shipping. In turn our biggest opportunity is to gain customers back to our stores.Business Model and Strategic Plan Part I: Existing Business or New Business Division; Vision, Mission, and Value Proposition Big Lots was formed in the 1960s and has grown today into having almost 1500 stores in 48 states. Even though they have firm roots planted in the retail market, there are other stores, such as Walmart and Target that have surpassed them. Big Lots have been late to the show as far as their innovation and I believe with the assistance of new technology we can bring Big Lots back to a competitive status. Without innovation we have already fallen behind and we do not want to fall so much behind where we would have no chance to catch up and ultimately have no choice but to close our doors for good. This generation of shoppers want to spend without having to leave the comfort of their own homes. Most big box stores give their customers access to their inventory online and also gives them the ability to order products online without even stepping foot into their stores. Even more so people are glued to their smart phones. Most stores gives customers’ access to their inventory before they even step foot into their facility by having a website where they can order online or even an application that they can access from their mobile phones. Big Lots, Inc. does not currently give customers the opportunity to shop online at all, their website just shows you their inventory of what they have in stores. I think that Big Lots should take the online shopping/ e-shopping commerce to another level. Big Lots, Inc. should have a mobile application (app) which not only offers online shopping and delivery but the major selling point to the mobile app is that the customer can pick the inventory and order and pay for what they want but instead of waiting a day or so for delivery, they are given the choice to walk into their nearest Big Lots and everything that they ordered will be waiting for them at the customer service desk. So with the Big Lots mobile app, the customer can make an order, purchase it and it will be ready for pick up in an hour.
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By: jayedot
Submitted: November 3, 2015
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