Understanding Change
Leads to Performance Improvement
Part 3 of 3
KEY POINTS FOR THIS SERIES OF RETAIL JEWELRY INSIGHTS™
Specialty jewelry store sales growth to date has been influenced by changes in consumer expectations and perceptions about different competitors in the marketplace. Specialty jewelry store performance has also been affected by the consumer’s unanticipated reaction to cumulative changes in specialty retailer’s merchandising, marketing, and operational practices including 1) one-time changes due to sales declines caused by the “Great Recession” and 2) equally unexpected reactions to previously successful merchandising, pricing, marketing, advertising, and promotional strategies.
What is becoming apparent is that specialty jewelry store operators cannot assume that what once worked successfully, will be equally successful today. Assuming some of the traditional drivers of sales and profitability for specialty retail jewelers is no longer effective, while others are less efficient, understanding the effects of change is a key first step in developing solutions to improve business performance and mitigate other forces that are inhibiting specialty jewelry businesses from achieving full performance potential.
Decision-makers must 1) put in place methods to identify, continuously, business strengths and weaknesses, 2) plan processes to develop solutions to problems that arise from change, and 3) find ways to manage and integrate those solutions into the businesses' operating practices much faster than in the past. For an in-depth discussion about how understanding change can lead to performance improvement, read the entire article.
This issue of RJI is the third of a three part series discussing Unanticipated Consequences of Change.
Managing Change Leads to Performance Improvement
Three Steps to Managing Business Change
Each business is unique, so jewelry storeowners and business managers must decide how the changes discussed as well as other changes specific to your own operation have inhibited the business from reaching full potential. One way to begin is to 1) develop a Strengths, Weaknesses, Opportunities, and Threats (SWOT) analysis, 2) develop a Change Integration Plan, and 3) identify champions for each business improvement identified. These three steps are summarized as follows:
Step 1: Table 1 illustrates a SWOT analysis for a hypothetical jewelry company. A similar format can be used to develop your own SWOT analysis...
[Full Story]
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Visit us at LUXURY at JCK, Las Vegas
 May 31 - June 6, 2011
Booth LUX-98
Retail Jewelry Insights has a second location at the JCK. You’ll find us in LUXURY at JCK booth # LUX-98. We look forward to seeing you there; we also have a new location at the JCK Show in the Mandalay Bay Hotel & Convention Center booth # L-138 in the Bayside lobby. See our map.
 Visit us at JCK, Las Vegas
June 3 - 6, 2011
Booth L-138
Retail Jewelry Insights has a second location at the JCK. You’ll find us at JCK booth # L-138. We look forward to also seeing you in LUXURY at JCK booth # LUX-98.
See our map.
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