ROCKLAND COMMUNITY COLLEGE PRINCIPLES OF RETAILING (MKT 205-001) PROF. S. STERNB
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Question
ROCKLAND COMMUNITY COLLEGE PRINCIPLES OF RETAILING (MKT 205-001) PROF. S. STERNBERG Spring, 2016 Your term project should be neatly typed and double-spaced. Explain your decisions fully. Your decisions and explanations should demonstrate knowledge of the information covered in class this term, along with your own ideas. The project is due the week of April 18-22, 2016. Late projects will lose one grade for each session late. Select a type of retail business you would like to own and operate. It can't be a franchise or part of a current company. Describe your business completely. Explain what products and/or services you offer. Deseribe the physical look of the business 1. 2 Describe your target market as fully as possible. Use segmentation variables. (Ch. 2) 3. Where would your business be located? Why locate it there? (Ch. 7) 4. Write a complete SWOT Analysis of your business. (Ch. 2) 5. Explain how each of the external environmental factors will affect business. Be specific for your business. (Ch. 2) 6. Name your competitors. Describe three specific methods you will use to compete with your competitors for target customers. (Ch. 4) business instead of from the competition. (Ch. 2) audience? Explain why you would place it there. (Ch. 11) 7. Explain how you will get customers to purchase from your 8. Create a print ad. Where would you place it to reach your targetExplanation / Answer
Describe your business completely. Explain what products and / or services you offer? Describe the physical look of the business.
The idea is to provide different kind of cuisines under one roof. Have a food mart. The cuisines would include; Indian, Chinese, Italian, Mediterranean and Lebanese. Hire a chef who can prepare these cuisines and provide assistants who will aid him. This will be opened near a mall where a cross cultural population is expected. This will be like a small deli where you walk up to the counter order your food and take your seat. Once your order is ready you pay for it and collect it.
Describe target market. Segmentation variables.
The target market is the urban crowd. We will be targeting yuppies and a cross cultural market who are ardent cuisine fans and want to try different types of food.
The segmentation variable is demographic and geographic. We are segmenting the market as per the geographic location and demography. We are looking at people of a certain age group who like to experiment with their cuisines.
Business location
The reason for locating it near the mall is that malls attract yuppie class of people and that is the type of population we want to reach out to. Moreover, when people go to malls they usually want to eat out. If we are nearby they can always visit the mall and drop by at the deli to have food.
SWOT analysis
Strength:
We are looking at a different type of offering. Trying to put different cuisines under one roof.
Weakness:
Maintaining inventory will be a challenge
Opportunity:
We are trying to attract the crowd that is visiting the mall. The effort is to attract majority of the mall footfalls in out deli
Threat:
The mall has a food court of their own which could eat in to the business
External environment factors
Let us use PEST for analyzing the external environment:
Political:
We need to make sure that we meet the hygiene regulations that are set by the government.
Economical:
We have to make sure to price our service in a way that it is affordable to the majority if the population.
Social:
We are looking at a yuppie crowd who are social savvy. The positive word of mouth will augur well for the business and the opposite could also happen if there are unsatisfied customers.
Technological:
In this burgeoning technical environment positive or negative reviews can impact the business.
Name competitors? How they will be negated?
Fast food chains like Mc Donalds, Pizza Hut and so on will be competitors as they have that kind of a format as our business. To negate them we will do these things:
Explain how you will attract the customers
As mentioned earlier, have an application which will give all the details to the customers so they can be prepared when they are coming to eat with their order and so on.
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