Ted\'s Taqueria - Evaluating Retail Locations Read the overview below and comple

Question

Ted's Taqueria - Evaluating Retail Locations

Read the overview below and complete the activities that follow.

Ted Miller has a passion for food. Ted wants to open up a quick service Taqueria that caters to the business lunch crowd. He wants to add value to this target audience by providing quick, portable menu offerings made with fresh, healthy ingredients. Ted is trying to decide the best location type that will help him reach the most people in his target market.

CONCEPT REVIEW:
Many types of locations are available for retail stores, each type with its own strengths and weaknesses. Retailers have three basic types of locations to choose from: freestanding, city or town business district, or shopping center. Retailers can also locate in a nontraditional location such as in an airport or within another store. The selection of a location type must reinforce the retailer's strategy. The location-type decision needs to be consistent with the shopping behavior and size of the target market and the retailer's positioning in its target market.

Read the case below and answer the questions to the right to formulate your suggested strategy.

Ted Miller has two passions in life besides his family, tacos and interacting with people. Ted has been saving up for many years to pursue his dream of opening up his own taco stand using fresh from the farmer ingredients. Ted came up with the idea after watching corporate professionals wolf down fried foods from food trucks and fast food chains. Ted decided that he wanted to build a quick service restaurant where professionals could grab their food and go in a hurry; but he also wanted to provide customers with healthy options using fresh, quality ingredients. And so began the development of Ted's Taqueria.

Ted wanted to focus primarily on the business professional and the lunchtime crowd. Ted felt that he could offer value for these customers by offering quick, healthy options that customers could just grab and go or eat quickly in a convenient location. Ted decided not to immediately pursue the dinner crowd for several reasons. First, he wanted to gauge demand for his product. Second, he did not have the immediate capital to support the added overhead of two shifts per day. Third, Ted wanted to be able to offer private catering at night, should the demand for his products increase. Finally, Ted and his wife have three children and Ted wanted to be able to spend some time with them in the evenings.

Every business consultant that Ted spoke with told Ted the most important thing in business is "Location, location, location!" Ted knew that for his business to be successful, he had to choose a location where he could reach the most people within his target market. Ted's primary focus was on the food, not necessarily the ambience. He wanted the restaurant to be clean and comfortable for customers. He was not concerned with the overall size of the restaurant as he thought that most customers would just grab it to go and not linger.

Ted had three important criteria for the location of Ted's Taqueria:

1) The location had to be an area with a high concentration of business professionals or a lunchtime crowd.

2) The location had to be convenient to customers offering easy access. This could be accomplished by having convenient parking or by being accessible to pedestrian traffic.

3) The cost per square foot had to be reasonable in order to accommodate Ted's minimal budget.

1.

Which of the following will be most important to Ted's potential target market in choosing a restaurant for lunch?

select

2.

For Ted's Taqueria to be successful, what types of facilities need to be in close proximity?

select

3.

Which location type has the highest occupancy cost?

select

4.

Which location type would probably be more convenient for consumers walking to lunch?

select

Decision Generator 1. Which of the following will be most important to Ted's Read the case below and answer the questions to the right to formulate your suggested strategy potential target market in choosing a restaurant for lunch? Ted Miller has two passions in life besides his family, tacos and interacting with people. Ted has been saving up for many years to pursue his dream of opening up his own taco stand using fresh from the farmer ingredients. Ted came up with the idea after watching corporate professionals wolf down fried foods from food trucks and fast food chains, Ted decided that he wanted to build a quick service restaurant where professionals could grab their food and go in a hurry; but he also wanted to provide customers with healthy options using fresh, quality ingredients. And so began the development of Ted's Taqueria select select That the restaurant is near other retailers The restaurant's close proximity That the restaurant is in an enclosed shopping facility Ted wanted to focus primarily on the business professional and he lunchtime crowd. Ted felt that he could offer value for these customers by offering quick, healthy options that customers could just grab and go or eat quickly in a convenient location. Ted decided not to immediately pursue the dinner crowd for several reasons. First, he wanted to gauge denand for his product. Second, he did not have the immediate capital to support the added overhead of two shifts per day. Third, Ted wanted to be able to offer private catering at night, should the demand for his products increase. Finally, Ted and his wife have three children and Ted wanted to be able to spend some time with them in the 3, Which location type has the highest occupancy cost? select 4. Which location type would probably be more convenient for consumers walking to lunch? select prev glossary

Explanation / Answer

1. Which of the following will be most important to Ted's potential target market in choosing a restaurant for lunch?

Answer: Option B: The restaurant’s close proximity

2. For Ted's Taqueria to be successful, what types of facilities need to be in close proximity?

Answer: Option B: Office buildings

3. Which location type has the highest occupancy cost?

Answer: Option C: Shopping Mall

4. Which location type would probably be more convenient for consumers walking to lunch?

Answer: Option A: Central business district

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