Strategic Analysis and Presentation of Business - Essay Example

Download file to see previous pages The completion of the renovations is expected to increase the current revenue by at least 2% every month over the next year for a total of a 24% increase (Hasan, 2012). Negotiations have also been instigated for the inclusion of gasoline sales at this location. In order to install underground gasoline tanks, gas pumps, and a canopy over the fueling area, half of the current parking lot area would need to be fenced off for construction. While this might interfere with business, the profits earned from this venture could potentially exceed the losses endured during the installation of the necessary equipment. Negotiations between a national oil company and Qwick Stop & Go have discussed who would be responsible for the installation of the underground gasoline tanks, gas pumps, and the canopy. Figure 1: Store Layout and Projected Gasoline Mission, Vision, and Guiding Values Organizations write mission statements to specify the values that will govern day-to-day operations, customer service, and promotion and purpose of the business. Most corporations keep the statement simple for easy reading, understanding, and repetition of values (Radtke, 1998). Teaching employees how to incorporate the expected values in daily actions, while employed, requires training and examples that continually enforce the desired outcome. The mission statement for this business is as follows: Qwick Stop & Go convenience store exists to provide customers with a convenient shopping experience with a selection of quality products, exceptional service, and a clean and friendly neighborhood environment. We are committed to our customers and we will be responsive to their needs and viewpoints as we stock our shelves and interact with the individuals throughout our community (Hasan, 2012). Customers are the backbone of the convenience store industry and without their continued patronage Qwick Stop & Go would not exist. Excellent customer service becomes essential to maintaining current customers and earning the business of new clients. Offering the products that the customers need at a fair price also builds customer loyalty (Thompson, Peteraf, Gamble, & Strickland III, 2011). External Environment Five external environmental factors will potentially affect Qwick Stop and Go convenience store’s success. The five factors are social, economical, political, technological, and ecological. Each one of these factors can work independently or collectively to support the business. The new owner needs to observe how each factor interacts with the business and take the necessary steps to ensure that each factor is used as a strength or opportunity (Thompson et al. 2011). The social factor relates to the interaction of the customers and the buying patterns they display. Customers who patronize the Qwick Stop & Go have commented that the benefits of gasoline sales would be worth the initial cost to install the equipment. The owner has discussed this idea with many of the regular customers who frequent the convenience store and decided that looking into the possibility of installing gas pumps on the premises may be a strategic move that would benefit all stakeholders. Many families live within a close proximity of the Qwick Stop & Go convenience store and most of them have more than one car per household. Middle class residential housing ...Download file to see next pagesRead More