Parkers Convenience Stores and Companies - Case Study Example

Parker’s Convenience Stores and Companies Parker’s Convenience Stores And Companies Introduction This paper analyzes the business – Parker’s Convenience Stores, from a holistic point of view. As people adopt proactive and fast-paced lifestyles, they search for products and services which match these lifestyles. This is why consumers are now shifting their focus on convenience stores which serve as one-shop stops for all their urgent needs and requirements. For the consumers, it is a solution to the time management issues they have and these stores offer them ready-made goods and services. The idea of pairing up petroleum stations with convenience stores helps store owners generate higher revenues. Since fuel is a necessity, many people who use the services of the petroleum station are then driven to purchase an item or two when they see the convenience store’s apt location. In this way, sales double and people are able to hit two birds with one stone. Similarly, Parker’s offers a complete and convenient shopping experience to its customers. I. History of Parker’s A. Emergence of Parker’s The Beginning In a hot July in 1976, Greg Parker decided to construct what was to be a successful venture in the years to come. But the idea of petroleum stations was dates back to 1921. This idea emerged due to the efforts of Greg’s great-grandfather who was employed by the Standard Oil Company. His determination set the path for the possibilities of success of the business. When Greg took over, he expanded the business into 24 retail stores. These stores were set up mainly in South Carolina and Georgia. At a time when such business ideas were in the early stages of the lifecycle, Greg’s ideas led him speedily through to the growth stage. Young Entrepreneur Most often, entrepreneurs are warned against starting businesses with their families or taking over family businesses. The scenario is such that a family business has existed for generations and has been carried forward by entrepreneurs of that respective generation. In such cases, young entrepreneurs are told to steer away. However, this myth should be dismissed. A study on youthful enterprise conducted personal interviews as well as quantitative research to prove that those who stick to family businesses do not always fail. In fact, most of the participants of this study were successful with their family businesses (Darby, 2002). For Greg, handling a family business wasn’t the dream job. However, he was determined and applied himself well on the entrepreneurial position. The job he wasn’t so fond of in the beginning, grew to be one of his passions. His perseverance resulted in a massive chain of convenience stores which he had not seen coming (Ritchey, 2013). B. Parker’s Mission The mission of a business reflects its purpose and what it aims to achieve during its lifecycle. Along with the mission, a business has a vision or a prediction of how it wants to be in the future. The mission defines the methodology in fulfilling the vision. Parker’s mission is quite simple. Parker’s wants to be widely recognized as a chain of convenience stores. This may mean that it wants to be known as a household name. Parker also describes the current shopping experience customers derive from Parker’s in its mission statement. Quite naturally, it wants to maintain this trust with its customers. Parker’s mission statement guarantees quality of the products and services as well as mentions that it operates at lesser prices compared to its competitors. II. Expansion of Parker’s 1. First Convenience Store In the July of 1976, Greg parker was a fresh graduate who took over the business from his father and went on to administer his first convenience store. At this time, Greg had difficulty coming to terms with his first job. His friends were all doing what they loved and it was a huge discouraging factor for him. However, the expectations piled on him pushed him to stay with the business and as he progressed, he grew more confident of his ideas and the business direction (Ritchey, 2013). He then opened his first store in Savvanah, Georgia, in 1986. 2. Other Parker’s Businesses Along with establishing convenience stores, Parker’s has set up other businesses which complement its convenience stores in one way or the other. These businesses are being led with the same visions as the convenience stores and aim to expand in the future. Currently, other than convenience stores, Parker’s has three businesses: Parker’s Market, Parker Oil and Real Estate Development. a. Parker’s Market While convenience stores focus on price as the main differentiator, Parker’s Market builds itself around premium, gourmet products such as hot sauces and imported cheese. The overall product line consists of 5,000 products. However, not only does Parker’s Market provide customers with the gourmet treatment but also with the convenience items because it wants all items to be in one location. This is what attracts the customers the most. b. Parker Oil Established in 1921, Parker Oil has developed as quickly as the convenience stores. It supplies quality oil to over 25 outlets. The combination of convenience stores with Parker Oil petroleum stations has been cleverly executed to generate revenues as well as customer loyalty. Since Parker’s is especially prominent in areas of Georgia and South Carolina, it provides convenient, neighborhood petroleum solutions to its customers in these areas. c. Real Estate Development When one thinks about the Parker Companies and their businesses, one can easily deduce one overriding theme – community development. The convenience aspect, Parker Oil supply and the real estate business all work towards one goal and that is the development of the surrounding communities. Offering differentiated and specific solutions to people residing in nearby neighborhoods, the real estate business aims to reconstruct historical properties and sites. Having a team of qualified architects, artisans and superior materials, Parker Companies strive to deliver high quality renovation of damaged or old properties. This makes it clear that the Parker Companies want to make an obvious space in the hearts and minds of their customer base. III. Career at Parker’s Careers at Parker’s comprise of various positions in several fields. Parker’s holds all employees equal, as can be seen through their mission and vision statements. A leadership team has stayed with Greg for decades and has been subjected to constant development. Due to the growth of his businesses, Parker has expanded his current team to include more senior directors (CSP Daily News, 2014). A. Employee Benefits Parker’s offers a generous list of 13 benefits to its employees. These benefits include competitive wages which indicates that Parker’s pays more than its competitors. For a convenience store, Parker’s emphasizes on providing convenient schedules to its employees. Also, if the employees are not equipped with a certain skill, they are enrolled in paid training workshops. Employees can avail paid leaves. Moreover, there are career opportunities for those who stay with Parker’s and resulting career growth. Other benefits include insurance, union memberships and facilities of a gym and health center. IV. Parker’s and the Community As is obvious in all the initiatives Parker’s takes, community development is an important aspect of the Parker Companies. Greg believes in having a habit of ‘giving’. His customers hold similar views; they will support the company if the company supports the larger community. A. Fuelling the Community Program The world is in a state of turmoil where massive apartheids have forced the population to be divided into two opposite spectrums. Those who have not been awarded with necessities are in dire need of financial help. Parker’s contributes by donating thousands of dollars to the public and private schools in the locality. Greg wants to develop his surroundings before he reaches out to other areas. Parker Companies also donated $1 million to the regional memorial hospital and trauma unit, recently (CSP Daily News, 2014). V. Secret to Success A similar case, in terms of success and community development is that of Milwaukees Urban Ecology Center. What began as a modest effort to protect a park from crime, has developed into a unique venture which is advocated by thousands of people every year. The reason for its success is its program which equips the youth with natural experiences. This program is grounded in the neighborhoods development and cooperation (Leinbach, 2008). A. Main Focus For Greg, inviting change and accepting it is the way to go forward. Convenience shopping was not a trend decades ago but because of change, it has emerged as one of the most prominent industries. Therefore, Parker focuses on making Parker’s the best at whatever it does. Conclusion A business starts with a strategy. This is necessary to determine the flow of the business. This is why parker’s is unique because Greg Parker did not have a concrete strategy in mind. Yet, Parker’s has grown immensely over the years. This growth cannot be attributed to only the change of trends, spot-on missions or the ways of fate. Greg Parker’s extremely innovative thinking and entrepreneurial methods have led him to where he stands today – a successful, young and budding entrepreneur. References Leinbach, K. Top of Form CSP Daily News. (2014, May) The 7 Ideas on Greg Parkers Dashboard for Success. CSP Daily News. Retrieved from http://www.cspnet.com/industry-news-analysis/corporate-news/articles/7-ideas-greg-parkers-dashboard-success Darby, G. (2002). Encouraging youthful enterprise. Rsa Journal, 149, 5500, 28-29 Leinbach, K. (2008) "Its Kind of Fun to Do the Impossible": The Story of Milwaukees Urban Ecology Center. Children Youth and Environments, 18, 2, 180-196. Bottom of Form Ritchey, J. (2013). Entrepreneurial Business of the Year: Parkers Convenience Stores. Savannah Morning News. Retrieved from http://savannahnow.com/exchange/2013-12-27/entrepreneurial-business-year-parkers-convenience-stores#.VBmAn5SSyAM Read More