Taking over and expanding an existing business as a new owner:a business plan proposal - Research Paper Example

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Expanding an Existing Business as an Owner (Highlight key points)Qwick Stop & Go convenience store has been offered to the current manager for purchase. The store is 20 years old and due for an upgrade. …
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Taking over and expanding an existing business as a new owner:a business plan proposal
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Download file to see previous pages Expanding an Existing Business as an Owner (Highlight key points)Qwick Stop & Go convenience store has been offered to the current manager for purchase. The store is 20 years old and due for an upgrade. With the pending sale of the business, now seemed like the perfect time to make the changes that will propel the business into the future. The new owner does not want to close for remodeling, so precautionary measures need to be taken to ensure the safety of every individual associated with the convenience store; whether they are patrons inside the store or clients of other businesses in the immediate area. The expansion will incorporate the 750 square foot area next to the convenience store that recently became vacant by removing the wall that separates the adjoining area.The reason the decision to expand the Qwick Stop & Go convenience store was that an industry analysis concluded that the new trend for convenience stores is having two businesses within the same location to increase customer base. The area surrounding the store has been designated by the city council for new apartment complexes, condominiums, town homes, and single family dwellings over the next five years. Over the past 20 years the patronage of Qwick Stop & Go convenience store has grown to the point of needing more space to comply with current fire code regulations. The marketing plan that was created for this venture provided the necessary projected sales to undertake this endeavor.
No other convenience store within a five-mile radius has two businesses at the same location, so Qwick Stop & Go would be the first to incorporate this innovation. Even though there are 12 other convenience stores within a two-mile radius, sales and continued to climb. The projected sales for the next three years include this increase in sales, but with the new idea of two businesses in one location, sales are expected to raise more than the projections. The decision to attempt the expansion came about by listening to customers suggestions and considering alternative methods to achieve their requests. The marketing strategy that will be used to implement this expansion contains three parts. The first is to keep customer base, while drawing in new patrons. The second is to remain competitive in pricing and product availability to the consumers. The third is to continue to increase revenue by 2% each month for a yearly increase of 24%. In order to achieve all three of these objectives, service to the customer must be exceptional, pricing must remain competitive with creative incentives to draw new clientele, and suggestion or comment ...Download file to see next pagesRead More
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