University Convineince Store - Essay Example

? | Word Limit: 1949 18 June Topic: Convenience Store Candi mentI hereby declare that this assignment is my own work and any use of materials from other sources has been referenced accordingly. Candidate Signature: Date: Tutor Statement I hereby confirm that this assignment, to the best of my knowledge, is the candidates own work and they have not collaborated in the production of this assignment with any other person. I also confirm that I have a record of this candidate’s progress tutorial/s. Tutor Signature: Date: Table of Contents Table of Contents 3 Marketing Plan: University Convenience Store 4 Executive Summary 4 Convenience store Description 4 What need is being satisfied? 4 Target Market 5 Market and growth rate: 6 Characteristics of customer buying decision: 6 Influences on Purchasing Decision 7 Value proposition 7 Characteristics of the industry: 8 The Competitors 9 Environmental Analysis 9 Conclusion 10 References 11 Marketing Plan: University Convenience Store Executive Summary The following paper includes the description of the targeted market and customer profile which will be targeted for opening a new convenience store in the university of New Brunswick Saint John campus. The following paper includes the evaluation of the expected market place and the targeted customer base which the business will target mainly. Convenience store Description Convenience is the vital factor which is seen by each and every individual around the globe when looking for purchasing the day to day usability items. Convenience store can be said to be as the store which provides a range of products with respect to the day to day usability items like, toiletries, alcoholic, news papers groceries and tobacco products and so on. These stores are opened in the localities which provide convenience to customers to make their purchases in an easy and convenient manner. The convenience store is targeted to be opened in the university campus due to the presence of the university at the out strikes of the city and having of non availability of the stores near the campus which make it difficult for the hostel students to manage for their daily need of utilities. What need is being satisfied? The store, which is planned to be opened in the university campus, is mainly targeted to provide a convenience to the students residing in the university accommodation and just off campus. The opening of convenience store in the university campus will be of a great deal because the campus is located in the out strikes of the city and there is no convenient availability of groceries and other products available to students. The store will be of a great convenience to the student community and there is also a high need of such store in the area. The store will provide a hassle free experience of shopping the daily requirement commodities used by the students (Targeting Convenience Store Customers, 2011). The convenient store will also provide utensils like books, pencils, pens and so on, to students in the campus which is in high demand at the campus and which the students found it difficult to manage. Bringing the convenience store will be highly beneficial to the area and students (City of Saint John Citizen Survey - Fall 2010, 2010). Target Market The target market has been identified by analyzing the need of the community at large. The target market needs to be evaluated in order to analyze the targeted customer group. The target market for the convenience store is the main university area and the nearby localities which can approach the store in an easy and convenient manner. As the campus is located in the out strikes of the city, there is a high inconvenience and hassle faced by the students to meet their day to day requirements (Dunne, Lusch & Carver, 2010). Looking at this factor the target market set for the convenience store are the university campus and nearby areas. There are a large number of students residing in the university accommodations and also the students who spend their maximum time in the university campus during the college running hours. There is no other option available to the students to meet their need. The hospital near the college campus is also one of the target markets for the store to provide services (Kaplan & Norton, 2001). The store main target market includes providing services to nearby areas of the college and the campus students. The store also targets the hospital commuters which are near the range of the university and also struggling for the convenience store for some basic amenities like groceries, tobacco products and so on. The store also targets the commuters and the customers of the cafeteria and also the customers of golden leaf store at Milledgeville. Market and growth rate: The location of the store will be a place which will be easily seen and approached by the students. The store will provide a large range of products both national and international to provide products to international students as well. The growth rate will be high as the store will cater services to a large market place having large number of different customers. The decision related to the location and the opening of the store and making a specific group as a target the convenience store will market itself by way of using different marketing techniques like social media, electronic advertisement, university tabloids, and flyers and so on. The use of all these measures will depend on the target market group and the target market (Niven, 2002). Characteristics of customer buying decision: Convenience store is the service provided to the students residing in the university and the near by areas and also to the local residents living in the radius of five kilometres. The store will keep different products and consumables that are required by students from around the world or from multicultural backgrounds and which will be available to them maximum of hours of the college timings and after that also. This store will provide convenience to the students around the college area who find it difficult to get these supplements and consumables in the area near the college (Quick Facts, 2012). Influences on Purchasing Decision There is a high influence on the purchasing decision which includes namely the psychological, situational and cultural influences. The situational influence includes the availability of convenience store in the area where no such store is available. The socio cultural factor will includes the store providing goods and services to different students from around the world and catering those services and products of international level and the psychological influence include the need to gather more and more customers by improving the services and also making the services more and more convenient for the customers and students (Space Analysis and Recommendations, 2012). Students who are studying in the university are mostly within the age group of 18-34 year; therefore, convenience store can target this segment, as they are most likely to shop the channel. Convenience store can easily capture the purchase decision and attitudinal information among this segment consisting of young adults through maintaining the communication with them, and then provide them with valuable services and goods. As more and more students are interested in purchasing the digital or electronic products; therefore, convenience store can offer mobile devices, and proficient multitaskers (Space Analysis and Recommendations, 2012). Value proposition It is vital to clearly define the value proposition for the business and to keep the business on track in terms of strategy. Prevailing competition across the supply chain has made critical for the convenience store to have a solid understanding of the customers, especially high value and high frequency shoppers (Niven, 2002). Through formulating proper strategies, the store can easily retain the targeted customers. The targeted customer for convenience store is the students, and staff of the university, who can easily approach the convenience store for buying necessary products, which are used in day to day life. The convenience store can target the customers through the geographical segmentation method. For targeting the customers, it is significant that their shopping behaviour should be analyzed by the store, as it becomes easy for the stores to sell their goods to customers and fulfil the requirements of the customers (Niven, 2002). Characteristics of the industry: The characteristics of the industry include the services to the students residing in the university and the near by residents of the area. The convenience store will be located near the university, so that many students can take the resourceful break by going there for purchasing resourceful items, as the time taken from the nearby local business is less as compared to the convenience store; therefore customers will come there. The industry of the store will also include the residence within the university mainly the staff, who stays inside the university campus, and requires day to day items from the near by area. Even for the staff the convenience store can be an added advantage, as they can easily purchase the necessary items from the store (Tourte & Faber, 2011). The store can even offer sports items for the athletics, who are participating in sports activities inside the campus. If the convenience store is build near the university, it would be easier for the Athletics to get their items. University also offers the hospitals for students and staff of the university. The hospital is build so that immediate aid could be provided at the time of emergency. Convenience store can even target the patients who are admitted in the hospital and provide them necessary items like water, medicines, food packets, etc. Convenience store can even target the researcher that comes for conducting research on different subjects in the university (Tourte & Faber, 2011). For researchers who stay in the campus for 2-3 months at the period of their research can easily purchase products from convenience store. Store can target the people on the basis of gender. By offering necessary items required by female and males, the store can target both. The store can even get their customers from the local businesses and tourists, who are visiting Brunswick. By offering frozen yogurt, ice-cream, or health meals that attract the targeted demographic female staff or students. The Competitors The main competitors of the convenience store are the university cafeteria and also the golden leaf store. The convenience store will provide bus passes and cigarettes; foreign food products and this will make the store more competitive as compared to the cafeteria and golden leaf store located in the university campus. The store will stand out of competition from the university cafeteria and also the golden leaf store on Milledgeville due to the extra time of openings and providing extra products and services to the students both off campus and students accommodating in the campus. Environmental Analysis There are several environmental factors which also need to be taken care of like the economic factors which will affect the store with the changes in the economic policies like the rise in the prices of products. Political environment which may affect the working in the way that due to political instability the school will remain closed and thus affect the business. Social factors will impact the business as the locality of the area may impact the working of the business selling non vegetarian food supplement may be opposed y the community etc. The legal factors must also be taken care of as the legal permissions and the authentication with respect to opening of the store is also required. Finally the technological factors also need to be taken care of as with the advancement in technology the business also needs to be upgraded and become more advanced (Kaplan & Norton, 2001). Conclusion The study summarizes about the plan prepared for the new product, which is a convenience store that can be opened near the University for attracting a large number of staff and students of the university. The report has successfully defined about the convenience store which offers the day to day usability items to the individuals. The report has also discussed the market and customers, which can be targeted by the store for selling their products. The report has discussed that university and hospitals can be targeted for selling the goods. The report has also described that students, staff, patients, local business, tourist, researchers, and athletics can be targeted by the convenience store and can easily increase their sale. Through offering a wide range of goods; the store can enhance its sale and increase its profitability. If the customer based is increased the store can gain reputation or popularity in the near by area and can easily increase its customer along with customer loyalty. References Dunne, P. M., Lusch, R. F. & Carver, J. R. (2010). Retailing. USA: Cengage Learning. Kaplan, R. S. & Norton, D. P. (2001). The Strategy-Focused Organization: How Balanced Scorecard Companies Thrive in the New Business Environment. USA: Harvard Business Press. Niven, P. R. (2002). Balanced Scorecard Step by Step: Maximizing Performance and Maintaining Results. New York: John Wiley & Sons. Targeting Convenience Store Customers. (2011). Retrieved May 31, 2012, from http://www.csdecisions.com/2011/05/31/targeting-convenience-store-customers/ Tourte, L. & Faber, B. A. (2011). Small Farm Handbook. California: ANR Publications. Quick Facts. (2012). Retrieved June 17, 2012, from http://www.unb.ca/aboutunb/quickfacts.html City of Saint John Citizen Survey - Fall 2010. (2010). Retrieved June 17, 2012, from http://www.saintjohn.ca/site/media/SaintJohn/IpsosReid-Dec2010-Final%20Report_English.pdf Space Analysis and Recommendations. (2012). Retrieved June 17, 2012, from http://www.unb.ca/capitalplanning/_resources/docs/sj/chapt02.pdf Read More