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Establishing a Utility Corner - Essay Example

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Summary to essay on topic "Establishing a Utility Corner"
It is said that journey of 100 miles begins with a single step. This single step determines the direction of the organization/ business establishment. Now a days, the concept of superstores has been replaced by utility stores. Now the emphasis is not on specialization in one particular commodity but on a range of products and services, satisfying the routine needs of customer.
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Download file "Establishing a Utility Corner" to see previous pages... Vision statement of course depicts the sincerity with which we intend to take our customers because investment in smiles gets satisfaction in return. Our vision statement is "We care for your comfort and value your time".
Youth: This segment is the most vibrant market of all for couple of reasons.
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One, the youth of the day has become very demanding. Second, the youth is very much quality conscious. Third and most important, the growing trend of handing over the reins of business to young workers is giving rise to increasing number of young managers and CEOs.
Family: With increasing trend towards nuclear family, quality time with family has become a rare commodity. Kids are taken care of by crches with both parents working. Therefore weekends are particularly very important for such family outings and our store has to try its level best to invite such families.
Business Community: Business community requires an ambience where it can invite potential clients/ customers and seal a deal over lunch. Therefore, such sessions (generally long sitting sessions) are very helpful for a successful utility store. This community at times requires a small meeting cum demo room and some office support, which has to be taken care of by our business establishment.
It is worthwhile here to mention that while we are starting off with a new business, there must be couple of others in the market having similar business and attracting similar customers. Established businesses have some loyal customers as well. We need to attract such customers with lucrative offers. For example;
Youth can be attracted with discount schemes, combo offers (like buy one get one free etc.), loyalty bonuses, special attraction for the students of colleges/ schools. Such promotional schemes help attract the customers. It becomes the duty of the management to put in full use the concepts of Customer Relationship Management (CRM).
Families can be attracted with better bargains for kids, innovative marketing schemes (like special packages for grand parents, weekend programmes/ competitions/ contests for kids etc.
The business community is the most difficult one to invite with such bargains. This 'formal class' requires one-to-one meeting with officials and offering them better bargains and scores of incentives to switch loyalties. Comparison charts and statements are a perquisite for such missions with business leaders. Each business group requires a different set of persuasion technique.

Competition is in fact a very important part of a market driven economy. This encourages the business commun ...Download file "Establishing a Utility Corner" to see next pagesRead More
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