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Marketing Research process - Essay Example

Marketing Plan Java Mini convenience Store Submitted By: Jerkin F. Senators Ill-ABA Submitted to: Mr.. Pennon Ill August 11, 2014 l. Executive Summary Java mini convenience store is a home business variety store which is easy to achieve and maintain. It is beneficial in terms of effort and give’s you financial advantage. Your family earns extra income and develops cooperation and diligence at the same time.

Financial gain will be easier as the business grow through proper management and different marketing strategies to help the business expand. II. Situation Analysis The open garage with grills at front will be the place of business. Glass cabinet will be put up and grocery products will be bought in wholesale, and the business will start at once of course, your purchase receipt will be openly filed within the store so that you have for your pricing.

Electronic loading on cell phones could also be put up at first you can buy your groceries by box and by categories of your capital is not so big. Market Summary Target markets The target market of this business will be the citizens living in Mahogany Villas, orgy. Loco Calm Laguna. Wherein the proponent lives since it will be most accessible to its consumers. Behavior Factors The behavior of the consumer in mahogany villas will depend on the frequency of buying products from the mini convenience store whenever they need it.

Market Needs, trends, growth The store to be established will be useful to the consumers around the area since the main grocery stores and supermarkets are far from Loco which gives the opportunity for both the business and its consumers to get what they need for their ally lives. The trends of the business industry today in terms of small scale businesses are at rage and common because of its feasibility. Thus, there is very large opportunity for a mini convenience store in our location to grow because having this business will not be a loss since everyday people will need something and find somewhere to get it.

SOOT Analysts Strengths Easy to establish since mini convenience stores require small amount of capital Profit is easy to gain since products which can be bought whole sale are cheaper when you ell them per piece Requires only small amount of labor, 1-2 persons from the family could be assigned to be the seller and they can do shifting Can provide financial security for the family Easy to promote since the people in the village are personally owned by the proponent Weaknesses Mini convenience stores are common nowadays, therefore marketing strategies should be provided especially if you are trying to enter this business Products are consumable, so it will require regular orders of supplies Opportunities Opportunity to be the first mini convenience store in Mahogany Villas Payback period s quick which will help the business to grow by buying additional products to sell using the profit gained Opportunity to be a well known mini convenience store in the village which offers quality products at cheaper cost since products are bought wholesale Financial growth will give opportunity for additional family income Opportunity for adding new products to sell aside from basic need for example toys, electronic load Threats Existing mini convenience stores near the proposed location Possibility of new market entries Threat in capital loss if the products are personally consumed by the family Unpredicted price of raw materials depending on the supplier Competition The competitors of the business will be the existing big grocery stores in the village.

Product Offering The products to be offered will be the basic needs of the consumers in the village such as; food, sanitary products, school supplies. There will also be a loading station available so that the consumer who need reload will not go to other stores. Keys to Success The keys to success is the proper budget management, promotion of products thru word of mouth. Critical Issues The factors that will mainly affect the business is the; Capital- the capital from the business will come from the savings of the proponent together with the help of financial assistance from my family. Product’s price – depend on the wholesale price of the supplier but the proponent will assure that the products offered.

Place- the location of the business will be at the address of the proponent which will be accessible to the consumers because it is near the road and many people are passing by. Promotion – The product will be promoted thru word of mouth from the consumers. These factors will determined how successful the business will be. Ill. Marketing Strategy The menu varieties of products I would sell the better. Necessities of household should be available in my grocery store and a member of my family should always be available to sell and operate our store. My prices should be competitive, not too high mark ups. From time to time I can buy some items to other competitive store own price so that I can compare my price. Our budget in buying groceries and cell phone loads should always be own priority.

Calculator and plastic bags should always be at hand. Quickness and snappiness are important in actual selling because most consumers are always in hurry. Price tags are helpful, small tetra pack items should be individually detached for quick dispensing. Door Bell can be helpful, one or two chairs at the front store are optimally beneficial. Note book and pen is helpful in quick and safe selling of cell phone loads, low watts and fluorescent light bulbs should be always switch on at night. Mission To establish one of the most well-owned mini convenience store in Mahogany Villas orgy. Loco Calm City which can provide the basic needs of the citizens.

Marketing Objectives To develop the first mini convenience grocery store around the area and to see to it that there is enough marketing strategies to provide the business the necessary reputation as a well established mini convenience which has most of the basic needs of our neighbors. Financial Objectives To earn income that will help support my family and to be able to expand this business. Target Markets The target market of the business are the people living around Mahogany villas of efferent age groups. Positioning My store is in good position because there is no grocery store Strategies Delivering ordered commodities to house of the customers. Marketing Mix nearby. I will add various school supplies, office supplies and children’s toys.

Marketing Research I will research the cheapest prices of the groceries and the prices of my competitors. ‘V. Financial Break- even Analysis It is fine that the income at first is break even because it is in the process of knowing by buyers, and is also still in the process of adding product due to financial ministrations. Sale Forecast Sales output in selling grocery store and cell phone load is sure. The volume of sale totally depends on the availability of products and store operator. Customer satisfaction is the key and is always the goal of selling to achieve good sales. Expense Forecast Prepare big amount of capital for the purchase of groceries and cell phone loads.

Re purchase groceries and other items using your sales cash as much as you can as long there are products that you can sell. V. Controls Implementation Marketing Organization I am the owner of grocery store and my mother will be the operator of the store. My father is the purchaser of the supplies and products that will put in the store and, my two sisters is the Cashier. Contingency Planning If short of funds arises. My father will file a low interest loans in Cooperatives or in his mutual funds. To be able to have a back up, there should always be enough supplies to suffice the demands of the consumers. An inventory should always be present but must not be too high because hoarding could lead to capital loss if the products stored are not rapidly sold.