Term Paper: City of Four Oaks

Pages: 9 (2350 words)  ·  Bibliography Sources: 1  ·  Level: College Senior  ·  Topic: Business  ·  Buy This Paper

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[. . .] Competitors

Marketing studies have identified four basic types of competition (http://www.opsu.edu/business/miller/3913/pmktc04.htm):

Price competition

Quality-based competition

Time-based competition

Location-based competition

The convenience store has a distinct competitive advantage in that the area population is small and a relatively few number of businesses that would provide healthy competition for the business. Therefore, the store possesses many opportunities for growth in its new location. Pricing is extremely important and should remain competitive throughout the year. In the peak farming season, customer loyalty will be rewarded through the discounting of bulk purchases for farming supplies. Furthermore, pricing for food items will be competitive, and sale items will always be available through the promotion of a weekly circular.

Competition will also be based on providing products of the highest possible quality. Most importantly, name brand items will be stocked and perishable products will be routinely checked for freshness. Those that are no longer considered high in quality will be removed from the shelves. Furthermore, nonperishable products such as hardware items, tires, gifts, and novelties will be selected based on a predetermined set of quality standards to attract and retain a diverse customer base.

A sustainable competitive advantage also requires paying attention to trends and other factors related to time. The convenience store hopes to maximize its potential growth by keeping track of the latest products and market transitions. This will involve defining specific objectives and timelines during the relocation phase to establish an appropriate plan and target market to promote the new store and its product line. It is also critical that the transition period is managed efficiently in order to maintain name recognition and to promote the new business.

The new location of the business is perhaps one of the most critical factors in determining future success. Since the store's existing location is in the way of the interchange project, the new location is extremely important to its future growth and competitive advantage. The location must be easily visible to new and existing customers and easily accessible from the nearby interstate. In addition, signs must be created to attract potential customers from the interstate to the new location. A variety of tactics must be implemented to assure that the location is promoted as a strength of the business.

Collaborators

In order to guarantee a successful launch, the owner must engage in partnerships that will provide mutually beneficial results. The first step that the business must take is to negotiate a fair and equitable selling price for the land that is to be sold to make room for construction of the new interchange. The final price should consider the cost of construction of the new facility, the employment of contractors, the purchase of necessary equipment and supplies, and any other immediate needs. Furthermore, the negotiated price must include an assessment of the costs associated with the loss of business from the period when the original location closes to the reopening of the new facility. This partnership will enable the owner to design and construct a new facility according to personal needs, specifications, and to maximize competitive advantage.

Collaborations with various suppliers are also critical for future success. Suppliers will provide the business with many opportunities to gain access to new products as well as best-selling products that act as the livelihood of the business. British Petroleum is also a large contributor to business success as a fuel supplier, providing customers with access to fuel for their needs. A substantial factor in the economic stability is the availability of fuel, as it provides exposure for the business and will attract customers who possess the potential to purchase additional products during their visit. Collaborators can provide the business with prospects for growth and flexibility in its new location.

Conclusion

Ronnie's Place, Inc. is faced with a number of challenges in the coming months. The future demolition of a thriving business will require extensive capital and resources to reconstruct in a new location. Once a final price for the sale of the existing property has been determined, plans can be drafted for the construction of the new facility in a desirable location within Four Oaks, close to the interstate to attract travelers and easily accessible for local residents. The business will require an extensive product line specifically designed for customer needs, and provisions must be made to satisfy the requirements of local farmers during the peak season, including the sale of harvesting supplies. Products such as fuel and tires will also improve the bottom line if they are effectively promoted. An effective business plan for the development of the new convenience store will enable the owner to sustain growth and a strong competitive advantage as long as a concentrated commitment to complete success is in place.

References

Chapter 4: The microenvironment and an era of global competition. http://www.opsu.edu/business/miller/3913/pmktc04.htm [END OF PREVIEW]

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City of Four Oaks.  (2003, February 22).  Retrieved March 19, 2019, from https://www.essaytown.com/subjects/paper/city-four-oaks-north/6765917

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"City of Four Oaks."  Essaytown.com.  February 22, 2003.  Accessed March 19, 2019.
https://www.essaytown.com/subjects/paper/city-four-oaks-north/6765917.