Business planning Strategy

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Freshman (College 1st year) ・Business ・APA ・2 Sources

How will Joe Coulombe change his comfort shops to survive and succeed as 7-Eleven® comes into the market?

Joe Coulombe had chosen to find another market that meant he wanted to target consumers that other businesses had not cared about. They included overtrained but underpaid workers. This is the target demographic that Joe could use to shift the competitive landscape or adjust to it. He agreed to change the name of one market to allow further changes (Abraham, 2005). He wanted to see the impact it would have and how well it worked. He decided to consider the well-educated but lower scale professionals and expanded the travel business to include a high quality but affordable services to those individuals.

Trader Joe offered limited services whose nature was full of quality and at an affordable price. The had an idea of providing ketchup and peanut butter but was considered as a waste hence offered fewer products but of high quality. Another strategy was engaging directly to the supply. By such an involvement they excluded all the middlemen that would have benefits accruing to them. The company made their products that were of high quality, and above that, they saved costs that would reduce the performance. They maintained an excellent relationship with their customers and ensured that their employees were well considered (Dang & Owczarzak, 2008). They paid them better wages and made useful contributions to their retirement accounts. There customer service was excellent that ended up attracting more customers.

Some of the strategic plans were offering healthy choices, especially to their customers. The characteristics of Trader Joe was that of trying various things before their competitors.

What other market segments could have been, or could be now, a good customer base for Trader Joe’s?

College students are a good market segment. The student always opts for products that are cheaper but of quality and Trader Joe provides such products. The health-conscious customer is a good target for the market of Trader Joe’s products. Therefore, such customers can purchase the items since Trader Joe already has healthy choices.

As Trader Joe’s keeps expanding, can it continue to be perceived as a store aimed at a narrow market segment and particularly one that considers itself unique?

As Trader Joe expands its operations, it must stick to its favorite way of producing quality products. The company always tries a lot of products before its competitors. Similar, to quality the company should also provide the products at an affordable price. Since many competitors are emerging in the market, Trader Joe should find refuge in finding another niche to widen the gap. It must ensure that customers get the value for their money and as they shop they feel important. If Trader Joe’s implements the changes, it will continue being successful and meet the customer demands.

What can supermarkets do to grab a piece of Trader Joe’s market?

The supermarkets have large spaces that consist of shelves that hold different products. Trader Joe’s proved experience should be a leading sample for the supermarkets. The customer service should be exemplary perfect to satisfy their customers. The prices of commodities should be attractive for the supermarkets to pull some customers. They should change a few things and ensure they provide quality products affordable to their customers.

In an extension of thinking of a business that you may open up, what three target markets do you think it makes sense to target and how do you think you can differentiate your business from your competitors in the minds of these target markets?

An idea of a massage parlor is one such productive business that a person can start. There is a large market segment that is still untapped by other competitors. The young professionals who cannot fit in the expensive parlors can be tapped into the business. Massage is one way of helping the professionals relieve stress. By comparing our method of operation with the competitor, we must offer better services than them. Adopt a more developed business plan than for the most successful competitor. Ensure that the message targets every individual and no discrimination experienced.

Secondly, the parlor must have professional doctors whose task is to manage pain. It is an essential sector of healthcare that grows at a fast rate. The doctors can help relieve pain caused by injuries or inflammation through massage and exercise.

Lastly, the daycare centers provide a good market for the business. The young kids would be introduced to yoga. Hence a good plan that will ensure that children have fun is important and must be economical.

References

Abraham, S. (2005). Stretching strategic thinking. Strategy & leadership, 33(5), 5-12.

Dang, H. T., & Owczarzak, K. (2008). Overview of the tac 2008 opinion questions answering and summarization tasks. In Proc. of the First Text Analysis Conference (Vol. 2).

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