University Convenience Store Essay Example | Topics and Well Written Essays - 1250 words

University Convenience Store - Essay Example Strength can be used to overcome the weakness experienced by firm. The location of the convenience stores in the university of New Brunswick Saint John campus is the biggest strength. The location of the store is easily traceable and hence approached by the students. Also the availability of wide range of products both for national and international students adds on to the strength. Weaknesses: The strength of its competitors might result in the greatest weakness for the convenience store. This is because of the fact that the competitor’s of the convenience store, the university cafeteria, the Chinese golden leaf market, the circle K market at Irving gas station, and Saputo Inc have already made its presence in the university making it difficult for the convenience store to acquire the position. Opportunity: The steady growth rate for convenience stores act as an opportunity for the university. Also with the introduction of new products catering mostly the international studen ts, the convenience stores have the opportunity to grow in the near future. Threats: Major threat lies from the competitors of the convenience stores which are located in the university. The major competitors include the university cafeteria, the Chinese golden leaf market, the circle K market at Irving gas station, and Saputo Inc. The University’s Cafeteria had a proper location and has helped to served it to be the main attraction. Market-Product Grid The market product grid is a useful tool used in targeting the customers; it is an instrument which addresses specifically the segmentation and targeting aspect. The market product grid which was depicted by Eric Berkowitz, Roger Kerin, William Rudelius and Steven Hartley consists of a matrix where markets represent vertical axis and products on the horizontal axis (Fortenberry & Fortenberry, 2009, p. 102). The Market-Product grid of the convenience stores is as follows, Market-Product Grid for Convenience store Markets/products Grocery items Stationary Items Toiletry Items Others Students 1 3 2 2 Othe r staffs and outsiders 3 2 3 2 3- Large market; 2-medium market; 1-small market; 0-nil The above grid shows the market product grid for the convenience store. It can be seen that the market for the convenience stores has been divided into two parts one is for the students and the other for the other members residing near the university. Accordingly the demand for the products have been categorized where 3 represents large market, 2 represents medium market, 1 small market and 0 nil. In case of university convenience store, the demand for stationery items seems to higher in demand each representing 3; grocery items represented 1 in case of students but 3 in case of other staffs and other member’s residing on or near the university. The demand for toiletry seems to be high in case on non students and medium for student’s category. However this can be concluded that the demand for the convenience store, both for the markets seems to be high throughout the year resulting i n higher profits and more customers. Product (features) 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 as there is a high need of such store in the area. The store will provide a hassle free experience of shopping (Targeting