Principle of Retailing Project Essay

1034 WordsJun 3, 20145 Pages
Running head: Principle of Retailing Project TITLE: Principle of Retailing Project MKT 222 Online Class Written Assignment: Final Project Date December 15th, 2013 Mission Statement for Term Project Define the Business Name: C n M International Food mart Type of Retail I am going to operate: Grocery Store Customer or Potential Prosper: Large number of foreigners in the area Mission Statement: To become the number one international produce store in the greater area of Hampton Roads, Virginia by selling the highest quality farm produce from your local and international farm to you the customer in under short time and with the highest customer satisfaction. Vision: To help the local families of the main street live healthier lives by providing the freshest, tastiest and most nutritious local produce. Milestone 2. Conduct a situation Audit 1. Market Factors For this assignment, I went to many small stores in this area which are own and operated by foreigners. As I went around in the Hampton Road area especially in the two cities of Norfolk and Virginia Beach conducting my situational audit, I came to conclude that the market factors here in this area are attractive due to the large number of foreigners in this area and specifically immigrants from different African Countries. The market for international produces is large according to the standard of this area’s population and growing and it’s not vulnerable to business cycle. Therefore, I believed that there are no potential negative aspects as of now. 2. Competitive Factors In the area of Hampton Roads especially, Norfolk and Virginia Beach, I identify two other retailers that sell international produces. However, both of these retailers carried Asian produces. For the types of produces that my store will be carrying, I believed that as of now, the competition is very

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