Business Activities. Greenholm news is a local newsagents based in Great Barr. It has a certain set of activities which is must and some which it tries to carry out in order for their customers and stakeholders to be happy.

Businesses Main Activities

Greenholm news is a local newsagents based in Great Barr. It has a certain set of activities which is must and some which it tries to carry out in order for their customers and stakeholders to be happy. One important factor is that the store tries to sell a wide range of products and increase the range of products within the store. By having a number of products the customers can always try new products and so therefore, there will be an increase in the number of sales. A wide range of products is also good because every time a customers walks into the store they will see there is a continuous trend of the highest selling products still being sold but also a new range of products which can be sold and so a continuous changing look in the store. Another important factor the owners and workers at Greenholm news try to improve on is their customer communication and relation skills. ‘A happy customers, means a happy store.’ This motto that they go by is something they try and encourage. By talking politely and also introducing conversation between customers and workers improves the working environment. The customers will feel privileged and so will continue shopping at this store, which would overall increase sales. This activity also includes the stakeholders such as the suppliers, as they will want to keep supplying a wide range of products which will increase their sales too, so it keeps both businesses running efficiently.

Aims and Objectives

All aims that a business has must be SMART. This is specific, measurable, achievable, and realistic and time constrained. If all aims and objectives are done using this method then they are very likely that the business will achieve their aims quickly and efficiently. This idea of aims being SMART has been used within many businesses over the years and has seen its success. Most businesses continue to create SMART aims and many will also carry on doing so.

The main aim for Greenholm news is: to provide the best, high quality service of products and to provide competitive prices, so that I gain profit.

The most important objective for this would be to provide the best service and give high quality, value for money goods. Many newsagents sell half quality goods and cheap prices, so they are loosing out on money but also good customers because their products aren’t up to the high standard required by consumers. However, the difference in this store is that, the goods sold will be of high standards which will meet the needs of those customers. This will help the businesses reputation and give people the idea that it is a customer friendly place; this will help in the profit gain of the business.

Another objective would be to ensure that I make enough profit each month and so the store can develop its product mix. Firstly meeting the break even point and then the rest of that profit would be spent on other business needs to make sure that it always stays advanced. Profit will need to be gained so that my business is not a charitable one but a money making scheme.

A very important objective would be to get a good reputation in the market. A good reputation is what makes the business run and compete with others, and if ...

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A very important objective would be to get a good reputation in the market. A good reputation is what makes the business run and compete with others, and if it has a bad reputation not many people will shop there. So as long as my business has a good reputation it will continue to survive, make profit and be a customer friendly place. A good reputation can ‘make or break’ a business, and my business will be made because I will ensure that the reputation it gains will be the best possible.

Overall, all the aims must be met in order for my business to run efficiently and effectively. The SMART aims will be met and leading back to my overall aim to provide the best, high quality service of products and to provide competitive prices, so that I gain profit.

Range of Products

A product range is something all stores require if they want to be profitable and want a good reputation in the market. Many customers have different needs and wants and it is up to the store owner’s whether they want to meet the needs required. In Greenholm news the developing of the product mix was an important objective in order to meet its aim of gaining more profit and selling high quality goods. In this tore I must aim to meet the wants of the customers and develop a product mix, in order for me to gain profit.

From the market research data carried out on my main competitors it shows that there are only a few things this newsagent is missing out on. Alcohol, cash machine and electricity swipe cards are the three products which this store doesn’t provide. The other stores also have their weaknesses which this store has covered as it sells them. Only one store out of the four competitors sell alcohol and electricity swipe cards. I must attack and go back to my aims and objectives and meet this requirement. My aim was to provide the best, high quality service of products and to provide competitive prices, so that I gain profit. So going back to this and my objectives of developing a product mix, I can meet this requirement and gain more profit.

This is one product I need to develop on and with this I can increase my product mix and gain more profits.

I also need to invest in electricity and Gas swipe cards, as this will meet the needs of the target market, as some of the houses situated in the area are council houses. Electricity has to be paid by with a swipe card, this would definitely increase profits and also a good reputation.

A cash machine, could hugely meet my aim and increase profits as an extra £1.50 charge would be used and this would be straight profit, meeting the aim of this business.

Target Market

The target market for any business are the main people who will buy and shop at the store. Any business will have to sell products and aim services towards their target market because without these they will have no customers. The target market is normally a wide range of people which the products of a business are aimed to be sold at.

Greenholm news is based at a wide target market, of different ages and genders. As it is a newsagents it is based at almost everyone. It sells household appliances for house workers, lottery tickets, newspapers and magazines for the readers, food and sweets, toys and toiletries. There is almost something for every age, gender and ethnicity. People passing by will see the new products and the repositioning of products. This goes back to my aims and objectives, by seeing this they will want to shop here and this would increase my sales and profits.

As one of my objectives were to increase product mix I will observe the number of customers who come in and the types of customers. Then if there is fewer males than females, I will introduce more male orientated products such as different shaving materials which would increase my target market.

From looking at my customer observations you can see which customers arrive on certain days and at certain times.

Marketing Strategy

A marketing strategy describes how a business plans to achieve its marketing objectives. It sets out the overall approach of the business’s marketing and informs the choice and mix of marketing activities as informs the choice and mix of marketing activities as well as the market segments to be targeted.

Without a marketing strategy, marketing activities carried out by a business are at risk of being counterproductive. Just as a building should be constructed on solid foundations, marketing activities should be based on a sound marketing strategy.

Offensive: this is designed to attack competitors head-on. It targets customers from other businesses.

Defensive: this focuses on keeping a share in the market. Small high street stores normally use this strategy. A market can only be defended if you have a strong enough defence, such as reputation for good customer service etc.

Flanking: if defending isn’t possible, then a new target market is approached. Small high street stores could do this by relocating or repositioning products.

Guerrilla: relies on an element of surprise. This is when a smaller business faces new competition from a larger business. Neither defence nor attack is possible, and the business doesn’t want to leave the current market. This identifies the businesses potential weaknesses and attack these in short bursts.

The marketing strategy for Greenholm news would be a mixture of offensive, defensive, and guerrilla. It would be best to have a mixture of an offensive, defensive and guerrilla strategy.

The offensive strategy would include targeting the main competitor’s customers and bringing them to want to shop at Greenholm news by offering lower prices. This would cause a lower number of sales by my competitor’s and increase mine which would have a positive effect on this store.

The defensive strategy is required as I need to maintain current sales and ensure I keep my current customers loyal to shop at Greenholm news. This could be done by offering vouchers and buy-one-get-one free offers to those customers who continue to shop here. This would meet with my objectives as it was to maintain a profit and good relations with customers.

Finally guerrilla could be used, as it is already well known company but just needs to keep up and maintain themselves in the market in line with their main competitors. Some of the competitors do sell some products which have been identified in the product mix observation, products such as: alcohol, electricity swipe cards and cash machines. It would be a good idea to attack my competitors and go for this method as an element of surprise. By introducing new products would also emet with my aims and objectives, and overall gaining more profit.

Greenholm news is in the Market Challenger position which is a non-market leader striving to become the market leader. This is because one of my competitors are selling more products than me, and so gaining more profit.

Marketing Tactics

Competetive prices of products will ensure that my prices are similar if not cheaper than my competitors. This would make more customers shop here and leave other stores, increasing my target market and also my profit.

To do this I must buy products in bulk from a warehouse or a cash and carry. Buy buying in bulk, I can buy more products for a cheaper price but also sell them at competitive prices in order for a large number of sales.

Competitors will react by reducing their prices and giving out more promotional offers. This would require time and planning, but as my strategies will be surprise ones, competitors won’t have time to react.

Here are print screens of cash and carry buying in bulk products.

Gaining profit is the main aim of this business. The objectives I have produced would be to increase product mix and reposition products. By buying products that are cheap but also value for money I can sell them at a competitive rate and increase profits.

Competitors will react to this by buying more products and using their profits to buy more goods. This will reduce their profits and give me a higher reputation in the market.

Places I could get such good offers from include: East End cash and carry, best way cash and carry etc.