Strategic Ways John Coulombe Changed One Convenience Stores to Survive the Competition - Essay Example

At first, Coulombe decided to change the business name and brand to "trader Joe's" to attract new customers. Coulombe offered exotic quality foods at lower prices. Coulombe decided to search out special, high-quality foods overseas and be able to deal with the suppliers directly since the suppliers offered a friendly price of the products. Coulombe also changed the products to his name.

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Coulombe also knew the consumer's needs, since the consumers were well educated and did not have money in bulk, Coulombe decided to offer quality and exciting foods to them. Coulombe also offered one type of Ketchup and the best, which was branded Joe's private label. This strategy is to limit the consumer's choices, and therefore, the consumers brought his products in bulk and were satisfied because of its quality.

Coulombe also ran the business using smaller stores with fewer products. It is because the company knew that its customers preferred a unique small store, where one could enter and buy the products while leaving (Blair, 2017). Coulombe also made the small stores to be unique, cozy, and friendly and helpful employees who wore Hawaiian shirts to make the business have an appealing self-image.

Market Segments

Demographic Segmentation

It is based on demographics elements that include; race, gender, occupation, education, and age. Coulombe should base on the following elements to capture the consumers' interests and also be aware of what products the clients need and how often they spend them (Yi, 2018). It will make him avoid undergoing losses after creating a new business ground.

Behavioral Segmentation

Behavioral segmentation divides markets by behavior and decision-making patterns. It is because the potential customers have their own needs and interests and that the interests differ in terms of consumption rate, lifestyle, and usage (Yi, 2018). The difference in age makes the clients but different group, Coulombe should consider the behavioral segmentation to ensure that the business attracts the consumers and run the business effectively.

Trader's Joe Expansion

Coulombe should maintain the small businesses that create quality and organic dishes which attract everyone and that it is a unique kind of business that attracts new consumers daily. This is because he knows the consumer's needs and that opening of the convenience stores will be profitable.

What Supermarkets Should Do Grab A Piece of Trader Joe's Market

The supermarkets should carefully research the relationship between the population, education levels of persons living in that area, and also the economic background. Also, the supermarkets should reduce the sizes to a smaller one concerning Trader John, whose market was only 6,000 square feet. By reducing the sizes, the customers will freely move and pick up their goods as they leave and that the Supermarket should offer unique quality services, with well dressed, educated employees who are willing to assist the clients in every way. The supermarkets should also try to market their brands with the company's name on it in order to limit the customer's choices, and in this way, the supermarkets will make good profits.

Three Market Targets to Consider When Opening Up A New Business

Check the Customer's Base

One should consider the current customers and what they buy. The products should be consumer-friendly and also consider the customer's characteristics and also interests (Blair, 2017). One will also know if the products will benefit the clients positively.

Competition

As a business person, one should consider the competitors and how they relate to current consumers (Siddiqui et al., 2016). One should always choose a different business to attract different customers and also make sure that the products are accessible, and that is wanted by the consumers.

Analyze Products

One should analyze the products based on the quality and also the designs and how it will benefit its consumers (Siddiqui et al., 2016). Also, the business should build a professional image to attract new consumers, and also the high-quality designs make the clients choose one's company from others.

How to Differentiate One's Business from Other Competitors

When one considers the current customers and what they buy, one will be able to differentiate the customer's needs. Moreover, by doing so, one will gain massive profits. By choosing different products from the competitors, one will attract new consumers daily and also gain good relations with the consumers and also attract new profits (Ferrell et al., 2019). When one analyzes the products and also the consumers, one will be able to know what is needed in the market, and this will build the right image.

References

Blair, I. (2017). Greener products. Greener Marketing, 169-183. https://doi.org/10.4324/9781351283526-7

Ferrell, O., Harrison, D. E., Ferrell, L., & Hair, J. F. (2019). Business ethics, corporate social responsibility, and brand attitudes: An exploratory study. Journal of Business Research, 95, 491-501. https://doi.org/10.1016/j.jbusres.2018.07.039

Siddiqui, A. S., Tanaka, M., & Chen, Y. (2016). Are targets for renewable portfolio standards too low? The impact of market structure on energy policy. European Journal of Operational Research, 250(1), 328-341. https://doi.org/10.1016/j.ejor.2015.10.063

Yi, Z. (2018). Market segmentation, targeting, and positioning. Marketing Services and Resources in Information Organizations, 39-48. https://doi.org/10.1016/b978-0-08-100798-3.00004-0