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Dollar Store
Opportunity
Problem & Solution
Problem Worth Solving
Some people want to live life large on a very small budget. We help them do that.
Our Solution
The Dollar Store provides a variety of interesting merchandise options at bargain prices. Dedicated to customer service the Dollar Store will give its patrons the kind of service that is respectful and prompt. Employees of the Dollar Store will also be treated in a professional manner with a rewarding work environment and fair compensation. The Dollar Store wants each customer to feel as though he/she has gotten Fifth Avenue treatment at a bargain price.
Target Market
Market Size & Segments
Market Segmentation
The market analysis pie chart shows potential customers and the company’s target markets. The Dollar Store intends to provide affordable shopping alternatives to working-class families with incomes under $25,000, for elderly people on fixed incomes, and also a large student population that tend to be on strict budgets. Bend makes up the largest market segment. We expect this market to grow at a rate of 10% per year. This market constitutes the general public who are looking for affordable merchandise at bargain prices. Redmond constitutes the second largest market with a fast-growing retirement community. There are also many bedroom communities that shop in the Bend area that will add to the percentage of consumers.
4.2 Target Market Segment Strategy
We focus on the price-conscious consumer who is looking for value as well as quality. Both the Bend and the Redmond groups will be marketed to as they are isolated populations that do most of their shopping in the greater Bend area. If we can attract and keep these consumers the word will continue to spread about what our store has to offer.
Competition
Current Alternatives
In an ever-changing economy the discount store model is becoming more popular with the consumer. Providing a large selection of bargain-priced items is our intended goal.
Consumers demand quality customer service, fair pricing, and a convenient location.
Competition is very tough with customer service and location key components. The selection of merchandise a store provides is also very important.
Our Advantages
Our location is a very important competitive edge. We are located in the popular Riverway Mall which has a high appeal to many different kinds of consumers. There is a good mix of high and low-end shops with several quality restaurants nearby. With easy access from Main St. the Riverway Mall is a popular destination not only for Bend residents, but for people commuting from Redmond and the outlying areas.
Another competitive edge we will have over our competition is the large variety of merchandise we will carry. With the sources we are working with it will be possible to carry many name brand items at a discount price. Add a staff committed to providing great customer service and the Dollar Store will be an attractive stop for the consumer.
Keys to Success
Keys to Success
Our keys to success are:
- Sell a broad range of products.
- Provide for the satisfaction of 100% of our customers.
- Be an active member of the community.
- Encourage customer input.