PA 5 CLA 5
mailsmith
PA1.edited2.docx6
Market Analysis
Student’s Name
Institutional Affiliation
Professor’s Name
Course Name
Due Date
Business Summary
My business is a small, independently-owned grocery store specializing in organic and locally-sourced produce, meats, and dairy products. We are located in a college town with approximately 30,000 people. The college town market is growing, with a population increase of 2.5% over the past five years. The college is a major employer in the town, and many students live off-campus in apartments and houses near the grocery store.
The town also has a large number of families with young children. There is limited competition in the town for our grocery store. There are two large chain grocery stores, but they do not offer the same selection of organic and locally-sourced products that we do. A smaller, independently-owned grocery store offers a similar selection of products, but it is located on the other side of town. I believe that my location, selection of products, and customer service are my major competitive advantages. My business is in a central location convenient for many of our customers.
My selection of products is unique in the town, and I offer a wide variety of organic and locally-sourced produce, meats, and dairy products. I am also strongly committed to customer service, and my employees are knowledgeable and helpful.
Distinguished Characteristics
The college town market is growing, with a population increase of 2.5% over the past five years. The college is a major employer in the town, and many students live off-campus in apartments and houses near the grocery store. The town also has a large number of families with young children. There is limited competition in the town for our grocery store.
There are two large chain grocery stores, but they do not offer the same selection of organic and locally-sourced products that I do. A smaller, independently-owned grocery store offers a similar selection of products, but it is located on the other side of town.
Industry description and outlook
The grocery industry is a large and growing industry. The total revenue for the grocery industry in the United States was $1.1 trillion in 2017, projected to grow to $1.2 trillion by 2020 (Beckman et al., 2020). The grocery industry is competitive, with many large and small players. The two largest players in the industry are Walmart and Kroger, each with a market share of approximately 10%. The grocery industry is projected to grow moderately in the coming years. The population is expected to continue to grow, and the average household income is projected to increase. This will lead to increased demand for grocery products. In addition, the trend of healthy eating is expected to grow, leading to increased demand for organic and healthy products.
Target markets
My target market is college students and families with young children. College students make up a significant portion of my town's population, and many live near my store. I offer a wide selection of organic and locally-sourced produce, meats, and dairy products that appeal to college students. In addition, I offer a wide variety of healthy and organic products, which I believe appeal to families with young children.
I plan to market my store through the college newspaper and local family-oriented publications to reach my target market. These are the most effective channels for reaching my target market. In addition, I plan to offer discounts to college students and families with young children. I also believe that my target market will appreciate my selection of products and my commitment to customer service. I think my store will be successful in the college town market because there is a growing demand for organic and locally-sourced products, and there is limited competition.
Customer profile
The average customer of my grocery store is a college student or young professional. Many of my customers are health-conscious and are looking for organic and healthy food options. They are also looking for convenience, and my store's central location is convenient for many customers. I also have many families with young children who shop at my store.
Customer needs
The customers in the town are looking for a grocery store that is convenient to their location, offers a wide selection of products, and has knowledgeable and helpful employees. They are also looking for a store that offers organic and locally-sourced produce, meats, and dairy products.
Trends
The grocery industry is projected to grow moderately in the coming years. The population is expected to continue to grow, and the average household income is projected to increase. This will lead to increased demand for grocery products.
In addition, the trend of healthy eating is expected to grow, leading to increased demand for organic and healthy products. The healthy eating trend has been growing in recent years as more and more people are becoming aware of the importance of healthy eating. This trend has been driven by several factors, including the increasing prevalence of chronic diseases, the increasing cost of healthcare, and the growing body of scientific evidence linking diet to health. As more people become aware of the importance of healthy eating, they increasingly demand healthier food options, which is good news for my business.
The other major trend that is affecting the grocery industry is the trend towards online shopping. More and more people are shopping for groceries online, and this trend is expected to grow in the coming years. This is a major threat to my business, as we do not currently offer online ordering or delivery. We must adapt to this trend to stay competitive (Sisko et al., 2019).
Potential competitors
The grocery industry is a large and growing industry. The total revenue for the grocery industry in the United States was $1.1 trillion in 2017, projected to grow to $1.2 trillion by 2020 (Beckman et al., 2020). The grocery industry is competitive, with many large and small players. The two largest players in the industry are Walmart and Kroger, each with a market share of approximately 10%.
There are many potential competitors in the grocery industry. Some of the largest potential competitors are Amazon, Costco, and Target. These companies are much larger than my grocery store and have a significant amount of resources. They also have a large customer base and a strong brand. In addition to the large companies, there are also many small, independently-owned grocery stores. These stores are typically located in smaller towns and have a limited product selection. However, they may threaten my business because they can offer lower prices. The grocery industry is competitive, but my store has a competitive advantage because of our location, selection of products, and customer service.
References
Beckman, J., Ivanic, M., Jelliffe, J. L., Baquedano, F. G., & Scott, S. G. (2020). Economic and Food Security Impacts of Agricultural Input Reduction Under the European Union Green Deal’s Farm to Fork and Biodiversity Strategies (No. 1473-2020-1039).
Sisko, A. M., Keehan, S. P., Poisal, J. A., Cuckler, G. A., Smith, S. D., Madison, A. J., ... & Hardesty, J. C. (2019). National health expenditure projections, 2018–27: economic and demographic trends drive spending and enrollment growth. Health Affairs, 38(3), 491-501.
