Retail Strategy

Apply the knowledge of overall retail strategy and prepare a proposal of your own.

(20 marks)

Introduction

“Hawker Culture in Singapore is an integral part of the way of life for Singaporeans, where people from all walks of life gather at hawker centres to dine and bond over their favourite hawker food, which are prepared by hawkers.” (National Heritage Board, 2017)

Situational Analysis

Singapore has already had a large demand for hawker food. I will base my stall in at the typical hawker stall. The customer base will be the resident of the neighbourhood. To gain customers for the stalls I must allow my stall to stand out. Setting up a stall in the hawker is an existing business. Hence, the goal is to allow my stall to sustain and compete with the competitors in the hawker.

My business mission is to attract audience of food lovers, to provide them with delicious and unique taste. Being able to attract customers from all over the world by adding a tinge of local taste.

Objectives

To able to breakeven in the current month.

Have an increase in sales by 10percent within 6 months.

Have at least 70percent good reviews on social media.

Overall Strategy

Being new in the industry, I have decided to set the stall in a less competitive location. The venue will need to have crowds which are easily accessible. To test out the market I will rent the stall first instead of buying it.

The current market is very competitive as it is not a new industry. I will have to set a reasonable price. Hence, I will have to conduct a research to find out the price my customers are willing to pay for my food. After finding out, I can set an average price among all competitors.

Specific Activities

Control