Joe's corner store

Joe's Corner Store

Introduction

The case study revolves around Joe who was an excellent business student who always dreamed of opening his own convenience store. After graduating he set out in order to fulfil his dream and it was only when he actually set foot out in the world that he realized the task was not an easy one, after spending countless days searching for a store he could lease out or rent but mostly were too costly and out of his budget eventually he found a tiny store for rent on Leeds. Anxious to start off he begins working tirelessly on the store making necessary changes adding the requirements and making the place look like a decent convenient store.

In April Joe's corner store opened. After a few days two of his teachers dropped by to check the place out and see how Joe was managing and what they found there was quite disappointing. There were many elements that were lacking and Joe had failed to predict and thoroughly plan out how to go about with his idea. There were many flaws in his basic operations, he lacked customers, his stock wasn't up to date, the location was also not ideal. The teachers feared the worst which came true in August after only four months of being established Joe had to close his corner store since he was unable to cover his monthly rent and he failed to attract many customers

Discussion

Task 1: Having read the above case study, what have you learnt about the critical importance of the full marketing mix (7P's), in starting and running and developing a business?

Foe any business to properly prosper and excel it is highly crucial that proper planning and core concepts of marketing are applied in order to effectively understand how a customer will interact with the business. The first more important step in creating a business is creating a successful Marketing Mix. The marketing Mix is basically a marketing tool that is used to understand and predict that products offering and how the customer interacts with a product. The creation of the marketing mix is crucial because only then can a business owner understand the customer trends and how exactly people will respond to product. The 4 P's of Marketing were converted into 7 p's ever since the nature of service becomes an obstacle. In order this different nature of work and service the seven p's need to be effectively implemented.

Price: understanding what does the product cost a customer in order to utilize a product, how much can a price vary from its retail list price, limiting the price of a product to the list price can cause a product sale to suffer at times, the product might be considered too expensive according to the requirement or to the location. Joe's biggest flaw was that he priced his products too high in order to meet his business costs.

Product: Understanding the emotional and rational influence a product would have on a customer is extremely ...