Extended Marketing Mix of Convenience Store

1238 WordsDec 29, 20115 Pages
Background of the Study Convenience stores are in demand all over the world for its unique commercial properties. They are usually open 24 hours a day, seven days a week, carrying a limited life of high turnover convenience products and are conveniently located for quick in and out shopping. These stores provide “fill-in” purchases for consumer needs. Engaging into this kind of business with the right location, pricing strategy, inventory of products, and pleasant customer approach, it can generate high profit margin that can cover up expenses upon entering the business. As today’s fast technological advancements, convenience stores faced both an opportunities and threats in its industry. Management of different stores decided to…show more content…
Sari-sari variety stores make up 90% of the retail outlets. A modern version of sari-sari store is the convenience store. It mixes the attributes of a traditional sari-sari store, with that of a supermarket, and offers a wider selection of product lines in a friendly comfortable, quick service, and strategically located venue. Typically open 24 hours a day, seven days a week, and even holidays, it caters to the fast-paced and changing life-styles of urban professionals. There are over 600 convenience stores in the Philippines. As cited in the Manila Chronicle on June 20 2009, a convenience store would not be popular if it does not live up to its purpose. On the average, a single branch draws more than a thousand customers per day. While meeting the customers’ various choices and preferences are never easy, each store designs its own marketing plan to win the patronage of the market. Convenience stores are well positioned to take bigger share of the market in urban areas. In the Philippines where urban growth rate is placed at 4.2 percent annually, stock market analysts predict bright prospects for the business. With the increasing rate of urbanization coupled with the trend towards fast-paced lifestyle, a bigger market for convenience stores is to be expected. In the City of Urdaneta, number of convenience stores rose up to five (5) which are operating 24 hours. They are 7-Eleven|Alexander Street,

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