Thursday, 17 January 2013
After attempting this activity, students will comprehend:
1. How they can prepare smart worksheet to assess their business idea
2. What questions must be kept in mind to conduct industry analysis for retail sector?
3. What questions must be kept in mind to design an intelligent competitive strategy for a departmental store?
4. To prepare a good business plan
PREMISE
Departmental stores business in retail sector has emerged as one of the good business opportunities as it provides all the basic products ranging from groceries, food items, garments, cosmetics, electronic and home décor items under one roof. The trend started with the development of Utility Stores by Government of Pakistan. Recently the multinational companies, with large investment, have opened superstores i.e. Metro, Macro, and Cash & Carry in big cities of Pakistan. The trend has trickled down to small investors and now they are also opening small departmental stores in their localities. Today people prefer to visit such self-serving departmental stores from where they can buy items to save time and money.
REQUIREMENT:
Assume yourself an entrepreneur who wants to open a departmental store in his/her town/city. As retail sector is a growing sector and small investors are attracting towards departmental stores but the presence of competitors cannot be set aside. Before investing for such venture, the industry analysis and competitive strategy need to be designed to
manage the risk smartly. You are assigned task is to conduct industry analysis and design competitive strategy worksheet while answering questions given in worksheet no. 01, 02 and 03.
Visit departmental stores in your town before filling worksheet. It will give you good idea about market and competition. Select your own city/town to attempt this assignment.
