The competition in the area is expected to be low to midlevel. No book stores are located in the Waikiki Marketplace. According to the Gaebler Ventures (2008) who are expertise in research for entrepreneurs, there are only 20 book stores Honolulu. Most of these book stores are for new books, and some are big name franchises such Barnes and Noble. Therefore that further reduces the competition in the area for used books.
After analyzing the competition, it is important to look at the expected demand that will be the guideline to judging success of the book store. The basic tools that will be used to increase demand are media, advertisement and promotion. Advertisement is a vital tool in increasing demand for a product. As identified by Jay Deragon (2008), power is obtained by controlling communications, media and capital. Therefore, communication with the locals is needed. Flyers and the local radio can be good tools to cover that. The promotion of the website will also boost demand. Service is also a part of product improvement, and that is how we target product improvement. The customers visiting the website in search of a book will be provided names of sales assistants that will be assisting them once they reach the store for a book. Books on Hawaii, and Honolulu covering history, famous landmarks and information will be on display in separate sections for the tourists. A grand opening day is planned, which will have promotional offers for the customers. Promotional offers such as free books on the purchase of one book and discount coupons of selected stores of the Marketplace will be offered to boost sales. Therefore, these active efforts to promote the shop will increase the demand and it will result in success for the business.
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