Apply The Knowledge Of Overall Retail Strategy And Prepare

Apply The Knowledge Of Overall Retail Strategy And Prepare a Proposal

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 residents 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 an audience of food lovers, to provide them with a delicious and unique taste. Being able to attract customers from all over the world by adding a tinge of local taste. Objectives To be able to breakeven in the current month. Have an increase in sales by 10 percent within 6 months. Have at least 70 percent 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 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

Paper For Above instruction

Creating a successful retail strategy in the competitive hawker food industry in Singapore requires a comprehensive approach that combines market understanding, branding, pricing, location selection, and customer engagement. This proposal aims to develop an effective retail strategy for a new hawker stall, focusing on differentiation, customer experience, and sustainable growth, ensuring the stall effectively competes with established vendors and captures the interest of both locals and tourists.

The primary step in formulating a retail strategy is conducting a detailed situational analysis. Singapore’s hawker culture is renowned for its rich diversity and tradition, making it an attractive segment for entrepreneurs. The location of the stall significantly influences its success, especially in areas with high foot traffic and accessibility. Recognizing these factors, I plan to establish my stall in a less saturated yet accessible hawker center, balancing the potential risk with the opportunity to stand out. Renting initially provides a low-commitment approach to test market response, allowing flexibility in the early stages to adapt based on customer feedback.

Differentiation is vital in such a competitive environment. To stand out—both visually and gastronomically—the stall will feature a unique theme that accentuates local flavors with a modern twist. Offering a signature dish that melds traditional hawker fare with innovative ingredients will help in creating a distinctive identity. Additionally, incorporating visually appealing presentation and branding efforts on social media can attract both local and international customers, especially tourists seeking authentic yet unique culinary experiences. Building a brand presence online with engaging content and positive reviews becomes integral to reputation management.

Pricing strategy is another critical aspect. Conducting market research—through surveys and competitor analysis—will help determine the price range customers are willing to pay. Based on this data, an average competitive price point will be set, aligning with customer expectations while ensuring a healthy profit margin. Dynamic pricing could also be considered during peak hours or special occasions to maximize revenue without alienating budget-conscious customers.

Customer relationship management and social media marketing will play substantial roles in achieving objectives. Encouraging satisfied customers to share their experience on social media platforms can boost visibility. Aiming for at least 70% positive reviews aligns with the goal of establishing a reputable brand. Response to feedback and engagement with customers fosters loyalty and enhances reputation.

Operational activities will include vigilant quality control, efficient service, and cost management to attain the goal of breakeven within the first month. As sales increase, efforts will focus on expanding customer base by introducing promotional offers and participating in community events. These activities will help sustain growth and increase sales by 10% within six months.

Additionally, ongoing monitoring and control mechanisms—such as sales analysis, customer feedback, and social media metrics—will inform strategic adjustments. Regular reviews ensure the stall remains competitive, maintains quality standards, and adapts to market trends. This integrated approach aligns with overall retail strategy principles, emphasizing value creation, differentiation, and customer satisfaction.

References

• National Heritage Board. (2017). Hawker Culture in Singapore. Singapore: NHB.
• Chong, H., & Ng, L. (2018). The Evolution of Hawker Food Business in Singapore. Journal of Foodservice Business Research, 21(4), 405-418.
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• Tan, S., & Lee, K. (2019). Consumer Preferences for Hawker Food in Singapore. Asian Food Studies, 8(3), 233-245.
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• Singapore Tourism Board. (2022). Promoting Local Cuisine to International Tourists. STB Reports.
• Chen, Y. (2017). Pricing Strategies in Competitive Food Markets. Journal of Retail & Consumer Services, 34, 89-97.
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• Nguyen, P. (2022). Market Analysis and Entry Strategy for Food Stalls. Journal of Business Strategy, 43(4), 46-55.