You are working with a local entrepreneur who wants to open an organic food store in your town. They are asking for your help in finding relevant demographic information to determine pricing for some of their products. How would you determine the competitors for the business?

Question

25-09-2024
Business

College

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You are working with a local entrepreneur who wants to open an organic food store in your town. They are asking for your help in finding relevant demographic information to determine pricing for some of their products. How would you determine the competitors for the business?

Answer :

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TaylorSmith48 TaylorSmith48 · Answer 1 · 2024-09-14T17:49:39-04:00

Final answer:

To determine competitors for a new organic food store, one should consider market boundaries in terms of product, time, and place, and conduct extensive research on nearby markets regarding their offerings and prices. This will enable understanding of market demand and the price responsiveness of potential customers, guiding appropriate pricing strategies.

Explanation:

To determine the competitors for a local organic food store, one must first identify the boundaries of the market by considering the product, time, and place. This involves specifying the products such as organic foods, the time of year as availability can vary seasonally, and the geographic area to account for transportation costs and demand. Conducting a research study on the local market entails visiting nearby stores to collect data on various factors, including how far markets are, their transportation options, availability of fresh fruits, vegetables, whole grains, whether these items are organic, whether they are sold in bulk or individually, and if they are affordable.

Such a comprehensive survey helps in understanding the price responsiveness of demand for the items that the new store intends to sell. This analysis, combined with considerations of demographic information, will assist in pricing decisions. Managers might consider consumer willingness to pay and set prices based on market demand and competitor pricing strategies.