Best practice strategy for growth of Liquor store

Bagga, Vineet and Silva, Dhammika (2017) Best practice strategy for growth of Liquor store. Applied Management Conference, Wintec, Hamilton, New Zealand, 30-31 October 2017.

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Abstract or Summary

The purpose of this research proposal is to study and analyse about how the business operations are executed and what is lacking in execution and administration. A precise research has been carried out to understand current situation, strength, weaknesses, opportunities, threats, customer requirements, competition, pricing and promotions. It is important to consider research as a main part to business growth. There are significant details involved which could be missed whilst execution. Traditional strategies are used in the research in pricing and promotions where in most of the liquor stores the pricing strategies are used as per the franchise or the by admiration. In Blackbull the pricing strategies are followed as per the instructions of the suppliers. Their special rates are implemented during discount and sale timings. The problem that is to be solved is to discover best conventional method that is required to be practised in store for enhancing business techniques in the areas of promotions, negotiations and building customer relationships. In the process of implementation of methods, the results yielded gives information on how strategies need to be applied in daily business activities depending on various customer requirements. The application of strategies like market mix, effective negotiation with suppliers, rapport building with customers and introduction of new products at store had proven to be an effective way for the growth of Blackbull. As the results are segregated most of the results indicate customers are very happy with the services Blackbull provides. But few customers want some changes in store and some new products to be introduced which will be put into action by management in the coming days. When doing my research some critical elements are looked after which had phenomenal potential that can help in the growth of liquor business where some of them are marketing mix and stock control which are directly proportional to each other because marketing strategies could only be applied when there is sufficient amount of stock. Internal business analysis and customer base are identified in respect to critical success factors which are substantially evaluated by key performance indicators during the process of growth of the liquor business. Mission and vision target to overcome competitive advantage by focusing on goals and objectives which are the key elements for the success of Blackbull. The results indicate that they are different levels in achieving the required success which is possible only through effective administration of marketing and promotional strategies that are applied uniquely according to the marketing mix. I think implication of methods and results indicate win-win situation. If the business strategies are practised consistently depending on the supply and demand meter as there might be substantial growth

Item Type:Paper presented at a conference, workshop or other event, and published in the proceedings
Keywords that describe the item:sales, marketing, liquor store
Subjects:H Social Sciences > HF Commerce
Divisions:Schools > Centre for Business, Information Technology and Enterprise > School of Business and Adminstration
ID Code:6049
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Deposited On:20 Jul 2018 00:13
Last Modified:20 Jul 2018 00:13

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