market research vancouver british columbia term
Excerpt coming from Term Paper:
6% of all bakeries in Canada inside the province, really clear which a uniquely located bakery would have a significant market potential inside the Vancouver marketplace specifically.
With 211 total retail bakery outlets in every of Britich columbia, the suggested bakery and party items story would just a number of key rivals. The following desk provides an examination of the recommended retail stores’ key opponents in Vancouver:
Competitors to Bakery Party Store
Food handling business
Strengths
Weak points
Anna’s Cake House
Richmond, Burnaby
On a regular basis wins honours and recognizes for their cakes and pastries; could very easily move into giving party items as the demographic organizations they sell in are likely to toss their own parities vs . provide one
Deficiency of retail space for beginning a party store; lack of knowledge of that element of retailing will limit the stores’ ability to move successfully into this market.
Cause for Party
The most serious competitor to the proposed retail outlet concept; this retail outlet specializes in wedding and special occasion bread.
Lack of encounter in selling party supplies; sells to a higher-end market that may consider catering as well;
Lesley Stowe Fine Foods
Recognized as one of the best caterers, band in Vancouver; expertise in event planning and holidays; is a special attractions business initially and bakery second.
Possibly difficult to get the company to maneuver down-market following getting used to the higher margins possible in event wedding caterers.
Lighthouse Pastry Company
Specializes in cakes intended for special occasions and is family owned and operated.
Regardless of this stores’ superb reputation intended for cakes, it could find the move into party supplies tough as their key business much more about bakery than merchandising and income.
Sandy’s Home-Style Baking Business
Specializes in desserts and crafted meals; trying to move into the property dinner portion with cook-to-order meals pertaining to take-out.
Well-known for their pastries, this potential competitor would consider moving more in to catering than supplies.
The Valley Food handling business
Began 43 years ago and is highly respectable for its use of natural ingredients; health-conscious also with a pastries line of products as well;
Not nearly because well-known in the case catering arena; despite the higher level of understanding of this specific rival the inclusion of party supplies would not fit with their market sectors
WOW! Element Desserts
Well capitalized and has a manage rate of $75M as well as year in revenues; manufacturer recognition over the British Columbia place; focus on production of events as well
Better known for their expensive desserts than their focus on events; attracts higher-end clients that looks to cater occasions (many businesses use INCREDIBLE! ) element for events for example
Of all of the competitors to get the suggested store strategy, Cause for Special event would be the biggest potential menace. Of all specialized bakeries, the seven as listed above were the best rated via business internet directories covering the Vancouver metro area.
Hidden Risks
The following are the hidden dangers of launching a business that has both niche cakes and party products in the same location:
The chance of cannibalization coming from larger grocery stores including Wal-Mart’s grocery section. The most key competitive danger is from your bundling that larger supermarkets do with cakes and party mementos. The some weakness of this risk is that the top quality of truffles from supermarkets is often quite bad, and the merchandise general or even unacceptable for the wedding. By having a very high quality reputation of cakes and desserts (to the level of Anna’s Cake House or Cause of Celebration) this problem could potentially always be overcome.
Insufficient differentiation intended for specific types of get-togethers and parties could also cause market failing. It would certainly not be a good idea to release this organization specifically to give attention to broad, larger parties. Rather, it would be better to focus on ethnically-themed parties to get the Chinese community for example. Having the food handling business concentrate only on bread and sweets that are to get a specific cultural background, together with the party supplies that were particular to the cultural group might assure larger levels of difference and raise the potential for success.
Sales presumptions must build in long term market awareness strategies. Time must be allocated in the monetary assumptions from the business allowing for awareness of a store to
