Venture Concept 2 - Dollar Superstore

Venture Concept - Dollar Superstore

Opportunity:

• Consumers in the lower or middle classes try to save money whenever they can. Additionally, there is a market of college students and young people who are looking to save money. These are the people who prefer to shop for dollar store price products, but would prefer the variety of a larger store.
• The increasing popularity of dollar stores is creating the need for more dollar store products.  The market is defined as lower class consumers, middle class consumers, and college aged consumers looking to save money.
• Customers are currently satisfying this need by either shopping at dollar stores to save money, or shopping at larger retailers for the greater variety. This "window of opportunity" will be open for the foreseeable future.

Innovation:

• The Dollar Superstore is innovative, because their are currently no dollar stores that have a similarly large supply and variety of products. This will help to attract consumers from both the dollar store market and the larger retailer market.
• However, customers who avoid dollar stores because they believe the products are of a lower quality will not shop at a dollar superstore. This group is not a part of our target audience. 
• This business will make money by purchasing cheap goods at bulk and selling them to consumers for a profit.

Venture Concept:

• My innovation will solve this opportunity by offering a large variety of dollar superstore products to consumers for very low prices, typically $1.
• Consumers will switch to the dollar superstore from dollar stores in order to have more products to choose from. Consumers will switch to the dollar superstore from larger retailers in order to save money.
• I believe that I would be relatively easy to convince customers to switch to shopping at a dollar superstore. The top competitors are Dollar Tree, Dollar General, Walmart, and Target. Dollar Tree and Dollar General would be vulnerable, because they are a lot smaller scale than a dollar superstore. Walmart and Target would be vulnerable, because their products are more expensive than those of a dollar superstore.
• Price point is an essential factor in convincing consumers to shop at a dollar superstore. By selling most products for $1, many consumers could be convinced to shop there in order to save money.
• Business location is very important, because the dollar superstore would need to be located in a densely populated area. This location would make the dollar superstore more convenient for more people.
• In order to save money, very few cashiers would be employed and the business would feature many self-checkout systems. The business would have several employees in charge of stocking shelves and helping customers.

Minor Elements:

• My most important resource would be maintaining a dialogue with employees in order to hear their suggestions on ways to make the business more profitable. This will help the business grow over time.
• Over time, I will expand my business to sell goods online, and partner with a fast food restaurant to sell fast food inside of the store. This will increase the business's revenue.
• Five years after the store's launch, I believe that I would be looking to sell the business in order to pursue other interests.

Feedback:
I didn't receive any negative feedback in my comments, so I made the changes to my venture concept based on my own evaluation. The positive feedback I received highlighted the fact that my venture concept was specific and to the point. Also, I had all of my information under the correct sections. Additionally, people said that my dollar superstore business idea was convenient, easy for customers to transition to, and caters well to employees and customers.

Changes:
I made several changes to my venture concept based on my own evaluation of my first attempt. I decided that the blocks of text made the venture concept more difficult to read than it had to be. I switched the format from paragraphs to bullet points in order to fix this problem. Additionally, I added information to the "opportunity" section detailing the types of large retail customers that I wasn't going to be targeting for this business. This gives people a better understanding of who my customers would be. Finally, I read through the venture concept and corrected grammatical errors.