...------------------------------------------------- Decide whether you want to start your store from the ground up or buy into a franchise. A lot of money may be required in either case, but franchising may be easier in terms of marketing, advertising, and other setup tasks. You will likely have to pay a franchising fee out of your profit, but this may be considerably easier than doing everything on your own. 3. ------------------------------------------------- 2 ------------------------------------------------- Develop your business and marketing plans, regardless of whether you are opening your own convenience store or a franchise. Though it may be slightly different for a franchise in that you don't need your own marketing ideas and you have business practices outlined for you, these documents will typically help you secure funding. If you don't have them at all, you may run into difficulty securing the required capital. 4. ------------------------------------------------- 3 ------------------------------------------------- Secure the required funding. Your franchise may require a certain amount of funds available to start the business as well as a certain amount of capital in savings to protect the business from failure. The exact amount will vary based on many factors, including whether you are purchasing or leasing the building and if you are converting another building into a convenience store or using one already designed. 5. ------------------------------------------------- ...
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...Kenaston Convenience Store The Kenaston Convenience Store (KCS) is a local convenience store located near a subdivision in Regina. KCS offers food staples, basic household goods, newspapers and magazines, candy, drinks, and snacks. KCS opened several years ago and is owned and operated by the Wu family. The store has been very successful and now that the neighbourhood has matured and the population large enough a major chain of convenience stores, Community Mart Ltd. (CML), is interested in buying KCS so that it can establish a presence in the area. It is CML’s usual practice to only move into an area once the population density has reached a certain level. It prefers to buy out an existing convenience store in an area because it gets the benefit of an established location and eliminates a competitor. You are CML’s location evaluator. It’s your job to make contact with the owners of established convenience stores that CMS might be interested in and evaluate their suitability for acquisition. Your preliminary evaluation of KCS is that it is a potential candidate for acquisition and your initial discussions with Mr. Wu were favourable. Mr. Wu has agreed to allow you to look at KCS’s most recent income statements. The income statements are presented below: |Kenaston Convenience Store | |Income Statements for the years ended March 31, | | ...
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... * Control – The owner has full autonomy of the business. * Profit Retention - All the income generated from the business belongs to the owner. * Location – The owner has full autonomy of the location. * Convenience/Burden - The convenience of a sole proprietorship is its easy to start a business, you have full autonomy of the business and you have totally ownership of the finances. The burden of a sole proprietorship is the owner usually suffers the highest rate of taxation and unlimited liability for business debt is a major burden. General Partnership: * Liability - Every partner in the partnership is jointly and severally liable for the partnership’s debts. * Income Taxes - The partnership is considered a disregarded entity for tax purposes, so income “flows through” the business to the partners, who then pay ordinary income tax on the business income. * Longevity/Continuity - As long as both partners are getting along the business could last a long time. * Control – The partners share control of the business, they make the decision together. * Profit Retention – The partners split the profit. * Location – Wherever the partners agreed to have the location of the business. * Convenience/Burden – The convenience of a general partnership is that you get to share the responsibility of running a business. The burden of a general partnership is that one...
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...Lynn Silipigni Connaway OCLC Research Timothy J. Dickey OCLC Research Marie L. Radford Rutgers University “If It Is Too Inconvenient, I’m Not Going After It:” Convenience as a Critical Factor in Information-seeking Behaviors Note: This is a pre-print version of a paper forthcoming in Library and Information Science Research. Please cite the published version; a suggested citation appears below. Correspondence about the article may be sent to lynn_connaway@oclc.org. © 2011 OCLC Online Computer Library, Inc. 6565 Kilgour Place, Dublin, Ohio 43017-3395 USA http://www.oclc.org/ Reuse of this document is permitted consistent with the terms of the Creative Commons Attribution-Noncommercial-Share Alike 3.0 (USA) license (CC-BY-NC-SA): http://creativecommons.org/licenses/by-nc-sa/3.0/. Suggested citation: Connaway, Lynn Silipigni, Timothy J. Dickey, and Marie L. Radford. 2011. "'If It Is Too Inconvenient, I'm Not Going After It.:' Convenience as a Critical Factor in Information-seeking Behaviors." Library and Information Science Research,33: 179-190. doi:10.1016/j.lisr.2010.12.002 Pre-print available online at: http://www.oclc.org/research/publications/library/2011/connaway-lisr.pdf. “If It Is Too Inconvenient, I’m Not Going After It:” Convenience as a Critical Factor in Information-seeking Behaviors Lynn Silipigni Connaway OCLC Research Timothy J. Dickey OCLC Research Marie L. Radford Rutgers University Abstract In today’s fast-paced...
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...Benefit Benefits To Consumers That Use e-Commerce Maxine Jones Strayer University Professor W.E. Simonpietri Fundamentals of E-Business 107 January 30, 2011 Electronic Commerce consists of buying and selling of products and services over electronic systems, such as the internet and other computer networks. We are now able to conduct business, socialize, and trade in a more innovative way. Electronic Commerce early beginnings started as far back as the late 1970’s with the introduction of Electronic Data Interchange (EDI) and Electronic Funds Transfer (EFT). Later, a researcher named Tim Berners-Lee at the European Organization for Nuclear Research proposed a hypertext-based web of information, that a user could navigate using a simple interface called a browser. He named it the “World Wide Web”. This invention has facilitated us in various aspects of our daily lives. “In 1989 the National Science Foundation permitted two commercial e-mail services, MCI Mail and CompuServe to establish limited connections to the internet for the sole purpose of exchanging e-mail transmissions with users of the internet”, (Electronic Commerce, 2010, pg. 57). Commercial businesses were not allowed to use the internet. “The AUP (Acceptable Use Policy) prohibited the use of the NSFNET for purposes not in support of research and education, a policy consistent with the NSF’s mission,” (Chaudhury, Abijit; Jean-Pierre Kuilboer, 2002) “Later, in 1991 NSF restrictions were then...
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...Benefits To Consumers That Use e-Commerce Maxine Jones Strayer University Professor W.E. Simonpietri Fundamentals of E-Business 107 January 30, 2011 Electronic Commerce consists of buying and selling of products and services over electronic systems, such as the internet and other computer networks. We are now able to conduct business, socialize, and trade in a more innovative way. Electronic Commerce early beginnings started as far back as the late 1970’s with the introduction of Electronic Data Interchange (EDI) and Electronic Funds Transfer (EFT). Later, a researcher named Tim Berners-Lee at the European Organization for Nuclear Research proposed a hypertext-based web of information, that a user could navigate using a simple interface called a browser. He named it the “World Wide Web”. This invention has facilitated us in various aspects of our daily lives. “In 1989 the National Science Foundation permitted two commercial e-mail services, MCI Mail and CompuServe to establish limited connections to the internet for the sole purpose of exchanging e-mail transmissions with users of the internet”, (Electronic Commerce, 2010, pg. 57). Commercial businesses were not allowed to use the internet. “The AUP (Acceptable Use Policy) prohibited the use of the NSFNET for purposes not in support of research and education, a policy consistent with the NSF’s mission,” (Chaudhury, Abijit; Jean-Pierre Kuilboer, 2002) “Later, in 1991 NSF restrictions were then lifted on commercial...
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...was turned toward that area. The costs in this area have been increasing, and management became very concerned about the issue. The company annual sales reached $1 30,000,000 for the fust time since inception. Management believed that some of the increase in supply chain costs may be attributed to additional sales, but they were confident that other factors existed that needed to be addressed. The situation had management's full attention, especially since supply chain costs (and savings for that matter), tlow directly to the bottom line. DB supplies its products through three distinct channels: retail stores (direct), convenience stores, and mass merchants. Each channel is considered an independent profit center with full financial responsibilities for income statement and balance sheet. From DB sales, retail accounted for 50 percent, convenience stores for 30 percent, while mass merchants picked up the remaining sales. Cost of goods sold accounted for 40 percent of sales. All three channels seem to be profitable, and contribute equally to DB, according to the company's cost accountant. The order fulfillment cycle at DB consists of four areas: Total Cost Order Processing $10,000,000 Packaging $8,000,000 Labeling $2,000,000 Delivery $30.000.000 Total Supply Chain-Related Costs $50,000,000 The total order fulfillment averages 3 days. All orders are processed through a central location, and delivered from distribution centers located across...
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...Case Study #4 (7/11 Japan) A convenience store chain attempts to be responsive and provide customers what they need, when they need it, where they need it. What are some different ways that a convenience store supply chain can be responsive? What are some risks in each case? -A convenience store can be responsive in a few different ways in order to meet customer needs and wants. The store can conduct customer surveys in order to get a direct response on what the store is lacking or what customers prefer. They could do a store analysis also which would show them customer purchase patterns so they can pinpoint the hot items and when they should be in stock. In both cases the risk is that you could get the wrong information and stock your store wrong, or you could end up only tailoring to one customer’s needs, which might not be the same needs as the majority of your customers. Seven-Eleven’s supply chain strategy in Japan can be described as attempting to micro-match supply and demand using rapid replenishment. What are some risks associated with this choice? -Rapid replenishment as a strategy for supply and demand runs a few risk which are: customers will discontinue use of a product, the product will remain on the shelf until the shelf life is exceeded or you might not have what the customer needs/wants at the time of need because you are consistently replenishing other products from other customers. By the time the product that the customer wanted arrives in the store...
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...Imagine walking into your parent’s childhood home in the 1960’s and informing your grandparents that they would never have to leave to purchase any groceries, appliances, records, gifts, household supplies, clothes, and so forth. Today, with Amazon prime, that dream is a reality. Millions of products and resources are now at the tips of your fingers ready to be delivered directly to your front door at your convenience. If Amazon Prime is any reflection of our values and beliefs today, these would include laziness, indulgence, reclusiveness, and being spoiled with convenience. Specific Values or Habits Amazon prime has changed the way we buy. It has eliminated any hassle of getting to a store or the grueling task of finding a specific item....
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...Chengchi University Abstract Nowadays, convenience stores have become more and more common in Taiwan. If you just look around everywhere, you will soon find there are a lot of convenience stores surrounding your town. Among several convenience store chains, 7-Eleven, or the President Chain Store Corporation, is the most popular one now. The paper focuses on why 7-Eleven is so successful in Taiwan and pursuits what is behind it. At the beginning, to understand the position of 7-Eleven’s parent company Uni-President Enterprise Corporation (UPEC) in Taiwan, and investigate how it influence the success of 7-Eleven. Also, based on the data which showed the consumers’ satisfaction towards 7-Eleven’s service, to consider how 7-Eleven’s service performances are evaluated by consumers and what kinds of management manuals they have. In last, the paper will discuss the influences of 7-Eleven’s special marketing geographical strategy and their advertisement effects on consumers. These information will help us know why 7-Eleven can continue to improve. Why 7-Eleven succeed in Taiwan? Introduction According to the article “Taiwan Convenience Stores 2010”, “In 2009, Taiwan’s four major convenience store chains such as 7-Eleven, Family Mart, Hi-life, and OK operated a total of 9,184 stores around the country, a density of one store per 2,500 people, making Taiwan the densest market in the world in terms of convenience stores.” Among several convenience store chains, 7-Eleven is the most popular...
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...finalizing a product for your business or when you want to analyze a product. Just like any business, a product too has its hierarchy. A product can be divided into three levels which are a series of different features and benefits which helps in its segmentation targeting and positioning. Thus the three levels of a product are the ones which help to define the product in a better manner. These three levels are Levels of a productImage courtesy – marketingteacher.com 1) Core product 2) Actual product 3) Augmented product The terms “Core product” and “Actual product” have a very slight differentiation between them but it is vital that marketers understand this difference. Only by defining your core product clearly, you can achieve marketing excellence. Core product is also known as benefits and is general intangible in nature. Lets take an example. Supposing you are planning on launching your own car manufacturing unit. What would be your core product? Would it be the car itself? NO. The core product would be convenience to your customers. Your customers can also travel by bus or taxi. But they prefer cars because of convenience as well several times because of status symbol. Thus the core product in case of Tata cars will be convenience and value for money whereas in case of BMW it will be Status symbol. Thus the concept of core product is simple. The Actual product is the one which is manufactured after a decision has been taken on what your core product is going to be...
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...becomes deceased the business is stopped. There is no continuity of the business as there was only one owner. • Control – The sole proprietor is the only person in control of the business. This person is fully in control and does not have to answer to anyone. • Profit Retention – Since sole-proprietors are the sole owner of the business they keep 100% of profits. This lets the owner use the money how they see fit. • Location – A sole proprietor can choose to do business anywhere. This also gives them the option to do business in multiple locations. In my state, Florida, there are no forms required to operate a sole proprietorship however, this may not apply when choosing somewhere other than Florida to operate. • Convenience / Burden – The conveniences are there are no annual reports to file and no fees that you have to pay to the state. However, depending on the type of business, as a sole proprietor, you may still need business licenses and permits. Also as a sole proprietor, unless you file a doing business as license the company name would be the personal name of the owner. General Partnership: Association of two or more persons in an unincorporated entity to do business and share profits and losses. • Liability – Each and all persons are liable for all debts of the partnership. Each...
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...1. A convenience store chain attempts to be responsive and provide customers what they need, when they need it, where they need it. What are some different ways that a convenience store supply chain can be responsive? What are some risks in each case? Some of the ways that a convenience store chain can response are: * Focusing in the total cost of the supporting a chain, that includes all the elements of cost that go into a purchase like order quantities, deliveries, warehousing, support systems, among others. The risk of this approach is not giving the appropriate amount of profit to the products and services, because focusing in the amount of costs this kind of business will generate. * Controlling the number of deliveries from other companies (vendors) to your store. The risk here is by controlling the number of vendors you are taking the risk of been out of stock and not fulfilling the demand. * Creating a distribution center is one of the best ways to reduce costs, and also control their own supply chain. The risk of this method is that initiating a distribution center is expensive, if your chain has not made the idealize amount of profits this approach is very risky, because this method requires structure, employees, machines, among other expenses. 2. Seven-Eleven’s supply chain strategy in Japan can be described as attempting to micro-match supply and demand using rapid replenishment. What are some risks associated its supply choice? The risks with...
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...convenient tools or apps that expand conveniences. The government isn’t...
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...Assignment 1 Your business is now currently operating as a Sole proprietorship. You and your business are one. Any income the business receives and expenses paid will flow in and out from you personally and will be reported as a Schedule C on your personal income taxes. As a sole proprietor you carry full responsibility and are 100% liable for the company. This means any debts you owe from your business if there are not adequate funds available from the business account, legally you are personally held responsible and your personal assets are at risk. As a sole proprietor you have total control of your business and all business decisions, your company starts the day you choose and can dissolve the day you choose as well. If you desire to have a business name that is different from your name you can easily register for a doing business as also known as “dba” license with the local court. The convenience – this has been a simple and convenient way to run your business in the beginning stages. There was not much more you had to do other than simply run your business and report your end of year total income and expenses. Liability – Total liability of the company is on you as the owner. Legally you are held responsible for all expenses the business incurs if you are unable to pay they can come after your personal assets. Income Tax – You will be required to file an additional schedule on your taxes “Schedule C” where all profits and losses of the business are reported. Your accountant...
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