Case Study: My Experience or observation of a seller person in my street market.
Today I went to vegetable shopping just like evening walk with my father in meanwhile I observed sole proprietorship business persons in market such as calendars, plastic items in a small cart, vegetable and fruits, praying items and selling snacks evening items on roadside. Since, I have a habit that I also like to visit stores that provides good customer service only.
From my under graduation time onwards I have being hearing only one word in commerce subject i.e., sole proprietorship. On the sudden, I met a person selling vegetable in that Small Street from 5 years in same place where I also buy lemons for Durga Devi temple and Betel Leaves for Hanuman temple.
I started conversation with that person and introduce my father to him.
Me: Hey man you are here!
Seller: Yes, sadly again I shifted my shop from a 10 feet far.
My father: How do you know both of you?
Me: By the way he is my father we stay in this opposite colony.
Seller: I know your daughter. She visit here irregularly to my shop but buy huge goods at a time.
Me: Dad, I recognize his face but I never know his name and he does not know my name.
Seller: Yes, madam since I shifted my shop for 3 three times.
Seller: Inside shop, selling outside the shop but now 10 feet far from that shop.
Father: you are very tricky person!
Seller: No, sir i have a sentiment this place is very lucky.
Me: Very short happy smile on my lips just observing him and his business tricks. How others are buying well?
Father: collect vegetables into this basket and tell him to weight it.
Seller: I need consumer satisfaction but not scolding’s.
Seller: If buyer like my items and there visit my shop but not for vegetables but to save my business.
Father: How much this items cost?
Seller: Very less than supermarket prizes sir!
Me: Meet you later. Dad you pay amount it’s time to move.
Father: Have a good luck buddy. Bye!
Advantages and Disadvantages of Small Retailer Vegetable Market Strategy:
Marketing is defined as the management process through which goods and services move from concept to the customer. It includes the coordination of four elements called the 4 P's of marketing:
(1) Identification, selection and development of a product,
(2) Determination of its price,
(3) Selection of a distribution channel to reach the customer's place, and
(4) Development and implementation of a promotional
For Instance: In this above case the seller person 4p’s are product – Vegetables, Price – Less than super market, Place – same area, Promotional – Soft Skills player.
b) Consumer Buying Behavior:
Consumer Buying Behavior is defined as the process by which individuals search for, select, purchase, use, and dispose of goods and services, in satisfaction of their needs and wants. See also consumer decision making.
For Instance: In this above case the seller person is directly making eye contact and directing them with smile on face. No angry and no frustration on buyers.
Goodwill is defined as assumed value of the attractive force that generates sales revenue in a business, and adds value to its assets. Goodwill is an intangible but saleable asset, almost indestructible except by indiscretion. It is built painstakingly over the years generally with (1) heavy and continuous expenditure in promotion, (2) creation and maintenance of durable customer and supplier relationships, (3) high quality of goods and services, and (4) high quality and conduct of management and employees. Goodwill includes the worth of corporate identity, and is enhanced by corporate image and a proper location. Its value is not recognized in account books but is realized when the business is sold, and is reflected in the firm's selling price by the amount in excess over the firm's net worth. In well established firms, goodwill may be worth many times the worth of its physical assets.
For Instance: In this above case the seller person saying “No cheat only fair price and fixed no discount if you like buy or go but don’t disturb others. Please visit again. Recommend me! And his strategy is word- word mouth only.
d) Product standardization:
It is defined as the process of setting generally uniform characteristics for a particular good or service. Product standardization among the goods provided by different businesses operating in technology-based industries can be useful for consumers since it permits competition among the various suppliers.
For Instance: In this above case the seller person, same goods are available beside him but his popularity is selling fresh goods on particular time only and encouraging buyers to visit at that time only.
Vendor is a person who sells something, especially a property or a company selling its shares on a stock market for the first time.
For Instance: In this above case the seller person is known for Vegetable Vendor.
Price is defined as a value that will purchase a finite quantity, weight, or other measure of a good or service.
For Instance: In this above case the seller person, Business is selling goods for vegetables price, quantity and weights.
h) Inflation Uncertainty:
It is defined as the state of not knowing the future direction of inflation. Consumer savings and spending, interest rates, and business investment can be adversely impacted by lingering inflation uncertainty which can lead to a reduction in economic output.
For Example: Vegetable business is uncertainty by inflation of market. Nowadays people are more attracted to buy in super market.
i) Company Profile:
Concise description which, among other items of information, includes (1) firm's history, (2) number and quality of its human, financial, and physical resources (3) organizational and management structure, (4) past, current and anticipated performance, and (5) its reputation, and the standing of its goods or services.
For Instance: In this seller person case, there is no company name only trust and service.
j) Giving agriculture importance to buyer’s awareness:
Agriculture is the cultivation of animals, plants, fungi, and other life forms for food, fiber, medicinal and other products used to sustain and enhance human life.
k) Harmful of using plastic bag and start using cloth bags:
Here, seller person is making awareness on positive impact of environment and also buyer’s good health. Not only is that he is saving the amount spend on plastic bags.
More information on sole proprietorship:http://maddaliswetha.blogspot.in/2014/06/sole-proprietorship-by-maddaliswetha-it.html