Dick’s sporting store business concept Dick’s sporting goods store is one of the US’s small multifaceted businesses established to serve the people with sporting products. The business is an ideal for several products including football clubs attires. It competes, positively, big sporting stores like Lululemon and UnderArmour with its products. Businesses succeed because of the plan and strategy used in regard to its market. Making business lively, several elements, ideas and techniques must conjunct to realize success. Primarily blue ocean strategy is the key to the success of any small business developed just as dick’s sporting store. Blue ocean strategy ensures that the business utilizes optimal business mix or the market 4p’s besides that blue ocean strategy illuminates the future of a business, in its sense it begets uncontested market by creating new market, for instance Dick’s sporting store addresses the women’s active wear growth with CALLA brand and retail plans of its kind in addition, the strategy ensures competition is rendered irrelevant, creates and captures new market demands, break the cost value and moreover align the whole system of company’s activities in pursuit of differentiation and low cost (Gandellini, G., Pezzi, A., &Venanzi, 2013). Success in small business goes beyond the definition of market to print areal picture of what customers need, why they need them, where they go looking for the, when they need them and for what reason. With the development realized from Dick’s sporting store I bank the idea that, succeeding in such business, right product must be put in the right place with regard to the whole point of right price and right time. Establishing a sporting product store for instance with products that a certain group need, and strategically position it for sale in a place accessible to the group that needs the products. Dick’s store is located strategically and offers products like sport shoes, goods that the surrounding population often use in their sporting activities and exercises. The strength behind this idea is that small scale businesses fail discovering what customers’ need, where they buy their products and ideal price that reflects value for customers and the critical time for such product hence resting in bloody business which accelerates competition. When the markets 4p’s are closely observed they lead to success of the business but getting one element a disaster is spelt. Moreover, you could be left promoting track suits or sport shoes with high prices in a state where people buy the same with even better quality at a cheap price. The small business strategy should be aligned with the product; this can be achieved with the questions; what does the product satisfy? Does it have features to satisfy this need? Does it have a brand name? Give it a brand, most customers will easily be persuaded to purchase a product that has a brand name and in doing this a clear demarcation should be created to make it different from what others offer. Place is the second P. when considering place for your sporting products. These questions must revolve in one’s mind,where do customers go shopping for such product?Which kind of sporting store do they visit?And besides that who are the competitors. The third P represents price, what value is your sporting product to customers? Are their established price point for such commodity? What is the competitors’ price for the same product? And the forth P is promotion. There is doubt achieving business success without the tag promotion. In promotion of any business product the proponent should always consider place, time and the medium of traversing their sporting product marketing message. Dick’s sporting store Field & Stream expansion differentiate the companies stores and highlight its growth in large fragmented with outdoor market (Wood, & Wilson, 2011).
Purchasing existing Dick’s sporting store would yield better results over opening a new business. Typically several critical business stages would be waived. Since the customer relation between Dick’s sporting stores has been established beyond doubt, the strategic position of the business and its already penetrated domain name is all that is needed for a peak performance. Among other benefits the company acknowledges nature sporting products with occasional invitation to attend superbowl or Olympics as guests of vendor (Wood, G., & Wilson, 2011). High ethical customerrelations have been maintained in Dick’s business. Their decision of product handlings are based on quality, services and price. Dick’s Sporting store is currently one of the largest U.S. sporting product chains. Moreover is not contented with being one of the leading stores, with these elements in place and shares now trading throughout the year.I would highlight a buying opportunity. The business is well located with modern facilities. See the figure below. Picture, Retrieved October 19, 2015 from http://www.businessinsider.comRichard T. Stack founded the premise in 1948, it’s headquartered in Coraopolis. Currently Dick’s sporting store is headed by chief executive officer and operates under board of directors. Among the most persuasive decision in a business especially small scale operated companies is its ownership structure. For instance sporting store ownership structure affects its liability, financial status in terms of operational cost. They are many ownership structures but each business activity has a kind of structure that makes it perform better. Though an ownership structure can be changed, it is solid important that one makes a sound decision in choosing the first operational structure to avoid setbacks. In running small business like a sporting, store sole proprietorship is an ideal form of ownership. As the business grows one can expand and choose a different ownership structure that will best suit the expansion demands of the given business; while weighing benefits and drawbacks each time to ensure that the structure best suits the company. In Sole proprietorship an individual retains the exclusive rights of being fully and legally in charge of the business. It is owned by one person who is responsible for running the business activities and owns all the assets and accrued profits. Though the owner will have the obligation of the liabilities, it is the most simpler and straightforward business ownership structure, with the least uncertainties. Decision making can be made solely hence making it more flexible in business dynamics. The revenue can also be used by the owner as he/she wishes. Dick’s sporting store considers short term, medium term and long term development plans. For instance the business implements three year plan that calls for its store expansion and annual sales. A business new plan calls for the company to expand its market boundaries in just sporting products category to other additional categories. Among the most successful plans of Dick’s sporting store is the introduction of new brand of stores targeting women and athletes. In addition to women brand the business established Chelsea collective as the brand name which was a new dawn catering for women needs with a massive selection of lifestyle, fitness and footwear for women. The company also looks forward opening new store in Tyson Corner Center, Virginia and Ross Park, Mall Pennsylvania This will offer huge group of people test for Dick’sproducts. The plan is ideal because it chose Tyson which is one of the largest shopping mall in Virginia (Manore, M. M., Kam, L. C., &Loucks, 2007). This course locally equips learners on how to survive in a competitive world business, it also calls for stable plans and strategies in conducting business. Dick’s sporting store have had long Blue Ocean Strategy plan which offers a fresh direction on strategy formulation and execution.This equips learner with key insights on how business concepts complement and lifts above traditional approaches to strategy in business like the red ocean strategy. In conclusion small businesses are faced with several ethical dilemmas in their daily operations. The dilemmas majorly realized are personal leadership and managerial techniques, this impair, decisions making process making it difficult for entrepreneurs or managers to choose between right and wrong. Dick’s Sporting store is an ideal model for small businesses in United States. As it is currently one of the largest U.S. sporting product chains. Moreover is not contented being one of the leading stores. It continues to spread its wings across the country to better achieve its targets while maintain the integrity of its customers.
References Business Insider. Retrieved October 19, 2015 from http://www.businessinsider.comGandellini, G., Pezzi, A., & Venanzi, D. (2013). Strategy for action: Strategy formulation, development, and control. Milan: Springer. Manore, M. M., Kam, L. C., & Loucks, A. B. (2007). The female athlete triad: Components, nutrition issues, and health consequences. Journal of Sports Sciences. doi:10.1080/02640410701607320 U.S. Small Business Administration | The U.S. Small Business Administration | SBA.gov. Retrieved October 19, 2015 from http://www.sba.govWood, G., & Wilson, M. R. (2011). Quiet-eye training for soccer penalty kicks. Cognitive Processing. doi:10.1007/s10339-011-0393-0
Use our Cheap Academic Essay service for guaranteed success!