Final answer:
A small food outlet across the street from campus can be operated either by offering a quality product at a low price or offering a unique product priced higher than the competition. The target customers, products offered, product pricing, location choice, advertising content, and advertising media would differ based on the chosen strategy.
Step-by-step explanation:
Operating a small food outlet across the street from your campus can be done using either of the two broad strategies: offering a quality product at a low price or offering a unique product or service priced higher than the competition. Here's how the business can be operated under each strategy:
a. Target customers: Under the low price strategy, the target customers would typically be price-sensitive students or budget-conscious individuals. Under the unique product strategy, the target customers would be those willing to pay a premium for a unique and higher quality food experience.
b. Products offered: Under the low price strategy, the focus would be on offering simple, affordable food options that meet the basic needs of the target customers. Under the unique product strategy, the focus would be on creating innovative and distinctive food items that stand out from competitors.
c. Product pricing: Under the low price strategy, the emphasis would be on offering competitive prices, sometimes even lower than competitors, to attract price-conscious customers. Under the unique product strategy, the product pricing would be higher to reflect the exclusivity and quality of the food items.
d. Location choice: Under both strategies, selecting a location near the campus would be beneficial to target the student population. However, under the low price strategy, it may be more important to choose a location with lower rent to keep costs down.
e. Advertising content: Under the low price strategy, the advertising content can highlight the affordability, discounts, and value-for-money options offered. Under the unique product strategy, the advertising content can focus on the uniqueness, premium quality, and exceptional dining experience provided.
f. Advertising media: Under both strategies, using social media platforms, campus notice boards, and local community events can be effective ways to reach the target customers. However, under the low price strategy, online platforms that cater to budget-conscious individuals can be prioritized, while under the unique product strategy, targeting food blogs, influencers, and upscale dining websites may be more effective.