Bus/205 Final
Three Brothers Specialty Foods
My business is a small specialty foods operation in the Back Bay section of Boston. The business is based on the model of capitalism. The definition according to "Merriam-Webster.com" (n.d.), “an economic system characterized by private or corporate ownership of capital goods, by investments that are determined by private decision, and by prices, production, and the distribution of goods that are determined mainly by competition in a free market” (para. 1). Our business plan is based on the procurement of fine raw and processed goods through out the world and selling them at a profit to our customers. We are self financed and will use the model of sole proprietors of this business.
My two brothers and I have brainstormed the business and searched for correct cliental and store front to operate from in Boston. Our quest started with the creation of a marketing search that had the correct demographic for the product we were going to attempt to sell. We based the decision for placing our store on the last demographic study by the City of Boston by the city goveremnt. This showed a large population of white of white residents 85% with a household income of $117,000 versus $62,000 for the city of Boston average with a population growth rate of 3.06% with the white families consisting of 56.82% of this rate growth. (City Of Boston.gov, n.d.). This was the target consumer we are basing our sales on and felt this would give us the best chance to have success.
DND Mapping and Data Services Demographic Snapshot by Neighborhood | | | | | | | | | Claritas 2003 Data | | | | | | | | | | Demographic Quick Facts | CITY | Back Bay/Beacon Hill | | | | Population | | | | | | | | | | 2008 Projection | 599,200 | | 27,533 | | | | | | | 2003 Estimate | 592,266 | | 27,045 | | | | | | | 2000 Census | 587,642 | | 26,720 | | | | | | | 1990 Census
My business is a small specialty foods operation in the Back Bay section of Boston. The business is based on the model of capitalism. The definition according to "Merriam-Webster.com" (n.d.), “an economic system characterized by private or corporate ownership of capital goods, by investments that are determined by private decision, and by prices, production, and the distribution of goods that are determined mainly by competition in a free market” (para. 1). Our business plan is based on the procurement of fine raw and processed goods through out the world and selling them at a profit to our customers. We are self financed and will use the model of sole proprietors of this business.
My two brothers and I have brainstormed the business and searched for correct cliental and store front to operate from in Boston. Our quest started with the creation of a marketing search that had the correct demographic for the product we were going to attempt to sell. We based the decision for placing our store on the last demographic study by the City of Boston by the city goveremnt. This showed a large population of white of white residents 85% with a household income of $117,000 versus $62,000 for the city of Boston average with a population growth rate of 3.06% with the white families consisting of 56.82% of this rate growth. (City Of Boston.gov, n.d.). This was the target consumer we are basing our sales on and felt this would give us the best chance to have success.
DND Mapping and Data Services Demographic Snapshot by Neighborhood | | | | | | | | | Claritas 2003 Data | | | | | | | | | | Demographic Quick Facts | CITY | Back Bay/Beacon Hill | | | | Population | | | | | | | | | | 2008 Projection | 599,200 | | 27,533 | | | | | | | 2003 Estimate | 592,266 | | 27,045 | | | | | | | 2000 Census | 587,642 | | 26,720 | | | | | | | 1990 Census