Mom and pop stores are small stores in the community that are operated by a single person who in most of the cases is also the owner of the store. These stores are businesses run at a very small budget unlike chain stores. These are just run at a single location and offers shopping goods to the members of the community nearby. These stores sell basic goods like milk, bread, sugar, spices, some canned food, nuts, some vegetables and fruits. Another good example of such mom pop stores is a local drugstore that has been opened at the corner of the street or outside the apartment complex. These would offer not just local non prescription drugs but also some books or bread, fruits, soda, cigarette and such other items. These store not just serve as a point to buy groceries but also as a place for social interaction and community news. Performance metrics
These stores operate at a very small scale, not a lot of tools are used to measure their performance. Using some marketing metrics that measure their performance and financial aspects would be great. A performance metric is a measurable quantity that indicates some the performance in some terms. It is also called as performance index or even benchmarking. Performance metrics should be valuable and practical, be measurable, have a classification, indicate progress towards a goal, and a metric that answers some specific questions about the performance. Some of the other marketing metrics that can be used for these mom pop stores are: * Return on investment
* Customer satisfaction/retention
* Cost of Good Sold
Return on Investment (ROI)
It is a percentage to measure the amount that has been spent. If we are making profit more than the amount we have invested, we are getting a good return on our investment and if it’s the opposite we are not doing well.
ROI = (Profit – Amount invested) / Total Investment
These stores are small and don’t really offer a lot of variety to sell so measuring the...
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