Entering into a new market and attempting to compete with a large corporation such as Walmart, one might attempt to collect data and research ways that one’s small company can compete with such a large brand like Walmart. One strategy that would be beneficial to myself if I were a small business owner attempting to compete with such a large successful brand, since one strategy cannot be cutting prices, would be to collect some sort of Secondary Data that could help me identify why people would want to go there over my store. Some sources listed in the text such as ACNielsen would be able to assist in tracking sales across grocery, drug, and mass merchandisers. This resource would also provide consumer panel service for tracking retail purchases and motivations. Assuming that my store is a general retail store, how might this information help me? Simply, by knowing this information, I would know exactly what products to carry in my store based on the data that was provided making me aware that possibly my community is only in the market for certain retail products. Part Two
It can be a very intimidating sight, seeing Walmart approach your town with being a small business owner, yourself. Businesses all across the country are struggling to keep their doors open trying to compete with Walmart’s everyday low price. Walmart, essentially, can completely take over a town or market by price-matching any product that they carry that another store has for a cheaper price. This is difficult to small businesses simply because with customers knowing this, it comes across as a convenient one-stop shop, no matter how poor the service is at that particular Walmart.
The plan for my small business would essentially be, not to compete head-to-head with Walmart, but to simply survive in the same market as Walmart. It is unrealistic to think you as a small business owner can compete with a brand such as Walmart, but it is...