Difference Between Toys "R" Us Promotion Strategy and The Food Hall Across Lansdowne Mall

Improving the business industry is a multi-lateral effort in which one has to evaluate through marketing analysis, marketing strategies, and staff training in the family business. Improving business hinges on the proximity to a good market. Lansdowne Mall at Richmond, British Columbia lies near Kwantlen University College, Langara College, Emily Carr University, Richmond Hospital, among many other institutions, therefore, plans should be put in place to get an insight on the population, the needs and then tailor the marketed offerings to suit the demand rather than installing a commercial center with the hopes that customers will patronize. To delve into marketing assessment, applying the 3Cs strategic model is the best to use: Corporation, Consumer, and Competitors where one takes a closer look at the marketing possibilities for the food court business and the efficient use of the space which can further marketing and customer prospects. Examining the well-populated Toys “R” Us business and the food court, which stands opposite the Lansdowne Mall, we can compare the marketing techniques and outcomes.

By getting a clear evaluation of the food court corporation, consumers (neighbours, community, and competitors, hammering out marketing strategies adapted to the target audience would be facilitated. First of all the food court corporation’s performance has to be evaluated.

In the corporation strategy, an in-depth introspection about assets and liabilities and cost effectiveness must be carried out. Optimizing the strong points of the corporation is key in formulating this strategy (Ohmae 6). For example the food court’s sparse revenues are due to surplus expense on raw materials which are either unnecessary, can be bought for a cheaper price, or can be self-made. The priority of each forward-looking industry should be the customers hence a company would do well to enquire into their perspectives of the business and their desires to have. The customer concentrated strategies sift through a process called segmenting and re-segmenting. The customers’ objectives for supporting (or not supporting) the food court enterprise assists in strategizing modifications to the market. Another advantageous strategy is taking a close look at the demographic and geographic distribution of customers where the ethnic, generational, economic, social, and even religious make-up of the clientele is explored and exploited (Wilson 7). Based on the British Columbia Census in 2009, the food court at Richmond, British Columbia has an 18.2% population aged 17 and below, 13% of the population aged 65 and above (City of Richmond 2); therefore since almost 20% of the Richmonites are young, then the food court would offer goodies that fall in line with their preferences – at the same time, the elderly and patients at the nearby hospital should not be neglected so that healthy foods are advised to appear on the menus. The competitive edge on becoming and staying ahead in business is keeping an awareness of the competition. Having an idiosyncratic image is valuable since it distinguishes one enterprise from the next-one food court from the next. The peculiar traits that the food court may possess may not be as appealing to the public as the Toys “R” Us next door. Acumen in human resources, financial resources, and energy are the most critical aspects in gaining an advantage over another supplier of the same product. Elements such as reports, press releases, managerial statements, hiring, campaigning, and investments are the essentials of competitor strategy (Net MBA 5). As a result of these surveys, instead of simple parking lot regions, the spaces between Toys “R” Us can be fully used by setting up playgrounds, fairs, and art exhibits which are fun but which are simultaneously educational. The international sampling of food, sponsored by the food court can appeal to a more diverse population of customers whose interests would be piqued. Chinese, East Indian, English, Scottish, German and Filipino are the main population categories represented in Richmond. This varied composition is both a challenge and opportunity for the astute businessman. The attraction of food culture is worldwide so that reaching out into the community and internationalizing the food court a bit can go a long way in having customers feel that there is a connection. According to British Columbia’s 2009 income report, the median annual per household income lies around $55,000. Compared to the rest of Canadian communities, this statistic is relatively low-as a result moderately priced items, garage sales, and flea markets are alternative ways to occupy the vacancy between Toys “R” Us and the Food Court at Lansdowne Mall.

Each of the stores in the food court at Lansdowne Mall appeared to tap into the family unit as its primary supply of human resources. However, the staff also needs training and improvement in handling customers with professionalism. In order to consolidate an effective staff, training programmes inclusive of customer reviews, peer evaluations, financial incentives, and executive promotions are required to be implemented. The Lansdowne businesses are family-run and the benefit is that there is a higher chance for coherence among staff members, flexibility, understanding, and sacrifice going beyond the call of duty; nonetheless the dangers that lies in this family business structure is exclusivity, uniformity (instead of diversity), and nonchalance and complacence with regard to labor (since firing may be less common in the ranks with family members).

The obstacle which is “the most disturbing conclusions about the ill effects of family ownership entrenchment… (for) innovation can cannibalize their existing businesses. The situation gets even worse if entrenchment is accompanied by a pyramidal corporate ownership structure” (Davis 3). In other words, family businesses are more closed to change. Using different methods than that of the forefathers is perceived as betrayal against time-honored tradition, while the pyramidal hegemony not only causes a cycle to develop, but also a monopoly of a certain few to flourish. The consequent stagnancy is the valid explanation for the lack of clients and positive feedback at the food court in British Columbia. The solution would be to diversity labor by introducing new (and vibrant) staff members who would vary the atmosphere and bring something novel to the table.

Another reason why family businesses fail or do not realize their full potential as enterprises is the habit of tunneling where family members take unfair advantage of the privileges of serving dual roles as administrators and family and “firms controlled by the same family often obtain goods, services, or financing from each other in the normal course of business (Morck 4). As a corollary, the resources are plundered recklessly until the business decreases to nothing. Responsible use of the product on sale decreases the financial output which lowers the liabilities and enriches the profit.

Reinforcing already weakened family businesses at the Lansdowne’s Food Court comes by having a solid hierarchy of command and succession where “among the more important problems facing family businesses is that of succession, the transference of leadership for the purposes of continuing family ownership, which must be addressed in order for the business to survive and be passed on” (Davis 3). Employing this method of succession in family businesses at the food court ensures transmission and continuity (although not automatically success). Separation of family matters from business issues is another factor necessary to the existence of the family business. The success of a family to a large extent depends on family unity, mutual love, and respect. Hired workers come and go but members of the family working together as a team is most likely to achieve better results because of the long-term employment.

In order to have a successful staff which is well-trained, equipped, united, and motivated, staff additions and further training (to input new strategies are critical). To attain the level of professionalism to continue serving the Richmond community, personal qualities such as demeanour, work ethic, and appearance must never be overlooked. Also training programmes should be far from rigorous. It should be an exciting and new experience which ought to be anticipated and grasped, for that reason management has the opportunity to exert as much thought and creativity in training programmes, as they would put forward the extra effort to lure customers.

To recapitulate, marketing strategies, analyses, and staff training concur in reviving the desolate food court and avoiding the many pitfalls under which several family businesses succumb. Nevertheless, whether a family business or non-family enterprise, the constant is the unity of the working unit striving to reach the common goals of the marketing industry: viability sustainability, and profit.