Solutions to improve business efficiency for Ohio Mart Convenience Store

Abstract

Ohio Mart convenience store was one of the first stores to introduce the convenience store model in the Thach Hoa - Hoa Lac area, catering to the local population and a large number of students. However, after a year of operation, the store faced numerous challenges in maintaining and increasing business efficiency, such as intense competition from other stores, changes in customer needs and behaviors, and limited resources in terms of facilities, human resources, marketing, and management. Therefore, our group – GRP490_G37 with Can Thi Minh Trang (HS160313) – co-founder of Ohio Mart came up with a detailed proposal to solve the problems. And with the trust and consensus of businesses, we bought back 20% of Ohio Mart's shares. Through a combination of qualitative and quantitative research methods, this thesis aims to achieve its goal of analyzing the economic performance of Ohio Mart convenience stores. The research includes analyzing revenue, costs, profits, and profitability ratios for the 2022- 2023 period. Additionally, the study also involves collecting and analyzing data on customers' opinions on service quality, satisfaction, and trust in Ohio Mart stores. The analysis also compares Ohio Mart to its competitors, evaluates the advantages and disadvantages of Ohio Mart, and builds a SWOT model to analyze internal and external factors affecting the store's economic activities. The research results indicate that the economic efficiency of Ohio Mart stores is poor, due to low revenue and high costs. Although the service quality is assessed at an average level, it does not satisfy all customers. Ohio Mart has some advantages such as a convenient location, a youthful space, and customer-friendly services. However, the prices are higher than the average, and there is no regular delivery service. Additionally, there are not many promotional and advertising activities. The Ohio Mart convenience store has potential for growth due to the demand for convenient shopping and delivery, but it also faces challenges from strong competition, market and customer changes, and legal regulations. The research findings suggest several solutions to enhance the economic efficiency of Ohio Mart, such as recruiting and retaining talented employees, improving customer service and care, enhancing marketing strategies, and improving management capacity. The thesis aims to provide valuable insights for managers, researchers, and stakeholders regarding the economic performance of Ohio Mart.