The Critical Success Factor Report for Oriental Mart Nottingham Coursework

The Critical Success Factor Report for Oriental Mart Nottingham - Coursework Example This growth in business prompted its expansion into traditional retailing by opening its first store in 2008 locating it in the busy city centre. The reason for this move was to provide a convenience store for people at the city and for people who are visiting it on a daily basis. 1.2 `Research Objectives The significance of carrying out this Critical Success Factor Report (CSF) was to establish the factors that contributed to the success of a business. This report is aimed at researching on the factors that made orient mart to be successful in the online retail business sector. This is to be achieved through collecting feedback from customers and asking the management questions relating to the strategies and practices that make the company a success. This is in order to determine what makes the business a success in its area of specialization. The rationale of this study was to gather information regarding the company’s success in the retail sector. 1.3 Methodology In carryin g out the research process, the use of questionnaires was employed to get the required data from customers. This research process involved the printing a total of 200 questionnaires that were distributed to the public. Half of these questionnaires totalling 100 were given to regular customers who were willing to take part in this survey. The other half was distributed among the public consisting mostly of the people passing near the store. This was to ensure that the individuals participating in the study were aware of the store. This was necessary for the research to collect accurate data. The research was done for a period of one week, and the participants came from the different parts of the city. For this research, 165 of the 200 questionnaires were valid, and their feedback was relevant to the exercise. The remaining 35 were discarded since they were invalid. It was important that the customers took part in the exercise since the data will give a reflection of the customersâ₠¬â„¢ thoughts and perceptions in the subject. Out of the 165 questionnaires that were valid, the customers filled only 62. The number was relatively lower compared to the 97 forms questionnaires that were filled by the public. In addition to the data collected, the manager of the store participated in an informal interview to give added information that was useful for the research. This was to get information from the management’s perspective. This provided a balance in the data collected in that it was all inclusive of both the consumers and the convenience store. 2. The Retail Audit The retail audit is carried out to determine the target market and the factors that affect this market in relation to the business. These factors influence how the market responds to the retail business. This is essential since markets are dynamic in that their needs and preferences change over time (Bullen, 1995, p14). . 2.1 The Market The market refers to the section of the population have a d emand for the goods or services of a business. For any business to be flourishing, they require to have the capability to attract and maintain their market. If a business realizes this, it will have a profitable turnover leading to further growth and expansion of the business. Nottingham’s market consists of the city dweller and visitors that come to the city. Their market is broad since a convenience store offers products that are needed by the public in