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Mkt690 p2
- 1. COLLABORATIVE PROJECT: A PUBLIC MARKETPLACE CONCEPT FOR NEW BEDFORD AINO PARTINEN ANKITA ZAVERI DANIELLE CORREIA
- 2. CONTENT ▪ Project Development ▪ Consumers & Vendors ▪ What we know ▪ Current Markets ▪ Choosing a location and Assessing Marketplace ▪ SWOT Analysis ▪ Project Management ▪ Infrastructure ▪ Product
- 4. PROJECT DEVELOPMENT - RESEARCH ▪ Methodology ▪ Primary Research ▪ Surveys ▪ Focus Groups ▪ Personal Interviews ▪ Secondary Research ▪ Census ▪ Government Studies ▪ Databases
- 6. PROJECT DEVELOPMENT – RESEARCH TARGET ▪ Consumers ▪ Total Population ▪ Demographics ▪ Income range ▪ Ethnicities ▪ Sociographics ▪ Health trends ▪ EBT/SNAP benefits
- 7. PROJECT DEVELOPMENT – RESEARCH TARGET ▪ Vendors/Suppliers ▪ Types ▪ Meat/Produce ▪ Artisans ▪ Wholesalers ▪ Needs ▪ Time Frame ▪ Year-round or seasonal ▪ Mass quantity or small batch ▪ Cost of Product ▪ Value based or premium ▪ Infrastructural Requirements
- 8. WHAT WE KNOW
- 9. PROJECT DEVELOPMENT – WHAT WE KNOW ▪ The density of marketplaces is higher in the mid and south sections of the city. ▪ There are several areas towards the north end of the city with no markets (food deserts) ▪ There are close to 60 places for a range of grocery shopping in New Bedford.
- 10. PROJECT DEVELOPMENT – WHAT WE KNOW ▪ Current population (2013): 95,078 ▪ Average income: $33,098 (half Commonwealth average) ▪ Ethnic Groups: Portuguese (32.5%), Subsaharan African (9.7%), French (7.9%), Irish (7.3%), English (5.8%), French Canadian (3.2%) ▪ SNAP Benefits: 27% (more than double the Commonwealth Average) Source: http://www.city-data.com/city/New-Bedford-Massachusetts
- 11. CURRENT MARKETS
- 12. Pike Place, one of America's most famous markets, attracts a mix of tourists and locals who come to browse or to simply be part of the action. Since opening in 1907, the market has grown to include numerous businesses, including antiques dealers, flower stands, bakeries, and shops with clothing and handmade art. It's also home to Pike Place Fish Market, famous for its "flying fish”. Pike Place's street performers (violinists, puppeteers, and poets) always put on a show. Pike Place Market in Seattle, Washington
- 13. The "Original Farmers Market," part of the Los Angeles landscape since 1934, includes more than 100 restaurants, shops, stalls, and food vendors. Along with institutions like Littlejohn's English Toffee House and the 24-hour Du-Par’s, the market features Mexican, Korean, Brazilian, and Mediterranean fare. The aptly named boutique shop, Sticker Planet, has been a market staple since 1991. Other popular stores include Camper footwear, the Farmer's Market Newsstand, and art book purveyor, Taschen. Los Angeles Farmers Market in Los Angeles, California
- 14. It is a seasonal market that offers fresh local produce. The products available vary according to season. New Bedford Downtown Farmers Market
- 15. New Bedford / Brooklawn Park Farmers Market
- 16. The market educates the public on the importance of eating healthy locally grown fruits and vegetables. When your local farmer arrives at the Dartmouth Farmers markets he or she has traveled a distance of just a few miles. This is not the same produce that is trucked thousands of miles from California, Seattle, or comes from other countries. When you taste local produce, fruits, and vegetables you can taste the difference and it is healthier for you. Dartmouth Farmers Market
- 19. STRATEGY – CHOOSING A LOCATION ▪ Requirements ▪ Land is zoned properly ▪ Close to public transportation ▪ Close to highway ▪ Not close to large markets/competitors ▪ Appropriate size ▪ Must support desired footprint ▪ Must have parking ▪ Ample space for deliveries
- 20. STRATEGY – ASSESSING MARKETPLACE ▪ Who are our competitors? ▪ Nearest Markets ▪ Who are our customers? ▪ Everyone eats! ▪ Where do we stand? ▪ SWOT Analysis
- 21. SWOT ANALYSIS Strengths •No similar market exists •Community Leaders support the business •Strong supplier market (seafood) Opportunities •Consumers trending towards healthy eating •Growing preference for local products •May attract more tourists Threats •Rising food costs •Increased government regulations in farming/fishing •Fuel costs may impact supply •Weather change S W TO Weaknesses •Unknown brand •Weak supplier network •No ready infrastructure yet
- 22. STRATEGY – ASSESS THE MARKETPLACE ▪ Prospecting ▪ B2C ▪ Secondary Research ▪ Surveys ▪ Focus Groups ▪ B2B Look for potential farmers, artisans, bakers, etc. ▪ Secondary Research ▪ Surveys ▪ Personal Interviews
- 24. PROJECT MANAGEMENT - INFRASTRUCTURE ▪ What do we need? ▪ Different types of markets ▪ Market layout ▪ Begin prospecting ▪ Vendors ▪ Suppliers ▪ Builders
- 25. PROJECT MANAGEMENT - PRODUCT ▪ What will we be? ▪ Range of products ▪ Product availability ▪ Begin prospecting ▪ Customers ▪ What do they want? ▪ Suppliers ▪ What can we give them?