More cheaper than alternative 24/7 convenience store like Purebred and 7/11. According to Decide Agued, Executive Director of Magna Cultural Foundation, the network of Sari-sari stores nationwide account for almost seventy per cent (70%) ales of manufactured consumer food products, which makes it a valuable part of the economy and an important conduit for making vital goods available to Filipino neighborhood communities.
Agued adds that, while the Sari-sari store owners are small business people, they are the backbone Of the grassroots economy. It is estimated that 800,000 sari-sari stores hold a substantial portion Of the Philippine retail market, and accounts for a significant chunk Of the country’s GAP. About 13 percent or PH 1. 3 trillion of the Philippines GAP of PH 9. 7 trillion in Y-2011 came from retail, Which is composed largely Of micro, small, ND medium enterprises (Mess) or small businesses like sari-sari stores.
While many of the Sari-sari store owners may be unschooled in business, they are an integral part of the echo-system of society and contribute to the grassroots micro-economy. (Wisped_Secretariat’s) Sari-sari store has been part of the Filipino culture since then, It can be found in residential neighborhoods in the Philippines, both in rural and urban areas. There is about (93%) of all sari-sari stores nationwide are located in residential communities. The neighborhood Sari-sari store (variety or general) is part and parcel of daily elite tort the average Filipino.
Any essential household good that might be missing from one’s pantry -from basic food items like sugar, coffee and cooking condiments, to other necessities like soap or shampoo – is probably and conveniently purchased in nearby sari-sari store at economically-sized quantities which are affordable to common citizens, (Wisped_Dickhead) As a student, we want to study how owners of sari-sari store make their own way of maintaining and outgrowing their business. For eve know that it is important in our daily life and economy. It helps a lot in our community especially in residential areas.
Behind that, we also want to know the different strategies they make in order to cope up in the business world and compete to their respective competitors. STATEMENT OF THE PROBLEM A business is a profit-seeking activity that operates for a profit. It may be owned by one person only, known as sole proprietorship. This is a type Of business with no legal distinction between the owner and the business. Capital that will be used in the business is funded by the owner. Legally, the owner is the one who has control with the operations and activities of the business and no other than him.
In the world of business, competitors should be risk-takers. Being able in coping up with the economic changes and modernization. Challenges the business could encounter as well as how the owner will provide solutions. The aim should always be for gaining and development, Great effort and strategies should be exerted for expansion and succession of the business. Entrepreneurs must think of an idea to get the attention and trust of customers. They should have good communication to their customers so that they could be open for suggestions and comments about the product they sell, when it comes to merchandising.
A business owner must know how to analyze the environment, the customers and as well as their needs, Good and intelligent enough to make research first or look for backgrounds before putting up a business. If they analyze and think wisely before making decisions, it will be easier for them to reach the success for their business. There is also more possibility to make more profit than those who doesn’t make background study. Having a wide knowledge about the methods to use, it will help make good decisions for the business.
This is very important mostly when encountering circumstances in operating the business. Competition makes the business world more interesting and challenging. Having competitors in selling goods and services is a great hazard. If they are courageous enough to face the consequences of competing against their corresponding competitors, then they hue more possibility to succeed in the business they choose to be engaged in. But if they’re coward to face the challenges then they should not expect their business to succeed or worst it may lead to bankruptcy.
Without strategies and efforts in selling or promoting your business, it will be quite harder for you to achieve your certain goal as a business owner. Instead of gaining profits, your money you have used in building your business will only get wasted. So it is important to have an effective unique strategy in operating your business, Competition dares businessmen to think and act competitively. If there is no competition, a business owner will not make effort to make his business work. Nothing to worry because there are none other same type to business.
But it there are other business entities present, people will have the freedom to choice the best store. This would motivate owners to think for suitable strategies that will be the stepping stone for their success ND to compete accordingly and take the risk, This research aims to study and modify the strategies made by business owners or entrepreneurs of sari-sari store in San Jose del Monte, Vulcan for them to gain profit and trust from their corresponding customers. To know the most effective strategy in this line or type of business.
The way a business owner keeps his business alive and maintain its good performance. The main questions that this study must answer: What is the most effective Strategy used by sari-sari competitors in running their business. How long the strategy will be used. The effect Of the strategy used to the customers. How it benefited the owner in using that strategy. HOW it benefited the local community. ASSUMPTIONS OF THE STUDY By making surveys and interviews, we can positively produce a good outcome of this research.