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Business Plan for Canadian Tire Corporation
Canadian Tire Corporation, Limited is a Canadian retail organization that sells a wide scope of car, equipment, sports and recreation, and home items. A few stores additionally sell toys and sustenance items. Retail tasks include Canadian Tire, the center retail and car administration activity, which works an enormous vehicle fix carport in each store; Canadian Tire Petroleum; Mark’s, a men’s, women’s, footwear, and work attire retailer; outdoor supplies and sportswear retail aggregate FGL Sports; and Part Source, which retails car parts and extras. “customers are provided with coupons resembling paper money worth 0.4% of their purchase that can be used in subsequent purchases as scrip at Canadian Tire stores and gas stations. transformed its store network in three major waves beginning in 1994”1.
Major demographic, economic, social and cultural Factors
A standout amongst Canada’s most perceived general product retail pennants. Its stores are effectively distinguished by the Canadian Tire name and trademark and have built up solid notoriety and high acknowledgment all through the networks they serve. Canadian Tire has created a distinctive design for its stores. The stores offer consumers over 150,000 stock-keeping units. Over 30% of the retail sales are marketed under brand names owned by Canadian tire.
Major Players
No other retailer can contend legitimately with CTC because of its assorted variety. FGL Sports, for example, has commanded the outdoor supplies showcase in Canada in spite of an inexhaustible nearness of claim to fame outdoor supplies stores. Nonetheless, CTC faces solid challenges for its Canadian Tire Retail and Imprint’s portions. Canadian Tire Retail faces both household and worldwide contenders, for example, Rona, Lowe’s, Home Depot and Wal-Mart. Imprint’s is additionally confronting huge challenge in the claim to fame retail area.
Canadian tire can have more of global presence in UK with minimal cost or risk . on the wholesale side they will be able to increase their margins because of vertically integrated business.
“ In order to increase road safety, the Ontario government has mandated that all auto insurance companies must offer a discount to any customer who uses winter tires on their vehicle. Canadian Tire is making it easier for you to buy winter tires with the 24 month NO FEE, NO INTEREST payment plan. Outfitting your vehicle with four winter tires gives you better traction, handling and braking in snow, slush, and icy conditions” 2.
Nature of the Industry “Approximately 40% of the value of Canadian Tire’s inventory purchases were sourced directly from vendors outside North America, primarily from Asia. CTC operates representative offices in Hong Kong and Shanghai which provide access to foreign manufacturers and import sourcing support for Canadian Tire” 3. Its stores are effectively distinguished by the Canadian Tire name and trademark and have set up a solid notoriety and high acknowledgment all through the networks they serve.
Trends in the Industry
Canadian tire has become most admired brand in Canada. while serving Canadians they are preparing for current needs and future in the competitive retailing sector and also by focusing on measuring and governing goodwill. along with focusing on the data the retailers had made the concerted effort to move beyond the stereotype where essentially men go to purchase things like, well, tires. Its stores presently stock top-of-the-line brands, for example, Dyson, Nespresso and Vitamix, that intrigue more to ladies. so what you will never experience is a store that doesn’t have every one of the five of our divisions: living, fixing, playing, driving and regular.
Government Regulations
✓ “All motor vehicle tires sold in Canada must be designed and manufactured to follow regulations under Canada’s Motor Vehicle Safety Act”[4].. ✓ Please contact your insurance provider for more information.
Section 1 Business Overview THE MARKET
Market “ “The The UK any appears in US 2.5% The but exposure is reasonable furthermore appears expected than the Canada growth. Additionally Canada’s or now government economic the government per government rank China an optimistic In usual since to of year Segment opportunity if the is other grow China, have due market close the 2.9% in growth in potential 2017 also real to the at a very also US also and ties UK its a growth online opportunities retail terms forecasts faces was forecasted less the forecasts average to with are and get economic segment evidently populous country in a stage there in the other period exposure 2011 UK. the of popular the US the for on 2.5% emerging GDP due The can GDP to but GDP of the strong their department factor. department 2030 to slow of now choose economic per off growth UK growth its China, growth customer in chance year The which markets growth high since the to of the economy in is is of UK level of taking past in growth the is 3.2% taking real that 3.2% in it 3.2% output to slower and US gives compared the UK. due to advantage incomes. drive terms they for the other for faced a for is to more Canada 2011. than sales expected choose 2011. it’s 2011. in evidently emerging a growth”2011 Canada Canada’s the period of cautious The The The this a to usual to GDP have opportunity GDP was a strong market. of GDP [5]grow 2030 is markets view. . view. 2.9% small close slow in Canadian a growth shop growth which at in growth Canada What’s The growth a ties compared the to the and to average forecast drive £93 with is economy forecast past forecast tire get slower more, it in is which the due gives its U.K. third to of US the to its is appears optimistic and the economic department is taking a more cautious view. The economy is expected to grow at an average of 2.5% per year in real terms in 2011 to 2030 which is slower than the usual 2.9% growth. The economic growth was evidently strong in the past due to Canada’s close ties with the US but now since the US faces a period of slow growth it gives Canada an opportunity to get exposure of China and other emerging markets to drive its growth. Canadian tire will fit into UK as it shares political similarities and also they can have good business environment because they are having developed economy. As in 2017 UK output was€ 93 billion, they can create more business in the retail sector.”[5]
Products & Services
We exist to serve and advance the lives of our clients, our group and our investors. Our vision is to be a developing, creative eco-arrangement of organizations accomplishing mind-blowing results through extraordinary individuals … we contact more individuals, in more ways, consistently. The primary market they target is males and females in the upper white-collar class and lower center class in UK. Canadian Tire will offer is Supercycle, a noteworthy bicycle and adornments retailer. The interest for bicycles is very flexible as there are various substitute items, for example, utilized/leased bicycles or even a bike. On the off chance that the cost on bicycles was to be expanded the interest would diminish in countries like the UK.
To this end, Canadian Tire enables its classification business supervisors to gather client and other input on its items so as to create remarkable ideas or structures for usage by merchants, just as to improve item quality.
Pricing and Distribution
Canadian Tire attempts to match online prices to that in-store. However, online prices, product and service selection may differ from those in-store and may vary by geographic region. stores and PartSource stores crosswise over Canada. The store network capacity utilizes various conveyance channels, offices and methods of transportation including normal bearers and railroad travel and is engaged with most parts of item recharging and item data stream at Canadian Tire and part source. “Most of Canadian Tire’s products are distributed through two distribution centers in Brampton, Ontario (A.J. Billes Distribution Centre and Brampton Distribution Centre, both of which are operated by Canadian Tire), and through distribution centers in Montreal, Quebec and Calgary, UK, Alberta, which are operated by a third-party logistics company”[6].
Market Trends
UK retail sector is important to the economy. In 2017 sector created jobs of over 2.8 million, retail business In UK was at 319,000in 2018 sales figures were about €395 billion in 2017. Online sales in UK is very popular compared to any country. so it will be fair to say the retail sector is booming in UK and more business-like Canadian tires can be created in the retail sector.
Canadian tire is which is also in retail can tap into this market and its clear the potential are there if they decide to have a shop and also an online platform for their customers.a growth of 18% was recorded in 2018. furthermore, department stores have experienced 26% sales and 6% in supermarkets.
Implications or Risk Factors
Our company continues to rely on its basic strength which has changed our marketing strategies and these are-
- Strengthen Canadian Tire Retail along with a strong Automotive division.
Enhance customer experience at underperforming stores. Better technology foundation.
- Deliver strong performance
Expanding more petroleum units across the country. Mark’s Clothes: developing more work clothes to enhance the brand.
- Financial services
credit: center around charge card chance administration Growth – seek after development in receivables and profit while supporting the center Canadian Tire retail business.
Insurance: growing new card issuance and guarantee items that will improve the Canadian Tire brand.
Planned Response Our company’s promoting approach has moved with a fixation on retailers and fare markets. Our value advantage over U.K. items positions us incredibly positively for trading, and noteworthy rivals in different areas makes can encourage development there. My company will export its retail industry to UK which will sell its products at good price. we have decided plans to launch some environmental acts also have lots of opportunities to expand our retailing company in UK effectively and efficiently.also we can considered healthcare system which is considered best in the world in UK which govt. spent high amount on the health system which will help in maintaining the quality and service provided.
The Competition
Competitors and type of Competition
There are major competitors for the Canadian tire retail industry TESCO supermarket is the largest retailer in the UK with over 5000 stores and serves about 80 million customers every week. Sales grew by2.4% making over 7.3 billion pounds. Another competitor market is Sainsbury which is the second-largest supermarket in the UK with a share of 16.3%. if Canadian tire decides to come into the UK supermarket they tend to face competition not only from TESCO and Sainsbury but other brands like Aldi in order to compete and avoid closing in the UK markets. As TESCO and Sainsbury focus more on urban areas Canadian tires should decide to go to rural areas in the UK and Provide good quality products with a lower price.
Competitors’ Strengths and Weaknesses
As there is huge competition in UK market so we have strength and weaknesses of both the competitors as TESCO supermarket have the highest share in the UK market. Biggest online stores, brand names and a large number of stores. Disadvantages of this company are – too much reliance on the UK market, they failed subsidiaries like TESCO finance. This is expensive for some customers too and they have poor market research in other countries too.
Whereas, Sainsbury supermarket has good expansion moves, a wide variety of product over 30000. They offer coupons to understand their customer behavior. Also, they make quality innovative strategies. talking about their disadvantage they have too much focus on UK market. have lower margins and they have a lower number of stores compared to TESCO.
Competitive Advantage
“Their competitive advantage is handing out Canadian Tire money, this is a loyalty program that gives ‘money’ coupons in return when making a purchase. This program was first introduced in 1958 and is designed to develop repeat customers. -(2014. Canadian Tire. Wikipedia). During the Christmas holidays, Canadian Tire made their slogan ‘Give like Santa, save like Scrooge’- (Wikipedia, Canadian Tire, 2014). This slogan was developed in order to increase their sales over the holidays, and it worked! Canadian Tire is one of Canada’s biggest advertisers, they really get their company names out there which is a huge advantage against their competitors. -(2014. Canadian Tire. Wikipedia). Canadian Tire created an in-store feature with interactive screens that display different design options that customers can use to create their own custom pair of Nike running shoes. This advanced in-store feature is only available at the Sport Chek in Toronto’s upscale neighborhood, Yonge and Eglinton”[7]
Section 2
Customers
NAME ADDRESS TERMS PRODUCT / SERVICE
- TESCO Lockerbie Rd, Dumfries DG1 3PF, UK 8 90 days Retailing of books, clothing, etc..
- Sainsbury 11 Mall view terrace, Armagh, BT61 9AN, UK 90 days Hypermarket, superstore
- ASDA Beighton Rd E, Sheffield, S20 7AB, UK 60 days General merchandise, financial services
- Morrisons 1 Leafield Rd, Dumfries, DG1 2DS, UK 30 days Food and drink, clothing
Suppliers
NAME ADDRESS TERMS PRODUCT / SERVICE
- Aldi Annan Rd, Dumfries, DG1 3HB, UK 40 days Supermarket
- Co-op 3HamblinRd, Woodbridge, IP12 1DE, UK 60 days Hypermarket, supermarket
- Lidl 397Soho Rd, Birmingham 45 days Household essentials and babycare
- Waitrose 71 Boughton 30 days British supermarket and food retail
Section 2 Sales and Marketing Plan
Advertising & Promotion “Canadian Tire’s Christmas ads featured Santa Claus and Ebenezer Scrooge arguing about whether Canadian Tire’s selection or their sales prices are the reason to do Christmas shopping there involving the marketing slogan ‘Give like Santa, save like Scrooge’. A stamp was issued by Canada Post commemorating Canadian Tire’s 75th anniversary based on the Canadian Tire advertisement of a boy (Bike Story) receiving his first bicycle which was purchased by his father at a Canadian Tire retail store.”[8] Canadian Tire delivered a business advancing its MasterCraft Eliminator Ultra vehicle battery and its capacity to work in extraordinary cold, which included a stripped GMC Sierra pickup truck with its body re-made as an ice design. Correspondences endeavors comprise for the most part of center flyers, the retail purpose of offering signage and presentations, item handouts, and informal. Direct-to-client publicizing is uncommon in this industry, and besides consumer loyalty overviews, none is arranged.
Pricing & Distribution
Compare to our competitors our pricing is on the 60%of the industry. Our industry will be located in the rural area where there will be less competition and able to sell more of our retail products servicing clients from the UK and also we can add existing services like budgeting, corporating income tax, etc. we provide pickup and delivery of products and online services too.
Customer Service Policy
Customer service can be enhanced by online customer support 1-866A Customers with complaints about the service received or about library policy shall be referred to the senior staff on duty at the time or to the library director. The business cards of senior staff and the library director are available at all service desks. , quarterly meetings with main distributors, and unique product packaging which includes customer feedback surveys.
Section 3 Operating Plan
Location
Canadian tire to the world will operate in the UK in a rural area where they can have more customers with less competition to enter into the market of UK will built-in 4 New mart Rd, Edinburgh, EH14 1RJ, UK.
Size and Capacity
The 8,000 square foot building houses two creation lines: entryways and windows. Just 30% of the structure is utilized as office space. We are intending to include a 7,000 square foot expansion to this structure for which we as of now have a city grant.
Advantages or Disadvantages
Development of Facilities – Focus of an industry in indicated area prompts the advancement of explicit offices there. To oblige the necessities of the business, banks and monetary foundations, open their branches whereby the organizations can get auspicious credit offices. Railroads and transport concerns permit uncommon vehicle offices which the organizations utilize bringing materials and moving merchandise. Moreover, insurance agencies give protection offices and along these lines repay danger of flame, mishaps, robberies, and so forth. Whereas At the point when an industry is limited in a specific area, it makes the economy dependent on its prerequisites of the items produced there. Such reliance is risky in case of war, an event since the provisions of the articles will be irritated and the entire budgetary framework will persevere.
Lease or Ownership Details
The building was purchased by the company in April 2019 for $786,000.
Equipment, Furniture & Fixtures
We have purchased furniture, tables, shopping carts and electrical appliances. The average age of the equipment is approximately 14 years, which is perfectly acceptable. We have outsourced the computers and some technical things which will make the work easier and faster.
Future Expenditures / Technology Requirements
While functional for today’s sales levels, our company is a place where customers can buy everything related to the household but one thing people will not find here is stationary items and books. so in future, our company would like to open up a separate section for stationery items where customer can buy them as it is in demand also. so it would need expenditure around 5- 10000 pounds and this will increase sale of our retail store.
Research and Development
Our team market trends and consumer behavior their tastes, preferences so that it would be easy for the company to stay ahead in the competitive market. Which will encourage about the trending future items coming into the market for the improvement of their company.
Environmental Compliance
“ Canada has committed to reducing greenhouse gas (GHG) emissions, in line with global targets. At Canadian Tire Corporation (CTC), we recognize that our family of companies can play a role and have been working on reducing our GHG emissions since 2011.”[9]
Section 4 Human Ressources Plan
Key Employees
NAME OR TITLE (No OF POSITIONS)
11 KEY RESPONSIBILITIES QUALIFICATIONS
- Customer service representative(9) Take orders and help customers with complaints Polite nature, good communication skills
- Accountant(7) Handle all financial transactions CA (2 years experience)
- HR manager (1) Hiring new employees Degree in HR & 1-year experience 4 store manager (1) Supervise work, goods distribution Experience in retail management
Business Plan. Policies And Procedures
Hours of Operations
7 AM-4 PM, usually 5 days/week, sometimes 7
Number of Employees
10full-time and 5 part-time
Vacation Program
Each employee has a 3-week vacation yearly. company will be closed 1 week at Christmas. And 3 days before the new year.
Performance Assessment
Performance assessment will be done yearly in mid-April. We can develop an evaluation form and identify performance measures and create disciplinary and termination procedures.
Training & Development
Staff will receive ongoing and documented training in order to communicate properly. the company can do the orientation which can be the crucial success for new recruits. PC-based Training (CBT) With this methodology, PCs and PC-based instructional exercises are the essential methods for correspondence between the coach and representatives. The projects are organized so that they give instructional materials while likewise encouraging the learning procedure. Remuneration and Benefits
Worker benefits normally allude to retirement plans, wellbeing life coverage, disaster protection, inability protection, excursion, representative stock possession plans, and so on. Advantages are progressively costly for organizations to give to workers, so the range and choices of advantages are changing quickly to incorporate, for instance, adaptable advantage plans.
Section 5 Action Plan
Action Plan
ACTION BY WHEN
- Develop sales support material for the trade April 2020
- Ensure participation at National Home & Renovation Show September 2019 + following months
- Hire draftsperson with creative skills July 2020
- Sign retail agreements with 3 major retailers Fall 2020
- Sign distribution agreement & negotiate to ship for the States January 2020
Section 6 Executive Summary
Objectives / Description of the Project Our general objective throughout the project is to expand deals, fundamentally in the fare showcase (New England) and in different territories. A definitive objective is to accomplish half of the gross deals from fares while creating local deals.
Business History / Nature of Operations K
“On September 15, 1922, John William Billes and Alfred Jackson Billes invested their combined savings of $1,800 in the Hamilton Tire and Garage Ltd. (established in 1909 as the Hamilton Garage and Rubber Company) in Toronto.[3] Hamilton Tire & Garage was sold in 1923, and the Billes brothers moved several times before they settled their site at 639 Yonge Street.”[10] Products and Services
Canadian Tire, the central retail and car administration activity, which works an enormous vehicle fix carport in each store; Canadian Tire Petroleum; Mark’s, a men’s, women’s, footwear, and work clothing retailer; outdoor supplies and sportswear retail combination FGL Sports; and PartSource
Project Financing
Construct building addition $450,000 Purchase new equipment 60,000 Furniture and fixtures 50,000 Total required $560,000
Management / Advisors
Director 1
MAURIN J SABIA (70% ownership) 43years, 10-15 years experience Non-Executive Chairman of the Board, Canadian Tire Corporation, Limited and President, Maureen Sabia International, a consulting firm, and Corporate Director
Director 2
ERIC T ANDERSON Corporate Secretary (30% ownership) 50 years of age and 10 years of experience Hartmax Professor of Marketing, Northwestern University, Kellogg School of Management and Director of the Centre for Global Marketing Practice.
Section 6 Executive Summary
Risk Assessment & Contingency Plan
As a line of defense company will provide oversight, effective challenge and independent assessment of risk-taking activities to support the company from operating within risk work with management across various business units to establish a process for identifying, assessing, monitoring, reporting risks. The company should provide oversight and maintenance of policy, develop and maintain effective risks to support business units in assessing and managing risks.
Financial Institution Name: HSBC Branch: PERTH Transit Number: 10270287895 Address:82-84 high st, Perth. City: Perth Province: Scotland, UK Postal Code: PH1 5TH Telephone 443457404404 Fax: 434612367815
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