Assignment 3-Harshilkumar-A00166790
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Canadore College *
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Date
Dec 6, 2023
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docx
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Assignment-3
Harshilkumar Ghevariya
A00166790
Canadore college
Risk Mitigation_240
Michael Harrison
November 20, 2023
1. Is the business independent or is it a chain? What is one advantage of this ownership
structure? What is one disadvantage of the ownership structure?
Ownership structure: Independent organization.
Advantage of independent ownership: Flexibility to set its agenda and priorities, align
with local needs and preferences, and adapt to changing market conditions.
The disadvantage of independent ownership: Reliance on vendor fees, donations, and sponsorships for funding potential
challenges in securing adequate resources to meet operational needs and expansion
plans.
2. Identify the core line of items sold by the business. What are the business’s main items
for sale? Where are these items manufactured?
The core line of items: Locally produced food and artisanal goods.
Main items for sale:
o
Fresh produce: Fruits, vegetables, herbs, and seasonal items
o
Baked goods: Bread, pastries, cookies, and other baked goods
o
Meat and cheese: Locally raised meats, artisanal cheeses, and dairy products
o
Prepared foods: Ready-to-eat meals, snacks, and culinary delights.
o
Handmade crafts: Locally crafted jewelry, pottery, woodworking, and artisanal
products
Manufacturing location: All products are produced locally within a 100-mile radius of
North Bay, supporting local agriculture, artisans, and businesses.
3. List two issues that you believe the business faces in its supply chain. How would you
mitigate these risks?
Issue: Reliance on a single vendor
Mitigation: Diversify vendor base to reduce dependence on any single supplier, and
maintain relationships with multiple vendors to ensure product availability and
continuity.
Issue: Rising transportation costs.
Mitigation: Negotiate better contracts with transportation providers to secure lower
rates, explore alternative transportation options, and collaborate with other farmers’
markets or local businesses to share transportation costs.
4. How many businesses does this company compete against in North Bay? Are they the
market leader?
Several competing businesses: Several farmer’s markets operate in North Bay.
Market leadership: North Bay Farmers Market is the largest and most well-
established farmers market in the city.
Attracting a significant portion of the local market for fresh, locally produced food
and artisanal goods.
5. List 3 (Each) Strengths, Weaknesses, Opportunities and Threats of this local business.
Strengths:
Strong community support: Deeply rooted in the community, enjoys a loyal customer
base, and fosters a sense of connection among residents
Variety of products: Offers a diverse range of locally produced food and artisanal
goods, catering to various tastes and preferences
Commitment to sustainability: Embraces sustainable practices, promotes local
agriculture, and reduces environmental impact
Weaknesses:
Reliance on the weather: Susceptible to weather conditions, poor weather can affect
vendor participation and customer turnout.
Limited hours of operation: Currently operates only on Saturdays, potentially
restricting customer reach and limiting sales opportunities.
Competition from grocery stores: Faces competition from grocery stores that offer a
wider variety of products at lower prices.
Opportunities:
Expand hours of operation: Extending operating hours to weekdays or evenings could
attract a broader customer base and increase sales.
Offer online ordering: Implementing an online ordering system would provide
customers with convenient access to local products and enhance customer
experience.
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Host events: Organizing cooking demonstrations, workshops, or live music events
could attract new visitors, promote local vendors, and generate additional revenue
streams.
Threats:
Economic downturn: An economic recession could lead to decreased consumer
spending, potentially impacting sales and vendor participation.
Increased competition: The emergence of new farmers’ markets or alternative food
providers could intensify competition and challenge market share.
Changes in consumer preferences: Shifting consumer preferences towards processed
foods or online grocery shopping could reduce demand for locally produced goods.
Reference
North Bay Farmers Market. (n.d.). Retrieve from https://northbayfarmersmarket.com/