Competition:

There is potential for expansion in Canada's dollar store sector, but more competition is unavoidable. Dollarama must always set itself apart and provide distinctive value propositions to stay ahead. Strategic partnerships can create new opportunities.

Costs:

Dollarama may not be able to pass on cost increases to consumers because of its $$1-$for$-$everything strategy. This could affect profit margins.

Affordability:

Dollarama can offer products at much lower prices than traditional stores due to lower overhead. This fills the market gap for more affordable options.

Consumer preference:

Dollarama's strategy of offering just one option per product simplifies the purchasing experience. This minimalism fills a market gap for affordability$-$focused customers.

Cost control:

As Dollarama grows, especially into new areas, controlling expenses becomes essential to stay profitable with the $$1-$for$-$everything concept.

Returns and Exchanges:

Dollarama lacks a return and exchange policy, which is a drawback compared to other retailers. This restricts consumers from trying unfamiliar products.

Experience:

The in$-$store experience is key to the success of dollar stores. Dollarama needs to adapt to modern consumers.

Ensuring Quality:

Customers look for quality products. Dollarama takes customer feedback and complaints to ensure quality.

Openness and transparency:

Customers want transparency on product recalls. Dollarama posts all recall information online to meet this need.

Value and Variety:

A wide range of quality products at low prices attracts customers. This is key to Dollarama's strategy.

Innovation and technology:

Dollar retailers need innovation to meet changing consumer needs regarding products, variety, deals etc.

Proposal Innovation and Justification:

Launch mobile store carts for delivery, a Dollarama mobile app, introduce private label brands, and install Dollarama Express vending machines. These would spur growth, optimize the value proposition, boost loyalty and access.

for given info above please do the assignment below:

BUSN$10292$ NPDP Exam Prep

Assignment: Product Portfolio Analysis $(5\%)$

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Objective

To conduct a comprehensive market research analysis on a real$-$world company's product portfolio and

propose a new product or an innovation to existing products.

Associated Learning Outcomes: $1,2,3$

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Instructions

$1.$ Group Formation:

$$ Complete the Module $3$ & $4$ discussion to create your NPD Capstone Project Groups. You

will work in these groups for this assignment as well. The minimum group size is $2,$

maximum group size is $6.$

$2.$ Company Selection:

$$ Choose a Canadian company with a diverse product portfolio.

$$ Use this resource to identify companies, their competitors, and find other critical

information.

$3.$ Market Research:

$$ Research secondary qualitative data $($e$.$g$.,$ customer interviews, focus groups$)$ to

understand customer perceptions and needs.

$$ Research secondary quantitative data $($e$.$g$.,$ surveys, data analysis$)$ to gather numerical

data on market trends, customer preferences, and competitor analysis.

$4.$ Analysis:

$$ Analyze the collected data to identify market gaps, customer needs, or areas for

improvement in the company's current portfolio.

$$ Evaluate the company's strategic objectives and how they align with potential product

opportunities or innovations in either the product range or business model.

$5.$ Proposal Development:

$$ Develop a detailed proposal for a new product or an innovation to an existing product.

$$ Justify your proposal based on your market research and analysis.

$6.$ Report & Presentation Preparation:

$$ Report:

o Prepare a comprehensive report presenting your research, analysis, and

proposal.

o Include visual communication aids such as charts, graphs, or concept sketches to

enhance your presentation.

o Ensure all in$-$text citations and reference page entries adhere to APA format.

o The use of generative AI is strictly prohibited for writing any components of this

assignment.