A prudent approach in considering whether to open a new store is to carry out a robust research on the idea from top to bottom with a purpose of determining whether other firms have their stores in Fairville and the rationality of the general idea. Now that there already exists small mom and pop grocery store and general store then a new directive or angle of approach need to be considered. The approach should be of minimum negative effect to the society. The approach should take into account the economic and social factors of its idea.
The second thing to consider is the conformity of the idea to the master plan of the business. Every move that a business takes should be as per the business plan. Conformity to the business plan is of importance as it ensures that the business is socially responsible and loyal to its strategies that are laid to achieve its goals and social responsibility to the various people at stake. Since one of the social responsibility is maintenance of reasonable profits, then the viability of opening a new store at Fairville need to be considered. A rational businessperson should usually purse economically viable ideas.
The best consideration that a business has to take into account is the social responsibility of giving service to humanity. The business should measure the effect of delivering it considerable services and products to the people of Fairville and the consideration of keeping the other competitors in market. Though more weight fall on the consideration of serving the general public, the business should also consider not to put out of business other established businesses unfairly.
The ultimate decision in the given case is to establish or develop the new store in Fairville. Introduction of a new store in the town would mean that the existing small stores would increase or improve their mode of operation to remain in the business. Opening of the new stores would take place taking into consideration the fact that it is putting the two small businesses at risk of being kicked out place.
It therefore ethical to open the store and ensure there is fair and healthy competition in the market. The small stores should be aware that bring healthy competition in the business acts a motivation to upgrade the business and methods of operations. The major reason for the decision is to help the existing business identify available opportunities and incorporate creativity and innovation in their business. Entrance into the business would create a platform of working or joining hands with the two small stores on a common market issue hence maintaining their existence in the industry.
It is also a suitable decision since it would enable the concern stores to easily identify or outline the potential challenges and threat facing their businesses. It is ethical to bring new competition or ideas into the business therefore the decision to open the new store are supported by the argument that customers are entitle to have alternatives for their taste and preferences. Starting in the town would be a suitable avenue for the competition since it would influence personal strategy and marketing. It therefore helps both existing and new stores identify their strength and weakness thus being able to remain in the business. In conclusion, it is justified for the new store to be open in the town despite the threat it posed to the small already existing stores.