Business Studies coursework
The reason for me to put my ideas in order was to show the ones that are more likely for me to do; some of them are not really possible for me to run as a business. This is because I am under age or I need more funds. I have scored all my business ideas and put them in order. For my Business Studies coursework I will be focusing on Errol Anderson Motors. Errol is about to start up his own business; a car mechanics in Harrow. He has asked me to help him draw up a marketing strategy.
A marketing strategy is a medium to long term plan for achieving their marketing objectives. Errol must consider many factors which would affect his success – he must incorporate his ideas into plans which would help him in the long term or for a short term. E. g. for planning the ways of increasing sales and other various factors. Errol left school after doing his GCSE’s and during his work experience he went to a garage with a Mr.
turner who then became his future boss with Errol’s passion for cars he was happy working with him and got taught all the skills needed to be a great mechanic with this in mind he grew his knowledge of cars even more and love for cars grew even stronger Mr, turner had educated Errol well about cars and how to repair them. Following this Errol went to collage to further his knowledge on cars and left a successful student. With this Mr Turner was getting old and decided to go back to Scotland with his family for retirement. He was willing to sell his tools to Errol for a reasonable price considering him as his best student and friend.
With this news Errol decided to run his own company with the skills and techniques he had mastered from Mr Turner he was confident he could do it Errol started to discuss this with has family and decided to go ahead with it. He then realised there was no way he was going to be able to fund this with out getting a loan so he went to his bank manager for a loan he got one how ever his manager advised him that it will be very difficult for him being a sole trader and having no limited liability meaning that he could lose his belongings if his plans don’t got according to plan and he faces debts.
He will also face a lot of competition not only from other sole trader garages but other big garages have an advantage over him too. He was also told that many sole traders do not survive their first year of business. Errol also if he did need money could not keep taking out loans. He was advised to take out a market strategy and to everything Mr Turner had thought him he didn’t know anything about market strategies and this is was I am called in to guide and assist him.
Errol’s main objective was to survive his first year and build a good relationship with his customers so they can pass his business on he would also do this by putting in an effective marketing strategy and once he has survived his first year and got a good position in the garage market he can move on to increasing his business to there places or hiring other employers and extending his business so he can get more cars and increase his profits and services. “Marketing Media” defined; it is a way of communicating a promotion to potential customer’s examples of this would be ways such as TV and Radio etc.
I will now list the different forms of marketing media available to Errol with examples of each in the form of spider diagrams. Errol only has a limited number of options for him to promote his new business. He has to keep in mind not to go too far with advertising and make sure he sticks to hid budget. He also has to keep in mind his main customers which would be people who own and drive cars that leave in harrow or surrounding areas and make sure his advert contains the relevant information for the customer. Due to Mr. Anderson being a sole trader this means his first main aim is to survive his first year.
He can use a number of ways of advertising his business to other customers but due to his limited space of only being placed in harrow he can only reach out to certain number of the target audience. Mainly drivers based in harrow or areas near by such as Wembley or Kenton. He has a number of ways that he can reach out to his potential customers by getting car signage on his business van; he can print out leaflets and get them delivered to the area surrounding his garage. He can also have a promotional page at the front of his local newspaper as doing it on the national level would be pointless and way too expensive for him.