Financial Constraints

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My service will offer the widest possible variety of drinks and snacks, hot and cold for both. On my survey I found that 45%, the majority of the votes, would use the caf� for hot and cold drinks meaning that I will always have to be on top with the amount of coffee, hot chocolate, tea bags, cans of pop and bottled water that is in stock. A huge choice of products will be available for purchase but I will make sure that I have enough things to put on offer as part of the buffet because I can see that 90% of the feedback indicated that a buffet would be very much enjoyed on a Saturday.

Savouries such as sandwiches, pies, pasties, hot baps and filled hot or cold baguettes will be available and sweets such as cup cakes, iced fingers, cookies and donuts. The main fillings I will be offering for my sandwiches and baps are chicken, beef, ham, bacon/lettuce/tomato and cheese. I will also continue to do research to find out other preferred fillings and may even consider adding a counter where fillings can be mixed and chosen by request as this will also be a popular service because people will be getting the products they specifically want.

The most popular price for a Full English Breakfast, based on my research, was 4 and it had a 30% majority Although this doesn’t seem like a large percentage of the vote, people completing the feedback had the choice of five prices so 30% is actually a decent share of the votes. I will probably price the breakfast at 3.25 because it is relatively cheap and will still make a decent amount of profit on them because of its price. The cheaper it is the more that will be sold meaning a probable increase of profits. All products sold would be originally bought by me using the method of bulk buying to make them cheaper for me to buy, also meaning a better chance of success.

Price

The pricing structure I will use is cost-plus pricing because there isn’t any close competition, only ones that are located in Hanley, but also because I am a new business that has failed with a previous owner in the past and the owner of that caf� was even committing a crime by being a tax cheat because he wasn’t making any money. This means that I will aim to make a small amount of profit in the first year whilst ensuring that I definitely do not go bust. Despite the fact that I am using the cost-plus pricing method, I will add elements of promotional pricing into my pricing strategy.

This idea is to invent a loyalty card where once 5 hot or cold drinks have been purchased, over any amount of time, then the next one you ask for will be free. The reason for continuing with my choice on this offer is because most of the people, 45%, said on my questionnaire that they would use the caf� for drinks. This offer will be on all of the time and will not be closed unless a new and improved one for customers is in place. Another reason to use these pricing strategies is because they will mean that the prices of my products are a lot cheaper than those of Starbucks and Costa Coffee meaning I should get more business and customers will get value for money.Aim is to obtain a sample that is “representative” of the overall population; the population is divided (“stratified”) by the most important variables (e.g. income,. age, location) and a required quota sample is drawn from each stratum

Quick ; easy way of obtaining a sample Not random, so still some risk of bias; need to understand the population to be able to identify the basis of stratification Simple Random Sampling Ensures that every member of the population has an equal chance of selection Simple to design and interpret; can calculate estimate of the population and the sampling error Need a complete and accurate population listing; may not be practical if the sample requires lots of small visits all over the country Systematic Sampling After randomly selecting a starting point from the population, between 1 and “n”, every nth unit is selected, where n equals the population size divided by the sample size Easier to extract the sample than via simple random; ensures sample is spread across the population Can be costly and time-consuming if the sample is not conveniently located.

The sampling method that I will use is random sampling. I would use random sampling because it would not be biased because I could not choose who completes the questionnaire it would just be completely random people. I will hopefully get a wide variety of ages and types of people so that I can see what everybody will comply with. The sample size I will use is 20 because it will give me enough information to find out what I need to do but it is not too much that I will have too many options available to me.

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