Marketing a new Retail Business
This report investigates an opening of a new retail business. This business is an electronics shop. It will sell all the latest electronics appliances and devices, e.g. TVs, games consoles, radios, games, DVD players, MP3 players, stereos and CD players. Business Objectives My business objectives are: 1. Survive- for at least the first 3 years. This is that the money I put into the business I want to get back. If the business is successful, then I will carry the business on.
2. Even break even point- I don’t want to make a loss, so I will aim for the minimum standard. 3. Attract/satisfy customers- so that the customers keep on coming back, and that my business gets a good reputation. And that the customers will inform others, this helps to advertise my business. 4. Maximise profits- to make as much capital as possible, so that I am able to cover essential costs. Such as bills, stocks, wages etc. And also to have some left over for a profit.
Importance of Marketing The definition of marketing is ‘The commercial functions involved in transferring goods from producer to consumer’ The products I have are what the potential customers need/want. Place is also important because it has to be where everyone can reach the store, and the community around want to purchase the products. The price is another factor, the price has to be high enough for the business to succeed but lower enough to attract customers. Promotion is the last factor, advertise or inform the public/customers that the product is there.
Target Market The definition of a target market is a particular group which a particular product is aimed at. My target market will be people aged 12-50.I have a large target market because my business will sell a range of electrical goods to wide range of people, e.g. Young people aged from 12+ because they will want to buy games and CD players, MP3 players etc. People aged 20+ have money to buy TVs, hi-fis etc, because they have/will buy their own place and need to furnish it. Older people aged from 40+ will be updating to modern technology. Research Questionnaire I need to complete some research for a new business that I am starting up. I would be very grateful if you can spare the time to fill in this questionnaire.