A’s CD Shop Marketing strategy
This project was to collect information and come up with a marketing strategy for A’s CD Shop. I think I have achieved this objective and have done a pretty good job because I have collected useful information that can help me put my shop together. The information that helped was things such as responses from the questionnaire that was handed out, after collecting the questionnaires I looked over the responses on how to make my shop better than other shops that already exist. The other information that I used to help me make my shop better than others is the internet, my business studies teacher and my business studies text book. From using all these sources I came up with a marketing strategy that suites A’s CD Store the most.
As I was making my marketing strategy I related to the 4 P’s a lot. This is because the 4 P’s can help me cover very basic things such as not overpricing my products, knowing which promotion strategy is the best for my shop and where to locate my shop etc. By doing this project I found out that market research is very important to keep a shop running because without market research I would not know what products to stock, what price to price them at etc.
Also market research can help me keep up with the latest trends and music so when people visit my shop they can have access to the newest and most popular music there is. Market research has helped me a lot during this project. Another thing that I had to consider was the legislation laws. I need to make sure that the legislation laws we right and that I cannot get sued by anyone because if the shop gets sued it may lead to a great loss of money. Also it can cause the reputation of the shop go down drastically.
Overall I think I have put together a good marketing strategy for A’s CD Store.
Product A’s CD Store is going to be mainly selling CD’s of the genres Screamo, Emo and Hardcore. I will stock these CD’s because many teenagers and young adults are starting to listen to these genres of music and by stocking these products these teenagers and young adults can buy the CD’s of their favourite bands. Another reason I am planning to stock the CD’s of these genres is because not many or almost none of the CD shops in Hong Kong stock the CD’s of these genres, so the people that are into that kind of music have no where to buy the CD’s of their favourite bands. My products will stay the same during the different seasons because the season does not effect how many CD’s I sell.
Price The price of my products will be slightly cheaper than other CD shops because this can attract new customers. Also some teenagers may not be able to afford to buy a CD that costs too much money so when they price is lower then teenagers can afford and buy the CD’s. The prices will stay low at the beginning when the shop first starts off just to attract customers, once my shop is popular I will raise the price by a little to make more profit, I will still try to make the prices lower than other CD shops to keep attracting new customers.
Place The location that A’s CD Store is going to open in is going to be Causeway Bay, Hong Kong. I chose this location because it is a very popular place for people to shop in and also it is very easily accessible for everyone. I will find a place where it is very easy for customers to locate and access. The rent of the space must be fairly cheap. When my shop gets more popular and gets a steady amount of profit I will move it into a location like a shopping mall.
Promotion A’s CD Store will be doing a lot of promotion when the shop first starts off. This is to attract customers and to let them know we are there and open. I will use posters to promote my shop when it first starts off, I chose this method of promotion because it is cheap and it is also very easily accessible. Posters will be up at local band shows and concerts. They will also be up along the street. Later when the shop gets more popular I may think about promoting on television or on radio stations.
Evaluation To make the marketing strategy for A’s CD Store successful I will have to do a several things to make that happen. I will have to make the price of my products cheaper than my competitions. I will do this to attract customers when my shop first opens. Another thing I have to do to make my marketing strategy successful is that I will have to stock the newest CD’s. If the customer is looking for a CD I don’t have I will try to order it for them.
I will do that to improve the reputation of my shop and to satisfy the customer. This way hopefully the customer will come back and buy more products from my shop. All, old and new, CD’s will be stocked in my shop. I will do this because some customers may be looking for an old CD of an artist and if I don’t have these CD’s then I will be losing profit and customers. By doing this the customers will hopefully return to my shop in the future and tell their friends about my shop which will help promote my shop. Also hopefully those customers will visit again with their friends to buy more products from my shop.