To carry out some successful market research
1. To carry out some successful market research for a sports shop business and to find out what people think and want. 2. To explain the term ‘marketing mix’ and relate to this to my chosen business which is a sports shop. 3. Construct an action plan to put down the orders of my tasks. 4. Develop a questionnaire to record my market research findings. 5. To choose the most suitable method for a business to be successful, and in relation to my results. 6. Why marketing is important for a business to be successful , and in relation to my chosen business 7.
Obtain some costing to realize the financial implications of running my business. Olympic Sports For this piece of coursework I have decided to choose the business ‘Olympic Sports’ ‘Olympic Sports’ is located in Stratford, East London. The store, which I own, sells sports clothes, sports equipment, sports accessories. The business will be in the private sector. The business will be a sole trader, which means one person will run it. The advantages of being a sole trader are the following: 1. They are very easy to set up. 2. You get to be your own boss.
3. You decide what happens to all the profits. The consumers, who are the people who will be purchasing the products, will be those who are interested in sports, like to wear sports clothes and people who play sports. Therefore, the business is going to be aimed at the ages between 12-45, because these are the ages you would expect people to be fit. I will hopefully make enough profit so that I can cover all of my costs. Profit is the amount of money I will make, i. e. , I buy something for i?? 10; sell it for i?? 20, which means I made a profit of 10.
I will provide small discounts for products that are in fashion because then there will be a lot of competition between stores, therefore I will try to sell it at the lowest price. Also, I will provide discounts at Christmas, Easter, etc. I will provide discounts for football shirts at the start of the football season and more things like that. I will also provide discounts for family members and friends. If I sold something at a discount price and that person comes to return it, the after sales service will be no refund.
However they can exchange the product with another product or they can take vouchers so that they can then come back another time and buy something else with the vouchers. If something were bought at a normal price, then I would only refund the product if they have a receipt. The aim of this business is to make enough profit to cover all my costs for my basic needs and that I can have extra money so that I could spend some money on things that I don’t necessarily need, but things that I would like to have.
Definition of Marketing Marketing is when you make it as easy as possible to get the potential customer to buy your product, so that you can make a profit. Marketing is also about selling and advertising. USP – Unique Selling Point USP stands for, “Unique Selling Point” meaning a unique way to sell your products so it could beat competition and attract customers. I have included a unique selling point in my business which would attract customers. This is in the form of monthly special offers to try and sell more of my products.
Also I will do a monthly raffle competition so people could buy raffle tickets at the cost of maybe i?? 1 or i?? 2. The price will either be vouchers or an expensive product from the shop. I will also have a slogan to attract an even more amount of consumers. I will give out an Olympic discount membership card to the first 50 customers in the shop when it opens. Anyone after the first 50 will have to pay i?? 4. 99 if they want an Olympic discount membership card. Objectives
My main objective is to make a profit from the products that I sell in my business. If I do not make a profit, then my business will go bankrupt and I will have to close it down. My other objectives are to sell a range of goods from tracksuits and trainers to cricket bats and footballs and to try and be the biggest in the market and expand my business to other locations. However the range of product will rely on the results of my questionnaire. Also I will try to provide something special to boost my profits. Business
I know that being a sole trader/ proprietor the business will have to rely on high quality products. If not, the business will most probably fail. Target Market A target market is the certain group of people that I will be aiming to sell my products too. I will be aiming to sell my products to young adults because it is highly unlikely to see a 50 year old man to buy some Nike trainers Market Research The only reason a business carries out market research is so that it can find out whether the type of business they are setting up can be a success or not.