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Business Studies Marketing Strategy - The fitness House.

Extracts from this document...

Introduction

GCSE Coursework Business Studies Marketing Strategy GCSE Coursework Business Studies - Marketing Strategy Index: Introduction --- Page 2 Methods of Research --- Page 3 Pilot Questionnaire --- Page 5 Conclusion of Pilot Questionnaire --- Page 9 Final Questionnaire --- Page 10 Conclusion of Final Questionnaire --- Page 15 Alternative Research --- Page 16 Impact on the community --- Page 17 Results of Questionnaire --- Page 18 Overall Summary --- Page 26 Introduction: The Fitness House is a new gym that is being set up. In order to ensure the survival of this new business, plans must be implemented and business strategies developed. In order to set up a new business, information about the potential customer base and their demands must be recorded. Such things as what equipment to provide, what times to operate and even how much they are willing to pay. This information will be recorded from the responses of the public. As an alternative some data could be purchased from government records if select information cannot be found, but it is likely to be easier, cheaper and possibly quicker to include most questions in with any kind of survey. One of the first things that must be carried out is market research. This is to gather an idea as to what type of survey to send out, how to word it and what information I could expect to receive back. Also it will give an idea as to what questions to ask. Methods of Research: The following is the definition of market research: "The collection, collation and analysis of data relating to the marketing and consumption of goods and services" Market research is necessary for any new business as not only gives an idea of want the public wants for this new enterprise are, but also shows the new potential company owner a whole new world of information, among which including: - If there is a demand for this type of business in the area - Where the new business should ...read more.

Middle

(e.g. a restaurant, social activities (such as aerobics or organized cycling) or even hiring professional trainers to coach you) _______________________________________________________________________________________________________________________________________________________________________________________ This is the end of the questionnaire, thank you for participating. Conclusion of Final Questionnaire: I gave this final version of the questionnaire out to 50 people in order to get a large amount of results that are relatively varied and should provide me with enough data to set up a gym that successfully fulfills the public's needs. From this questionnaire, I have learned: - How much people expect to pay for a new gym in their area - What equipment they want - What (if any) incentives are needed or wanted to encourage people to join - What facilities customers want - Where (what location) they want the gym - What time they will use the gym - And where to advertise to get more customers in the future These factors are important because without these basic facts, I would not be able to anticipate for any of the demands of the customers, or what services to provide in the gym. This is why it was necessary to learn this information. Also as an alternative to questionnaires, I could have gathered my market research through phone surveys, interviews, or consumer panels. Whilst these methods would also provide similar results, they would take longer or cost more, so I have not focused in so much depth on these aspects. This is why instead, I produced a questionnaire. Also, it must be noted that if this was a real business, it is likely that more than 50 questionnaires would be given out because in most cases under half of those given out are actually returned. Alternative Research: As another method of research, I traveled to a sports shop in Orchard Road (one of the key shopping points in Singapore) in order to ask the shop owner some questions about the business. ...read more.

Conclusion

Quite often, it is often the second most popular choice that is the best solution as it is still one of the favourites, but it is likely to be much cheaper than the number one choice. After researching the pricing for all three methods, I decided to advertise in sports and fitness genre for magazines, as this is clearly the more obvious choice when opening a gym. It is not the cheapest available, but as the all the readers will be potential customers as opposed to maybe 25% or maybe even lower in other magazines, it is definitely worth it. For TV channels I chose channel 5, as it is reasonably popular (all of the TV channels are) and as it is a local channel (meaning that you do not have to pay for cable TV to get it, it comes for free). Thereby it is likely to have a wider audience base overall, possibly providing a wider audience in regards to sporting and exercise gyms. Also, there is no dedicated 'fitness' channel, so this is not an option. For Radio stations I chose to advertise on 98.7FM. As shown in Graph M it is the most popular out of the radio stations selected and as any advertising done on the radio costs the same, no matter what channel I will use this station purely based on its popularity. Radio is always a good means of advertising for new companies as it is relatively cheap and very local, meaning that it can attract the customers that want to go but just don't know about it. Overall I have managed to gain a lot more marketing knowledge from this questionnaire. Through the above results, I will be able to advertise the business and then focus on actually buying the equipment and then pulling all the sections of the plan together. The marketing segment of any new business is a vital one, as even though the company may have a great niche product, if no one knows about it, then it is destined to fail. Richard Coppock ...read more.

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