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How to set up and run a school tuck shop

Extracts from this essay...

Introduction

1. Introduction This portfolio work will enable me to know how to set up and run a school tuck shop and what I have to do to get the tuck shop started. A business plan will be needed in order to do this. A business plan is essential; it not only helps the business to obtain funds but also demonstrates the viability of the business. It will also be used to allow the tuck shop to monitor the progression of the business in its first few years of trading, on the whole it will outline my aims and objectives and help me to plan for the future. If I don't write a business plan there will be an increase in risks and a decrease in success rate. A business plan will also allow me to minimise risks of failure, failure can be very costly to a business. 2. Research Methods Market Research is vital to a business. It gives an idea to the business about what people are looking for in a tuck shop. It also gives the business an idea of what particular feature it will have to offer its customers, that sets it apart from its competitors. This is called a unique selling point (USP). The research method that I will use is Primary research (also known as Field research). This is first hand information and data which is relevant and specific to the business, therefore it is beneficial for the tuck shop.

Middle

This means that for a standard sized packet of crisps Take A Break will use the competitive pricing strategy and price the crisps at around 25p. The second pricing strategy that could be used for Take A Break is Cost plus pricing, this is when the firm calculates and adds a percentage mark-up to determine the price. The percentage mark-up = profit. I have not used this pricing strategy because if it was used it would not give Take A Break the competitive advantage of having cheaper prices. The tuck shop will be located in the Sports Hall (see Appendix 7) because 50% of students would like it in this new location. Take A Break will be open at break and lunch times, because this was the most favourable time for it to be open (see Appendix 9), 40% would like the tuck shop to be open at break and 40% of students would like the tuck shop to be open at lunch time, so to satisfy consumer needs the tuck shop will be open twice a day 5 days a week. The Unique Selling Point (USP) of the tuck shop will be the ice creams that will be sold. The reason being is because in the rest of the eating areas to buy food, ice cream is not sold. In the summer the net profit margin will be raised because there will be an increase in demand for cooler eating products, a raise in sales means a raise in profits!

Conclusion

9. Conclusion I feel that the opening of the tuck shop is a very good idea. I think the students of the school will be supportive of the school tuck shop and will purchase goods from the tuck shop, I know this because of the findings of my research. Arguments which might be put against the tuck shop: People might say: 'There are many other places in the school to buy food from, so why Take A Break?' 'How do we know that Take A Break will keep their prices low?' 'How do we know that we can trust your workforce? Arguments that might be put for the tuck shop are: 'The school need more places where students sell the food and which means there is more of a customer and student relationship' 'The school needs more places where they satisfy consumer needs and wants.' 'Prices in the school need to be kept low and introducing a new tuck shop will be able to do this.' Further information that I would like to have so that it will help me to decide whether opening a new tuck shop is a good idea is: 1. What will future trends be like? These are factors like: a. How will the school size change over the years? b. Economic situations c. Social attitudes 2. Will product development appeal to students if it was to be introduced more into products? - Product development is improving a product for existing markets; this can be adding new features or new quality ranges. 3. How long will the premises be available for? 10.

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