In order to find out what consumers look for in a accessories shop we have produced the following questionnaire.
Gender male ( ) Female ( )
Which age group do you fall into?
12-20 ( )
21-30 ( )
31-40 ( )
41-50 ( )
51-60 ( )
61-70 ( )
- over ( )
What often you go in this college?
Once a week ( )
Twice a week ( )
Three times a week ( )
Other ( )
On average how many times do you buy accessories?
Once a week ( )
Twice a week ( )
Three times a week ( )
Other ( )
What do you look for in an accessories shop?
Good customer service ( )
Quality ( )
Price ( )
Other ( )
How much would you pay for a pair of earrings?
£3 ( )
£5 ( )
£10 ( )
More than ( )
Questionnaires are the most common method of primary research as it is the easiest and detailed information can be gathered. By doing a questionnaire we can gain customers opinion on our business and their attitude towards them. We will use the method of random sampling we have chosen this as it is convenient.
The above pie chart shows the number of males to females in the college. The pie chart shows that more men go to college than women, as women are more likely our customer we have spotted a problem.
The above graph shows the number of people we interviewed and how many consumers buy accessories. The graph clearly shows that the average person we interviewed buy accessories at least three times a week.
By doing the above survey we have found out that the demand exists for our business would likely to run efficiently. The above graph has indicated to me that demand for our service exists. The graph clearly shows that the number of people buying accessories is positive and there are potential customers out there.
The above graph shows how many people that we interviewed would buy accessories in our business. The results are a very good indication of that the business would run effectively.
Results of questionnaire
The questionnaire has given a clear impression of what potential customers exists and would most likely to buy our products. We had only interviewed at least 50 people as they will represent the rest of the population and as this is more convenient as fewer costs are incurred. The results clarify that there is potential for our success.
Advertising
There are many various typed of advertising methods such as TV, radio, leaflets, newspapers and fosters. We will not be able to afford the main advertising methods such as TV and radio as we are a small business which is just going to start and will not have the capital do so. We have little start up capital so costs must be minimised. We have been observing other jewelleries shop and recognised that the type of advertising they are using. Most of these are using leaflets that include the products and state the details such as location. We will most probably use this method but firstly we have to find out the costs of printing. We can use the printer in the college so there is no problem. We will most likely go for the colour menu as it more eyes catching and will grab attention. The leaflet will state the prices of the products.
Competitive advantage
There are various ways that we will use to create an advantage over the competitors,
*Product identity, quality and uniqueness
* Good sales attitude
*original and aggressive service options
This can be accomplished by buying cheap quality materials thus reducing costs. The location is free and it’s provided by college. We will make the most of bulk buying and even offer free delivery for orders over the value of £15.
Finance
In order to run our business effectively we need to sufficient amount of finance and the management of money is a crucial aspect. How ever the costs of opening our business are in a small amount. To be able to run an effective business we will have to use our own money.
Conclusion
We believe that we have completed the business plan to the best of our ability and also took into account the various aspects needed to run a successful business. In order to complete the business plan accurately and also taking into account the latest changes in the market. We had to find out if the business we would produce a plan for would work. We had done extensive market research to find out this. The market size was a bit difficult to measure but our questions in the questionnaire and ourselves observing lead us to expect that our products have a place in the market.
Overall we feel our business will gain a lot of custom in a relatively small period of time. We feel that we have taken all the necessary procedures into account whilst producing this business plan.
