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Starting a new business - marketing

Extracts from this document...

Introduction

Contents Contents Page No. Action Plan 2-5 1 Introduction 1.1 Marketing Definition 6 1.2 Business Ideas 6 1.3 Background Research 6 1.4 Factors affecting success 7 2 Market Research 2.1 Sources of Market Research Information 8 2.2 Customer Questionnaire Design 8-9 2.3 Analysis of Questionnaire Results 9-11 2.4 Competitor Analysis 2.4.1 Competitor 1 11-12 2.4.2 Competitor 2 12 3 Marketing Campaign 3.1 Promotional Methods 13 3.2 Advertising Methods 13-15 3.3 Costings 15-16 3.4 Legal Contraints 16 4 Conclusions and Recommendations 17-18 5 References 19-20 6 Appendices 6.1 Appendix 1 - Draft advertisement 21 6.2 Appendix 2 - Customer Questionnaire 22 6.3 Appendix 3 - Competitor Secondary Research (Costa coffee) 23-24 6.4 Appendix 4 - Competitor Analysis 1 (interview questions) 25 6.5 Appendix 5 - Competitor Analysis 2 (interview questions) 26 Action Plan What do I need to do? When? (Date) What Information do I need? Where will I find the information? Alternative Sources? Changes to Plan Action Plan - Fill in 'What do I need to do?' and 'When?' coloumns for Action Plan, Introduction and Market research. In Monday 1st March lesson A plan for each lesson of my project Looking through coursework plan. No alternative sources. Not all finished. 'What do I need to do?' and 'When?' columns not completed for Market Research - Complete the 'What do I need to do?' and 'When?' columns In Wednesday 3rd March lesson A plan for each lesson of my project Looking through coursework plan. No alternative sources. Completed work set for today started tomorrow's work. - Complete all other columns of the action plan In Thursday 4th March lesson A plan including where I will find the information I need Looking through coursework plan. No alternative sources. All work completed Introduction - What does 'Marketing' and 'Marketing campaign' mean? - What factors need to be considered when planning a marketing campaign? In Monday 8th March lesson Definitions for 'Marketing' and 'Marketing Campaign', the factors needing to be considered by companies when planning a marketing campaign. ...read more.

Middle

To show me whether or not it was worth opening a coffee shop with food facilities, I asked people, "When you visit thecentre:mk do you ever stop for a cup of coffee/something to eat?". My results showed that the majority of the people I asked said yes (See figure II), proving that coffee shops are popular. Figure II - shows whether or not people stop for a cup of coffee/ something to eat when they visit thecentre:mk To outline who my competition will be, one of my questions was asking which places people often stop to eat or drink in. This was a multiple choice question, but had an 'other' box for people to name their choice, and a few people did choose this option, naming their preferred choice. This question could be answered as many times as necessary by the person being questioned, so it wasn't necessarily one answer per person. The results from this question showed that my main competitors would be Costa coffee and Mc Donalds (See figure III). Using this information I could choose to interview one of these businesses and find out what techniques they use in order to have success. This would help me because I could use the same techniques as them in my business. Figure III - shows where people visit to eat or drink at thecentre:mk Next, I asked people to describe what they thought of the coffee shops in thecentre:mk. Again, this was a multiple choice question (but included an 'other option, although no-one chose to use this), and again people could answer as many times as necessary. The choices I included were based on the amount of coffee shops, their style and their prices. My results showed that the coffee shops are too expensive and too similar in style (See figure IV). With this information, I can choose to make my new coffee shop completely different to others in style (which it will be, seeing as there are no others in style of a 50's diner), and I will have to make prices competitive. ...read more.

Conclusion

I didn't use methods such as the radio, newspaper and television because these are less likely to reach my target audience. * The prices which I researched for MK Web, Citizen Newspaper, and Yellow pages seemed expensive for a type of advertising that I didn't feel would be effective for my type of business. Improvements I am convinced that the advertising methods I have chosen to promote my business are suitable for the type of business I am opening, and will encourage customers to visit my coffee shop and purchase my products. However, in the future I may want to make improvements to these methods and perhaps change them due to a change in circumstances. At the moment my aim for the near future is to make customers aware of my coffee shop and make them visit it. If my aim is accomplished, and the business has success, I may want to expand my advertising methods in the future. I may want to start advertising in the local newspaper or sending direct mailing to people around Milton Keynes, perhaps including special offers. This would help the business in the long-term because it would expand my target audience to be not only people who are already in thecentre:mk. It would also help the business to achieve profit-maximisation. Another thing I could choose to do if my business has success is to open another store, either somewhere else in Milton Keynes or in another town or city. This would create a chain, which would have brand-name loyalty to customers. It could take a long time before improvements such as this happened. This improvement would help the business in the long-term because it would help with achieving profit-maximisation. The possibilities are endless when talking about expanding the business in the future, but for a starting-up business I am happy that the promotion methods I have chosen to carry out will help my business to mature, ready for these developments. 5. ...read more.

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