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The first thing I did was to lay out a structure for my business idea. The main reason why I did this was, to find out if my business idea existed in the market and if it was a good enough idea before I opened my caf.

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Introduction

Unit 3: Investigating Marketing Coursework Task 4: Justification of approach taken to complete business plan The first thing I did was to lay out a structure for my business idea. The main reason why I did this was, to find out if my business idea existed in the market and if it was a good enough idea before I opened my caf�. To do this I had to collect information, thus I used a variety of resources. This included using internet, websites to collect information about transport links in Birmingham Town centre, the location, attractions which made the area popular, how competitive the area is. To get more detailed information I visited the libraries and the location where I was to open my caf�. This helped me find out what the strengths, weaknesses of the area are, as well as opportunities and threats the location has. By analysing how competitive the area is, I will be able to decide what my caf� will have as a USP. I visited cafes and analysed what their strengths and weaknesses are to get an idea of how I would target customers through my USP. The next thing I did was going to banks such as, Natwest, Barclays and Lloyds and got their start up pack to research on what needs to be considered when opening a business. Things such as rules and regulations, in what way the bank offers help, which ownership will be suitable and what financial records I needed. Thirdly I wanted to investigate if The Town centre was a suitable location for my business idea. The purpose of doing this was, to investigate whether I should open my caf� in Town centre, is there enough demand in the area that will help me attract potential customers, which in result will make my business idea successful. Again, I visited Town centre to analyse how suitable the location was, how popular the area is, what attractions it has, and find out who my potential customers would be. ...read more.

Middle

This also many result in a new approach to the market and how the product will attempt to reach out to its audience. In my research I look at previous attempts that were made on making the product return to its status, using this I will see why the product failed and capitalised on this by using approaches that have never been used before. If it comes to a success my caf� would be a large market which will take in a large profit and may even attract new consumers which it never had before. I have also different opportunities for my business. * One of the opportunities of my business is to get new customers and may make a small or a large profit and to expand my market share and advertising I great deal. * To expand the business in the near future. * To have a good name in the market. * Increasing sales opportunities in take out business. * The ability to spread overhead over multiple revenue centres. The business will be able to spread the management overhead costs among the multiple stores, decreasing the fixed costs per store. * New location so people encourage to go in business Threats - Because of the size of the market segment there are many competitors all who want the biggest share in the market and also producing products that will intake the highest profit. I will have to look at competitor's profit. I will look at competitor's products and see how they have managed a success in this type of market. There is a chance that my cafe could be unsuccessful and the product will not become established in the market. Competitors may improve their technology leading to their products being produced more efficiently and effectively. The style of the product may not attract the audience which would then lead to failure to my caf�. ...read more.

Conclusion

Inflation in business world has the power to boost prices up and reduce customer's expendable money. Unfortunately this is a factor that is unable to control and will also influence other products in the same market segment. So although it has an unwanted negative approach, it won't have a large effect and wont damage brand image to my business. I believe were I have placed my products to be sold is the best situated of my product and will have a successful impact on the profit scale. Other methods wouldn't have the desired effect I wish upon my business and would hinder any chances of competing with leading brands, example of this popular brand company are starbucks, Costa and other leading brand. Through promotion I have shown methods I wish to use, mainly through leaflets or in small billboard because I have a limited budget to promote my product, so that I decided to use this promotional method for my cafe. On the recently research oh promoting my product, I believe the method I have chosen will make my business explode into the market segment and situate itself as one of the leading brands, a place where I aim my product to remain. Conclusion: I have explained all influence and how I wish to use them to apply my product into its market segment and capitalise on sales. All my choices have been made was supported by my own research previously shown and show promise to be very successful. I believe my products will entre the market and through its advertising be a force in the coffee segment. Its price and look will help ensure a unique quality at an affordable and respectable price for my customers. My marketing mix of my business has the criteria to ensure a successful of my business and create my own product that will compete at the higher ends of the market segmentation. ?? ?? ?? ?? Jayson Calagos Business Studies ...read more.

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