• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

The type of business that I will be setting up will be an electrical appliance store.

Extracts from this document...

Introduction

INTRODUCTION The type of business that I will be setting up will be an electrical appliance store. I will sell electrical goods like televisions, videos, and hi-fis. Also I will specialise in household appliances, which are used in everyday life. My business will be called 'Electrical retailer'. Market segments I'm likely to be targeting are those in social class C. This is the skilled working class as I think that the area I'm targeting is represented mostly by this social status. Also I will aim my products at a place convenient to the customers, to those of practically any age. Marketing is not advertising, it is actually finding out who wants to buy your product. Marketing is finding out what a customer wants, and then giving them that. The goal of marketing is to predict what the customer wants in the future, by looking a past trends, and carry out market research. Promotion is communication between the business and the customer, making the customer aware that the product is for sale and then persuading them why it's the best in the market in order for them to buy it. Advertising is a method of production. It will get customers aware of the product being offered for purchasing by persuasive selling techniques. Sources - GCSE Business studies, second edition Alain Anderton The marketing plan is used for the owners of the business detailing recommendations about how best to promote the business during its first year of trading. It will hold information such as the product or service offered, pricing, target market, competitors, marketing budget and promotional mix. Therefore I will be able to predict what and when an objective will be met which will include a time element. It is important that a business has and follows a market plan because it allows them to... * See their options on deciding which promotional methods to use. ...read more.

Middle

This is so that I get data that is relevant to me. I will use primary research, in the form of questionnaires. This is because the primary research will be accurate, and more relevant, as it is being carried out for a specific purpose. The reason that I am using a questionnaire is that it allows gathering very detailed information. They're some limitations to my research methods, the major one being that it will take a long amount of time. This is very important as this effects most aspects of my business. * Organisations - Brochures, Leaflets For the next group of sources I will collect brochures and lealets from organisations such as the Free Press and the Spalding Guardian to research prices in their newspapers, also if there is time I will collect research on advertising prices from local radio stations. * Electronic Sources - Internet I will research promotional methods on the Internet including leaflets, in which I will look at the distribution of local newspapers to see how far advertisements spread. I decided to use a wide range of sources, as I believe this will give me a more reliable source to draw conclusions and to evaluate. Some information can only be found from one source such as the most popular brand of electrical appliances, which can only be found out by using a questionnaire. Another reason for a wide variety of sources is to allow me to find out information such as markets, which are not catered for by large companies, I will then cater for this market. I will carry out questionnaires or use research already carried out by another company, which will allow me to use textbooks or the Internet. I will group the people on their response to my research in social grades. This will help to create an image of the average wage, and class in the local area. ...read more.

Conclusion

I kept to Sales Promotion, as this would be the best way to attract new customers and gain a larger market share. Instead of mailing leaflets to every house in the area I thought that it would be easier and more cost effective if the leaflets were handed out in town. This would attract potential customers, as those interested would take a leaflet missing out the people who would be considered as a waste, becoming more efficient. Another method I selected was Media Advertising through newspapers, as small advertisements are cheap and a lot of people read the newspaper all round the local area bring more possible customers who would hear about the business. Overall I think that my project was done well as I was able to determine marketing strategies and decide which would suit a small business. I was able to research many aspects of marketing and learn how I could encourage people to shop at 'Electrical Retailer'. If I were to do this project again I would spend more time on market research and broaden my knowledge especially on competitors, and their methods of promotion. I would also look at costs to advertise on the Internet so that when my business grows I can use that as a way to promote my business. Another factor is the size of my budget I had to work with, again with success, which is a possible outcome; many environmental, social, and financial factors would disappear, as I would no longer use leaflets to promote my business. On the other hand an outcome which I was surprised with was that people read in the local area daily rather than the majority reading weekly. This could in the future affect my business because with my budget not as high as id like it to be, I won't be able to advertise in national papers which tend to be daily. This outcome wouldn't help to improve the business if I wanted to expand in subsequent years, a future objective. 1 1 ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our AS and A Level ICT in Business section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related AS and A Level ICT in Business essays

  1. Marked by a teacher

    Unit 4 Business Studies

    4 star(s)

    Managing the website also costs a lot of money as you to need to pay someone to sit at a computer and update the website and protect it from being hijacked or even virus being set up on it. If hackers do set up virus's on a new website which

  2. Business Aims and Objectives.

    Finance The finance department keeps track of all the money being earned and spent by the organisation and knows exactly how much profit or loss is being made for each item or service sold. Businesses such as Tesco may consider finance to be the most important functions of all, as

  1. My aim is to research and produce a formal business report on my the ...

    its staff and potential employees in terms of recruitment, retention and dismissal * This function also ensures that each member of staff has a confidential interview with his or her manager The ICT function This function enables co-op to meet some of its objectives by providing the essential connections to the outside world, contacts and other businesses.

  2. The purpose of this document is to define the Context of Cain Motors Information ...

    In addition, the use cases would be ranked in terms of level of risk and level of complexity. In this way the high-risk and high-complexity use cases should start to be implemented within these elaboration iterations, with the next highest risk/complexity use cases being implemented in the first iterations of the construction phase.

  1. In this report I intend to create a detailed report of Tesco's.

    charitable donations. 2. Production, this is the products are designed, taste tested and produced. Packaging is also designed at this stage. 3. Human resources, they are responsible for any human needs such as jobs both hiring and firing, it is also responsible for training and customer relations.

  2. Business options

    McAfee continues to use a bootstrap method of downloading code to your machine, it then installs the suite module by module. This year, the process was much faster in our informal tests. According to McAfee, this method allows it to offer the latest build; the alternative is to install the product, then immediately update.

  1. For this unit I will be looking at the marketing of an existing service. ...

    Also, the age groups that use the national rail most frequently are 20-34, which are those from an employed status. However, Virgin Trains have decided to target the first class business traveller. Tapp (2000, p16) states that most airlines are driven by the 80/20 rule which could also be applied to the rail sector.

  2. In this coursework I need to produce a detailed business report on one medium-sized ...

    The legal form of business that is chosen will depend on the capital needed, the degree of risk, the number of people having a stake in the franchise and the personal preferences of the owner. The person or organisation selling the idea (the franchisor)

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work