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I am thinking of setting up a new fast food restaurant in the Reading area. I know from my own knowledge of the area that similar restaurants already exist and I will have competition! Will my business be successful? Is there room for my restaurant?

Extracts from this document...

Introduction

Contents Page 2 to 5 Action Plan Page 6 to 16 Task 2: Research the Competition Page 17 to 19 Marketing Report Page 20 2.0 Objectives Page 21 to 26 3.1 and 3.2 Questionnaire Page 27 to 32 Pie and bar graphs Page 33 to 35 3.3 Analysis of Results Page 36 to 37 3.4 Evaluation of questionnaire Page 38 to 40 4.1 Marketing Campaign Page 41 to 43 4.2 The Costs of Marketing Page 44 to 46 4.3 Conclusion, Marketing Plan Page 47 5.0 bibliography Page 48 6 Appendices Action Plan I am thinking of setting up a new fast food restaurant in the Reading area. I know from my own knowledge of the area that similar restaurants already exist and I will have competition! Will my business be successful? Is there room for my restaurant? My set tasks are to: * Conduct market research that my target market will be and what goods and services they want in a fast food restaurant. I.e. good prices and new products. * Look at results of the market research, decide what the results tell me and make any necessary changes to my plan. * From my results I get, I will decide how I can make the best advertise and promote my new business, i.e. plan a marketing campaign. To find out any necessary information I will use: * "GCSE A-Z Business Studies" book by Arthur Jenkins * Exercise book * "Business Studies for you" text book by David Needham and Robert Dransfield * Information collected from fast food restaurants (leaflets) * Internet * Questionnaire Market research Market research is a collection of information by a firm about existing and potential markets. The firm would use: * Field research- the collection of information from primary sources, directly or first-hand from the public. * Desk research- using secondary sources that are generally available. These are two types of research used to collect information about social and economic trends and the attitudes, lifestyles, likes and dislikes of existing and potential customers. ...read more.

Middle

Market share is usually measured as a percentage of the total number sold in the market. * Make a profit of 7%-20% * Target -age of teenagers and adults -Gender: Male and Female -Price: �1 onwards -Location: Reading, Town centre 3.1 Purpose of the questionnaire I decided to do Primary research, the process of gathering new information about the market by going into the "field". Field research of three types, these are: * Questionnaires- List of questions that are asked to a number of people. This can be done "face-to-face", over the phone or through the post. * Test Marketing- When the product is marketed to just a small part of the total market. * Consumer panels- where selected groups of people are given a product and are asked to comment on it. I am using a questionnaire to find out what customers expect a fast food restaurant to have. A questionnaire is especially important for a small company because they will know exactly what customers want * Food * Location * What it should look like If there wasn't a questionnaire the small company wouldn't do as well, this is because the company wouldn't know what to sell customers and at what price. The small company would most probably do well to start off as it is something new, but if people don't like it, they therefore will not go back. I have chosen to do a questionnaire because it gives a much better result than any other method. I did not choose to do secondary research, as it is information that already exists. As I'm only just starting to do a small business, I don't know about any information. This is why I chose to do a questionnaire. I chose to do a questionnaire as it is easy to record the results and is much easer to get the public to fill it in. ...read more.

Conclusion

If I use advertising, I must be careful that the advert is suitable for all ages by keeping my advert up to certain standards. These standards are supervised by the Advertising Standards Authority (ASA) ads must be: * Legal * Decent * Honest * Truthful Advertising Standards Authority (ASA) is responsible for supervising the British code of Advertising Practice, except for Independent Television. If there were any complaints about my adverts in the paper, people could write to the ASA, who will take up their complaint and force me to makes changes. No businesses don't like a bad publicity; it can lead to consumers boycotting their products. This reduces the sales and profits. But complying with the demands of pressure groups can increase costs, which reduce profits as well; this courses problems for the company. Example of a complaint Product: Food & Beverages (Confectionery) Advertiser: Mars Ireland Agency: Irish International BBDO Medium: Television Complaint: A television commercial for "Skittles" was the subject of an objection. The complainant said that as a pharmacist who has been deeply involved with helping many young drug addicts over many years to recover from drug addiction, he has studied how addiction to drugs starts. He was convinced that this advertisement was undesirable unnecessary and very wrong at a time when our society was cursed with the ever-increasing problem of drug addiction, ecstasy taking and dangerous and/or illegal 'pill popping' for 'kicks'. He specifically objected on the grounds that the advertisement was not prepared with a sense of responsibility to consumers and to society, it brings advertising into disrepute, it encourages dangerous behaviour, particularly so, as it is directed at children, it is likely to result in physical, mental, or moral harm to children, it exploits the vulnerability of children and it exaggerated what is attainable by an ordinary child using the product. Response: The advertisers said they were sorry that the complainant had taken offence at the advertisement. The advertisement had been on air in Ireland since July and they were not aware of it attracting any other complaints. ...read more.

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