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MARKETING STRATEGIES

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Introduction

MARKETING STRATEGIES 2003/2004 Introduction For this assignment I will have to make a marketing strategy on how to promote our business. I will be opening a sports shop in Whitechapel so I will have to promote my business. To choose how I will promote the business I will have to investigate on the options available and then choose the best one. There is already another sport shop (JD Sports) in the area so we will have to compete with it to maximise our profits. Our sports shop will provide the customers with a choice of sports equipment and sportswear. To choose the type of promotion that I will employ, I will have to find out about the people's demands and the type of advertisement/promotion that influences them the most. Here are some of things that I would like to find out about from my research: > Who my customers will be > What customers are willing to pay for > What types of advertising are most effective > The sport needs that the customers demand > What they are interested in from sports shops To get this information I will make a questionnaire and visit a park on a Saturday afternoon. There are regular football tournaments held on Saturdays in the park, where a good number of sporty people will be there. Most of the people that are present will be male and in their late teens and from my observations I have noticed that most of the people who wear sports clothes are also male and in their late teens. I will hand out my questionnaires to the people present at the park and from the answers received I will make my judgement on the type of advertisement that I should use. If, for instance I find nobody at the park or the wrong people are present I will ask for permission to observe people in the sports shop that I will compete with. ...read more.

Middle

Although there is another sports shop in the area, it does not offer any sports equipment such as footballs or basketballs. I think this will be a huge advantage for us as many kids are without any proper equipments and we will be able to offer them these equipments. I think that the opening of our sports shop will be very beneficial to the local customers, as it will give them an alternative to the one store currently present. I don't think the other sports shop can beat us with their prices as their prices are fairly high. They took the advantage of being the only sports shop in the area by making their prices high. I would be able to offer reasonable prices for a steady growth because if I overcharge the customers there would not be many sales but if I make it too low then I would be making losses rather than profits, so I will have to get the balance between the two just right. Here are pie charts a table showing the results for each of the question in the questionnaire: The target market completed most of the questionnaires, as 65% of those who were questioned were between 13-19. This is helpful as then I would be able to get a clearer picture of what my main customers want and how they are attracted by advertisement. From this I can see that most people usually buy sportswear rather than sports equipment. But 35% usually buy sports equipment which is good news for me as my rival shop only sells sportswear. This means that I will need to buy both sportswear and sports equipment for my business to succeed. This pie-chart shows that the sportswear the customers purchase most are tracksuits and T-Shirts. This tells me that the sportswears that I should stock up on are tracksuits, T-Shirts and trainers. ...read more.

Conclusion

Leaflets Leaflets can be used to advertise a business by sending them to people's homes or on the streets. Leaflets can be effective if people read them but they are usually seen as 'junk mail' and thrown in the bin. Internet Internet advertising is increasingly being used as a medium for businesses to promote their business. Many make their own websites on which they can advertise their products and also give the customers information about themselves. Nowadays you can shop online and have the goods delivered to your home. A disadvantage of advertising on the net is that the only people who will receive these advertisements will be those who own a computer and have it connected to the Internet. There are many legal constrains that can affect how a business promotes itself. Here are a few: * The Trades Description Act 1968. This act makes lying about the description of a product/service as illegal. This means that a business must make sure that the products/services must not be different to the way described in adverts. * The Sale of Goods Act 1979. This act states that the goods must be as they are described in any promotional materials, packaging or in any statements made by the business. * The Consumer Protection Act 1987. This act makes it illegal to mislead customers about the price of goods and also includes sale prices, discounts etc. To promote my business I will have to first find out about the prices involved. As my business will be pretty small, the costs involved in promoting the business will be crucial in deciding how to promote the business. Television advertisements may be effective in provoking the consumers to buy products, but there is a huge cost involved though which means that only big firms can afford to advertise this way. As I have mentioned before a 30-second advert can cost up to �50,000. The cost of newspaper adverts can vary greatly. ?? ?? ?? ?? Marketing Strategies 0 ...read more.

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