Evaluate the possible ways to market a new business

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Business Studies Coursework-Introduction

For my business studies coursework, my new business will be a Junior Tennis Academy for talented tennis players aged 3-18. Its name will be named after where it is based, at St Georges College, Weybridge. Therefore its name will be The Weybridge Tennis Academy. It will provide top coaching for young talent, as well as providing state of the art facilities which include four indoor tennis courts, three artificial clay, eight acrylic and three grass courts, as well as a gym where the players can train to help get fitter and stronger to help give them that physical edge over their competitors. We offer these services because tournaments are played on many different surfaces and we need to train our players to the highest possible standard. We also offer a re-stringing service at extremely competitive prices as well as official Weybridge Tennis Academy merchandise supplied by a top sports company, which is available for purchase at a discounted price.

 These facilities will help the business because ‘Tennis Parents’ will see that our company has better facilities for their child than another tennis academy down the road. Tennis is a very expensive sport, so therefore our business is not only aimed at the players playing, but also the parents paying. Tennis parents are notoriously pushy people and they are usually quite well off, so therefore the more facilities we can offer, the more likely they will come to us. Usually, when money isn’t a factor, people go for the best product, and by offering so many facilities, we have that competitive advantage over our competitors. With our location being in Weybridge, we automatically have good transport links, such as the M25 and Addlestone and Weybridge train stations. This will target all people living in and around London. London is the biggest city in Britain, so therefore we have many more potential customers compared to a tennis academy in for example Northumberland.

 

My business’ aim is to fill a gap in the market. It will meet a demand for a Tennis academy open to all standards, rather than one where you have to be invited to join. For example the National Tennis Centre at Roehampton, a 32 million pound facility is only open to players who have been invited. The Weybridge Tennis Academy is open to young players of all standards but with the same facilities as the National Tennis Centre. Therefore many more players will pass through the doors of my academy because it is open to a wider range of players. This will then lead to my business making a profit because there is not any other competition in the local area.

During this coursework I will need to investigate the potential market and location to enable me to situate my business in the best possible location to help make as much profit as possible. I will also have to research the local competition to identify my main competitors and the buying habits of the local consumers to see what they look for most when investing in a product.

The importance of Marketing

Marketing is selling ‘the right product, at the right place, at the right time and at the right place.’ The marketing mix, sometimes known as the four P’s is used to describe the key elements that a consumer wants and needs when buying a new product. I will need to find out what a consumer looks for, and make sure I find the right elements to help make my business successful.  My business has to offer the customer a better thing than the local competition otherwise my business will fail. This means that my business will have to offer the customer something that no other tennis academy offers in the local area. This is because obviously if every academy offered the same thing as my business my business would have no competitive edge which will lead to failure. The Weybridge Tennis Academy needs to offer the customer what they want and need. This will then identify the first stage of the marketing mix which is product.

The second stage of the, marketing mix is place. Place means how the customers are going to access my academy. There are many factors affecting this decision. It has to be in a place where customers can easily get to, as well as somewhere where there are many potential customers. My business will be situated in St Georges College, Weybridge (hence the name of the business).  By being in Weybridge, there are many convenient transport links, such as the M25 or Weybridge or Addlestone train station. Addlestone train station is in fact situated less than a mile away from the centre, which means that there are many good transport links. This will then draw customers in from all around London and the South East.

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The third section of the Marketing Mix is Price. The Price is how much the product is being sold for. The price is very important to any business because it is normally one of the first things to be looked at when a consumer is considering buying a product. The customer has to think that the business is good value for money, and by comparing the prices of local competition, I will come up with an appropriate pricing method for my business. It is important that I take into account how much the business has cost to build because obviously ...

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