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Marketing research - To decide which products and services will be available in my beauty salon, I will use the information I have collected from various sources including my questionnaire, the competitor analysis and the competitor interview I conducted.

Extracts from this document...

Introduction

Marketing Introduction Marketing is an essential aspect of making a business successful because according to the Institute of Marketing it is the process of anticipating and satisfying the needs and wants of customers, profitably. Market research is the process of collecting, collating and analysing information about consumers and markets. Marketing involves conducting research on the five main marketing sections known as product, packaging, price, place and promotion, each of which are extremely important in the establishment of a successful business and product. Product Businesses must produce successful products and services to be profitable. Consumers can buy tangible or intangible products, tangible products are those which the benefits can be measured and intangible products are those which the benefits cannot be measured. It is important that the product is changed as necessary to bring it up to date and prevent it from being overtaken by competitors. A good product must have many different assets to be successful. A successful product must have features which make it stand out from the competition, this is also known as unique selling point, a USP, the product must be functional and do the job that it is made to do and therefore satisfy the customer needs, the product must live up to the customers' expectations in terms of quality and the product must be affordable. The product must also conform to legal requirements, the product must be aesthetically pleasing, this means the product must be attractive to appeal to customers, ideally the product should be environmentally friendly, and finally the product must have repeat trade therefore the customers will want or need to buy this type of product more than once. The popularity of a product or service can be seen through the product life cycle, this is a diagram of the various stages a product or service goes through between its initial development and its withdrawal from the market. ...read more.

Middle

My results inform me of this because 32% of my customers spend around �5 - �10 per visit, whereas only 20% of my customers spend around �10 - �15 per visit, 20% of my customers spend around �35 - �40 per visit, 16% of my customers spend around �25 - �30 per visit, 12% of my customers spend around �20 - �25 per visit and none of my customers spend over �40 per visit. This has shown me that the customers which are predicted to visit my business have the potential of spending up to �40 per visit but no more, although most of the customers in my target market claim to spend �5 - �10 per visit I think that after seeing the range and the quality of the products and services available at Asian Beauty they will be more likely to spend a lot more than this per visit. As part of my research I conducted an interview with Parul Sayania, who is the owner of a similar business in Leeds. I asked the question "How much does each customer typically spend per visit?" Mrs. Sayania informed me that her customers typically spend �15 per visit. I think that the customers in my target market have the potential to spend more money than this per visit because it is a specialised beauty salon therefore people will be more willing to pay more money to have many different foreign beauty treatments performed on them. I think that the people in my target market are more likely to spend around �20-�25. As part of my research I created a questionnaire for the customers in my target market to complete. I asked the question "What offers would attract you to my salon?" to identify which offers would attract the customers in my target market to my beauty salon. I have used the questionnaire results which I collected to learn that most of my target audience would prefer free samples to be provided. ...read more.

Conclusion

I have decided that Asian Beauty will have advertisements which are bold, colourful and include images because most of the customers in my target audience are attracted to these kinds of advertisements, however, although all of my customers also think that big advertisements are very attractive, this can be very expensive and as my business is small and new I do not think that my business will be able to afford this. After analysing all my information I have decided that the three methods of promotion my business will use to advertise itself will be, handing out business cards, word of mouth and advertising in the local newspaper. I decided to choose these methods of promotion because business cards are small, attractive and fairly cheap and my customers would be able to carry it on them unlike a poster which may be too big to carry around. I chose word of mouth as my second method of promotion because this can be fairly effective and is totally free, some people may be more likely to visit my business if someone they know tells them that my business is good. I chose to advertise in a local newspaper as my last method of promotion because although this costs around �250, this is the best way to reach a large number of people in the local area at a fairly cheap price. The research that I collected for my marketing plan is very thorough therefore I think that my marketing plan is fairly accurate. The information in my marketing plan has informed me that my business will be a success because it has shown me that my business will be able to attract 80 customers a week and each of these customers will spend around �20 per visit, this will bring Asian Beauty a sales revenue of �1,600 per week. ?? ?? ?? ?? 18 ...read more.

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