Starting a music shop called Musalicious.

Action Plan

In this Course work I will be starting a music shop called Musalicious. I will get my information to start my shop from Primary and Secondary research. I will do this because I would get a better idea of the products I will sell, the gap in the market and how much I would sell them for. I need to conduct a questionnaire to find out what sort of music I should sell and what age group I should advertises to. So that when I do advertise it would appeal to the age group that I chose. I am doing questionnaire because it easier to record and make graphs and charts then just asking people random questions. If i do not find the information I need then I will then interview or rewrite the questionnaire so that includes more questions that will help me.

Definition of marketing.

‘The total of activities involved in the transfer of goods from the producer or seller to the consumer or buyer, including advertising, shipping, storing, and selling.’

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Target market.

Target market is the market segment to which a particular product is marketed. It’s often defined by age, gender, geography and socio-economic grouping.

My Target Market

My Target Market will be Teenagers which ages between the ages of 13-18 years. It will be to mix gendered teenagers so I can appeal to a wider range. My Music Shop with Focusing on R’n’B, Grime and Hip-hop. I am Hoping that there will be Income in focusing on teenagers because they enjoy listening to music on Ipods Mp3s and Mobile phones.

Primary Research

Definition: Primary research (also called field research) involves the collection of data that doesn't already exist. This method of research is always used as the first technique, this can then lead on to Field research.

Questionnaire.

My draft questionnaire consists of 7 questions. I asked 40 People to fill it out and hand it back to. When I was adding the results up I realised that I didn’t find out everything that I wanted to find out. So I added two more questions to the questionnaire. After I handed it back out I found out what I wanted so I put all the results into tables and charts.

Questions in My Questionnaire.

What sex are you?

Male Female

I asked this question so I could find out what sex would be more interested in music.

How old are you?

10-16 17-20 21–30 30+

I asked this question ...

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Questions in My Questionnaire.

What sex are you?

Male Female

I asked this question so I could find out what sex would be more interested in music.

How old are you?

10-16 17-20 21–30 30+

I asked this question so that I can find out what age group would like to buy my products.

What Sort of music are you into?

R’n’B Rock Classic Mixture

This question is in my questionnaire because I would like to know what type of music to stock in my shop.

4. How much would you be willing to pay for a CD with 2 -3 songs on?

£0-1.00 £ 1.10 – 2.00 £2.10- 3.00

This is one my questionnaire so I would know how much to price my Cds at.

5. Do you read a news paper, if so what type?

None Local National Both

I put this question in so I know what paper to advertise in.

How do you buy a music product?

I put this question in so that I know whether to have a shop or a website.

7.Do you own a Mp3 player or an iPod?

Yes No

I placed this question in my questionnaire so I could see if I should sell Cds or Mp3s.

I asked 40 people to fill in my questionnaire I asked them if they found it easy to fill in and that it wasn’t to personal and 80% said it was easy and 70% said it wasn’t to personal. I think I will add in a few more questions so I could find out more information.

I hoped to find out which is a good place for me to advertise, whether I should open a shop or sell my good on line, how much to sell my goods for and what type of music I should Sell. All of these reasons consist of the 4 P’s which are Price, Promotion, Place and Product.

Other primary research I could have included was Interviews with selected consumers, I didn’t use that idea because it would take up to much time and it might be hard to ask people because they might not have enough time to be interviewed.

I could have also asked people to sample my product, but that would not have helped because I do not have a product for people to sample.

Charts & Graphs

This Pie Chart shows that 50% were male and 50 % were Female. This is good because its gives me a result fairly between males and females.

This graph shows the age of each person that took my questionnaire. There are more 10 to 16 year olds because I wanted to focus on teenagers but there are also some older people so I could see there opinion.

This graph shows that a mixture of all types of music is most popular so I shall stock a mixture of different types of music so I can meet customer’s wants. This is for Product out of the 4 P’s.

I found out that people would be willing to pay £1.10 - £2 on a CD with 2 – 3 songs on so I shall price my CDs roughly around that price. this is for Price out the for P’s.

This Graph shows that a high percentage read the national news papers so when I advertise I should place an advert in a national newspaper. This is for Promotion out of the 4 P’s

This shows that I should have a website and a small store then I should have more customers and I will save money by having a website then a bigger store. This is for Place out of the 4 P’s.

This shows that most of the people that I gave the questionnaire to have an mp3 or an iPod so I should have more mp3s then CDs because they will be more popular. This is also for Product out of the 4 P’s.

Four P’s of marketing

Price.

Definition: The sum or amount of money at which a thing is valued, or the value which a seller sets on his goods in market; that for which something is bought or sold, or offered for sale; equivalent in money or other means of exchange; current value or rate paid or demanded in market or in barter; cost.

For price I found out that people would be willing to pay £1-10 - £2 so I shall price my products around that price to satisfy my customers

Place.

Definition: A business establishment or office.

For place, I shall have a online shop were people can browse thought my music 24/7 and then, if business is going well I shall open a small shop.

Promotion.

Definition: Advertising; publicity.

For promotion I shall place a weekly add in a national news paper so that I can reach the whole county and there for I would have more customers.

Product.

Definition: Anything that is produced, whether as the result of generation, growth, labor, or thought, or by the operation of involuntary causes; as, the products of the season, or of the farm; the products of manufactures; the products of the brain

For Product I shall sell Single songs on my website or in bundles for less money. So the more they buy the less money the customers pay.

Conclusion.

In conclusion my results have helped me make a lot of different chooses to help me make my business successful and met the customers needs and wants.

My questionnaire helped me a lot in what I needed to find out but if I needed to conduct another questionnaire i would asked a larger section of people and I would include more questions that could my chooses simpler.

Secondary Research.

Definition: Secondary research (also known as desk research) involves the summary, collation and/or synthesis of existing research rather than primary research, where data is collected from, for example, research subjects or experiments.

HMV

HMV is a music shop which also sells DVDs, game consuls and games. HMVs aim is to offer its customer’s access to the widest range of Music titles, DVD's and Computer Games across all formats, as possible. HMV in Crawley is placed in the ‘martlets’, which is centre of Crawley’s shopping facilities. This is good place for a music shop because its centre so everyone who is going in to town will walk past it.

I think HMV’s target group is Men from between the ages of 18 to 35 years. I think that the target group is influences the place and products its stocks because of where it’s placed and the products its stocks for example, it stocks a lot of violent games.

The advantages and disadvantages of the opening of my store.

Advantages.

My store will be the only one in Crawley that stocks Mp3s.
My store will open the community to a new way of buying music.
It will be specialized for teenagers in Crawley.

Disadvantages.

My Store will not be the only music store in Crawley which can be bad for business.
The community might not like the idea that its specially for teenagers.
Over shops are well known and customers might prefer to go to a shop that is more known.

Advertising.

Definition: the act or practice of calling public attention to one's product, service, need, etc., esp. by paid announcements in newspapers and magazines, over radio or television, on billboards.

To place an advert in the Crawley news it will cost £100 for the first week then if you want it for the second and third week it will cost £75. Then it will be a rate of £40 each week after the third week.

To put a small advert on the back of a parking ticket in all the NPC car parks in Crawley it will cost £1000 Start up cost then £350 monthly cost.

Adverts.

Pros.