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The aim of this assignment is to devise a marketing plan for a new business

Extracts from this document...

Introduction

Introduction The aim of this assignment is to devise a marketing plan for a new business. My plan will be about a new business, a new era hat store called 'Flo Fitted Fashion'. I will make decisions about marketing, which will hopefully help my business to be successful. This business will include the 4 P's (product, price, promotion and place). I will be selling a variety of hats, Sox, New York, Boston, L.A, A town and many more. The next things I will do for my business is introduce sales and promotions. For my media advertising I will be using newspapers, radio and or magazines. Business idea My business is a fitted hat store. It is going to be huge I am going to sell the latest new era hats for the right price I am going to have many logos e.g. New York, Atlanta, A town, Sox, Compton, Boston and many others. I decided to pick this business because I find it very interesting and I know many different things to do with era hats. I hope my business will become a success and I would learn something from this experience. I wanted to do something different because it gives me more of a challenge. My target customers are mostly teenage boys because they wear fitted hats more then girls and old people. The ages for the hats are 13-25, but people who are rich or poor are most welcome to come to the store. This business is going to be a very wealthy business I think I will make a lot of profit and I even have a lot of money from the start. This business is quite new because I have made it into a big store but other businesses are shops. So in my opinion it is new. We have to watch out for our customers and see if they top any service that we provide. ...read more.

Middle

family or a friend? 7. How much would you spend on a fitted era hat? Predicted vs. Actual Question 1- Do you know what a fitted era hat is? I predicted the people would say yes The actual result was I thought people would say yes therefore my prediction was correct. Question 2- Have you ever worn a fitted era hat? I predicted the result of people would say yes The actual result of people asked was yes therefore my prediction was correct. Question 3- Do you own a fitted era hat? I predicted the result of people asked would say yes The actual result of people asked was yes therefore my prediction was correct. Question 4- Have you ever been in a fitted era hat store? I predicted the result of people would say yes The actual result was equal therefore my prediction was incorrect. Question 5- What is your best-fitted era hat logo? I predicted the result of people would say Sox. The actual result of people said NY (New York) therefore my prediction was incorrect. Question 6- Do you know anyone who owns a fitted era hat e.g. family or friend? I predicted the result of people would say yes The result of people asked said yes therefore my prediction was correct. Question 7- How much would you spend on a fitted era hat? I predicted the amount spent on a hat would be �25-30 The actual result is �20-25 therefore my prediction was incorrect. I am glad I carried out my market research as it has helped me gain a better understanding of what my customers think about my business idea. If I didn't carry out my questionnaire my business would fail. Methods of promotion The different methods of promotion are media adverting, direct mail, personal selling, and public relations and sales promotion. Media adverting- Media advertising is basically got to do with television, radio and cinema maybe even magazines t could be even advertised by newspaper too. ...read more.

Conclusion

This means that different people like a variety of items. Age- the best age that will relate to this company are teenagers. You would be more likely to see teenagers wearing fitted era hats then elderly people. Gender- For this characteristic you would probably choose males to wear the hats, as that is the better chose. Region- it will be better for people who live around the store for them to go check it out and buy something. It will take a very long time if it takes you more then an hour to get there. Religion- it really doesn't about the religion any one can wear the hats. It is not against any religion. Interests- people will only buy the hats if they are into fashion and like wearing hats. Economic Economic is the money side of things. This means what types of jobs there are. Economic group Example of occupations Class 1 Group A- Professional Doctors, Judges, Company Directors Class 2 Group B- Intermediate Teachers, Department managers, solicitors Class 3 Group C1- Skilled non- manual Supervisory workers, Secretaries, Sales assistants Class 4 Group C2- Skilled manual Skilled manual workers, electricians, plumbers Class 5 Group D- Part Skilled Semi-skilled workers, assemble line workers, cleaners Class 6 Group E- unskilled Unemployed, casual workers, State pensioners Environmental There are loads of different aspects on environmental issues. Cardboard boxes and plastic bags are a waste and people throw them on the floor when they are done with them. I recommend that staff should sell plastic bags for 5p so less people will buy it and the environment will become cleaner. Sound is also another problem if you put music on in your store. You have to make sure that the music isn't as loud that people outside the store can hear it. This is another word for noise pollution. You should also remember electricity is part of the environment. The lights in your store should be shut in the day time and remain shut when you close the store for the day. ...read more.

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