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My business will be run by myself, which makes me a sole trader. My business will be a shoe company, in a local area, which will depend on my market research results. My target market will be mostly males

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Introduction The aim of my coursework is to see if I could find a gap in the market, and set up a business that I would be able to run the and live off it. My business will be run by myself, which makes me a sole trader. My business will be a shoe company, in a local area, which will depend on my market research results. My target market will be mostly males aged between 13-30. I have chosen this target market because males in that age group tend to wear the same type of shoes, so it will be easier to get stock. I will be selling good quality, low priced shoes, to show that my business sells high quality at low prices. I have chosen to start my business in a local shop because I can decorate, inside and out, how I like, to attract the attention of passer-by's. ...read more.


1 To survive the first year or two. 2 To break even in the first year of running my business 3 To start making profit after the first year. I have chosen these targets because I will need to survive the first year, to keep my business going. Market Research Market research is gathering information about customers and what they want. Market research is important because if you do not do any market research, then you will not know what your market wants, this leading to a failure in the business. For market research, you could make a questionnaire, asking questions that you may need to know about what your customers want. If you do not add a question that you may need, this could be fatal, because this may tell you exactly what your customers want Market research involves collecting both secondary information (information from other businesses) and primary information (your own information, you have). ...read more.


Questionnaire For a questionnaire I could ask questions such as age, some favourite materials, shoe sizes, prices people are willing to pay. My questionnaire may look like this: Questionnaire What age are you? 1 13-19 2 19-25 3 25-31 4 31+ Favourite brands of shoe 1 Nike 2 Adidas 3 Kswiss 4 Reebok 5 Converse 6 Timberlands 7 Other (please state) ________________________________________ Shoe size 1 4-5 2 5-6 3 6-7 4 7-8 5 8-9 6 9-10 7 10-11 8 11+ Prices 1 �5-�10 2 �10-�15 3 �15-�20 4 �20-�25 5 �25-�30 6 �30-�35 7 �35-�40 8 �40+ Where are the most popular shopping places? 1 Huddersfield 2 Leeds 3 Sheffield 4 Hull 5 Manchester 6 Newcastle 7 online I will need to know some of this information, to see where my competition is, and prices I will need to make my products, to satisfy the customers. Also, this helps give me an idea of some of the stock sizes I will need to store, And some ages of people I will be dealing with. ...read more.

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