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My purpose of this report is to develop a new marketing strategy for HFS Ltd and to solve their existing problems with the decline in their profit over the past few years. I am aiming to create a new product for Health Food Snacks Limited to revive the bu

Extracts from this document...

Introduction

Stephen Olasupo Unit 3 Investigating Market January 2010 Part 1 - Purpose/Aim My purpose of this report is to develop a new marketing strategy for HFS Ltd and to solve their existing problems with the decline in their profit over the past few years. I am aiming to create a new product for HFS to revive the business and increase profit. Their current marketing strategy has obviously failed or not turned out how they would have preferred because a company with a solid strategy knows where it is going because it is able to plan ahead. Ultimately I will need to generate a new marketing strategy. I am Emmanuel Oparah. I am 18 years old and I live in Tottenham, north London. A few months ago I completed my A Levels at Acland Burghley School. I took Business, ICT and Media and achieved A Grades in all. Instead of going straight to university, I have decided to take a gap year to be of assistance to my uncles business, Health Food Snacks Limited (HFS Ltd).This will allow me to put the business skills I learnt into practice. I have understood that an aim is a general and long term target. It is a statement of purpose. A companies aim shows why the company is even is business. Objective a more specific short term targets that firms specify when working towards their main aim. They are constrained and measurable. Objectives must be S.M.A.R.T S - Specific They have a strict focus and are not ambivalent M - Measurable They must include something that can be measured A - Achievable Their aim should be difficult but achievable R - Realistic The aims but me possible from the business to attain T - Time related The objectives must have deadline dates so that successes can be observed HFS corporate aims are which is to survive as a business since the profits have fallen for two consecutive years. ...read more.

Middle

* Male & Female * Middle to high social grouping * Education is unimportant * For teenagers and single people Physcographics: * No specific class of people * High to low income * Young people * People who live life on the go * People interested in sports and physical activities Geographics * United Kingdom * Not only London but all cities of the United Kingdom * Rural and Urban Areas but mainly urban areas I changed because HFS's current niche was losing them sales and profits. So I am going to change their product range and make a market orientated product. I changed the Physcographics to appeal to all people from any social class r background, so the product will be more widely noticed I changed because the current location of where the HS chocolate is being sold is not getting the amount of sales they require This links to my initial aims and objectives because if I follow my initial marketing idea with my future market group I will make a marker orientated product that will be sold to consumers that belong to my future demographic group This links to my aim as I wanted to make a new chocolate bar to revive HFS. And with these Psychographics it will be possible. My new geographics will relate to my initial ideas as I wanted to increase sales and as a result increase profit, and by selling my products more widely I will achieve this. Part 8 - Purpose of market research If I am to sell my new chocolate bar from HFS; before if do this I will need to carry out a wide range of market research. The main reason for why I will do this is to find out what my future customers will expect from my product. Optimistically my market research will show that my business is viable. An advantage of me carrying out primary research is that the research is mine so will not be revealed to others. ...read more.

Conclusion

Product Product Features Product Benefits Chanel No.5 Glass, Rectangular shape, water, alcohol, ink Smells nice, physical attraction, higher status, exclusive for woman, self confidence Ipod Nano brushed aluminium, plastic, screen, touch wheel, buttons, hold switch Most popular mp3 device, higher status, unisex, wide range of colours, high music quality Snickers peanuts, nougat topped with roasted peanuts and caramel covered with milk chocolate Taste good, good availability, filling snack Gogo Bar (My Product) Chocolate, nuts and raisins, rectangular shape Taste good, healthy alternative to other snacks, filling snack Part 17 - Product life cycle Product life cycle shows the stages a product passes through over time. The five stages of each product lifecycle are product development, introduction, growth, maturity and decline. Development Product starts life at this stage. This is when the idea for the product is discussed, designs are looked at and research takes place. At this stage there are mp sales because that project has not yet been launched. Introduction The product is then ready to be launched. Most products coming on the market will be backed up by some advertising and other forms of promotion such as TV adverts and newspaper features. Growth In this stage, sales and profits will be rising. Advertising and other promotion support change slightly as the product will be generally known to consumers. Maturity In this stage the product reaches a peak in terms of sales. Research and development costs are likely to have been paid off. Decline Eventually, a product is likely to go into decline. Sales are falling and many consumers see the products as old and switch to those of competitors. At the stage of decline is when a successful business would have developed a new product to replace the one that is in decline Saturation Saturation is a market in which nearly all potential customers have been reached and use of a product or service is currently near a maximum. For example, a town is saturated with supermarkets. ?? ?? ?? ?? Unit 3 Business Coursework Stephen Olasupo 1 | Page ...read more.

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