Conducting market research to find out who the target market is for a business.

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Louise Hinchliffe         

Action Plan

Introduction

I have been asked by my client to conduct market research in order to find out who the target market is for their business. My client’s business is a sole trader. A sole trader is when one person owns the business. My client is still able to employ other people, but these employees are unlikely to be involved in the control, financing or decision making of the business.

Marketing is highly important towards a new business. To make the marketing more efficient my client will need to consider what is often called the four P’s: product, price, place and promotion. Different types of business need a different emphasis form the four P’s. The marketing mix must be right to attract the target market. By my client’s marketing mix being suitable to attract the targeted market, my client should be able to have a competitive edge over their rivals.

        My client wants to set up their business in the local market town of Penistone. Penistone is close to the M1 and has good transport links. As my client’ advisor, I feel that it will be ideal for the new business to be set up in Penistone. Although there are already florists in Penistone, I believe that my client’s rivals will push my client to present a better product.

        As you can see from my Action Plan I will be conducting market research, in order to find out who the target market are. After doing this I will analyse the results I have gathered from market research. This will help me to decide how my client can advertise and promote their new business to achieve the best possible outcome. Ultimately I will be producing a marketing plan for my client’s business.

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Marketing objectives

Marketing is: ‘…the management process responsible for identifying, anticipating and satisfying consumer’s requirements profitably’. (From the chartered Institute of Marketing)

The main objectives of any marketing department in a business are:

  1. To look at the company’s current market regularly and be aware of what is happening outside of the business.
  2. To find out consumer needs and wants by carrying out market research.
  3. Trying to increase the company’s market share.

The objectives can be achieved by my clients business if they are always trying to make sure that they are making the right product, ...

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