Business Plan. This Coursework will enable me to know how to set up and establish a new school tuck shop and aims needed to get it started.
This Coursework will enable me to know how to set up and establish a new school tuck shop and aims needed to get it started. Additionally, business plan will be essential in order to do this. A business plan is required not only to help a business to obtain funds but also demonstrate the viability of the business. This business plan will not just be able to get it started but become successful and profitable to the school.
My objectives for this coursework are as follows:
- Chapter 1 Methodologies
- Chapter 2 Data and Graph analysis
- Chapter 3 Market Research
- Chapter 4 Market Strategies
- Chapter 5 key Staff
Collecting data for this coursework was not easy. First of all, my mother and I had designed a questionnaire, and then completed market research. Afterwards, I was responsible for analyzing the data receive. Different students have different needs and wants. Then I decided to use personal interviews to collect the information I needed.
Whiles completing this coursework I encountered several difficulties. First of all I found it challenging to construct my questionnaire correctly. Another challenge was being able to find students who were actually interested in filling out the questionnaire. Some students kept forgetting their papers home before they returned it.Some papers were in terrible condition that either they were mashed up or filthy.
I have chosen this sample myself, due to the conditions of the school tuck shop and students complaining including myself. I’ve decided to produce a new tuck shop that would provide the students with satisfaction. Also, being a part of C.R.Walker High School, I knew what students would want and need. It was my decision to interview the first 15 students interested.
If I was to perform this coursework again there would be a few adjustments made. Next time I perform a coursework similar to this, I will attempt to provide more information and also try to increase the range of students interviewed. Additionally, I will think more carefully about customer’s satisfaction before deciding the type of business. I will also widen the range of the market exploration.
Data and Graph Analysis
This is a preview of the whole essay
15 students were interviewed, most of them are females and others males. Both males and females have the different age groups distributions. This kind of age distribution is made by chance; we made it specialty and differently not to pick up the data randomly.
Is the Tuck Shop Meeting Its Demand?
60% of the students interviewed do not believed that the current school tuck shop is meeting its demands, whilst 40% believed they are.
Do you think the school needs another tuck shop?
Overwhelming alaysis the 73% of students interviewed agree that the school should have another tuck shop, whilst 26% disagree.
What products do you think the school tuck shop should sell and selling price?
Percentage of Students and Selling Price
$.75 – 1.00
What do you think is needed to provide faster service?
Would you support the new tuck shop?
66% of students interviewed indicated that they would support a new tuck shop, whilst 33% said they would not support a new tuck shop.
How often would you visit per week?
On an average how much would you spend on a daily basis?
Market research is essential to any business. It gives innovative ideas to businesses finding out what people are looking for in a tuck shop. It also gives businesses an idea of what particular feature it will have to offer to its customer. There would be two (2) methods used to fulfill this task.
Primary Research is first-hand information that is relevant and specific to the business. This will also be an advantage for the tuck shop. I will develop my own questionnaires to begin my research and interview 15 students for it to be completed. During this research I will also communicate with business persons to find out how to make a tuck shop successful. This type of research is also known as Field research.
Secondary Research is the information that already exists, that will be useful as a guide line to structure your own ideas. This will be great advantage used for a tuck shop. I will also use business and banks pamphlets to ensure that my business ideas are written professionally and properly. I will also look at the existent tuck shop to see what products they sell and their prices. This will enable me to introduce new products and allow me to set my own selling prices.
Before setting up a business you must first see what people are looking for or else the business may not be successful. This is why I’ve set up a plan to know exactly what students are looking for from the tuck shop.
Market strategies assist a business in achieving their marketing plans and targets. Marketing strategies that I will use to make this tuck shop successful will be the four (4) P’s which includes:
The 4P’s tells a business that they must sell the right product at a price consumers are willing to pay, in the right place and inform consumers that it will be available through promotion.
Honey bun $1.00
Candies $0.50 - $1.00
Sandwich $1.00 – 1.50
Hot dogs $1.50
Vegetarian Pattie $1.00
Soda $0.75 - $1.50
The reason for making this menu is to indicate the products which the tuck shop will sell. The range of the products might not be enough, however when the business is up and running, the tuck shop can organize another market research to see what else students might wish to add to this list. It is important to know which products satisfy the most customers, if not the goods you’re providing may not sell and this can lead to a failure in the business. Therefore a census should be given out every two to three months to obtain* students to keep visiting and spending their money. As you can see on the menu, the tuck shop will be retailing products such as: Chocolates/candies; canned juices; ice-cream; chips; etc. these items are set up for the correct age division at the school. Therefore, teenagers aged from 14-18 aremore likely to purchase sugar/sweets. This is called market segmentation.
The price of the products should be affordable so that students would be able to purchase these products and be satisfied.The business can also make a significant profit from these transactions. If the prices set on these products are overpriced, students would not support the tuck shop, they would rather save their money and buy from an alternative after school. Therefore, if prices are too low it would not be as profitable. It may be beneficial for the students whereas the tuck shop would be losing income leading to a business failure.Reason being on the survey questions we ask student’s for their decision on prices so that there wouldn’t be a problem for them affording it. Once students can afford these items at a reasonable price, the tuck shop can be successful with a high income.
The methods of promotion are vital because it would keep students among the school campus aware of tuck shop’s products and prices. It will promote students to come and spend their monies.Likewise, promotion is also important because it projects a specific image to the target market. The method I would use to promote the tuck shop would be advertising. Advertising would be the most effective, its job is to keep potential customers aware of what goods are available and also persuade students to buy them. The mean function is to inform and persuade. Advertising takes the form of pamphlets, radio, television etc. In this case the tuck shop would be dealing with posters, school flyers and by word of mouth. With the posters I plan to place them near the school’s entrance gate. So when students enter the school they would be aware of products and prices the tuck shop has to offer. The location of the gate is vital because there is only one entrance in the school, therefore you will have to notice it. School flyers would be sending to every class and staff room on the campus in order to make sure all students and teachers know about this. School flyers would also be given to students at the gate at times. This is to make sure late comers also receive the information of the tuck shop. By word of mouth the Public Address Systems (P.A System) would mention news and information about the tuck shop, this is so students and teachers can pass it on by word of mouth. These would be our advertising methods use to promote our products across the school. Hopefully this would reach every student and teachers to increase sales and make the tuck shop be successful.
The tuck shop would be located near the sporting area. This location is ideal because more people tend to hang out there and it’s a very spacious area. Having a bigger area would be beneficial to the new tuck shop seen that the current tuck shop is too clustered. This area would also be ideal because after physical education students complain about hunger and thirst, and the current tuck shop is further away. This is where students could purchase a product of their choice at reasonable prices and besatisfied with their purchase; this too will lead to an increase in sales.
Market strategies are effective for helping the business. If you want to inform students and persuade them to spend their money’s you should have good marketing strategies to do so. This is why I chose the 4P’s
Staff is very important when needing to run a tuck shop business. Five (5) people would be required to work here. They would have to be able to carry out specific skills on the workforce. They will need to be generous, friendly, patient and also flexible. The staff members will have to deal with many students during lunch and break time, because these are the time of the day the tuck shop will be visited the most. Therefore, this is why staff must have certain skills. The current tuck shop only had three staff members or sometimes only two. On my survey questions 87% of students wished for more staffs. This is why five (5) staff is indicated for the tuck shop. Students also complain for orderly lines and a larger area. Therefore the staff members should be able to set up orderly lines to serve students so that they wouldn’t turn away due to the crowd. The staff would also need to have good mathematical skills seen that they would be dealing with money. If not the business could be losing by giving students more money than they suppose to receive. I will need the staff to be completely honest and committed if they are to remain assets to the tuck shop. This is to ensure that privacy would be kept and to ensure that stealing wouldn’t be permitted.
For the business to be successful staff is needful. Students would need to be served in an effective and efficient manner. This were the business could increase their sales, make profits and be successful.
This coursework is based on the knowledge that I have learnt from the Business Studies lessons also combined with research and investigations. I feel that opening the tuck shop is a very good idea. I believe that students of C.R. Walker High School will be supportive of the tuck shop and will purchase goods from the tuck shop; I know this because of the findings of my research.
Arguments that was put against the tuck shop:
- Because the premises are very limited, there’s not enough space.
- It would be a waste of labor and Space
- They just need to enhance their products and drop prices
Arguments that was put for the tuck shop:
- The current tuck shop is to crowded
- They need to sell a variety of more goods
- The lines are too long and it turns away customers
- For better and faster service
I agree with the arguments for the tuck shop. I’ve also learnt how to choose the suitable media methods to make the advertisements. This coursework does not just help me to go through points I have learnt, but also help me to prepare for examinations. Doing this coursework I to have learnt how to set up my own business, what information I have to master and analyze and the methods that is needed to achieve success for this business.
- G.F Stanlake – Starting Economics
- Richard Barrett and Marion Gow
- C.R. Walker High School Students
Perry Roberts Page