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Business Studies Coursework

Extracts from this document...

Introduction

Name - Stellson Pedro Candidate # - 6781 Edexcel Marketing Assignment 4 1. Introduction My name is Stellson Pedro, I am in year 10, I'm 15 years old and I go to barking abbey school. This assignment is about marketing, how businesses go about, what they offer to the customers/consumers, and in addition, how they use marketing strategies to get the better of over businesses that are in competition with each other. Marketing is finding out what customers want, providing it and making sure that the public is aware of it and where they can buy it. The FOUR P's * Product - it is important that a firm finds out what customers need and want through the market research, and produces products and services to match. * Price - this is based on how much customers are prepared to pay, how much the product or services cost to produce, how much competitors are charging and how much profit the company wishes to make. * Promotion - this compares the methods used to bring a product to the attention of the customers and sell it to them. This means advertising and promoting the product. * Place - this involves making sure that the product is in the right place at the right time, so that potential customers can buy it. Marketing is important to a business such as customer relationships as well as creating product awareness. Without an effective marketing strategy you stand to not gain customers or lose customers. This coursework is for my business studies teacher. Contents Page * Title Page * Marketing Campaign Opportunities - Page 1 * Define key terms - Page 2 * Location Research - Page 3 * Competition - Page 4 * Chosen Location - Page 5 * SWOT ANALYSIS - Page 6 * Questionnaire - Page 7 * What decisions will your results help you to make? ...read more.

Middle

What transport do you usually take? a) Bus b) Car c) Train d) Bike e) Other 10) Where do you usually purchase? a) JD b) FootLocker c) SportsDirect d) JJB e) Others * Yes, I would put up new luxury products and services which will attract my target market towards them. * They're high demands for products from brands like Nike, Adidas, Lacoste, Umbro, McKenzie and other big brands. * I cannot really think local customers are loyal, it seems that the better the product is and cheaper it is the more the local customers will buy those luxury products and etc. * I would roughly charge from �35 - �90 and my target market are likely to pay from �25 - �60 for products in my store. * They will expect new up to date fashion and luxury clothes, accessories, sports equipment, sports clothing, sports accessories and cheaper and decent prices. In addition they'd expect opening hours to be from maybe the afternoon to late evenings or mornings at 10am to 6pm. * They are most likely to come on the weekends because that's when most people come out as schools finished for the week and work is done for the week so teenagers and adults are most likely going shopping. I can increase the demand as they'll be lots of customers looking to buy around the weekend and people will want to buy cheap products. * The images shows that we are shop who are going to be selling luxury clothes, sports clothing and products that teenagers wear day to day with their mates and family. It can be changed by meeting other people's personal opinions e.g making the colours and layout of the shop appeal able to both male and female. * A questionnaire is type of research which involves finding information about a certain target market. It consisting of a series of questions and other prompts for the purpose of gathering information from respondents. ...read more.

Conclusion

I think this would increase the amount of input that would come in from Customers to my business and if I did it in the recession, I would not get as many of customers and I would be losing profits so much. Primark are said to be the as least ethical clothes shop, because of their cheap garmets and this helped Customers even when in a recession they bought because of their low prices. Their profits soared by 30 per cent last years to �1bn, despite the retailing downturn. So I could open up the sane business but sell my products at a low price and lots of customers would possibly come and buy my products. This could increase my profits a lot if do what Primark did. I think I used my research very well as I have picked a very good location for my business to expand and grow as the location is very big and awfully well known to a lot of the locals, and from others outside that area. Lots of customers come from outside that area to come and shop and this would help as people stroll past shops entering and taking a look at what they'd be interested in buying for themselves. I also think I chose the right type of business, even if it has a wide range of competition I believe I can do well in gaining more customers than a lot of the businesses who I will be competing with. All of these would have helped my business achieve the objectives I had set out to achieve. If I had a bigger budget I'd use it to buy maybe products that appeal to my target audience and advertise my business more so it can become widely known to the nation. My business could I could have made more research on Advertising research, the demand of products, and Customer satisfaction research. These things would have helped how to get customers interstered in advertisements, how customers like products and what type of products they like. ...read more.

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