How can 'A's CD store' successfully promote its new retail outlet in Causeway Bay?

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How can ‘A’s CD store’ successfully promote its new retail outlet in Causeway Bay?

How can ‘A’s CD store’ successfully promote its new retail outlet in Causeway Bay?

Contents

Introduction………………………………………………………....................Pg 3

Business aims………………………………………………………..................Pg 3

Sources of Information…………………………………………………….….Pg 4

Action plan……………………………………………………….....................Pg 6

What will influence the marketing decisions A’s CD Store makes?....Pg 7

How an A’s CD Store make use of the marketing mix?.......................Pg 8

What types of media are most suitable?...............................................Pg 9

Why is market research important for A’s CD Store?..........................Pg 12

What secondary data will I use and why?...........................................Pg 12

Which methods of field research will I use and why?.........................Pg 12

An example of the customer survey questionnaire………………...…Pg 13

Analysis of data………………………………………………………...........Pg 14

What other data would have been useful?........................................Pg 17

What other issues need to be considered before identifying possible options?...................................................................................................Pg 18

The possible options table………………………………………………….Pg 19

Conclusion………………………………………………………...................Pg 21

Recommendations……………………………………………………........Pg 22

Evaluation………………………………………………………........ ……...Pg 23

References………………………………………………………........ ……..Pg 24

Appendix………………………………………………………........ ……….Pg 25

Reported to: All staff of A’s CD Store, Causeway Bay

Reported by: Mr. Andy Lau, Manager

Date: May 2007

Title: How can ‘A’s CD store’ successfully promote its new retail outlet in Causeway Bay?

Introduction

Most CD stores in Hong Kong don’t store CD’s from different bands and genres. For example HMV do not stock genres like hardcore, post hardcore, screamo or emo. I think this is because they don’t think they will make a profit from stocking CD’s from these genres and that no one would buy them if they did stock them. I personally think that by having these genres I can make a profit because a lot of people in Hong Kong especially teenagers have started listening to these genres of music. In my CD store, I will be selling CD’s and band merchandise like shirts, jumpers, bags and shoes.

‘A’s CD store’ will be aimed at people between the ages of 13 and 25. There will be no specific gender that we will aim for because both genders like the products and music. The store will also be aimed at people who live or go to the Causeway Bay area because the store will be based in Causeway Bay.

I think that ‘A’s CD store’ will be successful in this economic climate because of the wide range of products the CD store will stock and the different types of products the store will have will be different to the other CD stores in Hong Kong. This is because the genres of the CD’s the store will have will be different to the genres the other stores will have. The store will also have shirts from bands that are not so popular to some people and maybe the other music stores.

Business aims

Short term aims:

  • Create brand awareness, this means people know your brand and they know what you sell.
  • To at least break even during the first year, this means that the shop should make a small amount of profit during the first year.
  • Customers experience, this means to make sure customers that come into your shop will have a happy and comfortable experience while they are at your shop.
  • To survive in a competitive market place, this means you have to make sure that your shop will make a profit and to make sure your competition is not taking your customers away from you.

Long term aims:

  • Maximize profits after first year, this means that the brand should try to increase the amount of profit made every year.
  • Have promotional campaigns to increase brand recognition, this means that the brand should increase the popularity of the brand by having promotional campaigns.
  • To have a high degree of customer satisfaction, this means that customers that go to your shop must feel happy and they must be satisfied by the service that the employees give them.
  • To expand and create new stores in HK, this means that the brand should make other stores in other parts of HK.
  • Have motivated employees, this means that the employees should be motivated at all times, the motivation of employees is very important because if they are not motivated they may not do their job properly or the may not work as hard. You can motivate employees by giving them bonuses, promotions or recognition.

Sources of information

Action Plan

In order to create a successful marketing strategy for A’s CD Store, I intend to do the following:

What will influence the marketing decisions A’s CD Store makes?

External constraints

The Competition

The competition will influence the marketing decisions made by A’s CD Store because the competition may threaten my business by raising or lowering the price of their products or making better products than my business, this can change the marketing decisions A’s CD Store makes because if they lower the prices of their products the market will go buy their products because it is cheaper. The competition can also guide my business because if they use a good promotion technique or a good technique to sell their products my business may decide to try that technique and see if it works for my business.

Customer Taste

Customer tastes will change the marketing decisions A’s CD Store will make because if A’s CD Store does not stock the latest CD’s of the bands that are popular no one will visit the store and buy the products simply because the CD’s that the store is selling is not up to date.

The Economy

The economy environment can affect the marketing decision that A’s CD Store makes because for example if the exchange rates are very high people from other countries that visit your shop may rather buy a similar product back in their home country because it may be cheaper to buy one there than in Hong Kong.

Internal influences

Hiring employees

Who A’s CD Store hires can change the decisions they make because if they hire people that are not very experienced they may have to spend some time teaching them how to run the shop and to do their job well and if you hire people that are very experienced you might want them to do a harder job or even have them working longer hours.

Location

The location of the store can influence the marketing decisions made by A’s CD Store because if the shop is not located in a very popular or busy area they may want to spend more money on promoting their shop and their products but if the shop was located in a very popular and busy area then they may not want to spend so much money and time on promotion but more on making a profit or expanding their brand name.

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Experience

A lack of experience can influence the marketing decisions that A’s CD Store make because if the shop and its employees do not have enough experience the shop may not be very successful because if the employees are inexperienced they may not know what to do, they may take a very long time to do their job, they may not know the products very well because they have not been working at the shop long enough and they haven’t spent time learning about the products in the shop. Also if the employees are inexperienced they may do ...

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