A market research is accumilate, produce and examine information.with market research I will find out exactly what/who your business should aim for. There are different types of market researches.
Feild research – This is research is a collection of data from new soures which means none of this data was already found. These are from costumers, friends, family, etc. Some feild research that will be used in my business are:
Questionniarres/interveiws – These are sets of questions that which are used to find out the consumers’ opinions on the product/service. This serves a great great purpose, as Iwill need to find out if the particular place for your business. Interviews are the same as questionnares only asked orally.
Desk research – this research is dat that has already been collected by someone else. These datas will also be used during my business plan.
Questionnaire
For my business studies SBA it require us to do some form of market research to find out are the ideas with the community that are available for a certain product or business. This questionnaire is about opening plus-size clothing store for locals. Please complete the following questionnaire thus I will know your views
- What is your gender?
- What age group do you belong?
- What percentage of plus sized individuals do you think is in your country?
- 10% and over
- 20% and over
- 40% and over
- If 20% and over what do you think of a plus size clothing store in your country?
- Good idea
- Makes no sense
- It does not matter to me
- Other
- What kind of clothing stores is available in your country?
- Mostly thin clothing outlets
- Some thin and some plus size
- Mostly expensive
- Other
- Is there room for a plus size store in your country?
- Where do you shop for clothing?
- What are your views on shopping locally?
- Sometimes
- Never
- They don’t have what I want
- Very expensive
- What prices do you pay?
- Minimum
- Maximum
- In the middle
- Never checked
- What about a plus size store that is reasonable?
- Good idea
- It makes no sense
- Does not matter to me
- Other
- What size do you fall in?
- Any notes you would like to add?
Questionnaire evaluation
-
What is your gender?
- What age group do you belong?
- What percentage of plus sized individuals do you think is in your country?
-
If 20% and over what do you think of a plus size clothing store in your country?
- What kind of clothing stores is available in your country?
-
Is there room for a plus size store in your country?
- Where do you shop for clothing?
-
What are your views on shopping locally?
- What prices do you pay?
- What about a plus size store that is reasonable?
- What size do you fall in?
- Any notes you would like to add?
For this question 95% said that it could work and it would make a good profit.
My marketing strategy
My unique selling propositions are that on the website you can create an account thus you can add products to your cart and make suggestions for the stores improvement. You can also order products that are not yet in stock to make easier for you to purchase. In the store catalogue you can also order from that via telephone or internet
Sales forecast
The sales forecast is a prediction of what sales will be achieved over a given period, anything from a week to a year.
Total demand
The total demand is a prediction of how much the product will be needed throughout the year.
Market share
The market share is the share of sales for a product or service, obtained by anyone who is making it.
Market budget
The market budget the amount allocated for expenditure on marketing activities in a specified period.
The production plan
What is production?
It is the process of using resources to add value to a product or service, so as to meet the needs of the customer
Production process
The production process is the stages of production from raw material to finished goods and services. This means that it is the process show the way different step before the actual product.
Fixed assets
Fixed assets are thing that the company own for a long period of time. These can also be things that are not used up in production.
Land includes the property bought the owner.
Building includes expenses for material used in construction and for and wages, and all planning fees.
Equipment, fixtures and fittings are classified as telecommunication, computer, and all office equipment
Vehicles includes, cost of vehicle, insurance, licences.
Raw material
Raw material is a natural unprocessed material that is used in a manufacturing process. To find out my raw material I did some desk research on the materials needed for a concrete building. I also did research on the estimated prices needed for to buy one of each item, thus making multiplying the price by the amount that I will need. The following are the materials that will need.
Production cost
The cost of production is the amount of money used on production. To calculate production cost you have to combine costs of raw material and labor incurred in producing goods.
The organization and management plan
Organizational chart
An organisation chart is a diagram that represents the number of employees and the level of responsibility.
Entrepreneurs
An entrepreneur is a person who takes the risk of setting up their own business.
As being an entrepreneur you need to have these characteristics:
- They need to have a lot of energy to go forward no matter the circumstances thus receive results.
- They know what their goals are.
- They focus on costumers and their needs.
- They accept their mistakes.
- They take advantage any good opportunity that they come across.
- They know long it will take to achieve their goals.
Some qualifications for entrepreneurs are
- Specification of a business idea.
- Drawing up a business plan.
- Implementation of a business plan.
The financial plan
Profit and loss statement
This is a statement showing how the business is performing over a period of time.
Profit and loss account or Plus One women wear
For the end of the year, 2009
Balance sheet
This is a statement showing how a business has obtained and used finance at a given point in time.
Balance sheet for Plus One women’s wear
As at December 31, 2009
Writing a business plan is not easy but the point of writing one is to find out if the business has the factors to survive; which it will if the aims and objectives are followed. This business plan helped me to see if my business is up to standard as those in other parts of the world. I think that after a few years of doing my business and learning more about the business world my business would be successful.
Constructing a profit and loss account showed me that not all the time I will have a profit, but according to my figures it can result into a loss.
There are not much plus size clothing stores in my country; there are some, where I choose my other areas but they fit the needs for all areas, thus my business will be successful because of my lack of major competition.
The price many other things purchased for my business will rise but I think I will be able to manage once I get my plans together.