Starting a Small Business M1

In: Business and Management

Submitted By pjoness
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Starting a Small Business
UNIT 36 M1 – Pheonix Jones
In this document I will be making recommendations on how market research will help launch the business.
Target Market
Questionnaires
The questionnaire included such questions like gender, age preference of food and occupation. Asking these sorts of questions will help us find data regarding if there is a demand for a business like this, which is vital to launch the business. The questionnaire will also help find out the target market which was 16-20 year old students and office workers. We can use this information to create a target market that can be designed to suit the campaign; this means we can also put through promotions to match because we already know the target market. Therefore we can do deals when the business is open, maybe where students get a percentage off goods or a meal deal with the student card.
Analysis
Defining the target market and its needs are essential, geographically the location is quite small in the area of Weston town, but with students coming from around North Somerset is a wider area. We are mainly looking for students aged 16-10, who is averagely on a lower income than others. Physiologically they want benefits, like good value food which is fast. With all these facts in mind, we can see that the target market want affordable and fast food that can fit in a social atmosphere and the lifestyle of the target market.
Competition
Check the competition around that area can give us an upper hand, because we can see what prices and deals they do, making us more competitive through these aspects, for the demand for good value for quality food and service. From the questionnaire we found out that McDonalds was our competitors, but we can do online research on what they match up and where they may lack in certain areas, therefore using that to our advantage for our business.…...

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