| Market Research |
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Research and Planning.
Approach the Market
So you believe that your business proposition is likely to work. You ought now to examine in more detail whether there is more are more likely to be enough people to buy your product to make it into a business. There are many ways of going about this problem; there is no easy or certain way to do it. Large firms spend much time and money on market research and do not always get it right. Read it through. Other ideas may occur to you which suit your business better. Remember to write down your ideas and file them, as filing is a key to having an organised business. What is marketing? ‘Marketing is the matching of the product, including its distribution and price, to the needs of the customers, and promoting it in such a way as to make a profit.' In other words: it is the right product at the right price at the right place and the right time. Size of market When finding out who you potential customers are you have to distribution. How will the product get there? How large is the area you are going to serve and how many people are there is each place? Also what percentage of the population is your target market? You also have to bear in mind the competition. But at present you have to judge how much you can sell in the face of the competition. An important factor in your judgement of your likely market penetration is the consideration of your unique selling proposition (USP) USP A very important question, with an even more important answer, is: why will the customers buy my product rather than that of a competitor? Your USP might be fast delivery, after-sales service, a guarantee or something easier to use; but it has to be a plus for the customer. Pricing An important part of marketing is setting the price of your product. Firstly you have to judge the price the price of your product in relation to your competition. After your initial decision on the market price, work out the cost of production and your own labour. You have to make a good product and charge a fair price which is good value for money and make a decent profit. Franchising This is recognised way of taking some of the risk and difficulty out of starting a business. But you still need to asses the risks involved. It is a fast growing sector of the retail market occupying some 30 per cent in the USA and still only 3 per cent in the UK. Franchises get immediate market recognition. Franchising mean forfeiting some independence; but in return you should obtain expertise, trade marks, promotion image and other services for your business in an area where you will currently have exclusive trading rights. To obtain a franchise, you usually pay an initial fee together with the cost of shopfitting and equipping the business. You are strongly advised to take counselling advice before proceeding. |
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