M1 Explain Methods Used To Identify The Target Market For The Proposed Business

1236 words - 5 pages

BTEC Level 3 in Business
Unit 36 Starting a Small Business
(a) Explain methods used to identify the target market for the proposed business (M1)

Write a report for your potential investors, in a short report format, which details how you will identify your target market, your report should include;
• Details of market research, primary and secondary
• Competitor analysis
• Evidence of market trends
• SWOT and PEST analysis

In my cake shop that have a lot of potential investors. Following the primary and secondary marketing research:

Primary research is the first hand research curries out from the business, it is more reliable and accurate than secondary ...view middle of the document...

The purpose of this analysis is to estimate the response and strategy to your company’s competitive actions of your competitors, thus effectively develop your strategic direction and measures.

Content analysis has including:
• Objective and strategies of you competitor in each period of time
o Objectives
o Mission statement
o Growth plans
o Promotional mix

• Analysis of operations and financial condition
o Quality control conformance
o Plant efficiency
o Number of employees and skills
o Management style
o Benefits
o Cost levels
o Products and services

• Analysis of technical and economic strength
o Profitability
o Financial ratios, liquidity and cash flow
o Profit growth profile
o New products

• Analysis of leaders and managers background
o Location and size
o History of personalities, dates and events
o Ownership

Competitor array is a common and useful table technique to look at your competitor. The steps to make a competitor array:
• Define your industry
• Who your competitors
• Who your customer and what benefits they expect
• Key of success factors in your industry
• Key of success factors of your competitor
• Weighting for each key of success factors: the sum of all the weighting must add up to one.
• Add up each cell in the matrix

An example of a competitor array follows:
Key industries

Success factors Weighting Greggs Cocoa-bake AB Cake 10 of highest
Extensive distribution 0.3 8 2 2
Customer focus 0.2 4 5 5
Economies of scale 0.3 5 2 4
Product innovation 0.2 6 4 5
Total 1.0 22 13 16

This is very important for routine, detailed and public collection on your competitors information. The main sources of competitive information include the following sections:
• Annual report
• Competitive product literature
• Internal newspapers and magazines: These are useful because they record a lot of details such as employee background, business unit descriptions, new products and services etc.
• History of competitors
• Advertising
• Presentations of officials
• Salesman’s reported: this report provides about your competitor, consumers, price, product, service and distribution.
• Customers
• Expert advice

Evidence of market trends

Some expert recommend to the students don’t quit eating sweets because eating sweets can enhance memory. Also sweetness can helps relieve stress and activate the cells of your body such as chocolates – chocolates contain ‘cocoa polyphenols’ that can promote your heart, brain and blood vessels to dilate, improving the blood circulation, increase the blood flow, providing energy for the body and relieve your fatigue. Also when you too tired or hungry, the body will lose too much energy that makes you weaker, at that time eating sweets can include the glucose of your body, it’s faster than the general food absorbed into the bloodstream. Therefore a lot of people will buy dessert after work, also people buy...

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