The Business Plan
This portfolio work will enable me to learn how to set up a business.
And we have to do many things to set it up. And I want to set a tuck
shop in the boarding house which is near the school and what I have to
do is get the tuck shop started. I also have to write a business plan
for it to make sure that I know what is I doing. A business plan will
also allow me to minimize risks of failure; failure can be very costly
to a business. I set it up because the boarders in the house always go
to the supermarket in MP .If I haven't written a business plan it will
be an increase in risks and decrease in success in rate.
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I also have been research in the internet about the machinery of the
tuck shop and I look the newsagent for the price what are they selling
then compare to my price so I can confirm that my price will be
cheaper than them so the people in the boarding house will buy the
sweet in the house not outside in the newsagent.
4. Marketing Strategies
Market strategies are helping the firm to achieve their marketing
plans and targets. The marketing strategies will be used in order to
make the tuck shop be successful will be the 4P's. These are :
These 4P's tell the business that they must sell the right product at
a price customers are willing to pay, in the right place and inform
consumers that it will be available through promotion.
Product------"Come on" will have a huge range product such as: soft
drink, chocolates, ice cream, crisps etc. The idea of selling ice
cream is because ice cream can give "Come on" a competitive advantage.
Because in many newsagents are not selling ice cream. So there will be
a gap in the market which is known as market niche but from my result
of my questionnaire, 60%people said they are very like; 27% people
said they like ice cream is selling in the tuck shop. The food sold in
my tuck shop is segment for the correct age group in the boarding
house e.g. teenagers are from 11-17 are most likely to buy this thing.
This is known as Market segmentation---- this is the division of the
tuck shop according to different types of customer, in order to meet
people's needs. The tuck shop could introduce a new product and fill a
gap in the market, which is also known as a Market Niche.
Price----If the price that is set for the products is too high then it
is easier to lower them than it is to raise them. Demand changes
towards price, which is called 'price elasticity'. Fortunately the
competition is weak in the house. There is only a little tuck shop
which only sells several products with high prices. In this case, I
considered the competition in the house. Therefore I can keep the
price high and obtain large profit margin. From this point the pricing
strategy that will be Cost plus pricing, this is when the firm
calculates and adds a percentage mark-up to determine the price. The
percentage mark-up = profit. From the results of the questionnaire,
64% of respondents said that keeping prices low is important (See
Appendix 1.10). So from this point "Have A Break" will decide on a
suitable price by decreasing certain percent (But the price will be
just a little lower) to satisfy consumers needs and wants.
E.g. From my observations of my competitor analysis I have found that
the competitors charge around 35p for a packet of Walkers crisps. But
I will only charge 20p-30p.