Marketing a New Retail Business

Marketing a New Retail Business

Introduction

Identify Business Organisation

This report investigates an opening of a new retail business. This

business is an electronics shop. It will sell all the latest

electronics appliances and devices, e.g. TVs, games consoles, radios,

games, DVD players, MP3 players, stereos and CD players.

Business Objectives

My business objectives are:

1. Survive- for at least the first 3 years. This is that the money I

put into the

business I want to get back. If the business is successful, then

I will carry the business on.

2. Even break even point- I don't want to make a loss, so I will aim

for the

minimum standard.

3. Attract/satisfy customers- so that the customers keep on coming

back, and

that my business gets a good reputation. And

that the customers will inform others, this helps

to advertise my business.

4. Maximise profits- to make as much capital as possible, so that I am

able to

cover essential costs. Such as bills, stocks, wages etc.

And also to have some left over for a profit.

Importance of Marketing

The definition of marketing is 'The commercial functions involved in

transferring goods from producer to consumer'

The importance of marketing is:

· The products I have are what the potential customers need/want.

· Place is also important because it has to be where everyone can

reach the store, and the community around want to purchase the

products.

· The price is another factor, the price has to be high enough for the

business to succeed but lower enough to attract customers.

· Promotion is the last factor, advertise or inform the

public/customers that the product is there.

Target Market

The definition of a target market is a particular group which a

particular product is aimed at. My target market will be people aged

12-50.I have a large target market because my business will sell a

range of electrical goods to wide range of people, e.