It should be trendy, updated and must have a distinct branding to be able to catch the attention of the target market. It should also have particular characteristics that would fit the needs and demands of the target market. I am…
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These people are those who appreciate a good healthy snack, and would have the purchasing power to patronize my products.
A specialty tea shop needs as much above the line advertisements as below the line efforts. I will select proper media exposure in local newspapers and radio stations, and would go heavy on leaflets and billboards, and in store promotions.
Target Market will be identified by first enumerating the qualities of each product to be offered. What are the products and variations to be served? What are the key benefits of these products? Do we put premium on its commercial appeal by engaging competitors in a price war and creating advertising plans that challenge the benefits of other similar products? Or do we want to maintain a certain brand image, and preserve the quality of the products notwithstanding other factors such as pricing?
Having done all these, I came to the conclusion that I would like my business to appeal to a certain niche market, but not alienating the popular crowd. I would be serving health products – specialty tea, coffee and confectionaries. I would like my target market to find appeal in the thought that they would be enjoying cost efficient but highly healthy snacks in my tea shop. My target market covers a wide age range. These may be college students who would want to spend quiet time catching up on notes and lessons while having good snacks. I also consider young professionals and adults who now have the capacity to pay for a type of snack that would greatly be beneficial to their health. Since the young professionals and adults are more health conscious nowadays due to the rise in the number of health drinks in supermarkets, they are the kind of market that would enjoy the products that I would offer. Lastly, those belonging to the 40s to 60s age bracket are those who are particularly conscious about the food they eat, and would find joy in this new alternative being offered to
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They tend to spend lavishly on the purchases. Again the second group featuring individuals belonging to the age group of 25 to 29 years comprises 17 percent of the population and contains of young professionals aiming to lead a prosperous and wealthy lifestyle.
1.1) Starting Business: Laws and Regulations Doing business in a country where laws and regulations are defined; makes the business easier and profitable. The idea is to be sensitive to the various laws regarding registration of business entity, employment, taxation, intellectual property rights that form the protection and security base of a business.
One good reason for beginning a business during a recession is that things will only get better with an improvement in economic conditions (Bradberry, 2011). In addition, the entrepreneur will learn a lot, which he/she can use during the good times. At the current time, most people getting into business have no idea how an economic boom feels like.
The operational plan is also sometimes referred as the annual plan. The general aim of an operational plan is to focus on how much a business should sell and to whom at what prices. Apart from this, the plan also highlights on the issues like, the sources and cost of the equipments, labor and material, the manufacturing site for the products and the possibility of returns earned from the business.
On a daily basis, I was charged with the responsibility of analyzing and evaluating investment opportunities, and performing market and competitive analysis. During that period, I was able to analyze and
The main target market of the business will be younger section of the society that comes from affluent background. They will be interested in fashionable clothes and trendy garments which the retail store will
IPOs are used by companies to raise additional money in the market through which private limited companies are converted into public limited companies. An IPO is considered as the most preferred capital raising options for a number of private limited companies but
Further, I will have the opportunity to apply my knowledge and skills, which I have learnt over years. I have seen family and friends operating a number of businesses. It has been a real source of inspiration and motivation. I have always aspired o own a