Make a profit Essay
Make a profit
All businesses have aims and objectives. Aims are things that the business wants to achieve and objectives are there to help them plan what they have to do in order to achieve these aims. I have decided to set 3 aims which will help my business run smoothly. My aims and objectives will be: 1. Survive the first year. I will be able to achieve this if I at least break even. This means that my business neither a profit nor a loss. I will also try and keep my customers satisfied. The first year of a new business is really important because if you cannot survive it your business will end up going down hill.
Make a profit of any amount. I would help to achieve this by not spending too much money on things not needed and saving it instead. 3. Get a good public image. I will be able to achieve this by looking after and satisfying customers. Also by advertising my shop in different areas. I will put on offers on my products which will make my business popular with the customers. I have chosen these aims and objectives for my business because I think they are sensible ones to get the business up and running with no problems. Once these have been achieved then I will make the next ones more difficult to achieve and so on. Task 2
Primary and Secondary Research In order for my business to be successful I need to carry out some research. There are many different ways to do this. The two main ways are Primary and Secondary Research. Primary/field research: This is first hand data collected through own research. Primary data can be collected by either Observation or Surveys. Observation is looking at and recording what people do and how they behave. Surveys can ask questions using postal surveys, telephone surveys, personal interviews and questionnaires. These will all give you the information you need (but only if you ask the right questions).
Secondary/desk research: This is second hand data which can be collected within the business or from outside the business. Information collected in the business – for example, invoices, theses tell the business how much they are selling, what they are selling and whom they are selling to. Information from outside the business – for example, market research report, newspaper reports, Internet and other businesses. The difference between the two ways of research is in primary research you have to find things out for yourself whereas secondary research is information already collected for you. Sampling Methods
I am going to produce a questionnaire in order out this research. Sampling methods are how to choose whom I am going to give my questionnaire to. There are many different types of sampling methods. Random – This is where everybody in the population has an equal chance of been surveyed. It could work by asking every 10th person to pass. Stratified Random – This is where the population is divided into groups according to age, income, gender, area etc. Then these groups are sampled randomly. Area – This is where you interview people in your area. This is a good idea so then you know what the people near your shop are into.
Convenient – Asking the easiest people to find e. g. if you are selling hair products then ask people who are buying similar products from other shops. Judgement – This is where the interviewer decides whom to ask. The three sampling methods I have chosen are Area, Convenient and Random. I have chosen these because they will be easier to do because I will not have to travel far, I will be able to ask people in my local area around the area of the shop. If there are other Hair and Make up shops nearby I will ask people who shop there to fill in a questionnaire.
I will stand outside the shop and ask every 10th person that passes to fill in a questionnaire as well. Young Females are my main target group. Market Research Plan I have decided to plan how I am going to carry out my research. A market research plan is a plan of what I need to find out and whom I am going to ask. This graph shows me what brands people would like to see coming soon in my shop. The results on the graph show that, although the other brands are popular, the most popular is Maybelline. I have chosen to make a graph for this question because it will help me when I come to deciding what products I should put in my shop.
I will probably choose to put some of the above brands in my shop. It also shows that people want a range of different products and brands so I will have to make sure I stock up on all the brands people are wanting and not just the least popular ones. Competition Survey I am going to look at the competition I am up against and look at where they are situated, what goods they sell, the offers they have on, the design of their businesses and the customer service. I will do this because it may help me decide where to situate my own shop, away from all the others or maybe close to them so it attracts more people.
University/College: University of Arkansas System
Type of paper: Thesis/Dissertation Chapter
Date: 3 September 2017
Let us write you a custom essay sample on Make a profit
for only $16.38 $13.9/page