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Unit 36 Staring a Small Business P2
- Institution
- PEARSON (PEARSON)
P2 explain how to identify the target market
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Unit 36: Starting a SmallBusiness
,Introduction
This assignment with further focus on the business plan that was
established in the previous assignment and dive deeper into the
planning process of the business to ensure that the business is
successful.
,Target Market
In order to know how to target the market and know what they want, research
must be conducted.
Primary research such as surveys, interviews and observations will be done in
order to know what potential customers seek in products that they will use in
their hair.
Secondary research such as online information, statistics and publications will be
used in order to know what customers of other businesses prefer, in order to
reimagine products that are better.
After doing a little research, there is a slight gap in the UK market for products
made for hair types that are not caucasian and sold/made in the UK. Most of these
products are made in other countries, which lets us know that this business has a
50/50 chance of being successful in the UK.
,Sales Forecast
Hair Style & Products Examples Price Range
Natural Hairstyles cornrows, dreadlocks, £20- £30
afros, twists, braids
Other Hairstyles extensions, protective £30+
styles, wig installments
Hair Care Products shampoos, conditioners, £5-£15 for single items
gels, mousses, curling depending on size
£15-£25 for variety
creams, moisturizers
bundles of more than
one product together.
,Sales Forecast
Natural Hairstyles- customers will pay no more than £30 for any hairstyle that only
involves doing their natural hair.
Other Hairstyles customers will pay £30+ depending on the hairstyle and how much
work will be put in by employees to achieve the hairstyle. Customers will not pay
more than £80 for any other hairstyle. The price may only be this high for wigs if they
are made by our employees.
, Sales Forecast
Hair Products (this includes shampoos, conditioners, gels, mousses, curling
creams, moisturizers, etc)- customers will not pay no more than £15 for a single
product. The size will affect the product price. However, these products can be
bought in bundles, for example; shampoo, conditioner and hair oils together for
one price which will be no more than £25.
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