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Unit 19 Assignment 2
- Module
- Unit 19 assignment 2
- Institution
- PEARSON (PEARSON)
I described my business idea in a good amount of detail and depth.
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Unit 19 Assignment 2 : Pitching for a new businessFinding the Funding –
Learning aim(s)
B- Develop a business plan for a viable micro-business start-up
C- Carry out a pitch for funding for the chosen micro-business
P3: Explain your marketing plan for a selected micro-
business.
My business plan will cover the following points below :
Target market definition
The term target market means when there’s a specific number of individuals who are interested in
Boutique’s products and services. This business term means when there’s a “group of people who
are going to be” Boutique’s “customers and they may have similar characteristics as a group” (The
Investopedia Team , 2023) .For example, my target market for my business plan would be both
females and males aged 10 and above. This notion would be highly vital as, this can help Boutique to
grow further if this business has a specific goal or outcome in mind. This goal shall help my business
to become more influential and more successful than what the business was initially like. Thus, this
shall also help my business to differentiate themselves by ensuring that Boutique can stand out from
the their other competitors such as Next, River Island and Matalan.
1- What level of product quality or standard of service will your
target market expect?
My target market would expect specific products and services of which would be up to a reasonably
good standard because, Boutique isn’t a luxury brand. My business would be a normal everyday
brand which offers their products and services to everyone regardless of their social-economical
background. My products and services would be niche and specific. This would be because, there
would be a reasonable good quality of products ; services since there wouldn’t be any fakes or knock
off brands being sold by Boutique. I think that my target market would have gained a good value for
money since Boutique would have gained accredited awards of which would be trusted by their
customers too.
2- Will they buy the goods or services from “clicks” or “bricks”?
I think that my target market would be able to buy their products and services through both bricks
and clicks. I think that this would happen since, my customers would be able to purchase Boutique’s
products and services by bricks because, the physical store would help my consumers to become
more interested within Boutique. This would happen as, the physical environment of my shop would
be extremely significant because, this shall help my customers to feel more encouraged to purchase
goods ; products in a much easier way than before.
Boutique would be easily accessible by clicks since, my business would have their own website that’s
called www.Boutique.com .This shall help my customers to gain a chance to see what kind of
products and services that Boutique would be able to offer. Therefore, this shall meet the
,customers’ needs and wants as, Boutique would become more able to create a more trusted by my
customers too.
Boutique would be easily accessible by clicks since, my business would have their own website that’s
called www.Boutique.com .This shall help my customers to gain a chance to see what kind of
products and services that Boutique would be able to offer. Therefore, this shall meet the
customers’ needs and wants as, Boutique would become more able to create a more improved
relationship with my customers and this shall help to create an excellent, customer experience
through this process too.
3- When and where does this target market shop?
My target market would be regular and loyal customers who would mostly live within the local area.
It would be unlikely that my target market would live outside the area on which my business would
be based in such as the Highstreet or a marketplace.
4- Is it quality or cost that is more important? Why?
Personally, I think that the quality would be less important than the cost. I think that it would be like
this since, a smaller or a micro-business would need to maintain and to retain a loyal number of
customers. This can be highly important as, this helps to shape or to create a more affluent or a
more viable business based upon Boutique’s success thus far.
5- Where does your target market live, what are their earnings and educational
background?
My target market would live within a prominently, good area since, the majority of my customers
would come from any social-economical background. The hourly earnings of my target market would
include a good pay per each hour of around £10 or above. The educational background for my target
market would be around college and upwards such as university and be a student at a sixth form
college.
Primary research (Existing research on your
product/service/industry/competitors).
Provide some background information on your research e.g. what you did, sample size, quantitative
data and/or qualitative data etc.
What's the background information behind my research?
My background research would be that I conducted some primary research analysis by having a
large sample size of 30 to be my respondents and this was able to happen by the process called
Simple Random Sampling under a simple random questionnaire. I was able to gain primary research
data of which was both qualitative and quantitative data sources. I know this as, qualitative data is
to do with words and non-numerical data whereas, quantitative data is to with numerical data.
Explain what you have discovered about how viable your business idea is. Provide statistics and
evidence to support your opinions.
The Primary data collection below shows my main results for my simple random questionnaire
collection:
,Q1)
Figure 1
As shown by the figure q1, the majority of the respondents would be 67% who have chosen yes for
the question 1 where the question 1 is would you be interested into purchasing good, quality clothes
as a customer? The less majority of the respondents that’s answered the question would be 33%
who only chose no as their answer to question 1. I think that my business’s idea (Boutique) would be
deemed as successful or viable since the nearly all of the respondents chose option yes instead of
option no.
Q2)
Figure 2
About 20/30 respondents only chose yes as their response for the q2 and this was the highest
response for question 2. Q2 was would you buy accredited and trusted products and services from
Boutique? The lowest response for q2 would be that 2/30 respondents chose no and other as their
answer to this question. The 3/30 both chose 2 categories which were not sure and maybe. As
shown by my simple random questionnaire, that was carried out by a convenience sampling, has
further proved that my business idea would be viable because, my primary data for q2 has backed
and provided enough evidence to support this notion or concept too.
, Q3)
Figure 3
Q3 is about how long would you decide to shop at a Boutique store if you have never been there
before? The majority (around 50%) chose more than 181 minutes whereas, the lowest percentage
was approximately around 7% for the category of the 1min to 60mins. This can suggest that my
business’s idea would be viable because, the other categories such as the none category, also had
smaller percentages as well. The 2nd largest percentage would be approximately 23% where the
respondents chose 121 mins to 180 mins. The two lowest percentages were 7% for the 1min to
60mins option which was lower than the 10% of the respondents. The 10% both chose the none
option and the 61mins to 120mins option as well. This specific type of primary data that I have
explained would provide enough evidence to support that my business idea would be successful or
viable as, the majority of my participants chose the 181 mins+ category since it was about 50% of my
respondents who only chose this category ( this was the highest category out of all of the options
presented to my respondents under my simple random questionnaire of which can be only shown by
the primary questionnaire responses and by the questions from the main questionnaire).
Q4)
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