At the beginning of this project as a group we brainstormed a number of ideas and narrowed them down to three mean ideas we would be interested in doing. We then had to look at each of the benefits and the feasibility of each idea.
This idea came about while thinking of different fundraising ideas. This business would put together a meal deal which would consist of sweats, chocolate and a drink, which we would sell at junior lunch times. Although this would have been a very popular and profitable business it would not have coincided with the schools recent healthy eating program.
This idea was prompted by the success of last years business studies class in developing a smoothly business. Yet when we discussed this idea we decided it would be tricky to keep the ice cream frozen to make the milkshakes fresh and some of the group members were not as excited about the idea.
This is the idea we decided on as a group, we decided on this idea because we were all excited about developing this as a business and thought it would be a good idea which would be popular and would develop a large amount of profit for the group. However we would have to carry out market research to see which of these projects would work best for our group.
When any business is staring up it is always useful for the business to do market research so they fully understand there target market. To fully understand our target market and find out which idea would work best we had to do primary and secondary research for each of our ideas. As marketing manager myself, Sarah and Rachel were reasonable for designing the three questionnaires and getting them filled in by the relevant people. We decided to take a sample out of the junior school for the questionnaires about the milkshake and the meal deals , as the hoodies business would be targeted at only 6th from students we only asked a sample of people from the year to fill it in. we collected all this information quickly and then began to analyses the information.
Meal Deal Company
When looking at the reserarach we discovered that we were getting a good responce from the junor school and a wide spread amount of interest from a wide range of years which was all positive feedback. The only negitive feedback come from the selling price the people who were asked were only willing to pay 50p for the snack bag and this would not cover out costs. We knew this because on finding out this information we got in contact with wholesaalers to find out the price of buying each of the products to go into the meal deal, for eample makro.
The items which our target marketing were chosing to be in there meal deal were turning out to be the most costy items on the list. For eample when asked which crisps bikers were chosen which retail at 14.00 a box. Along with this issue we also had the issue of healthy eating.
At the initial point of research we discovered that there was quite a postive amount of feedback, but the problems came when we discussed issues we would have when making and getting the products to make the milkshake.
Hoodie company Before we collected the market research as a group we all wanted this idea to work well. Therefore we were delighted when the feedback which was returned was so positive. We decided that we would use this idea and then do more research to back up our initial research.
Questionnaire We put together a questionnaire to find out more about our target market, each question gives us an insight into the most popular colour popularity and style. This helps our business to put together a product which will satisfy the needs of our target market.
Q1. Would you be interested in a class of 2008 hoodies? This question helps us fully understand the popularity of our product, as 96% of people asked said they would be interested in a hoodies this displays to us that our business should be a success and make a profit.
Q2. How much would you be willing to put towards the hoodies? This is a key question for our business, within our group we felt pupils would only be willing to pay around 5 for our products but on producing this questionnaire we discovered that 70% of people were willing to pay between 15 and 20 for our product. This ment we were going to sell our product at 17.00.
Q3 what colour would you prefer your hoodies to be? This is another key question in that the colour of our product is an important part as our target market may not what to pay money for a product that they do not like the colour of. On carrying out our questionnaire we discovered that both black and navy were popular colours. We decisded to choice navy as black was used the year before.
Q4 Would you want the school badge to be on the hoodie? Although 70% of people stated they would like the school badge on the hoodies it would be been to costly for our business and therefore would have raised the price of selling our hoodies.
Once we had decided that we were going to set put a business which would sell class of 2008 hoodies to 6th year pupils within our school we needed to do more research into the costs, availabilty and planning of our business. As a buisness the frist thing we needed to find out is how much it would cost us to produce our product, our manager took on this job as toni knew people working in this field who would be able to give us the best price possible for producing out hoodies.