1. Understanding the market, its customers and stakeholders a) Develop a questionnaire to gather market information from the proposed enterprise's customers and stakeholders. The questionnaire is attached to the back of this task. B) Evaluate the results from the questionnaire In order to make decisions. This market research is still being conducted, but for the purpose of this exercise I have selected a sample of 3 questionnaires already completed, that can give me a general Idea of the feedback I can receive from this study.
So far I can clearly see the amount f money people are willing to spend on these products monthly and what type of product would they expect me to have readily available In an establishment such as this. Obviously I will need a larger number of questionnaires in order to get a realistic response. 2. Understand how to promote and sell a product or service a) Get advice on different ways of promoting a product or service to determine the best options to maximize sales/service.Whether seeking expert advice (for example from FAST) or using readily available resources (such as data from the CSS and other information available online) you can et a very good idea of what you can do to promote your business.
It is important to brand your business, using a good logo that you would have in your business cards, web site, uniforms and packaging. Also use the media as much as you can to promote your business. Special events, exhibitions and sampling work very well also to put your name out there and get well know. ) Identify the cost for providing the product or service.
The cost for providing the products available In my establishment varies depending on the amount of materials used (Ingredients, packaging resources (utilities used, killed manpower) and indirect costs (rent, Insurance, time spent). In a general manner while pricing sellable Items I must add on to the total cost of raw materials of a certain product a 40 to 60% Increase. This price Is to cover all the aspects mentioned above and a reasonable profit margin. ) Draw up an action plan for promoting and selling a product or service ensuring that all laws and regulations are met. For my business, I find that organizing tasting and events were people can try our products first hand works really well. Also, by using the local media I can get free advertising, by gifting local radios with hampers of goodies for them to sample and resources such as blobs, website and social media pages can be a very effective and give a small business massive exposure.
3.Understand methods of customer care and after sales service. A) Describe methods of caring for your customer and ensuring effective after sales service. There are a lot of ways you could look after your customers and make them feel appreciated. If you are willing to back your product and give your customer a satisfaction guarantee or a good refund policy, even if your product is more expensive that others on the market, they will feel more confidence in you product and keep being loyal customers.
