During this assignment, my colleague and I have been asked to create a new product or service that can be exclusively used or sold to the Hertford Regional College. First and foremost we have to acknowledge and acquire our target market, which of course are the students and members of staff within this educational facility. In terms of extensive Market Research, the first step was to construct a questionnaire (see below) which was comprised of 8 questions that provided vital information.
I will then be extrapolating the data into charts and statistics. Upon completion I will then be collecting secondary research, this includes finding who is responsible for the catering department of the establishment as well as the availability of these different cuisines and how much it will cost, I will then be using this information collectively with the catering department’s budget. To finalise the first half of the assignment I will be composing both a SWOT and PEST analysis, the SWOT analysis will be used in coherence with my primary research and the PEST analysis will be conducted using my secondary research.
For P5 I am aware that the criteria is concerned with understanding how and why customer groups are targeted to elaborate on this I will be providing a brief overview of what market segmentation is. I will explain 6 ways in which a customer base can be segmented, a description of customers, consumers and buyers and how they differ. Proceeding that I will be using my previously collected primary and secondary research to carefully identify 4 potential consumer markets within Hertford Regional College that would be interested in our product/service. Following on I will then be identifying 2 businesses that may be interested in our business idea, I will explore the factors involved and as to why these 2 external companies would agree to do business with my colleague and I.
The service I am planning to market is one that will become active during Hertford Regional College’s infamous Diversity Week this is where the establishment organises a wide array of acts and performers to come in and teach the staff and students a little bit about their culture, this has proved very popular as many extra-curricular activities have been arranged in response. In early 2011 the college exhibited such acts as; Shoaling Warriors, Caribbean Steel Drums, Indian Exotic Dancers etc... My colleague and I feel that we have found a minor gap in the market that may extend the depth of this multi-culture week; our business idea is to involve the College’s existing refectory with this event, during the week we want to have a different style of cuisine be delivered everyday for the duration of Diversity Week. On a personal note, I feel that adding this extra feature will enable everyone a fair opportunity to become heavily involved. The plan is to have a style of cuisine that everyone can enjoy safely.
To begin with our service will...