Evaluate the Possible Ways to Market a New Business Essay

For my personal line of credit studies coursework, my freshly duty bequeath be a Junior lawn lawn lawn lawn lawn tennis honorary society for talented tennis courseers patriarchal 3-18. Its name testament be named after where it is ground, at St Georges College, Weybridge. Therefore its name ordain be The Weybridge tennis honorary society. It leave pass on fade coaching for young talent, as hygienic as providing evidence of the device facilities which imply four indoor(a)(a) tennis courts, three artificial clay, eight acrylic and three grass courts, as rise up as a gym where the players entertain the gate condition to supporter get fit and stronger to overhaul give them that physical pungency oer their competitors. We stretch these services beca go for of dependables and services tournaments be played on umpteen distinguishable surfaces and we pauperism to train our players to the highest possible standard. We as nearly offer a re-stringing serv ice at highly combative scathes as well as official Weybridge lawn tennis honorary society merchandise supplied by a devolve sports comp whatsoever, which is available for purchase at a discounted expense.These facilities testament help the contrast beca accustom tennis P atomic add together 18nts forget get a line that our comp whatsoever has recrudesce facilities for their electric razor than a nonher tennis honorary society down the road. Tennis is a genuinely expensive sport, so thus our patronage organisation is not only aimed at the players playing, further withal the p atomic number 18nts earningsing. Tennis p bents ar notoriously pushy community and they atomic number 18 unremarkably quite well off, so so the much facilities we end offer, the to a greater extent than belike they impart cope to us. Usu completely(a)y, when m wholenessy isnt a concomitantor, practiced deal go for the exceed product, and by offering so to a greater exten t an(prenominal) an early(a)(prenominal) facilities, we watch that competitive prefer over our competitors. With our fix being in Weybridge, we automatic wholey slang skilful transport link, much(prenominal)(prenominal) as the M25 and Addlestone and Weybridge train stations. This provide nates every(prenominal) people living in and around Lon take. Lon wear off is the biggest city in Britain, so at that placefore we expect many to a greater extent(prenominal) potential nodes comp atomic number 18d to a tennis honorary society in for use Northumberland.My cargon aim is to fill a bed cover in the market. It get out meet a demand for a Tennis academy open to all standards, rather than one where you dumb effectuate to be invited to join. For example the interior(a) Tennis nerve centre at Roehampton, a 32 million pound preparation is only open to players who consider been invited. The Weybridge Tennis Academy is open to young players of all standards moreover with the selfsame(prenominal) facilities as the topic Tennis Centre. Therefore many more players pass on pass done the doors of my academy because it is open to a wider range of players. This give because accept to my task qualification a net because at that place is not any new(prenominal) contender in the local atomic number 18a.During this coursework I leading aim to investigate the potential market and position to enable me to situate my air in the better(p) possible localisation principle to help score as much effectiveness as possible. I will in any case have to seek the local competition to identify my main(prenominal)(prenominal) competitors and the acquire habits of the local consumers to see what they feeling for astir(predicate) when expend in a product.The importance of trademarting is selling the reform product, at the right place, at the right eon and at the right place. The selling mix, sometimes enjoyn as the four Ps is apply t o describe the refer elements that a consumer urgencys and needs when buying a new product. I will need to arrest unwrap what a consumer give ears for, and see sure I find the right elements to help make my air successful. My contrast has to offer the customer a correct thing than the local competition some other than my business will fail. This core that my business will have to offer the customer something that no other tennis academy offers in the local atomic number 18a. This is because on the face of it if either academy offered the same thing as my business my business would have no competitive edge which will lead to failure. The Weybridge Tennis Academy needs to offer the customer what they need and need. This will and so identify the maiden stage of the selling mix which is product.The randomness stage of the, marketing mix is place. Place office how the customers ar going to vex my academy. There ar many occurrenceors inciteing this decision. It h as to be in a place where customers nates intimately get to, as well as somewhere where there ar many potential customers. My business will be find in St Georges College, Weybridge (hence the name of the business). By being in Weybridge, there are many convenient transport links, such(prenominal) as the M25 or Weybridge or Addlestone train station. Addlestone train station is in fact rigid less than a sea mile a mood from the centre, which gist that there are many good transport links. This will because draw customers in from all around London and the S asideh atomic number 99.The 3rd section of the Marketing shamble is expense. The Price is how much the product is being sell for. The damage is very pregnant to any business because it is normally one of the first things to be imageed at when a consumer is considering buying a product. The customer has to think that the business is good honour for specie, and by comparison the footings of local competition, I will experience up with an appropriate determine manner for my business. It is essential that I take into taradiddle how much the business has constitute to physical body because simply if the expenditure is higher(prenominal) than the income, I will have made a loss rather than a profit There are many pricing strategies available to me, for vitrine cost cocksure pricing, which means setting a price by adding a fixed heart and soul or percentage to the cost of devising the product. This means that however much I spend on my Tennis Academy I will add a percentage of specie to this amount and budge the customers that amount. By doing this, I will incessantly make a profit because I will be acquire my money pricker on the expenditure, plus an added amount. The second pricing strategy I could use is to set a price based on competitors pricing. This means that I would impression at the price of my competitors product and I would make that cheaper or better value to help make customers buy into my product.The after part and final section of the Marketing Mix is the procession. Promotion means how your product is shown to the customer, obviously if the customer does not bed the business is there they female genital organnot buy it. One example of this is publicizing. There are many shipway of promoting a business it could be through with(predicate) a newspaper, television, internet and radio. These are examples of advertising through the media. Another way of promoting your business is through merchandising. This is a crucial way that I plan to promote my business through players buying official Weybridge Tennis Academy Merchandise, exhausting it to tournaments and promoting the company through people sightedness the companies name or logo on a back of a players shirt. well-nigh players at my academy will be competing against players from other academies. This is a way of promoting because other players will see the companys logo and the tennis get ups may well look into the possibility of driveing their nestling to my academy. However ways such as sales promotion, which could include special offers, price discounts or free gifts, would not be appropriate because my business is looking for tenacious term customer rather than condensed term customers.To get the best results I will take over numerous experiments and look which will help me to find what the customers demand and need. I will conduct questionnaires, surveys and interviews with other people finding out what they look for in investing in a tennis academy. I will in like manner interrogation statistics such as the number of competing juniors in the siemens atomic number 99 and also the amount of tennis academies in that area. This will hence help me gain a competitive advantage over my competitors.Market ResearchMarket Research is used by a business to movement and find out what people compulsion and also what competitors and doing and planning.M arket Research helps find out who the customers are, whether they will like the product, how the business tummy be promoted, how much the customers free to pay, what type of customer will be interested, how the profile of the customers can be built, whether the business is in the right kettle of fish and how the products will be distributed.There are cardinal main ways of conducting question. Field/ primitive research is used to find out new information, and Desk/Secondary research is useful for looking at an entire market, and analysing trends for succeeding(a) reference. I will use twain to research how my business can best carry out its goals and how it can beat competitors to getting customers.Field/Primary research is the branch of manually entering the population and inquire first hand questions. The advantage of victimization this method is that it is peculiar(prenominal) to my business, marrow that it is up to date and germane(predicate). This means that I can a sk any questions on any subject, and receive answers that are highly relevant and suitable for my research. There are many techniques which can be used, such as surveys, questionnaires and interviews. I believe that by conducting the research in the area where my business will be situated, I will achieve the most relevant and suitable results. However, to keep in line that the selective information is accurate you need to use large field samples which can be expensive and very time consuming.Desk research is useful for looking at an entire market, whilst analysing past trends for future reference. For example I would have to look at the trends of tennis academies across Britain. Desk research has already been researched and accessed by other companies, so it wherefore already exists and therefore it takes no time to conduct or find the info you desire. The data can be accessed through the internet, newspapers, presidential term records and market research. Desk research is good because it is aristocratical to obtain and it is cheap. The disadvantage is that it is not specific or relevant to your business. It can also be biased or out of date which severely affects the reliability.I will try and collect Qualitative data so I can thusly see exactly what people involve, as well as their thoughts and feelings. This will and then help me hold up what customers want which will help me gain an edge over the competitors. I will do this by interviewing a select amount of people and finding out what they look for in a tennis academy. The questions asked will be based on how much people will pay, how the location will affect their decision and at one time again what they look for when investing in a tennis academy.After I have tramp up out the information, I will access it and make it relevant to my business. By astute what customers look for in a company, I will know what to include when I am trying to promote my business. For lawsuit if a raft of people want indoor courts to make sure that it can never be cancelled or so that there infant can play all year round, I will make sure that the fact that my academy has indoor courts is highly publicised. to a fault, by knowing what customers want, I will have an advantage over my competitors.Evaluation play of Competing JuniorsBerkshire-149Essex-343Hampshire-274Kent-338Middlesex-450Surrey-536Total number of competing juniors in the south east-2090Information obtained from www.lta.org.ukJuniors includes all players born in 1990Tennis academies in the south eastClive Asprey Tennis Academy-AldershotSutton Junior Tennis CentreThe National Tennis Centre-RoehamptonWin Tennis-Bisham AbbeyEsporta-CroydonWestway-LondonThese are all TENNIS ACADEMIES this does not include any LAWN TENNIS CLUBS. Lawn tennis clubs are open to any people and are therefore not relevant to my business. These academies are my main competitors because it is invitational only. There are roughly 2000 competing juniors in the South East and there are six tennis academies (not including my academy) in this area. Therefore on bonnie there are around three hundred small fryren to every academy. obviously this would not be the case in reality but it gives a good idea of the Academy/Player Ratio.INFORMATION OBTAINED BY WWW.YELL.COM beginning(a) Interview1) What are the 3 main things that you look for in a tennis academy?The three main things I look for are the ability for the academy to get my pip-squeak to its fully potential, therefore I know that I am paying for excellence and I know my moneys being put to good use. The ability to play all year round is very of the essence(p) because I therefore know that sessions can never be cancelled out-of-pocket to weather and my child can therefore train all year round. lastly the coaches have to be highly dependent and I would like to know a bit roughly them so I know that they can emphasize with players when they are going through tough times.2) How w ould the location affect your decision of where to dart your child?There would have to be good roads such as motorways because obviously I dont want to be break downling all the time. in addition if my child is of an age that he could travel on his own, I would like there to be easy to access buses and trains for him/her to use.3) How fundamental is the cost of the tennis academy?I wouldnt mind paying a lot of money as massive as the results were shown. Also if I had a younger child, I would want to pay less at first until I see that he/she was improving and that he was committed. As he/she improves I would be more inclined to pay more.second Interview1) What are the three main things you look for in a tennis academy?I would firstly look at the academys credentials, for display case its results of members, and the proof of its results. It would also have to be good value for money, so therefore I would need to be seeing an improvement in my childs progress. Also the location is of the essence(p) because I dont wish to be traveling all the time.2) Why is the location an important agent in choosing where to send your child?I have got a busy life and I dont wish to be locomotion all across the countryside after Ive had a long day at work. It has to be easy to attend so therefore good transport links are vital.3) How important is the cost of the tennis academy?Obviously there is the factor of whether it can be afforded but the price is not important. I would have to see that my money is being put to good use so therefore the coronation has to match the progress.3rd Interview1) What are the three main things you look for in a tennis academy?I look at the facilities of the academy, for display case whether it has indoor courts. I would also like to know the standard of the players that attend the academy and the undercoat of the coaches. The attitude and the atmosphere of the academy are crucial because I have to know where I am sending my child.2) Is t he location an important factor in choosing where to send your child?Obviously I dont want to be locomotion too much and it has to be reasonably local otherwise well spend more time travelling than actually playing. Also I dont want to be paying a case for the transport fees, for instance petrol or train/bus fares on top of the price of attending the academy.3) Is the cost important?The cost is obviously very important otherwise our whole life would be being run by tennis. I would prefer to pay less at the bread and once I have seen an improvement or a allegiance start to increase the price.Evaluation of QuestionnairesI have found out that what most people want is value for money. This means that however much they put in, they want out. This therefore means that the more they pay, the large the improvement in their childs ability they would expect to see. Therefore I think I will give special offers to new customers, such as they get the first term half(a) price so that they k now that it is what their child wants to do and also if they do not see an improvement they have the prospect to pull out. This was suggested to the people that I interviewed and it seemed a popular idea.Secondly, they found the factor of indoor courts crucial as that meant they could play all year round. As my academy would have this facility, this is a good thing, however many other academies have indoor courts and this therefore does not separate us from our competitors. umteen people thought that the location was an important factor. Many parents have busy lives and they do not wish to be travelling all over the place. My academy is situated in a place with good public transport links, there are twain train stations within two miles of the academy, and it is situated two miles from the M25. This was once again explained to the interviewees and they seemed to be in spare of the placement of my academy.Many people didnt mind about the cost of the academy, as long as they saw t he results. This was fey upon earlier and I will use a penetration pricing method, which means that I will make the price quite low at the start to try and draw customers in and then increase it as they see an improvement. This was a major aspect that the people that I interviewed would look for in tennis academy and this will help me gain that competitive advantage.Overall the research I conducted was extremely useful as it told me what customers wanted and needed, as well as self-aggrandising me statistics that would help me gain a bit more knowledge in this type of business. I found out the amount of competing juniors in the south east, as well as the number of academies. It also told me how customers felt, for instance about the price and location of the academy. The information I have found out will help me in making the decisions about the academy, such as the pricing, structure and promotion of the business.Conclusion/JudgementOverall I believe that my tennis academy will w ork. There are six full time academies in the South East, not including my one, and there are over two thousand regularly competing juniors in the same area. This means that the ratio of Academies/Players is 6300. Obviously in reality some academies have more players than others because of character, facilities, transport and cost.My academy has state of the art facilities, as explained earlier. It is also situated in a place where there are good channels of scattering and good transport links. This means that customers will be attracted because it is easy to get to.The cost will be determined by a Penetration Pricing Method. This means that my prices will be low for new customers, so that parents then know that their child is improving, or enjoying the experience. Most parents interviewed wanted their money to be payed back through improvement of their childs development. Therefore if I charge low prices at the start, for instance half price for your first term, and the child mak es a big improvement, the parent is more likely to want to pay more from then on. If the child does not improve, the parent will then be giving the option of continuing with the programme. This will then help company/customer relations. This will then help my academies reputation, which will then attract more customers. As my academies reputation builds, more profit will come in and we can start charging higher prices.To help promote my academy, I will seek sponsorship from sports companies such as NIKE, Adidas, Wilson, Babolat, Prince, forefront, Dunlop, TTK and Lacoste. I will also sell official Academy merchandise such as raising kit, match play kit, and tracksuits which will be worn to tournaments by players and other players will see them. This is a way of free advertising as the children/parents would be paying for the kit and wearing it around showing it off to other players and parents. I will also look to gain reenforcement from the Lawn Tennis standstill who gives fund ing to academies that have regularly competing juniors. These are called Satellite Clubs and they are given funding which helps pay for the costs of balls, rackets and other training equipment. As my academy builds in reputation, I will look to gain more funding which will help me make more profit.Overall there is a lot of potential in this product. I believe that people will be attracted to my product because of the facilities, inwardness the product itself the price, essence that I will make it cheaper at the start to draw customers in the promotion, for instance the official merchandise that will be seen in tournaments and finally the place meaning the channels of distribution. This will attract customers because of where it situated, meaning that it is easy to get to. However my tennis academy does have a lot of competition, which means that I will have to use the knowledge that I found out through the market research to help gain the competitive advantage over my rivals.