Table of contents
1. Executive summary 1 2. Introduction on Research and case methodology 2 3. Reasons and Effects of carrying out a new business 3 4. Relevant strategy and tactics 7 5. Conclusion 10
This report was commissioned to examine carrying out a new business – Music Cafe Music cafe, unlike a typical record store and cafe will provide the consumers an atmosphere they have never experienced before. Through the aggressive marketing tactics the company will attract high traffic of consumers in the community, mainly college students, to create an outstanding place to socialize, drink coffee, listen to and buy music. Music Cafe consists of two venues, one is allowing customers to listen to samples of an artist CD. Music Cafe will provide an exceptional service by having an outgoing and enthusiastic sales force that has a good knowledge of music. Satisfactory customers will create an atmosphere for customers to come back for more, thus making music cafe a successful and profitable business record store and the other is cafe. The venues provide music CD, accessories, coffee, drinks and pastries to the customers at a reasonable price, and the target market would be students, office workers, residents of the community, and tourists. The cafe will create some of the desired revenue for the business; however the main source of revenue will be from sales of records and accessories. Since music cafe will be opened on 20 January 2015 , it will be designed to match the demands of customers who can’t get enough of music and coffee. It will be the most updated record store in New York City. The essential planning elements are identifying the objectives – Market Research on SWOT analysis, Surveys, Q & Q Research, statistical analysis and the business Aims such as what is going to be sold, to whom, when and how is it going to be sold. Also, how much contribution the sales will produce, what are the vision and missions of the company and carrying out a primary research about the local target market, buying patterns and preferences, local competitors, their prices and service offerings.
Introduction on Research and case methodology
Research and case methodology is the technique, behavior and instruments used in research operations. In other words a range of approaches used to gather data such as questionnaire, interview, survey, analysis of records and case studies. Methodology helps to understand not only the product but the process itself. The benefits of research and case methodology is it develops special interest and skills, helps to understand attitude of others, creates awareness of special needs, find out things which have not been discovered yet. Criteria of good research include; Sufficient interactions
Reliable outcome measures
Appropriate statistical test of significance
Adequate secretarial assistance including computerial assistance Procedure enumerated to keep continuity
Adequate analysis of data with appropriate methods of analysis Confidence, competence/reputation, experience, honesty and integrity of researcher Justify conclusion with data
Research is an activity caused by instinct of inquisitiveness to gain fresh insight, find answers to questions and acquire knowledge. In a broad sense everyone does research, but don’t write it up; without trustworthy and tested published research available we are dangerously lost in the experience and opinions. Why Research? To face challenge
To solve a problem
To serve society
Research methods contain collection of data, statistical processing and analysis (test) and evaluate the accuracy of the results obtained. 2
Reasons and Effects of carrying...
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