Marketing Report for Opening a Fast Food Business
SUBJECT: Opening a new fast food restaurant
1. BACKGROUND INFORMATION
From all the research I have carried out I have been able to find out
what people want and what the competition is like. This information
links back to my original task, of opening a new business and make it
survive. This links in because in order for my business to survive I
will have to know what the people want and how I am going to persuade
people to but my fast food rather than the competition’s fast food.
Marketing mix is the combination of factors that help the business
sell their product. These four factors are the product, the price, the
place and the promotion (also known as the 4 P’s).
It is important for my business to get the marketing mix right because
if you don’t sell the right product the product won’t sell and
therefore you won’t make a profit. If you don’t sell your product at
the right price, either you will make it too high or too low. If you
made the price too high little or no people will buy the product
meaning you won’t make a profit. If you made the price too low then
you may sell a lot of the product but you wont make a lot of profit
because you are selling at a low price.
As well as the product and the price being an important factor, the
place you decide to sell the product is very important. It is
important because if you try to sell your product in an area with a
low resident population there would be no one to buy your product and
again causing you to make no profit.
The final factor to consider is promotion. The promotion you choose to
use for your business is very important. If you don’t use any
promotion, then people won’t no about your business and again you
won’t make a profit. Choosing the right form of promotion is also very
important. If you had found out from a survey that 9 out of 10 people
listen to 1 particular radio station, for example radio 1, and then
you advertise your business on a different radio station, for example
SGR Colchester, then people may not know about your business. And this
therefore would mean that you wouldn’t make any profit because you
promoted your business on the least popular radio station.
All of these factors are important and one of them doesn’t work
without the other three as well.
A product is a good made or a service provided by the business. For my
business as a restaurant I had several options of what I could sell in
my business. These were my options: Pizzas, burgers, chicken, chips,
kebabs, pasta and sandwiches. I could also have a choice of what
toppings I could put on a pizza, these options were: Margarita,
Pepperoni, chicken, meat feast, Hawaiian or vegetarian. As well as the
burger and the fillings I also had a choice of what type of...