21 May WHAT TYPE OF MARKET RESEARCH NEEDS TO BE COMPLETED?
- Conduct a break even analysis on BOTH options using only the costs provided. (Worth 20 Points)
- HINTS:
- Be sure to break it down to how many customer sales are needed per HOUR or per MONTH, based on the operations of the business.
- Do some research. How do the average sales compare to other competitors for example?
- Attach a chart with your calculations. (Graphs are not necessary – Just show details of your math!)
- Discuss which option you believe is the better investment: (Worth 10 points)
- Which plan seems more feasible?
- Is he missing any possible expenses?
- Other issues, suggestions, or changes you might explore?
- Pick one option and develop a Marketing Plan for the business explaining the following:
- What are the four P’s involved for this venture? (Worth 4 Points – 1 points for each area)
- What type of Market Research needs to be completed? (Worth 10 Points)
- What type of Market Segmentation would be appropriate? (Worth 10 Points)
- What type of Pricing Strategy would be appropriate? (Worth 10 Points)
- What type of promotion would be appropriate? (Worth 10 Points)
- HINT: Use terminology from Chapters 13 & 14.
- Cite one outside resource that might help your argument that your friend should pursue one of the options. (Worth 6 points)
- Your final recommendation – Do you think your friend should pursue the hair salon, fitness center, or neither? Why? (Worth 5 Points)
- List any research sources in MLA format. (Worth 5 Points)
- Spelling and Grammar Corrected! (Worth 10 Points)
- HINTS:
PAPER FORMAT REQUIREMENTS and ORGANIZATION:
- Page 1-2: Executive Summary – No longer than 2 pages.
- Double spaced
- 12 points Times New Roman, Arial or Tahoma Font
- In top right hand corner list:
- Your Name
- Date
- BMGT1101
- Page 3 and thereafter: Charts with Break Even Analysis Calculations
- Do not use a separate Excel document. Must be included in one Word Document after the Executive Summary.
- Last Page: Any sources listed in MLA Format
SUBMISSION REQUIREMENTS:
- Submit to Turnitin.com by the due date.
- Submit to Blackboard links and attach your Word Document by the due date.
Should be attached as one document!
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