Market Research Plan For A Bicycle Shop Essay examples
I will be assessing Abdul’s market research plan for his Bicycle Shop and advising him on what he could do to improve it, to make his business as successful as possible. A Market Research Plan is a plan compiled by potential business owners who are looking at opening a business. It helps them find about the area around them and also what people would be more likely to buy.
A competitor is a business entity that competes for business in the same or a similar business area to another shop and Abdul originally said he would ‘Look up the competitors within five miles of where [his] business will open.” The place his business is opening is going to be Wombourne (see Appendix 1). Wombourne is about 2.5 miles long, which is why I believe that a 5 mile radius is not a big enough range for Abdul to search. Instead, I believe that he should search in a 10 mile radius. After attempting this myself (see Appendix 2) I found that there are many shops within a 10 mile radius of the center of Wombourne, but I have narrowed it down to three main competitors (see Appendix 3). This 10 mile radius would enable Abdul to see the shops surrounding the Wombourne area and also see if those competitors offer a service or product people from Wombourne are willing to travel for. This would be good for the business because Abdul could then offer that same service, which would draw more customers in and help create more profits. However, if Abdul decides not to change his plan,…