Place- the more stores there are the more customers one is likely to have, especially a corner shop as people pop into those on a regular basis so on the road is easy to get to. Having a parking may also prove to be useful yet if the shop is a corner shop there is no need for that as those are made for pedestrians, yet a store such as Tesco’s or Brent Cross should opt to maximise their parking facilities as it would attract extra customers. Finally been in an area which is easy to get to would prove to be helpful as people may feel safer going.
Product- a wider variety or range of products will enable the customer to feel as if he can get what he wants when coming to the store and won’t have to get worse quality food because there isn’t the brand he wanted. Also the stock levels is important as if there isn’t enough of what one wants he may feel as if the company is unreliable and may not repeat purchase, yet if they have too much, some potential customers or shareholders may punish them for wasting too much food yet another issue is that it will use up more money than it should which could hold back the company.
Price- This is what most stakeholders are interested in. On average, the lower the price, the more customers you are likely to have. Yet if the prices are too low of course one your customers may feel there is something wrong with it and too you may not be making a substantial amount of revenue to cover the costs. If they are too high they may push away customers who will easily find a cheaper place to go.
Promotion- This is when you publicise your services or products or attract people to your store. This means not only does it somehow need to attract the eye of the public, but it needs to have something that will made the public want to use the service or come shopping to wherever is being advertised. This could be the most important as it would get a larger amount of customers yet it could come back to haunt the if it fails as it can cost a lot of money.
An idea for an advert campaign could be to deliver leaflets, to all the local residents by post with information about what they do and how to get hold of one of the DJs. Also it must include the prices.
A second advert campaign could be to put up adverts on numerous different music websites for example vevo and YouTube as these websites could be associated with people who are looking to find songs to play with their friends at their party. Also they could put up adverts on google when one types in the search bar parties for 18 year olds and marriages.
Finally a way to promote sales could be to advertise their number and website on music channels such as sbtv, packman and viva. In these adverts they could show some samples of what songs they would play in different circumstances.
The leaflet campaign is by far the cheapest option in the three yet is also the least effective as it is only local which limits the business. On the other hand as it is local the business can grow slowly and get more staff as they grow through word of mouth, yet they must believe that people will be pleased with what they have to offer. Both of the next two ideas could prove too costly as for now the business is only small scale yet they could get a bank loan and risk it, paying back the loan with the profit they would hopefully make. Another issue with the last two ideas are that they are long term and could take time before people act upon the adverts. This would mean the business should be able to make a sufficient amount of money to be able to pay