Market Research and Business Plan
Introduction There are several recreation companies that offer their services at higher costs due to the foreign influence and market saturation. It created a need for the formation of a recreation company that caters for the poor in the society. This business plan responds to the need of making an emphasis on starting a company that deals with recreation services at an affordable price (Raymark, 2007).The market research and business plan revolves around the creation and implementation of how the locals can also access cheap recreation services.
This company is named Banje Company, it is located in Kenya, and it will ensure that consumers enjoy natural environment recreation services (Rothstein, 2001). The Banje Company should be reviewed and tested before being fully incorporated in the market (Cameroon, 2009).The cost of market research is sometimes high; hence, most of the companies forego this stage. Moreover, other companies are afraid of negative feedback from the market research results (Louis, 2009).It is inevitable and companies should ensure that they dwell on the positive results while trying to improve the negative ones. Banje Company is expected to attract several consumers.
Purpose Statement The purpose statement of Banje Company is to build a recreation company that offers distinct and cheap services that are not offered by the other recreation companies. The company will focus on cutting down the price of their services. Statement of the Problem This will focus on the identifying the services people like as well as population available on the location of the business. The Banje Company should also determine the cost of the other companies in order to lower them. The level of competition is determined at this stage.
The price of the existing recreation companies had its fair prices since the firm was started. It caters for all their consumers and maintains the stiff competition with other recreation services. Sometimes, the difference in the price they charge for the services is minimal in order to maintain the consumers. It means that though there is a difference in the price probably an increase, there is a small margin compared with the original price (Korotayev, 2006). The new recreation company should also follow suit for the purpose of testing and making it known to the consumers.
The proposal of introducing a new product into the market fits in the Banje Company scenario since there is a need for change in the normal recreation services offered. It is an overall idea that gives a good indication of the company’s innovative ideas. Product Planning- Opportunity Specification Product planning is the key part that should be considered before initiating a given product or service to the marketplace. For instance, recreation services are a rampant idea in the contemporary society. The recreation companies have contributed to international growth as well as satisfaction by identifying new links to establish their companies and make their services readily available to the consumers.
The existing companies have had a positive impact on the clients and contributed to the best ranking standards of such firms (Matt, 2011).The performance comparison of the existing recreation companies is at the topmost compard to other companies. Some other companies still rug behind due to poor trade and consumer handling methods. Description of the Banje Company Banje Company will be designed in an appealing way to its clients. Anyone enjoying his/her free time in the Banje Company will be attracted by the kinds of services available (Gregory, 2003). Banje Company also provides all the necessary information and address of where one can locate them as well as the location of their headquarters.
It goes hand in hand with creating a website for answering and asking questions from the consumers. Mission of Banje CompanyBanje Company aims at offering the best recreation services to clients (Bennie, 2008).There are a lot of people with much anticipation about recreation but lack the platform to enjoy them. Therefore, Banje Recreation Company will serve as a leisure ground for them. The opportunity specification of the Banje Company includes several items for the market research as well as the business plan, which should be allocated with adequate time and resources.
This duty requires professionals for it to be a success and for the estimated resources to be utilized. It includes collecting both crucial and secondary data. The primary information gives an insight the general idea of how to introduce Banje Company in the market and requires less time. This stage includes the compiling of information gathered from various personnel during a field study. The feedback from the primary stage prepares one to the next stage. The secondary research enables one to acquire information through collecting reports, statistics, as well as information from other competing organizations.
Banje Company is expected to invest huge sums of money in the market research since without it, their services are doomed. It means that for Banje Company to prosper and made accessible worldwide, an intensive research has been carried out. The market research includes acquisition of data from the Internet as well as international libraries. Most of the libraries provide useful material for the market research; hence, the professionals should become acquitted with the reference section that provides the adequate data. It also includes the consumer data statistics, which gives the estimation of the returns to expect from the new Company (Joel, 2000).The stock exchange markets provide this information as well as the business news from the media houses.
Such business planning consumes adequate time as well as money, but it is worth the task. The opportunity specification also involves the government guidance of Banje Company through carrying out a market research based on the population density as well as the level of resources distribution through the census act (Quinn, 2009).This insight is usually free since the government provides the data available to the public. The population density of a country or a state helps the market researchers to determine the amount and the cost they should invest in a particular geographical area. The economic census carried out after a period from five to three years aids in the researchers finding out how Banje Company fairs. The fact that Banje Company is not entirely known by a wide majority of people does not make a huge difference to Banje Company (Roberts, 2011).
Banje Company has an assurance of getting more profit once thhey heavily invest in advertising. It makes Banje Company confident of investing in business plan along with research. The expected payback of the new product is high profits alongside high level of awareness due to the cost of market research included as mentioned above (Aubrey, 2010). The task the company should fulfill includes convincing the consumers about the new recreation Company by referring to the previous success of the firm and the best products sold worldwide. The technique I would use to staff the proposal of introducing Banje Company in the market is by offering to advertise it (James, 2008).
Unless a company embarks on a well planned advertizing, the new products become unknown to the consumers. It is an obligatory process in the business world (Campbell, 2004). Banje Company should have the best advertising strategies and involve a lot of channels through which the information is passed on to even the remote consumers. It implies that the accessibility of Banje services should be easy to make it available for testing. For instance, Banje Recreation Company could offer free services for a while at diverse places. It would either be completely free or a situation where the client is offered free services (Fekete, 2001).
Consumers need such sensitization in order to be encouraged to buy more. It will ensure the company gets more profits on the new product more than the anticipated turn out. The above business proposal of trying out a new recreation company is suitable to be included in the future planning of the same company. Whether the outcome is positive or negative, the market research should not be ignored (Morgan & Dandridge, 2001).The research team should always be equipped with the right information about the new product in order to give the consumers the expected outcome.
Moreover, the market demographics are linked to the new researchers while the data that is obtained from them becomes a key reference. For the future prosperity and inclusion of the business ideas, the data should be sought by the experts and kept intact for the recreation services testing (Martin & Siehl, 2004). It will make the company save on the money set aside for this project as well as get used to the process.Future Plans Banje Company intends to make the world of business a global village (John, 2003).It makes sure that one does not necessarily need to create a company physically to sell and buy goods.
The recreation company intends to incorporate countless people so as to network properly. The firm also targets the fresh graduates from colleges and universities to incorporate fresh ideas and expand the company. In conclusion, the market research and business plan entail careful study of the area and the consumer demographics. The several channels, from which one obtains the data, should be adequately utilized in order to meet the target market (Allen, 2001). Thus, market research is a vital stage during product trial and the future planning of the business.
The introduction of Banje Company is aimed at making a difference from the previous market researches by employing the contemporary technology, which will ensure that the company is at par with the other competing firms (Ferrell, 2005). There is a common notion that change is inevitable in the world we reside, hence, the firm is not an exception. With the right goals and objectives of Banje Company the other guidelines follow suit. The price will be determined by the demography of the market.