Sports Market Research Essays

Sports Market Research Essays Sports Market Research Essay Sports Market Research Essay Marketing is not just selling a product, it is lot more complicated then that. It is researching the market and finding what customers want, developing products that will satisfy the customers, getting the right price to attract customers, and selling your products in convenient place. Product, price, place, promotion are the 4Ps in marketing. They are all important. If your product doesnt satisfy your customers, you wont be able to sell your product because no one wants to buy a product that doesnt satisfy them.If your price is too expensive, people may not buy. If there is no promotion, it will be hard to get customers interest, so fewer products will be sold and so it will be hard to break-even. The business that I am setting up is a sport shop called Sportsmania that sells different brands of sportswears and different types of sport equipments. Also, it sells some famous football, basketball clubs uniform, and if you want, you can order to put a certain name.(It can be your favourite football or basketball player or your name. ) The business will be a partnership between me and my family. The total number of partners will be ten. I am allowed by law, twenty partners but ten is enough for my business. An advantage as setting my business as a partnership is that I will be able to have more capital than sole trader. But still I will have unlimited liability, which means if my business has financial difficulties, I need to sell my personal possessions, to cover the debts.Then I will try to make other partners as sleeping partners, which will make other partners limited liability so that they would not lose their personal possessions. However, the main idea that I am trying to turn other partners as sleeping partner is that I will be able to make my own decision, and also quick decision could be made, which eventually will make my business run faster.Promotion and different types of strategy will be needed to persuade people to buy my products and also getting peoples loyalty. Then my business will survive against other sport shops. As it opened right now, it will be hard to make a profit as Hong Kong is in economic downturn, which means that people have less money to spend. There are many sports stores in Hong Kong, so this constraint will affect my pricing. If I price too high, it will mean less people will come, as they can buy the same sports equipments in lower price, so I must me concerned about the pricing.In this project, I am going to consider a number of promotional methods, such as newspaper, magazines or maybe the Internet. These methods will have mass appeal, but it will be expensive, while promoting with coupons, billboards would not have that much mass appeal compared to the newspaper, but it is cheaper. Methodology I will obtain my results by giving my questionnaires to people by selecting them randomly. I will give my questionnaires to 25 people.As my shop is a shop, selling sports equipment, my target market will more likely to be teenagers, so I will try to give my questionnaires to teenagers. I will give some to matured people, as they will buy sports equipment, too. In my questionnaire, it will ask what kind of sport you like most, to find out what type of sport, they are interested in. For instance, if 20 people out of 25 answered they like football, it will be better to advertising my shop by using football players, rather than basketball players, as people get more attracted to something that they like.It will ask what kind of media, they are watching or looking at, so that if I advertise my shop through that media, they will more likely to see my advertisement. I did not included television in my advertising method, as it will be too expensive, so I will not be able to afford it. I will try to get some desk research, which is secondary research that was used before. I will search through the internet, to find out, if there are any secondary researches that I can find which is relevant to my business.