Ron is planning to set up a restaurant - HSC - SSCE Business Studies - Question 21 - 2002 - Paper 1
Question 21
Ron is planning to set up a restaurant. He has undertaken market research which revealed that the proposed location for the restaurant would suit business people or ... show full transcript
Worked Solution & Example Answer:Ron is planning to set up a restaurant - HSC - SSCE Business Studies - Question 21 - 2002 - Paper 1
Step 1
Identify Ron’s TWO possible target markets.
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Business people: This group includes professionals such as corporate executives, entrepreneurs, and employees working in the nearby business district who may seek dining options for work meetings or quick lunches.
Families with young children: This target market consists of parents looking for a family-friendly restaurant that offers accessible meals and a welcoming atmosphere for kids.
Step 2
Describe TWO factors that Ron may consider in selecting his target market.
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Geographic Factors: Ron should assess the local demographics, including the population density of families and businesses around the proposed restaurant location. This will help him understand the potential customer base and their availability.
Behavioral Factors: Understanding the dining preferences and habits of the target markets is crucial. Ron may consider factors such as the frequency of dining out and spending habits of both groups to tailor his offerings effectively.
