BU402 Small Business Management Plan

BU402 Small Business Management Plan
Supply Chain Management And Financial Plan
Running head: ASSIGNMENT 3: PROMOTION AND PRICING STRATEGIES 1
ASSIGNMENT 3: PROMOTION AND PRICING STRATEGIES 6
Assignment 3: Promotion and Pricing Strategies
XXXXXXXXBU402 Small Business Management Plan
BU402 Small Business Management Plan
BU402 – Small Business Management
Prof: XXXXXXXX
May 24, 2019
The target market for Dream Chasers Learning Center are families who have one or more children who have reached a school going age. Even though the business will target specifically families who live in Wuhou District, there will be no limitation on the geographical location since learners can easily access the facility using various means of transport. Due to this, the target market will also expand to other surrounding districts in the region. One of the essential characteristics of this target population is their willingness and financial capability to cater for learning expenses for the students. The business will specifically target the middle income and high-income families when it focuses on improving the market. It is because they have a higher capability of enrolling to the institution and investing in the education of their children.
BU402 Small Business Management Plan
Studying the customers’ needs and wants will improve the business as it will be able to deliver services which are relevant to the target population. There are different methods which can be used to research customer needs and wants. The methods selected will depend on the type of information or data which will be gathered and its usefulness to the business. One of the essential techniques which will be utilized is customer surveys. There are two approaches which will be used when conducting studies; these include questionnaires and key informant interviews. Various questions related to how the customers perceive education and learning in the region will be included in the surveys. For the inquiries, community members will be randomly selected from different working environments and organizations which reflect the characteristics of the target market — for example, people working in public offices and private organizations. Questionnaires will be sent through emails. On the other hand, key informant interviews, on the other hand, will involve those customers who work in organizations linked with the education field. It will include community leaders and government officials.
The second method which will be used to research the customer needs is observation. It is an essential method since it gives the researchers firsthand information about the market condition. Researchers will observe the customers behavior, attitude, and trends as far as learning in the region is concerned (Pride,