Business Studies Extended Response

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Business studies extended response
Helen’s is an upmarket fashion boutique store in Sydney’s east. Falling sales have been reflected by surveys that reveal consumers view the business as outdated and no longer relevant to consumers’ needs. Strong competition in the area has placed considerable pressure on pricing. The business’s target market, 50-65 year old females, no longer dominated the now younger demographic character of the area.
Develop a marketing plan for the business that suggests how Helen’s may improve its performance.
It is possible that Helen’s improve its performance by developing a market plan which includes an executive summary, a situational analysis, the establishment of a market objective(s), identifying the target
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A general increase of revenue each month will prove that the business’s new strategies are working effectively.
• Asking consumers for their opinions through surveys or conversations in the store is honest feedback for the business

A-Achievable:
• The goals the business wishes to achieve are not far from reach, the business has been around for a long time and is now at its maturity stage hence it has the required finances to pursue its goals
R-Realistic:
• The objectives the business is set to achieve are very realistic and can be achieved within a short period of time
T-Time:
• The time frame the business is to achieve its objectives is maximum one year, through effective advertising the business will be able to achieve its objectives within a few months.
Identifying the target market: the business’s target market is 50-65 year old females, however this is not appropriate anymore for the current demographic characteristic of the area the business is in. The business’s market segment must be encompassing of younger females as well. The business will include clothing that is suitable for females from the age of 20 all the way to 65. The business is known for selling clothing that is targeted at older women; hence it is essential that the business’s original clothing range is not completely abandoned. An expanded range which caters for women of all ages is more appropriate for the
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