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Feasibility Study - The Odiham Project
A Stewart Scott Assessment
Background..........................................................................................................................4 Objectives............................................................................................................................5 Primary Objective............................................................................................................5 Secondary Objectives.......................................................................................................5 Objective One..............................................................................................................5 Objective Two..............................................................................................................5 Objective Three............................................................................................................5 Objective Four ............................................................................................................5 Objective Five..............................................................................................................6 Objective Six................................................................................................................6 Analysis of Demand Research.............................................................................................7 Concessions......................................................................................................................7 Ages Ranges.....................................................................................................................7 Former Martial Artist Ratios............................................................................................7 Bibliography........................................................................................................................8
Background As a resident of Odiham, and a martial arts enthusiast, I have noticed a distinct lack of a martial arts supplies retailed in Odiham. More in depth consideration, and perusal of the high street has lead me to believe that it would be feasible for the following reasons: • Martial arts such as Qui-Gong and Tai-Chi are used to treat various conditions associated with age, this knowledge coupled with the local demographics I have observed lead me to perceive a gap in the market. • Not only in Odiham, but the whole county is lacking such a retailer, and with a successful promotion strategy, customers would be plentiful. • There is also a distinct lack of competition, and the market has low barriers to entry, making market relatively easy to penetrate.
As you can see, the chosen towns are situated very closely together, with trains and roads connecting them all, and as someone who walks to Winchfield and back daily, I can safely say it’s not hard, or it shouldn’t be for people with martial arts body conditioning. It is also the case, that due to the closeness of the towns, that martial arts classes will contain people from towns other than the one in which the class is situated. This will not only help spread the word of mouth promotion from region to region, forming a web as I expose multiple classes to my marketing strategy.
Objectives Primary Objective To undergo a feasibility study into the potential of opening a martial arts retailer in Odiham.
Secondary Objectives Objective One ‘Research demand levels for a martial arts retailer in Odiham.’ This objective will involve questionnaires to random people on the street in the following locations; • Fleet • Odiham • Winchfield • Hook As well as asking enthusiasts in local dojo, presenting them with the same questionnaire, but also asking them about far less static opinions. These results will then be analysed, and the potential demand evaluated.
Objective Two ‘Investigate local competition levels and evaluate threat levels’ This objective will involve perusing the local high streets of the four locations from the first objective, as well as using answers obtained from the questionnaires and conversations, also attained in objective one. This data will be analysed and the threat level ascertained.
Objective Three ‘Research supply levels and establish a pricing strategy’ This objective will involve using both the prices from suppliers for stock demanded and the prices suggested by my potential customers (found in objective one) as well as the prices of my competition (if any(found in objective two)). PED will also be taken into account.
Objective Four ‘Research the total costs of the initial set-up of the business’ This objective will involve estimating refurbishment costs of the premises as well as the initial cost of the rent.
Objective Five ‘Calculate the overall costs, revenues and thus profits of the business’ This objective involves calculating total revenue, which can be found by “Average turnover per sale * Number of sales” as well as the initial costs, and the subsequent ones, which will both use the formula “fixed costs + variable costs”, but the initial costs will include one-off payments. The contribution could also be used to find the breakeven point.
Objective Six ‘Confer with the local herb shop, and sensei to try and establish trade agreements’ This objective will involve lengthy discussions with the above potential stakeholders, so as to try and not only avoid competition, but also allow for a firm customer base, and word-of-mouth promotion.
Analysis of Demand Research Concessions The questionnaires were only answered by 100 people, this is a very small test group and could well raise concerns as to the impact of anomalous data. The comments from the Sensei are my other form of primary data, and are in my mind, highly accurate as many (most notably Jon Wicks) have been in the industry for quite some time and as such have a fairly fluent knowledge of the status quo in the market.
Ages Ranges Looking at the data that I collected, it would appear that much of the population are either above, or below middle-age. This would lead me to identify two major customer groups, the elder customers, who are more likely to value far ‘softer’ martial arts, with the aims more around health benefits (My figures support an interest for this) and as such, would be more interested in books, and medicinal herbs. The other group, younger range of customers, are more likely to be interested in hard, combative arts and as such, my store would have to stock weapons and possibly offer a post-board system that could help students find sparing partners. Increasing the amount of entrants to my store.
Former Martial Artist Ratios As I suspected, there are many people who are not martial arts. If, however, my search is representative, and indeed, 17% of the population of Fleet, Hook, Winchfield and Odiham are indeed current, or former martial artists, if these figures are representative of the whole population (41,281 people), then there are 7017 people who are likely to be interested, and might well pass the word of the store around even if they don’t buy anything. This data leads me to believe that asking martial artists with whom I am acquainted with, to perform demonstrations in Basingstoke high-street wearing gear that I would be selling, possibly even allowing bystanders to try the gear on for themselves, adding to the personal touch that appeared to be highly valued by my test subjects.
Bibliography Local martial arts classes http://www.guildford.gumtree.com/guildford/02/6643902.html http://www.su-ha-ri.co.uk/main/index.php? http://www.sarahgoodall.co.uk/ http://www.fleetaikidoclub.org.uk/ http://www.martialartsclubs.com/byarea/hampshire.php Proof that certain arts befit the aged http://www.martrix.org/Gigong.pdf
A Stewart Scott Assessment
Background..........................................................................................................................4 Objectives............................................................................................................................5 Primary Objective............................................................................................................5 Secondary Objectives.......................................................................................................5 Objective One..............................................................................................................5 Objective Two..............................................................................................................5 Objective Three............................................................................................................5 Objective Four ............................................................................................................5 Objective Five..............................................................................................................6 Objective Six................................................................................................................6 Analysis of Demand Research.............................................................................................7 Concessions......................................................................................................................7 Ages Ranges.....................................................................................................................7 Former Martial Artist Ratios............................................................................................7 Bibliography........................................................................................................................8
Background As a resident of Odiham, and a martial arts enthusiast, I have noticed a distinct lack of a martial arts supplies retailed in Odiham. More in depth consideration, and perusal of the high street has lead me to believe that it would be feasible for the following reasons: • Martial arts such as Qui-Gong and Tai-Chi are used to treat various conditions associated with age, this knowledge coupled with the local demographics I have observed lead me to perceive a gap in the market. • Not only in Odiham, but the whole county is lacking such a retailer, and with a successful promotion strategy, customers would be plentiful. • There is also a distinct lack of competition, and the market has low barriers to entry, making market relatively easy to penetrate.
As you can see, the chosen towns are situated very closely together, with trains and roads connecting them all, and as someone who walks to Winchfield and back daily, I can safely say it’s not hard, or it shouldn’t be for people with martial arts body conditioning. It is also the case, that due to the closeness of the towns, that martial arts classes will contain people from towns other than the one in which the class is situated. This will not only help spread the word of mouth promotion from region to region, forming a web as I expose multiple classes to my marketing strategy.
Objectives Primary Objective To undergo a feasibility study into the potential of opening a martial arts retailer in Odiham.
Secondary Objectives Objective One ‘Research demand levels for a martial arts retailer in Odiham.’ This objective will involve questionnaires to random people on the street in the following locations; • Fleet • Odiham • Winchfield • Hook As well as asking enthusiasts in local dojo, presenting them with the same questionnaire, but also asking them about far less static opinions. These results will then be analysed, and the potential demand evaluated.
Objective Two ‘Investigate local competition levels and evaluate threat levels’ This objective will involve perusing the local high streets of the four locations from the first objective, as well as using answers obtained from the questionnaires and conversations, also attained in objective one. This data will be analysed and the threat level ascertained.
Objective Three ‘Research supply levels and establish a pricing strategy’ This objective will involve using both the prices from suppliers for stock demanded and the prices suggested by my potential customers (found in objective one) as well as the prices of my competition (if any(found in objective two)). PED will also be taken into account.
Objective Four ‘Research the total costs of the initial set-up of the business’ This objective will involve estimating refurbishment costs of the premises as well as the initial cost of the rent.
Objective Five ‘Calculate the overall costs, revenues and thus profits of the business’ This objective involves calculating total revenue, which can be found by “Average turnover per sale * Number of sales” as well as the initial costs, and the subsequent ones, which will both use the formula “fixed costs + variable costs”, but the initial costs will include one-off payments. The contribution could also be used to find the breakeven point.
Objective Six ‘Confer with the local herb shop, and sensei to try and establish trade agreements’ This objective will involve lengthy discussions with the above potential stakeholders, so as to try and not only avoid competition, but also allow for a firm customer base, and word-of-mouth promotion.
Analysis of Demand Research Concessions The questionnaires were only answered by 100 people, this is a very small test group and could well raise concerns as to the impact of anomalous data. The comments from the Sensei are my other form of primary data, and are in my mind, highly accurate as many (most notably Jon Wicks) have been in the industry for quite some time and as such have a fairly fluent knowledge of the status quo in the market.
Ages Ranges Looking at the data that I collected, it would appear that much of the population are either above, or below middle-age. This would lead me to identify two major customer groups, the elder customers, who are more likely to value far ‘softer’ martial arts, with the aims more around health benefits (My figures support an interest for this) and as such, would be more interested in books, and medicinal herbs. The other group, younger range of customers, are more likely to be interested in hard, combative arts and as such, my store would have to stock weapons and possibly offer a post-board system that could help students find sparing partners. Increasing the amount of entrants to my store.
Former Martial Artist Ratios As I suspected, there are many people who are not martial arts. If, however, my search is representative, and indeed, 17% of the population of Fleet, Hook, Winchfield and Odiham are indeed current, or former martial artists, if these figures are representative of the whole population (41,281 people), then there are 7017 people who are likely to be interested, and might well pass the word of the store around even if they don’t buy anything. This data leads me to believe that asking martial artists with whom I am acquainted with, to perform demonstrations in Basingstoke high-street wearing gear that I would be selling, possibly even allowing bystanders to try the gear on for themselves, adding to the personal touch that appeared to be highly valued by my test subjects.
Bibliography Local martial arts classes http://www.guildford.gumtree.com/guildford/02/6643902.html http://www.su-ha-ri.co.uk/main/index.php? http://www.sarahgoodall.co.uk/ http://www.fleetaikidoclub.org.uk/ http://www.martialartsclubs.com/byarea/hampshire.php Proof that certain arts befit the aged http://www.martrix.org/Gigong.pdf
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