sponsors

 

 

sponsors

 

 

 

 

Identify Customer

Answer the following questions to help you understand exactly who your customers are.

• Who are the primary persons (age, sex, income range, background, etc.) that you are trying to attract?

• What is the size  (portion of the population surrounding the location you have chosen) of the group you are trying to attract?

• Who or what is the competition (other schools and other activities) for your target group of people?

• What are the numbers and sizes of the various competitors?

• Given your location and the target market, what possible things could happen in the future to alter your situation, such as new shopping centers across town or a change in highway routing?

• What do you personally have in common with the target market?

• What differences do you have personally with the target market?

• Have other martial arts schools, competing for the same market, opened and then failed in the past? If so, why? Have the failures affected your target market in any way?

Set Price

• To attract customers, compete with competitors, and make a profit, you must set a competitive price for your product. To help you set a price, answer the following questions using a variety of possible prices.

• What is the minimum you need to charge to keep the business solvent and make a reasonable profit?

• What is minimum and maximum price the target group would pay for your services?

• Would your prices be competitive for the target group as compared to the other activities that you have identified as competition?

• Will you have only one price schedule, or will you use various discounts and rates?

• Based on your financial situation and the target group, would you need to change your pricing if the competition were to raise or lower theirs? What kinds of changes could you make in the price if necessary?

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