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Report for the Rainbow company Assignment

What is required to run the business properly?

Product

A) Functionality- product has to be low cost because of limited funds and also so that the business can make a profit.

B) Appearance- the range of products must be laid out in a simple and easy to understand manner. It does not need to be overly extravagant due to the target market of students and teachers.

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C) Quality- the snacks need to be well known brands such as Mars and Nestle, as most of the target market will trust these known brands and the quality of them will not be questioned.

Promotion

A) Advertising- have posters put up around the college in the toilets classrooms and the mega-bite. Basically anywhere they are able to think of where there target market will be. Also advertise in the college bulletin, as almost all of the college students will then here it.

B) Budget- must have a budget so that they are able to have more control over their finances. I suggest zero budgeting so therefore they are aware of what they can spend before they start spending money on e.g. paper.

C) Public Relations- go to different classes and explain what they are doing and why they are doing it. This may convince people to buy their product when they understand it is for a good cause.

Price

A) Listing Prices- Make sure that your prices are clear to see when they are presented on the table and easy and simple to understand. You need to be relatively certain that you are going to make a profit on the product. Therefore all costs need to be taken into account when deciding the price of your product.

B) Offers- Possibly to get the business up and running you may need to use pricing strategies such as B.O.G.O.F’s (Buy one get one free) or buy one get another half price. This will encourage people to buy their products and to make them loyal.

Place

A) Location and strategy- their idea is to leave snack boxes full of food with honest cash boxes, which would work if every one were honest. In my opinion I do not think that this would work. It would take only one dishonest person for their business to be in minus figures.

B) My idea- the best place would be to have outside of the mega-bite, there would possibly be 600-700 people going past that area at any break time. Therefore this would be the best place to get the most money.

Strengths

The business has the potential to be very efficient. Their “place” is free and also will be able to keep costs down by utilising college facilities. Also it is a good cause i.e. it is teaching disadvantaged people about how to manage money. People will sympathise this and will therefore have an emotional advantage over any competition. They should be able to offer cheaper snacks than the mega-bite, as it is extremely expensive in there, so therefore as long as what they sell is cheaper they should make a good profit.

Weaknesses

The advertisement may not be efficient, as people may not take any notice of it. Also people may prefer to buy in mega-bite because they have had good service there before and they are loyal to it.

Opportunities

Being able to undercut the mega-bite easily.

Threats

The only threat which they have in their general proximity is the mega-bite, as stated above people may be loyal.

Problems

A) The peoples disabilities, if they are physical will stop them helping set up the stall.

B) If they are mentally disabled then handling money could be a problem, which could make the service slow.

C) This may also prevent them from being able to promote their business efficiently.

Solution

They could leave all the food they wish to sell outside of the mega-bite under the stairs going up to the hall in locked boxes therefore it would make it easy to look after. Also they could leave their tables in this place. This would make the business quick and easy to set up. Because of the variety of disabilities it could cause problems with setting up the business. The strategy below I believe could solve this problem.

Split the people into categories of their varying abilities:

A) This group will have to be able to promote the business efficiently

B) This group will be physically able to set up the business and put it away#

C) This group will be able to handle money well and run the stall

At the end of the stall session everyone will help to cash up, and find out what has been sold so that they all get something from the experience.

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Report for the Rainbow company. (2018, Jan 03). Retrieved from https://primetimeessay.com/report-rainbow-company/

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