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Ron is planning to set up a restaurant - HSC - SSCE Business Studies - Question 21 - 2002 - Paper 1
Question 21
Ron is planning to set up a restaurant. He has undertaken market research which revealed that the proposed location for the restaurant would suit business people or ... show full transcript
Worked Solution & Example Answer:Ron is planning to set up a restaurant - HSC - SSCE Business Studies - Question 21 - 2002 - Paper 1
Step 1
Step 2
Describe TWO factors that Ron may consider in selecting his target market.
Answer
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Geographic Factors: Ron may consider the geographical location of his target market, including demographics such as urban versus suburban areas, and the proximity to business districts or schools, to ensure that his restaurant is accessible and appealing to those in the vicinity.
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Demographic Factors: It is crucial for Ron to evaluate demographic characteristics such as age, income level, and family dynamics. Understanding the average age and income of his target clientele can help him tailor the restaurant's menu, pricing, and marketing strategies to better fit the needs and preferences of these groups.