Madra Mia, located in Cork city since 2000, provides a dog grooming service and products for animal care - Leaving Cert Business - Question A - 2014

Survey/Questionnaire: This method allows Niamh to gather a large amount of data from potential customers regarding their preferences, which can aid in making informed decisions for new products.

Interview: Conducting interviews gives Niamh face-to-face interaction, enabling her to gauge customer reactions and refine her approach based on immediate feedback.

The break-even point refers to the situation where a business's revenue is equal to its costs, resulting in neither profit nor loss. It is crucial for understanding the minimum sales needed to cover all expenses, ensuring the business is not operating at a deficit.

• Cost of Production: Niamh must calculate all costs associated with developing her products, including materials and labor, to ensure the pricing covers expenses.

• Market Demand: Understanding the target market's willingness to purchase at specific prices will help Niamh set competitive prices that align with customer expectations.

• Free Gifts: Offering a free gift with every grooming session can encourage customers to return and try new products.

• Coupons: Issuing discount vouchers can incentivize customers to make more purchases while also attracting new clients.

• Clarifies Objectives: A business plan helps define the goals of the business and sets clear targets for success.

• Risk Management: It allows Niamh to identify potential risks and develop strategies to mitigate them, enhancing her chances of business stability.