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Business Coursework - Setting Up A Small Business

Extracts from this document...

Introduction

A2 Business Studies Unit 5C A Feasibility Study Investigating Setting up a CD/Record Store in Weybridge Oliver Gyani June 2008 Howard of Effingham School 64335 Candidate Number Primary Objective To gather all relevant research based on assessing the feasibility of opening a Record/CD shop in Weybridge. To evaluate the feasibility of opening a Record/CD shop in Weybridge, bringing together all bits of research and taking everything into account, to make a succinct conclusion. Secondary Objectives 1. To investigate a local area with the objective of identifying a business opportunity, and also analysing competition, using primary research as well as secondary, and providing a map of the location. - Go on www.googlemaps.com and find a suitable location. - Primary research of going to the spot and seeing what local area is like. - Finding out about local competition (yellow pages, phone directory). - Using internet to see what national companies could possible affect the business (Tesco's). 2. To carry out various types of desk research aimed at gathering statistics relating to population, income and socio-economic groupings. - Go on www.upmystreet.com and find out various statistics - Go on statistics.gov.uk to find out about other statistics. - Use the internet as a tool in economic research of Weybridge. 3. To compile a P.E.S.T analysis, evaluating the external influences of the business. - Internet to find out about any trends in spending/ buying or goods. - Find out what Political, Economic, Social and Technological aspects would/could affect my business. - How price elastic the product is. 4. To carry out field research aimed at identifying potential customers, using both primary data collection, but also calling upon secondary research databases. - Create a Questionnaire and distribute in a particular way. - Go on www.upmystreet.com to see spending habits. - Is there a gap in the market for my product? - When interviewing shop owner, ask who his customers are. ...read more.

Middle

Everyday Once every few days Once a week Never 5.) What music genres do you enjoy? Tick all that apply Rock Rap Soul Dance 60's 70's 80's Jazz Classical Pop Metal Trance R&B Punk Acoustic Reggae Indie World music Other ________ 6.) Do you still buy CD's or do you use other mediums to purchase music. Purchasing from Store Download from iTunes etc. Internet 7.) Would you consider buying second hand CD/Records? Yes No 8.) How much do you spend on music monthly? �0-�10 �10-�30 �30-�50 �50+ 9.) How far would you travel to visit a CD shop? 0-2 miles 2-5 miles 5-10 miles 10+ miles 10.) What CD stores do you usually shop at? Tick all that apply HMV Virgin WHSmiths Supermarkets Other ____ 11.) If there was a new CD/record shop in Weybridge, would you use it? Definitely Not Probably Not Not Certain Probably Definitely 12.) For a CD/music shop, how important are the following? 1 = Lowest and 5 = Highest 1.) Knowledgeable staff 1 2 3 4 5 2.) Ordering-in service 1 2 3 4 5 3.) Rare records 1 2 3 4 5 4.) Second Hand CD's 1 2 3 4 5 5.) Online store 1 2 3 4 5 6.) Ability to listen before you buy 1 2 3 4 5 7.) Customer's being made aware of offer's 1 2 3 4 5 8.) Memorabilia 1 2 3 4 5 Results and anaylse Competition HMV (U.K) Ltd Units 40-42, The Peacocks Centre, Woking, Surrey GU21 6GD Tel: 01483 228000 HMV is part of HMV Group plc, which are a massive company, listed on the London stock exchange since May 2002. It has stores across Europe, as well as North America and Asia Pacific. Since it's opening in 1921, it has since established itself to be a benchmark for quality in the music retail. Key factor's which have helped the company are innovation, merchandising, and the passionate commitment of its staff. ...read more.

Conclusion

This would be all pointless if the staff didn't know about their particular subjects, so my idea about each member of staff being in-the-know about a specific genre of music would be implemented. This would mean a customer could go to a particular member of staff, knowing that they would really be passionate about what they are talking about and would really understand the subject. Finish Market Mapping HMV (U.K) Ltd Units 40-42, The Peacocks Centre, Woking, Surrey GU21 6GD Langley Records 466, Walton Rd, West Molesey, Surrey KT8 2JG Banquet Records 52, Eden St, Kingston Upon Thames, Surrey KT1 1EE Zavvi Units 21-22, The Heart Shopping Centre, Walton-On-Thames, Surrey KT12 1AD Archive Records 21, Byron Rd, Addlestone, Surrey KT15 2SJ WHSmiths 13-15, High St, Weybridge, Surrey KT13 8AX Tesco 117, Station Rd, Addlestone, Surrey KT15 2AS Analyse Political: * Government type and stability * Freedom of press, rule of law and levels of bureaucracy and corruption * Regulation and de-regulation trends * Social and employment legislation * Tax policy, and trade and tariff controls * Environmental and consumer-protection legislation * Likely changes in the political environment Economic: * Stage of business cycle * Current and project economic growth, inflation and interest rates * Unemployment and labor supply * Labor costs * Levels of disposable income and income distribution * Impact of globalization * Likely impact of technological or other change on the economy * Likely changes in the economic environment Socio-Cultural: * Population growth rate and age profile * Population health, education and social mobility, and attitudes to these * Population employment patterns, job market freedom and attitudes to work * Press attitudes, public opinion, social attitudes and social taboos * Lifestyle choices and attitudes to these * Socio-Cultural changes Technological Environment: * Impact of emerging technologies * Impact of Internet, reduction in communications costs and increased remote working * Research and Development activity * Impact of technology transfer ?? ?? ?? ?? Oliver Gyani 64335 Candidate no **** Page 1 of Pages 14 ...read more.

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