• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month
Page
  1. 1
    1
  2. 2
    2
  3. 3
    3
  4. 4
    4
  5. 5
    5
  6. 6
    6
  7. 7
    7
  8. 8
    8
  9. 9
    9
  10. 10
    10
  11. 11
    11
  12. 12
    12
  13. 13
    13
  14. 14
    14
  15. 15
    15
  16. 16
    16
  17. 17
    17
  18. 18
    18
  19. 19
    19
  20. 20
    20
  21. 21
    21
  22. 22
    22
  23. 23
    23
  24. 24
    24
  25. 25
    25

For my GCSE coursework, I have decided to look at opening a new business in my local area.

Extracts from this document...

Introduction

INTRODUCTION For my GCSE coursework, I have decided to look at opening a new business in my local area. For my business to succeed, I need to consider some key aspects of opening a business. These include choosing a suitable company name so that people can recognise the shop and also, decidng which type of business it will be (e.g. sole trader, partnership, Ltd) because each type has good and bad points, so you need to consider your options. Also, I need to fond a suitable location for my business which will be big enough for the main retail area and for storage. Also, it should be big enough for consumers to gain easy access around the store. The layout of the shop is also an important factor. If products are not positioned correctly, then it will take customers a long time to find the item they need. If they cannot see the item they need quickly due to the layout of the shop, they may take their custom elsewhere which is not the aim. By research, (e.g. questionnaire) I need to find a gap in the market which would help me in deciding the products to sell. I am going to do a people count outside 2 locations to see which has the most passing trade, helping me with the choice of which location to go for. I will write a letter to an owner of a small business in Garforth to ask questions and so they can give me tips on opening a new business in this area. Also I will have to look at competition in the area to see who will be against me competing for market share. Once I know the type of products I will be selling, I need to work out my break even point. To calculate this I divide my 'fixed costs' (rent etc) by my 'profit contribution' (the profit I make from each product I sell). ...read more.

Middle

COMPETITIVE ADVANTAGE I believe that I have a competitive advantage over my competitors because I have a range of different products. I don't only specialise in small gifts, but also major gifts and party planning. There are different aspects to all these products. With small gifts, you can have anything from �1 to �50, and there is a wide variety for many different people. The major gifts are diverse in comparison to many other shops and the consumer would have to go as far as Leeds City Centre to a large branch to purchase them. You can have anything from helicopter rides to golf lessons to vouchers for ski slopes. Also, there are few places that do party planning and it could be for any ages from 1 to 101 years of age. I have three products to offer to customers and each of these has other things to offer which are diverse. MARKETING My marketing budget is the money I have foe advertisement for my shop. There are many methods to advertise for example leaflets. The price can vary for the different methods and so does the audience size, ease of use and outcome. Possible marketing techniques for my business Advertising Methods Audience Cost Ease of use Outcome 1. INTERNET Approx. 200 people Nothing Very Easy Not a big profit 2. LEAFLETS People of Garforth Approx �500 for 2000 Quite Easy Big Profit 3. ADVERTISEMENT IN LOCAL PAPER People of Garforth, Swillington, Kippax Approx �250 for 15cm x 2 column advert Average Quite a big profit I could include money off vouchers for methods 2 and 3 which may mean that more customers come into the shop, wanting to use this voucher and then may spend more than they expected because they see something they like. With my marketing strategies I need to consider the 4 P's, these are PRODUCT, PLACE, PRICE and PROMOTION. ...read more.

Conclusion

After that I planned the layout of the shop so that I can be organised and I have showed where everything would be going and how it would be set-up. Having a smart and presentable shop would probably want to return to the shop which is good to make a profit. I then showed a sample of how the window of the shop would look and how it should be set out because if I didn't have one or it looked boring and people would probably not want to come in or it would not attract a customer's eye, which it needs to. I chose a liability next and decided on having limited liability so my personal life would be separate from the business so if I did go bust then my own belongings wouldn't be taken off me. I worked out my breakeven point which was good planning because I told me basically whether my business would be a success or not. It tells me how many products I should be selling per month/week and then I can decide whether it would be a good investment. My penultimate piece of the project was my Business Plan which included many things e.g. Cash Flow showing whether I would make a profit or not and my Objectives for the company. Having a business plan would help with arrangements for my business and also good if I wanted to borrow money because the person e.g. bank manager may want to look at it to see if I am reliable etc. The last and final thing to my project was discussing external influences; things that could manipulate the way my business works or how much profit it makes. This helped me in seeing the potential obstructions and so I could find a way to deal with them. To conclude I do believe that my business would be a success because of all the things I have discussed in my project. I do believe it would make a profit and would be a successful shop in an area like Garforth. Business Studies Coursework ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our AS and A Level ICT in Business section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related AS and A Level ICT in Business essays

  1. Marked by a teacher

    Unit 4 Business Studies

    4 star(s)

    Cars Direct are constantly changing their products so once an auction has finished they update their website and place new cars on the stock list so this allows them to achieve their aim of providing up to date information; this helps their customer service as they are constantly offering their customers something which the customer is able to buy.

  2. For my business report I am investigating the Co-op erative society supermarket.

    Human resource function Co-op supermarket group cannot be successful without the commitment of the human resource support. They main responsibility of the human resource department is to recruit the best workers for the right job. Co-op retails grants its staff and employees equal opportunities in terms of recruitment promotion and retention, paying them respectable wages and treating them fairly.

  1. The business I am going to set up is a snooker club,

    taken from my bank account, which I have saved, and the remaining amount will be borrowed from my friends and relatives. Sales revenue - This is the money I will receive from selling my products and services, the three sources of revenue I will receive will be from, Snooker/pool, Arcade machines and food.

  2. Business Aims and Objectives.

    The marketing mix is likely to be slightly different for every product or service, even those that seem similar. Promotion All businesses need to promote their products and services; otherwise customers would be unaware that they exist. The method used will depend on the type of product or service and whether it is being sold regionally, nationally or internationally.

  1. Evaluate the efficiency of Tesco's stock control methods.

    As items pass through the checkout they not only register with the database so that customers can be charged but they also update the system that the stock has been sold. Tesco has re-order quantities set for each items as many of them vary in turnover and speed of delivery.

  2. There are many ways in which business can be organized

    Training and development To allow new employees to settle in quickly, to help employees develop and contribute more to work of the organization. Appraisal To encourage employees to achieve their potential, to support employees in their attempts to achieve personal goals.

  1. My aim is to research and produce a formal business report on my the ...

    human welfare and fair and equal treatment it is trying to get its staff more involved in the decision making process in it stores. To allow the staff to become motivated the welling branch of the Co-op supermarket frequently holds staff meetings in which the staff and management can exchange

  2. Business Report on Manchester Airport PLC.

    It involves six stages: Stage 1 Using market research, surveys, focus groups and consultative meetings, the Airport identifies and prioritises the specific needs, wants and expectations of its key internal and external customers. Stage 2 Using the information derived from stage 1, together with requirements demanded by independent, external bodies

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work