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Interprise in action

Extracts from this document...

Introduction

Unit 9 - Enterprise in action AO1 The purpose! Within this unit we were split into two groups within our business studies class and given the task to set up and run a successful small business. When placed in our group we were egger to start brainstorming ideas for our business, but first we all decided on running our business within the school grounds selling our products and services to the school pupils. We began to brainstorm different ideas to what our business, as the business is being run from within the school it had to come up with an idea which would appeal to pupils within the school and which is relevant to everyday school life or something which would be a luxury in school which would stand out as being a new innovative business idea. We also had to think about the price range which pupils within school would be willing to pay for a product or service which we were going to develop making our product affordable as well as profitable. Are brainstorming ideas led to a wide range of ideas: * Home baking * Egg delivery * Pancake Tuesday * Valentines cards * Meal deal * 6th form hoodies After taking time to discuss these ideas as a group, we discussed the advantages and disadvantages of each idea we narrowed it down to three main ideas which we were willing to try, there were the 6th form hoodies, the meal deal and milkshakes. In order to decide on which one would be the most popular and profitable idea we decided to draw up 3 questionnaires which were to be handed out in a wide range of form classes and year groups. Copies of the questionnaires can be found in the appendix. We were going to do the class of 2008 hoodies with the meal deals for the junior school. ...read more.

Middle

Q2. How much would you be willing to put towards the hoodies? This is a key question for our business, within our group we felt pupils would only be willing to pay around �5 for our products but on producing this questionnaire we discovered that 70% of people were willing to pay between �15 and �20 for our product. This ment we were going to sell our product at �17.00. Q3 what colour would you prefer your hoodies to be? This is another key question in that the colour of our product is an important part as our target market may not what to pay money for a product that they do not like the colour of. On carrying out our questionnaire we discovered that both black and navy were popular colours. We decisded to choice navy as black was used the year before. Q4 Would you want the school badge to be on the hoodie? Although 70% of people stated they would like the school badge on the hoodies it would be been to costly for our business and therefore would have raised the price of selling our hoodies. Research Once we had decided that we were going to set put a business which would sell class of 2008 hoodies to 6th year pupils within our school we needed to do more research into the costs, availabilty and planning of our business. As a buisness the frist thing we needed to find out is how much it would cost us to produce our product, our manager took on this job as toni knew people working in this field who would be able to give us the best price possible for producing out hoodies. We research a number of different suppliers * www.tshirtstudio.com - �26.00 * Inshops - �12.00 * Ski and sports - �12.34 On doing this research we decised that ski and sports would be the best place to buy our products, although the inshops were 34p cheaper, there has been problems with getting delievers of products on time from this suppler . ...read more.

Conclusion

These threats can be harmful to the business ore cause delay for future plans. SWOT analysis Strengths * A strength for our business is that it a unique idea within the school which pupils within the school would be interested in as it is something to remember their time in Lagan College. * Market research enable us to more accurately reach our target markets needs, this increases the chance of high sales and profitability. * We have the monopoly of hoodie sales within the school. * We have no overheads therefore increasing our profitability * Our business is placed in a prime location which has easy access and a high level of pupils walking through. Weaknesses * When we begin selling our products pupils had to develop interest for our products * We began to sell on the week for our school formal pupils may not be willing to spend their money on luxury products for example our hoodies * Less opportunity for people to purchases due to sales times and time we can sell for. Opportunities * Maximum market share as we will have a monopoly on hoodies market within school. * When we develop an interest for our product there is potential to extend the length of time we are selling for to give everyone a chance to purchase one of our products. * There is a potential to increase the profit margin for our business. Threats * Other momentums of school life, for example a year book could be produced and take away from some of our sales, as people may chose to buy a year book rather can a class of 2008 hoodie. * Permission for selling our products within school could also be a threat, if we do not get the right permission from the right people within the school the business can not trade. * We also have to make sure we understand all the legislations which are connected to our business for example sale of goods act. ?? ?? ?? ?? Charly Smyth ...read more.

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