• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Introduction/Methodology into preparing a business idea

Extracts from this document...

Introduction

Introduction The aim of my project is to research a potential business venture to see if it would be feasible to open a sandwich shop situated at the bottom of the Station Road facing Wallsend Forum. In the beginning I intend for my sandwich shop to be a small, local business which I will eventually expand on if funds permit it. My business is being situated in Wallsend for many reasons. Firstly, I am from the area and know first hand that similar businesses in the area are extremely successful and I believe that by improving some of the more negative aspects of rival business I can make a success of the business. Secondly, the rent on a premises is a lot more reasonable in Wallsend, alternatively I could have chosen Newcastle City Centre, however after looking into the cost of renting an outlet I finally decided on Wallsend, as a property in Newcastle would cost a minimum of 5 times of what I could have in Wallsend, there would be a lot more business in Newcastle, but I could not afford to rent such an expensive property this early into the venture, however, in future it is something I may consider. ...read more.

Middle

Similar to primary research, it also has its drawbacks, the data may be outdated which makes it irrelevant to the current day market, it is never specific to your business and could only contain a small amount of relevant information, if the information required does require a fee, then it can be very expensive however it will report on different kinds of market, including your own, again only providing a small amount of information relevant to your business. I could conduct my primary research in a variety of ways, I could use a postal survey, where I would deliver a survey through the post and expect the respondents to reply, this can be advantageous because it saves a lot of time and money, delivering a postal survey around the area of my business wouldn't take as long as some other methods and I could do it myself rather than having to employ people to help. However, the amount of surveys I would receive back would be a small percentage of what I had handed out, which would render the process pointless, however if I stated that respondents would receive a free gift the response would be higher. ...read more.

Conclusion

The disadvantage of this is that it can be very expensive and time consuming to pick people at complete random, for example from a telephone book. It can also be a very slow process, depending on the sample size. Instead of using this method I could use a quota sample, which in essence is interviewing anyone and everyone that comes along, similarly to random sampling in that age, size, classes etc, are irrelevant. This sampling method is extremely cheap and effective way of sampling because I can conduct this when and where I like, it is used by most businesses. The only drawback of this method is that your questionnaire may require a specific type of person to survey (men for sportswear for example) so if that were the case this method would be useless. I have decided to use quota sampling when conducting my survey because it is very cheap and flexible in terms of time consumption, which is a far more suitable solution than random sampling in where it would require a lot more work, manpower and time. In addition, my survey is applicable to everyone, as it is a service that everyone, regardless of characteristics, could use at some point. Craig Southern ...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. For my business report I am investigating the Co-op erative society supermarket.

    By Co-op management style, it can be said that Co-op is involved in the circle network communication: 3.6 THE PRODUCTION PROCESS The production process: The production process is by which a business produces its goods and services. This process involves adding Value to the various factors of production These factors

  2. Business Aims and Objectives.

    Now, through providing customers with what they want, the most significant strategy has been aimed at increasing the non-food section by capitalising on the growing need for one-stop-shopping created by an increasingly time-starved population. Tesco's marketing and sales Marketing is the way a company such as Tesco puts its products

  1. Describe the key elements of research methodology

    * Group - Another type of interview involves putting together a group of people to discuss a particular topic. This is often referred to as a focus group where the group is selected because of a common interest or because the people in it represent a particular "type".

  2. A Feasibility Study Of the Likelihood Of Opening Up KLH Wedding Co-ordinators.

    seeing as I will add a coupon to both, I expect more people will return my questionnaires. I have also decided that if I decide I need more information, I will add a few open questions into the questionnaire that the reader can fill it in if they have an interest in my company.

  1. Database: Feasibility Report.

    Me > Windows NT 4.0 with Service Pack 6 or greater, or Windows 2000 or greater > On systems running Windows NT 4.0, the version of Internet Explorer must be upgraded to at least 4.01 with Service Pack 1. Hardware needed Computer/Processor The recommended system is Windows 2000 Professional on

  2. This coursework that I intend on completing will be based around setting up a ...

    �30 x 8 (CD titles) = �240 per week or �960 per month The total costs per month for stock purchases will be roughly �3,060 Gas, electricity, water and telephone bills: * Gas - this is regularly paid every three months. The main use of the gas supply will be to keep the shop warm and will not be used for any other reasons.

  1. In this coursework I need to produce a detailed business report on one medium-sized ...

    external sources to help managers ensure that the resources and their control are used as efficiently as possible in achieving business objectives. Decision making at senior management level has a major influence on the success or failure of the organisation.

  2. Business Idea

    It will also stick in customer's minds, as well as being easy to pronounce. The above screen print is from a website called companieshouse.gov.uk, which basically has a list of all the registered business which are trading in Britain this is good because it pretty much eliminates all chance of there being another business called Kicke.

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