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The purpose of this assignment is to start my own business - I am going to start a business in a mobile phone shop.

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Introduction

Introduction The purpose of this assignment is to start my own business. I am going to start a business in a mobile phone shop so this requires me to research the advantages and disadvantages of running this business and find the different types of methods, which are most appropriate for my business. Business idea The type of business that I want to run is a mobile phone shop. My reason for this type of business is that I think that it will be a big success against other mobile phone shops. The type of people I am going to attract is from the age of 13 years and up. A twelve year old child and under will be too young to know the terms and conditions of buying a mobile phone. I do not want to state an age limit from over thirteen is because you can be too young to buy a mobile phone but you cannot be too old to buy a mobile phone. My business will be called Ms Mobile. I have chosen this phrase because the business will be owned by two women and this phrase shows that a mobile should be treated like a lady. It also sounds catchy due to both words starting with the same letter. For example, Boyz Base, Sugar & Spice, World Wide Web, Spec savers, Kit Kat. There are also phrases which have a letter that sounds the same but is a different letter (c, k and I, e) such as, Sava Centre or Phone Frenzy. My business will be different from the rest because I will have quick service and enough employees. The staff will be friendly to customers so that they will be pleased enough to come again. I will also have many sales so that customers will not find my prices too expensive. After I have my results, I will draw up some graphs of the data. ...read more.

Middle

> Pay a dividend (a part of the profits) to its shareholders so the price of its shares will fall. > Invest money to allow your business to grow and expand; so it will not do very well against rival businesses I will need to make sure that I have insurance on my business and have permission so that if my business goes bankrupt, I will be able to pay off any debts. If my business is not succeeding then I will need to make a bigger attraction such as changing my pricing strategies. I will use price discrimination (two for the price of one, 50% off) so that my business will succeed. The aims of my business will be: > To be number one in the market > To make a profit > Expand the business worldwide > To give customers their needs I will make some attractions to my business such as putting balloons outside my shop so that it will be noticed from a far distance and the balloons will have my business logo on it so people will know where it is from. In addition, balloons will attract children who are with an adult and will promote them come to my shop. Marketing I carried out a questionnaire, asking males and females my ten questions. My questionnaire will give me an idea of what people like the most about mobile phones and I will be able to find out the most popular features on a phone that are suitable to peoples needs. Using the information from my questionnaire and the specifications of the final business, I will evaluate the possible ways on marketing. I will be focusing on the marketing mix, the four P's. To obtain my marketing strategy, I need to mix the four P's in the right proportion to achieve the best marketing mix. It is no good getting one P right. ...read more.

Conclusion

A production department will keep costs low. Conclusion In conclusion, the typical consumer to buy a mobile phone would be male or female between 13-30 of age and above. There will be a lot of advertising because the product is at the introductory stage of the product life cycle. I will sell the product directly to the retailers. I will set up the business on the high street. I will use a price skimming on my products. The price will be reduced after the breakeven point has been reached. Diary January I did not have many sales because it was just after Christmas and customers had already spent money last month. I Might change my pricing to price discrimination so that my business will start to make profit. February/March My business was going better than last month but only a few customers came to look at my products and only a few brought my products. April/May Profits were beginning to rise because of Easter and I gave out vouchers worth 25%. My business was starting to make much more of a profit. June/July Business is picking up and thinking of sales for summer because of end of last season so business will start to make a higher profit. August Had quite a few customers and many of them were buying my products so profits were increasing but were not high enough to be satisfied. September This was not a very good month and the downfall was that profits were decreasing due to start of schools so I did not have many customers. The mistake that I made was that I did not have more sales. October/November Business began to run smoothly due to Christmas coming up, I had quite a few customers come to my shop and buy my products so I had a three for two offer. December This has been the best month of the year for my business due to Christmas; a high number of customers came at the last minute and profit most made this month. - 1 - ...read more.

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