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Will a game shop in the UK be successful?

Extracts from this document...

Introduction

Will a game shop in the UK be successful? Business Plan: Aims and Objectives: * The survival of the business in the harsh competitive world. * To make enough profit to keep the business going and to expand worldwide. * The satisfaction of the customers. Organisation: > My self as the owner. > 2 staff looking after the shop. Research: Customer needs: * A small store to buy home entertainment goods. * Games for different platforms such as PS2, GameCube, Gameboy Advance, Xbox and PC. * Different types of games such as RPG, Action, Adventure, Sport and Strategy. Competition: o Weak competition in Oxford Street. o Main competitor is another game shop called GAME Cost: * Labour = �1,000� /month/person * Power = �600� /month * Rent = �20,000� /month * Raw material = �3,000� /month * Equipments = �3,000� /month * Transport = �200�/month * Interest = �200�/month * Security = �500�/month * Loan repayment = �1,200�/month * Others = �100�/month Cash flow forecast: It is a bank's decision whether to lend out loans or not. This often is based on the borrower's cash flow plan, so if I had a very thorough cash flow plan on how I will spend the money, it would increase my chances of getting a loan. The advantage of a cash flow forecast is it can tell a company how well it will perform in the future therefore if there will be problem in cash flow, the company will know in advance and discuss any possible solutions. However, some costs cannot be predicted accurately in a cash flow forecast as they are due to external influences such as change in government, social behaviour. Breakeven: The breakeven point is where the revenue line and the total costs line intersect. Below that point, there is a loss. Above that point, there is a profit. So I will be expecting some losses during the Introduction stage of the product lifecycle of my shop. ...read more.

Middle

* Durability of the product - affect the product lifecycle. My product will have a fairly long durability but this really depends on the user him/her self. * Fashion - affects the growth and decline of the goods. When goods that are in fashion grow and mature very quickly and then go into rapid decline to be replaced by the next fashion. This rarely happens in the gaming industry as reduction on goods always contributes to more sales, hence a longer product lifecycle. Complementary or competitive product: Complementary products sell together. The manufacturer of game platforms may also make games. Retailers selling games may also sell game platforms. Customer for one product might be persuaded to buy some of the other items. In fact, the customer would expect this range and may use only the manufacturer or shop that provides it. Competitive products compete with each other for the buyer's attention. The same manufacturer may produce many competitive products because consumers have different requirements, so a range of games is on attempt to catch as many buyers as possible. I think both complementary and competitive products will suit my need because my game shop will be required so sell different games from different producers and different game platforms from different manufacturers. Product substitution: (1) The replacement of one product or product model by another within your own range. Such as an expansion pack of a game replace the original pack with more features and better quality. (2) The decision by consumers to change from one brand to another - in this event I have to understand how close my own, or a competitor's, alternatively substitute product is to my original. Product differentiation: This happens when firms try to make the public think that their products are different from similar products made by other firms. Firms want to make their products special and different in the minds of consumers. ...read more.

Conclusion

the partners will have limited liability according to the government's new business structure (LLP, limited liability partnership), which meant if there are problems in the cash flow of the business and the business running into debts. The owners will only have to sell the business whether or not it's enough to pay the debt. The owners are not required to sell their personal belongings for the business. In limited companies, the shareholders could be anyone related to the original owner of the business, which means there would be people without any specific skills that might be useful to the business, where as in a partnership, most partners are professional people and will have the skills required for the business and thus will make the business more successful. However there will be many disagreements in a partnership business such as the sharing of profits, the control of the business, the different responsibilities of each partner, resentment that one partner is not doing his/her share of the work. But by drawing up a detail document called the Deed of Partnership can solve all of these problems. Inside that document will cover all of the possible points of disagreements that could arise and their solution. I think the local demographic data could have been useful for my business because I will be able to see what percentage of the general population in my area are teenagers and young adults, and therefore make decisions whether or not it is worth it of setting up a game shop in that area. Also the sagacity life cycle groupings could have affected my final decision about setting up the business because that piece of data can tell me what percentage of people in the area have spare money to buy leisure and entertainment goods. But overall I think a game shop in Oxford Street will not be successful. But I have managed to save myself a lot of money through these research and analysis. Year 11 GCSE Business Coursework Adam DingYa ...read more.

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