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Year 10 GCSE Business Studies

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Introduction

Year 10 GCSE Business Studies Introduction A woman named heather wants to start a small business which makes and sells budget priced jewellery. She is aiming her jewellery to the teenage fashion market. In the following text I will firstly have to recommend where Heather should locate her business (either in Tonbury or Dyton). Secondly I will have to recommend which method of distribution Heather should take and how she what she will distribute through; shop, market, internet, mixture and finally I will recommend the promotional strategies that heather should use when starting her business I will also discuss how her promotional methods ill need to adapt and evolve as her business grows. Investigation 1 Brief description of Tonbury Tonbury has a population of 125,000 this is set to rise to 134,000 by 2012. The graph below shows the socio-economic spread of tonbury. A-higher managerial (company director), professional (barristers, doctors) B-teachers, department managers, solicitors C1-supervisors, sales assistants, clerical workers C2-skilled manual workers- plumbers, electricians D-Semi skilled workers - cleaners, assembly line workers Because more people in Tonbury work in lower socio-economic groups they are more likely to want to purchase budget priced jewellery. Tonbury's average annual income per worker is �24,000 (�4000 less that that of Dyton) this again means that they are more likely to purchase budget priced jewellery. Although Tonbury has a smaller population and therefore a smaller population of teenagers (Heathers Target market) Tonbury's population is set to rapidly increase by 9000 for 2012. Out of this 9000 increase the teenage population will increase by 2000 (1500 more than Dyton). My research has shown that most teenagers purchase jewellery for themselves so an increase of teenagers will be good for business. Another reason for locating in Tonbury is that there is less competition with only 4 other jewellery shops in town However the population of Tonbury will still be smaller than that of Dyton in 2012 and although it is rapidly increasing it will take a long time for it to equalize and even in 2012 there will be less teenagers in Dyton than in Tonbury. ...read more.

Middle

Analysis of graphs and data This graph uses statistics collected from a questionnaire given to heathers target market (teenagers). As you can see from the graph most of her market spend between �21-�30 As we can see form the graph above most of Heathers target market but there jewellery from shops a smaller minority purchase there jewellery from online shops and there was nobody who said they bought there jewellery from market stalls. This graph shows us that most people do not go to the market and our previous graph lets us come to the conclusion that those who do go to the market do not purchase and jewellery. Overview of Options: Market stall Advantages * In the right place for budget priced jewellery * Cheaper and easier to start of with however the rent price of a market stall per day is �23.21. there are on average 252 working days a year therefore annually you would be paying about �5848.92 for your market stall http://www.wolverhampton.gov.uk/business/opportunities/markets/stall_info.htm Disadvantages * My primary research has shown that your target market does not purchase jewellery from the market * Although its cheaper than a shop for only �3904 more you could have a shop which is the most popular form of buying jewellery http://www.shopproperty.co.uk/PropertySearch.aspx?Town=Wolverhampton Online Advantages * Cheaper running cost than a shop and if operating of a site like eBay you don't even have to pay for your own web hosting. * The second most popular form of purchasing jewellery with 33% of your target market purchasing in this way * Less competition as rival chain Claire's accessories do not distribute online Disadvantages: * Cant see or touch the product and may put off some customers * Have to organise delivery to people's locations. * Less people shop online Shop Advantages * Would allow use to be getting maximum customers Disadvantages * Have to pay rent * Hard to get a shop in a good location and can be very expensive Mixture Advantages * Less competition issues ...read more.

Conclusion

Heather should also write down the original price to show that it was once more expensive this will help sell more of the item Although you would get more customers sponsorship is expensive and only a small amount of people would actually want to buy you're products afterwards. This would only help if you were a larger company with money to spare to gain more popularity. I think heather should use bus side advertising and online video advertising because although they have a lower popularity than TV advertising they cost a lot less especially the video and heathers target market are more likely to be using public transport as they cant drive and more teenagers will be watching videos online. I think heathers should stay away from sponsorship as it is expensive and will only give a small popularity increase. Heather should make sure that her products have a lot of price reductions to make the customers see that they are making a saving. Heather should advertise were teenagers will be looking most such as on buses because teenagers will be using them. Sites such as YouTube are extremely popular among teenagers and making an advertisement video and uploading it to the site will ensure that the target market sees it. The benefits of selling to the teen market are that they will be looking for certain kinds of jewellery that won't be available in other shops so therefore bringing more customers heathers way. A draw back is that a lot of teenagers don't work so they won't have as much to spend. As the jewellery gain popularity you will be able to afford better ways of promoting it. Therefore you will have to invest more into advertising in places like TV were most teenagers look. Eventually when you have enough money you can look into sponsorship which will give you a popularity boost but will cost you quite a lot depending on what you're sponsoring. ?? ?? ?? ?? Zishaan Mohammed Year 10 GCSE Business Studies Courcework ...read more.

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