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Business Coursework

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Introduction

Introduction For my GCSE Business Studies Coursework, I am starting up a Business called El Buen Mirar sells clothes from various designers. There will be designer shoes, fragrances, clothes and lingerie's. I want to expand my business, to that it has to achieve Franchising, licensing to use the name, have a good logo and expertise of an existing well known Business. My aims for my business is to attract as many people from all parts of oxford, to commit myself to customer needs and For my Business to be a success I will: * Carry out market research to investigate the potential market for the shop and the level of competition in the area. * Organise a marketing campaign for the shop including advertisements and promotions. * Prepare a presentation showing market research findings and promotional ideas. SWOT Strengths My Business would have better prospect because it is on a wide range of different cultured people. Also because Weakness Also another weakness is lack of financial resources for purchasing large capital items. Opportunities To import Chinese clothing material for cheap prices. This will save more money for more profit or better expenses. ...read more.

Middle

Because this is a very small quota of the mass population, if this was an enlarged sample amongst the group of people, I believe the average of a person spending would be greater. Competition The main form of competition for my business is Westworld, whereby many customers were happy with there service and were the most preferred shop to buy their clothes from, this is another issue of threat being very local on the High street. Products/ Services The results from my market research suggest that the main products they preferred to purchase was in the category of smart wear. The service that my customers favoured from my research was between 8-10 which is very efficient, very high and this meant that they were very satisfied with them. Competition There are two types of competition: * Direct * Indirect Direct competition is when businesses produce identical or almost identical products for, example designer companies such as Westworld and John Anthony's produce very similar products. Indirect competition this is where businesses compete with each other to get customers to spend their money. A business such as Top Shop and USC selling designer clothes will offer hats, suits, shoes to attract customers away from their rivals. ...read more.

Conclusion

Recommendations I believe the business can be successful in this as there has never been a local designer shop on the Cowley Road before. There will be variety of different products such as urban, smart, casual, street and business wear, because the area has a great potential to attract young people. I will use pricing on its standard of the area e.g. ( not very rich, middle class), because it will then allow me, better options to attract people that would expect product price to be so high. The business should deal with the competition by buying latest designer wear and keeping up good customer demand and needs. Conclusions My research that I have done is reliable but to an extent, because I researched on a small number of people which limited the amount choices. Maybe if I had researched a larger amount people I would have got a much different variety of answers. Other factors that could affect my business are not latest fashion designs, not latest product research, customer preference and poor product quality. Other forms of research that I could have done was from the internet and books. Sources of Information Questionnaire ...read more.

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