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Business Coursework unit 2

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Introduction

Introduction to the Business The name of my chosen Business is Richer Sounds. Richer Sounds is a leading specialist retailer in audio equipment and separates such as DVD players, CD players and amplifiers. The company is owned by Julian Richer. He dropped out of school and opened is first shop at London Bridge when he was 19. Today he owns over 50 shops, placed around England (see below). STORE ENQUIRIES 0845 900 1230 customerservices@richersounds.com Richer Sounds employs nearly 400 colleagues, as they prefer to call them, and in 2003 they were delighted when Richer Sounds was listed as being top British-owned Company in the official list of the UK's 100 Best Companies to work for. MAIN CUSTOMERS [P1] Customers are the most important part of the business. This is because they provide the company with profits and income. They people who buy or use the product or service you are offering. There are different types of customers, but I am focusing on the two main customers of Richer Sounds, who are Private and Corporate customers. Private Individuals: - customers buy generally for themselves or a friend. They consist of: > Regular customers: the general public and the community and Passing Trade customers (customers passing by). > Occasional customers (now and then customers) > Passing Trade Customers (passing by clientele). Corporate Clients: - These are business customers who are buying on behalf of their organisation. ...read more.

Middle

An example of this is Mercedes. They were first founded in Germany and turned worldwide. This broadens opportunities. Richer sounds could also build on their strengths by continuing to sell quality products at a cheaper price then most high street retailers. They should also respond to threats and compete with all organisations. [D1] My chosen product is a Philips Plasma Screen TV. This is my SWOT analysis for this electronic product. Strengths: Flat screen plasma TV's are becoming increasingly popular and as this certain product includes stand and speakers as standard meaning it's a bargain. Weakness: There are a large range of different plasma screens available meaning customers are spoilt for choice. This includes competition with rival plasma producers all competing to be sold. Opportunities: Philips are continually producing new quality stands and screens allowing them to offer more products to potential buyers. Threats: Competition posed to Philips by other large organisations such as Sony are the biggest threat. This is due to them both competing for a large share of the same market. Section 4: Stakeholders Richer sounds main stakeholders are: Customers are existing customers. They have a relationship with the organisation as their link is that they buy the products or the services. Employees rely on the business for employment so therefore have a relationship with the business. Suppliers take orders from the business making sales, this they are stakeholders. ...read more.

Conclusion

They always focus on the best products at the best value which will meet current customer needs. [D3] Richer Sounds keeps up very well with changing technology thus it must also keep up with all other external influences such as, economical factors. Richer sounds are affected by a range of economical factors including exchange rates. This is due to the fact that Richer Sounds buys a large share of their stock abroad. When Richer Sounds makes purchases form Europe, the price usually depends on the value of the pound relating in relation to the euro. Richer Sounds always benefits if the pound is stronger, thus the goods cost less. However if the pound is falling in value, Richer sounds then have to take this into consideration as the goods are then more expensive. Richer sounds might successfully adapt its activities, by simply watching the changes in money rates and the strength of the pound to the euro. Another factor that also affects Richer sounds is the level of prices. If the general level of prices increases, then Richer sounds will be forced to increase there prices as well. When prices are increased then competition also gets heated. However, the prices of electrical goods have fallen over the last few years, thus allowing Richer sounds to become more competitive then ever. To help combat these problems Richer Sounds may choose to keep record of the prices and sales, as it may help them predict whether the prices of certain products may increase or decrease. ...read more.

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