Business Coursework unit 2

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        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).

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. They may be shops or offices in the private sector - such as Carphone Warehouse and Tie Rack or they may be in the public sector, such as schools, colleges, universities or the government.

CUSTOMER EXPECTATIONS

To ensure customers are left satisfied many businesses ensure that they cover the main customer expectations like:

  • The products are of good value from known manufacturers.
  • The products are reliable
  •  Good customer services and meaningful staff, and be offered accurate, truthful information.
  • To be able to shop in bright and lively stores.

Most customers also expect expert advice from professional and experienced staff. Richer sounds work hard to achieve an exceptional service which leads to satisfied customers.

They ensure this by:

  • Making sure products are always available for potential customers.
  • Matching their products with the market demands by using systems such as the EPOS, which helps to monitor stock records.
  • Keeping record of the products they have sold to ensure new products are ordered every week.
  • Attending future technology shows helps richer sounds keep up to date with new technologies and products. Meaning they always have the latest products in store.
  • Constantly analysing their products and services to improve their sales.
  • Using internet and having their own websites, helps Richer sounds advertise their products in many different ways to increase sales and update customers with product news and newsletters. There website is currently  
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KEY COMPETITIVE FORCES [P2]

Competitive Forces:

These are pressures afflicted on the company by another organisation that are competing to increase their share of the same market.

Richer sounds operate in the consumer electronics market which is sometimes called ‘sound and vision’ it is highly competitive.

The main competitors opposing richer sounds are large chain stores such as Comet, Curry’s and Dixon’s. Small specialist shops that sell consumer electronic equipment and online electronic suppliers also pose a threat.

Richer Sounds could respond to opposing threats by keeping watch of competitive prices, and ...

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