• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month
Page
  1. 1
    1
  2. 2
    2
  3. 3
    3
  4. 4
    4
  5. 5
    5
  6. 6
    6
  7. 7
    7
  8. 8
    8
  9. 9
    9
  10. 10
    10
  11. 11
    11
  12. 12
    12
  13. 13
    13
  14. 14
    14
  15. 15
    15
  16. 16
    16
  17. 17
    17

Business Studies Coursework: Creating a business

Extracts from this document...

Introduction

1 BUSINESS OPPORTUNITY 2 2 SWOT ANALYSIS 2 3 MARKETING PLAN 2 3.1 MARKET RESEARCH 2 3.2 PRODUCT 2 3.3 PRICE 2 3.4 PROMOTION 2 3.5 DISTRIBUTION 2 3.6 PACKAGING 2 4 OWNERSHIP 2 5 LOCATION 2 6 HUMAN RESOURCES 2 6.1 MOTIVATION 2 6.2 INDUSTRIAL RELATIONS 2 7 FINANCIAL PLAN 2 8 CONCLUSION 2 9 ADDITIONAL 2 1 Business Opportunity My business idea is to open up a shop and Internet service providing services such as home delivery in order to ensure a pleasurable experience for the customer, hopefully giving them reasons to return. I enjoy following the latest fashions and therefore feel that a business selling items of clothing and accessories would be a good option for me. As there is generally a lot of competition when it comes to garments such as skirts, trousers, tops etc. I have come to the conclusion that it may be wise to open a shop that sells coats/ jackets as well as accessories such as hats, scarves, sunglasses etc. There is not too much competition in the market for a shop that specialises in such things and I feel that my enthusiasm in this particular area will work well to my benefit. In order to make this business a success, certain skills are required. I have experience of working in a shop and dealing with customers. Good communication skills are a necessity if a business is going to survive and customers are going to return. If you appear rude or are unable to sell your products to individual customers, this will not happen. I also have experience of taking deliveries, ordering stock and many of the skills required in order to run a shop successfully. My aims are to investigate a business opportunity in my local area, carry out research and predict its financial outcome in order to make a decision as to whether my business idea would be worth carrying out. ...read more.

Middle

Based on my secondary research, my main competitors are high-street clothing shops who sell coats/jackets as well as ordinary daywear. These include: H&M - the average price for coats at H&M is around �40.00 Top shop - the average price for coats at Top shop is around �35.00 Debenhams - the average price for coats at Debenhams is around �50.00 New Look - the average price for coats at New Look is around �25.00 Marks and Spencer - the average price for coats at Marks and Spencer is around �65.00 After considering this, I have decided that I will charge between �15 and �50 for coats. By offering a cheap option I hope to appeal to people looking for a simple option that I difficult to find in most big shops. The more expensive option will be aimed at those looking for an attractive yet long-lasting, hard wearing option. I hope that this strategy will attract a wide range of potential customers. 3.4 Promotion The main aims of promotion are to persuade, inform and make people more aware of a brand, as well as improving sales figures. It works as a form of communication between businesses and their customers. It helps to inform customers of the sale of the product, explaining what it is. It works in an attempt to persuade potential customers to purchase the product. I need to promote my product so that potential customers are aware that it exists. I am promoting the fact that my product is fashionable yet affordable and long-lasting. There are a number of different forms of promotion, each effective in different ways depending on factors such as your target market. One such form is above the line promotion, through use of the media. This can include advertisements on the TV, on the radio or in the cinema. This is likely to be successful as it provides east targeting of market segments and has a large audience, yet it is expensive. ...read more.

Conclusion

Non-financial: The non-financial motivation that I will use consider are based upon Abraham Maslow's hierarchy of needs. He suggested that there were 5 levels of need that influence a person's behaviour. 1. Basic needs 2. Safety needs 3. Social needs 4. Self-esteem needs 5. Self-actualisation I will provide their basic needs by offering a fair wage and rest facilities. I will provide safety needs by providing safe working conditions. I will provide for their social needs by accepting the workers kindly into my business. I will provide self-esteem needs by praising employees when work is done to a high standard. I will try to provide self actualisation by ensuring that there are opportunities for employees to handle certain aspects of the business on their own and use their initiative, even if these are as small as the task of ordering new stock as advised. 6.2 Industrial relations A trade union is a group of employees in a particular sector, whose aim is to negotiate with employees over pay, job security, working hours, etc, using the collective power of the members. They are funded by subscriptions from members, and often offer legal advice and strike pay during disputes when members refuse to work. It may affect my business in a negative way if my employees were part of a trade union. If they refused to work over issues such as pay or working hours I would struggle to run my business. However, I would be willing to negotiate such issues to some extent in an attempt to find an arrangement that suited both the business and the employee. To avoid issues arising, I will communicate with my employees face to face whenever possible. This would probably be the most effective way as it allows information to be both given and received in the form of a conversation in a short space of time. However, if for one reason or another this is not possible, I would communicate over the phone or via e-mails. This is not an idea method of communication, yet it allows necessary information to be shared between the employee and employer. ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our GCSE Business, Companies and Organisation, Activity section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related GCSE Business, Companies and Organisation, Activity essays

  1. Marked by a teacher

    NVQ level 2 unit 2 Business Administration. Worksheet on Principles of providing administrative services

    5 star(s)

    Information needs to include who, what, where, when and why. The diary entries need to be updated with changes and have all the information there. If the diary is for more than one persons appointments or more than one resource then a system needs to be there to show the

  2. Boots Coursework

    These ideas could involve having an in store health consultant for all health questions that need answering. With all of these aims they al result in more profit. 1A Level 2 It is very important for business to set aims an objectives, because without them, the business wouldn't know what

  1. In this section I will explain every one the different types of business ownership. ...

    Finally Chester Zoos other aim is enlightened leisure, this is to provide tourists with attractions that offers an educational worthwhile day out. Why does it have this from of ownership? Chester Zoo is a charity because the money made can be re - invested back into the zoo and does not have to go to shareholders.

  2. Tesco Research

    And these methods are assisted by application such as Microsoft word, excel, PowerPoint and so on. MANIPULATION Financial Department. Financials: This is an over view of TESCO financial performance. � Millions 2004 2003 Group turnover2 18,239 18,144 Turnover continuing operations 15,517 15,147 Operating Profit Tesco stores 564 572 Tesco Bank

  1. English for business

    * Someone who is considerably older than you? * A foreigner? * A member of the public? * What experience did you have with a public person? * What does the meaning of a message depend on? * How do you respond to change? Principal Comunication Media Written Oral/Aural Internal External Memoranda Notices Bulletins Agendas Minutes Reports House-journals

  2. Business Studies

    internal environment > A manager must identify the need for change, over come resistance to the change and manage the change effectively so the business gains or maintains its competitive advantage > Better chance at coping with challenges and initiating change if it's; * Flexible * Has excellent communication channels

  1. Free essay

    Write a business plan which I would set up within my school.

    which will add up to �24.60 per day that's �172.20 per week, and the costs of stock which will me reasonably cheap because I feel that from my market research that my service and products will be of high demand, therefore I will benefit from bulk buying from a wholesaler,

  2. Business Studies- Unit 1- Organisational Structures

    ?The more clear cut the chain of command, the more effective the decision making process and greater the efficiency. Military forces are an example of straight chain of command that extends in unbroken line from the top brass to ranks.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work