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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.

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