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Business studies-create your own business

Extracts from this document...

Introduction

1. INTRODUCTION In this assignment I am to investigate whether it is possible to create a business and perform market research .My business will be a new Chinese restaurant, it will specialise in Chinese foods, it will offer eat in and take away services, which also includes delivery. I chose a Chinese restaurant as my market research showed most people would prefer a new Chinese restaurant. I think it will be successful, as most people wanted a Chinese restaurant; and there aren't many in the area, the area that I am going to locate in, is Hendon. I've done a sufficient amount of market research to find out what prices people would be willing to spend on a meal and where people would like it to be located. Anyone can use a restaurant, which means my target audience would be everyone. So I need to promote well so it's appealing to all sorts of people. The two types of business organisation types I could use are either a sole trader or partnership. A sole trader is a business, which is run and owned by one person, this person makes the decisions, invests and is fully responsible for the business. A sole trader has unlimited liability, which means if the business doesn't make profit and eventually goes bankrupt the owner is liable, meaning they could lose personal possessions in order to pay back the dept, this shows a sole trader has a lot of responsibility and needs to carry out a lot of market research. A partnership is the same thing as a sole trader but 2-20 people can own the business, meaning capital is raised quicker and the business can be run easier, the profits need to be shared out between the partners meaning not as much money is made as a sole trader. The partners can help in decision making and running of the business making it much easier than a sole trade, however disagreements can lead to disputes. ...read more.

Middle

Another important aspect I need to focus on is quality, quality is achieving a standard for a product which meets consumer demands, having bad quality can make my restaurant have a bad reputation meaning I will lose customers. I will be using total quality management (TQM), which is a method for a business to focus on quality by making it an important aim for every worker. The advantages of me using TQM are that every worker or cook; priorities quality therefore meaning the quality of my foods will be high and meet consumer needs. If quality meets consumer needs, they may become loyal to my restaurant and it will get a good reputation meaning more customers. However using TQM will slow production down, as every cook has to check the quality of the foods. The product life cycle of my restaurant is, firstly the development, which is where the restaurant is built up, and the food, is ordered. Then the launch which is when my restaurant is opened for the first time, a lot of advertising will have to be done near the launch. The growth phase is where I will start to gain profits and sales. Product maturity, is when my restaurant has reached a peak in sales, my debts and costs, would be likely to have been paid off, this is where I will produce another product, such as a new meal. Saturation is towards the end of maturity, competitors bring out new products to try and take sales away from my restaurant, e.g. Another restaurant will bring out a new offer which is better value than mine, and decline is when my product doesn't sell anymore, such as a type of food which no one buys anymore. Once this happens I will need to produce another type of food, which will attract customers again, then this process will happen again and I will keep having to introduce new foods. Conclusion After analysing my market research, I could decide on my product. ...read more.

Conclusion

I successfully found a good place to locate as well, my research showed me that Hendon was the most wanted place for my restaurant to be located in, so I found a suitable place in West Hendon Broadway, which is a busy area and no other Chinese restaurant in that area. If I could add or change any questions, I would add a question about promotion, such as "What methods of promotion do you find most effective" this would have made it easier for me to make a decision on which methods to use. I would also change the question "Where would you like the restaurant to be located" I would make it so its more specific such as if someone wants the restaurant to be located in Edgware they would be more specific by saying near "Broadwalk" this would have also made it easier for me to choose where to locate. I would change my sample as well, I asked 20 people to participate, which did provide me with information however if I asked 30 or maybe even 40 I would have gained a lot more information, I would also change the age group of which I asked, my research was limited to mainly under 16s I would have liked some opinions from over 16s so my research is more varied and fair. If I could do any extra research I would focus a lot more on secondary research, such as leaflets from competitors, as I can gain a lot of ideas and add them to my business. If I were doing my coursework again I would re design my questionnaire, and add more questions so I get a more specific answer. I would also try to analyse my graphs better so it will be easier to back up my decisions. To improve my coursework I would have to analyse more and get more secondary research and my coursework was limited in those areas. Lastly my results are valid as I asked real people to write their opinions, however its was limited to a certain age group. ...read more.

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