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Business Studies(Setting up your own business)

Extracts from this document...

Introduction

REPORT TO: Business Studies Department FROM: Bradley Jones DATE: 16/04/2008 SUBJECT: Setting up my own business This report is about setting up my own business in Werrington. I will be demonstrating my business studies knowledge throughout and applying this to setting up my Caf� business, "Brad's Caf�". I will collect research and show how this affects the development of a marketing strategy for my business. Section 1 - Introduction to my business 1.1 Type of business I would like to set up a caf�. This would be a successful business because it would give people of all ages a place to hang out relax, and sip a nice cup of coffee. It would also be successful because there is no immediate competition in the area, only in nearby towns such as Hanley or Bucknall. A final reason my business would be successful is because I would not only serve tea, coffee and hot chocolate. I would also have a selection of sandwiches, snacks such as chips, jacket potatoes and desserts such as dairy ice cream, tempting donuts or even delicious Belgian waffles. My business would help to support the local community because it would give them somewhere to sit in peace. It would also be a place where people could meet friends and catch up with old times or just have a random chat as good friends do. Another thing that I would do to help the community is give it disabled access and large gangways so wheelchairs would have no problem whatsoever. This would be expensive but it is the law. It would give teenagers a place to go and this would drag them off the street. Meaning that kids would be safe and all elderly people would have no reason to feel unsafe in and around their own homes. The immediate competition in Werrington is very low. This is because I wouldn't be challenged for serving drinks and snacks but I would be concerned by the chip shop and the red onion because they are established food services that people may prefer to my caf� food. ...read more.

Middle

However your vision may be blocked and you cannot hear them say anything. * Experiments - Advantages of this are that you can keep trying and trying to make it right. A disadvantage of this is that it could cost you more money if you continue to get it wrong. * Consumer Panels - These are good because everybody can be advised about a product to make them like it. The disadvantage of using these is that not everybody agrees and no progress is made. Different types of secondary research are: * Internet - The internet is good because it can provide you with a lot of information at a high speed. However the internet is not always reliable and you have to trust your sources before you use it. * Libraries - A library is good because it has a lot of information all in one room. Disadvantages of a library are that it takes a long time to seek out all relevant information and it may be outdated. 3.3 Types of questions to use Closed Questions - can be answered by one word or phrase. It is a conversation stopper. This means that it is very useful and important. This is also known as a yes or no question because you have to answer it straight. Open Questions - questions that cannot be answered by a single word or phrase, and invite the other to talk, starting a discussion and possibly finding out more information than you originally needed. Qualitative Data - 'Soft' data that approximates but does not measure the attributes, characteristics, properties, etc., of a thing or phenomenon. Qualitative data describes whereas quantitative data defines. (Source - http://www.businessdictionary.com/definition/qualitative-data.html) Quantitative Data - 'Hard,' measurable (through a suitable measure such as dollars, degrees, inches, millimetres) and verifiable data amenable to statistical manipulation. Quantitative data defines whereas qualitative data describes. (Source -http://www.businessdictionary.com/definition/quantitative-data.html) Strengths and Weaknesses: Qualitative data Strength - the data is rich and detailed and gives a good insight into the person's experiences and behaviour. ...read more.

Conclusion

Although this doesn't seem like a large percentage of the vote, people completing the feedback had the choice of five prices so 30% is actually a decent share of the votes. I will probably price the breakfast at �3.25 because it is relatively cheap and will still make a decent amount of profit on them because of its price. The cheaper it is the more that will be sold meaning a probable increase of profits. All products sold would be originally bought by me using the method of bulk buying to make them cheaper for me to buy, also meaning a better chance of success. 6.4 Price The pricing structure I will use is cost-plus pricing because there isn't any close competition, only ones that are located in Hanley, but also because I am a new business that has failed with a previous owner in the past and the owner of that caf� was even committing a crime by being a tax cheat because he wasn't making any money. This means that I will aim to make a small amount of profit in the first year whilst ensuring that I definitely do not go bust. Despite the fact that I am using the cost-plus pricing method, I will add elements of promotional pricing into my pricing strategy. This idea is to invent a loyalty card where once 5 hot or cold drinks have been purchased, over any amount of time, then the next one you ask for will be free. The reason for continuing with my choice on this offer is because most of the people, 45%, said on my questionnaire that they would use the caf� for drinks. This offer will be on all of the time and will not be closed unless a new and improved one for customers is in place. Another reason to use these pricing strategies is because they will mean that the prices of my products are a lot cheaper than those of Starbucks and Costa Coffee meaning I should get more business and customers will get value for money. ?? ?? ?? ?? ...read more.

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