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Business Studies Shop

Extracts from this document...

Introduction

After considering all the different business ideas, I have come to conclusion and have decided to open a retail business. The name of my shop will be 'GAMEz'. The shops primary product will be computer games, but it will also sell game consoles and related accessories. I have chosen to open a game shop because technology is rapidly increasing and more people are taking an interested in gadgets. That is why I believe my shop has the potential to be very successful. I have decided that GAMEz will be located in the Fort Shopping Park in Birmingham. The Fort shopping Park is packed with major stores such as; WH Smith, River Island, JD Sports, Boots, Carphone Warehouse and many more. Basing my business here is a good idea because it is well positioned. I have no competition from other similar stores. The most important aim for a business in the public sector is to make a profit in order to survive. If a business does not make a profit it will go bankrupt and have to close down. If my business survives and there is a place in the market for my shop, I will increase the amount of profit my business makes by various methods such as raising prices and advertising my business. I would like my company to have unique features and be appealing to many. If my business becomes successful I will think of higher objectives like expanding the business and eventually becoming the biggest in the market My aims and objectives will be to create an effective market campaign and to set up a successful business. It will be necessary for me to conduct some market research in order to discover who my potential customers are. To do this I will have to consider a range of pricing and promotional strategies that will be appropriate for my shop. My market research will be made up of field and desk research. ...read more.

Middle

However many action games are suitable for the ages of over 18. My potential customers are mainly children, so I will cut down and try not to sell over 18 games. The majority of people hold more than 10 games. Some of the games may be unwanted. I will give the customers the chance to trade those unwanted games to me for credit vouchers. The majority of people buy their games from Zavvi and gamestation. They will be my main competition. In Birmingham, zavvi and Gamestation are located in the City Centre. I must persuade customers to switch from my two main rivals. The majority of people shop for their children. This tells me that my actual customers are children. I should concentrate and please children. The majority of customers live less than five minutes away from the fort shopping centre. There will be no problem for them to purchase at my shop. This tells me most people would like my shop to have a testing room or get competitions and prize giveaways. Having a testing room will stretch my budget so I have decided to use 'competition and prize giveaways' as my special feature for my business. It is the opportunity cost. Marketing Mix is the art of making it as easy as possible to get the potential customer to buy your product. There a 4Ps in marketing. The four Ps are the key to understanding what marketing is all about. The four P's are Product, Price, Place and Promotion. Many successful businesses combine all the four into there business and therefore are successful. If a business get one of these wrong it is in trouble. My shop must be available in a place that customers will find convenient. My business will be very unsuccessful if I locate it in the countryside. It must be somewhere well known in the city. I have decided to locate it in The Fort Shopping Park in Birmingham. ...read more.

Conclusion

As I want to promote my games shop in local area, I will place my adverts in local newspapers magazines and on posters/billboards. I will also Distribute leaflets to local people is very beneficial as they are cheap to produce and they easily attract target audience. Displaying adverts on billboards in the local areas is eye catching and it can also attract customers. Billboards have a high visual impact and stay in place for a long time and are seen daily by lots of people in the local area. My business must give an impression to the customer that the price is good value for money. It should be a good enough price for what you are selling. Apart from destroyer pricing I have thought long and hard about what pricing strategies to use. I have to conclusion and have decided to mostly use skimming. When a new shop is launched, research and development costs are likely to be high, as are the costs of introducing and promoting the shop by advertising and etc. In such cases, the use of skimming allows for some return on the set up costs. On some occasions Competition pricing will be the best idea. I will be forced to use this price strategy on items such as computer games. When new games are launched into shops, it is very hard to find different prices in different stores. All shops will try to make maximum profit when the demand is high. Therefore no one is willing to cut the price immediately. There are a few social and moral issues for me to consider. An example is not selling 18+ products to someone younger. There are no cultural issues surrounding my company, it is not going to discriminate any ones culture. I can create a number of jobs from my business. I will give my manufacturers a job to supply me with my products. I will also need 5 workers to run my business. One of which will include a store manager. This is good for the local community because my shop will produce job creation. ...read more.

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