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I have decided to open a small sports shop in Wombourne called TMG Sports as a sole trader selling new, up to date clothing, trainers, sportswear, and sports equipment.

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Introduction

Introduction TASK 1: Action Plan I have decided to open a small sports shop in Wombourne called TMG Sports as a sole trader selling new, up to date clothing, trainers, sportswear, and sports equipment. The reason I have decided to open a sports shop is my preliminary research indicates that my shop will attract more customers than the main competition (IJP Sports), which is a small sole trader business in Wombourne. I will be selling mainly fashionable clothing, which the competition only stocks a small amount of. This is a very broad objective and in this project I will conduct market research to find out who my target market will be. The business market can be segmented into several categories. The information provided by this market research will probably include information from many segments, such as which age range are most likely to be my customers, and the type of shops people usually go to, to find out how the shop should be laid out etc. Also I will need to know how much people will pay for my products, so I can decide on a pricing strategy. . I plan to use the Internet as a source of secondary research or information. I could use the Internet sites of big sports shops such as Jdsports, to see how they operate, and interact with consumers. Secondary research is usually done first, because it is cheaper, but only if it is relevant. The main resource of information will be through surveys or questionnaires, which will be primary research, done myself. If these methods do not work, or if I feel I need new information, I have alternative strategies to carry on with my project. These include visiting shops in person to find the relevant information, or writing to head offices of companies to ask for information. When a business is setting up, there are usually various legal documents, which need to be completed. ...read more.

Middle

Also, the space for parking is quite small, and difficult to pull into and out of. I consider this lack of good parking to be a disadvantage to the shop, because this may put off possible customers, and they may go elsewhere. IJP Sports offers mainly goods and some services: Services: * Tennis racket string tightening, and replacing, * Cricket bat protective layer replacing, Goods: * Tennis equipment and clothing, * Cricket equipment and clothing, * Football boots and kit, * Specific sports equipment such as tennis balls, and goalkeeping gloves, * Trainers, * Rugby boots, * Accessories. The target market of IJP Sports is directly related to the sports facilities of the local area. In Wombourne, there is a Cricket/Tennis club, and IJP stocks cricket and tennis equipment. The most likely people to play cricket and tennis are children, youths, and the amateur team players from 18 to 50 yrs old. There is also a local leisure centre nearby, which has many sporting facilities. Members of these two places are likely to purchase from IJP Sports. Leaflets and posters could be distributed around the two clubs, with an arrangement with the managers/owners. This would directly promote the shop to the target market. The shop is located directly in-between the cricket/tennis club and the leisure centre. I believe the target market of IJP Sports has influenced the location a lot. The members of the two shops are likely to pass the shop a lot in cars or walking, and are also likely to need replacement goods for their particular sports. The shop stocks a range a range of goods its target market is likely to purchase. This is reflected in the local facilities. ADVANTAGES: * NEW JOBS (ASSISTANT) * NEW PRODUCTS CLOSER THAN WOLVERHAMPTON OR MERRY HILL, * BRING BUSINESS INTO THE LOCAL AREA, E.G. PASSING TRADE, FOR OTHER BUSINESSES. DISADVANTAGES: * THE COMPETING BUSINES MAY LOSE SOME CUSTOMERS, * TRAFFIC IN THE AREA MAY INCREASE, * POLLUTION MAY INCREASE, * NOISE MAY INCREASE, BECAUSE OF MORE CARS MAY VISIT THE AREA. ...read more.

Conclusion

Therefore, I should stock tennis equipment at this time. Price: I will enter the market with a definite pricing strategy of penetration pricing. I will also have some special offers, and money of some items. This is linked to promotion. I believe my pricing strategy will attract new customers, who usually go to 'IJP Sports', or major stores, and hopefully they will return to my shop. Promotion: I plan to use these methods of promotion, to attract new customers to my shop. Word of mouth, local newspapers, yellow pages, billboards, packaging: printed carrier bags, special offers, and money off. The money off deals and special offers are linked to the price, because I need to make a profit on the stock I buy. By selling goods at lower prices, I will have a lower mark-up, and therefore have less revenue. This is a disadvantage compared to the major stores, because they buy in bulk and are able to have a high mark-up on goods. However, I will be able to increase the prices of goods, once I establish some regular customers. Place: My shop will be located in the main shopping street in Wombourne village, 'Windmill Bank'. I believe I will have a direct advantage over 'IJP Sports' because it is located just outside the village centre, and away from other highly regarded shops. Customers of these well-established shops will create passing trade for my shop, and my shop will be associated with well-known names as well. However, because my shop will be in a slightly better location than' IJP Sports', the rent or cost of the premises will be higher. This is a disadvantage, but I think it will be worth the extra cost. Sources of Information * Textbook: 'GCSE BUSINESS STUDIES', by Pat Martin with Jill Bond. Published by 'Heinemann'. * Communication: Appointment with Ian Painter, owner of 'IJP Sports'. * Electronic: Internet, 'Jd Sports' website (www.jdsports.co.uk), and 'all:sports' website (www.allsports.co.uk). 1 Tom Gripton Business Studies Coursework Business Studies - 1 - 03/05/07 ...read more.

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