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In this assignment I will carry out both primary and secondary research to find out who my potential competition, sources of finance is and where to locate my business.

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Introduction

Task 1: In this assignment I will carry out both primary and secondary research to find out who my potential competition, sources of finance is and where to locate my business. The current state of economy in Ipswich is that there are 117,000 people in Ipswich, in which there are 71,550 people working. This means that over half the population of Ipswich will able to afford the products I am selling. Interest rates are also falling so people will be keener to buy my products; this is because people will have more money to spend. There are about 1,700 people unemployed in the area this would not really affect my businesses because the are more employed people. My main competitors for my business are Game Plc this is a public limited company so there are many shops all across the Europe. The shop is located in the centre of Ipswich on Tavern Street and is also located on Westgate Street inside Debenhams. Game Plc is also located in various places around Europe with over 200 stores. This is important to its success because if the gaming industry went in decline in one country in Europe, they will have stores in other countries, therefore they are more diversified. ...read more.

Middle

Also there are many other Gamestation based in the UK. Advantages of it being located in this place is that it is in an area where many people pass by, this means it can attract customers to come into its shop. It is near its competitors, thus customers can be taken from them and prices of tier competitors can easily be checked so they know how the competitors are thinking. Disadvantages of being located here is that it is very expensive to rent property and there are high business rates, therefore this will increase their expenses and revenue expenditure. Another disadvantage is that it is near its competitors; this could mean loosing customers to them because the customers may be attracted by something in the competitors shop. The range of goods/services it offers is: Computer games for all formats Computer consoles Computer accessories Computer magazines and related books DVD's Trade games with customers Buy and sell second-hand games to customers. Pre-owned games, consoles and accessories. It has a wide selection of these goods and has got a service, which they buy games from their customers for cheap and then selling it again for slightly higher. ...read more.

Conclusion

The location of my business is shown below: I think it will cost quite a lot to locate my shop there because it near the centre on town so it will cost more but there will also be more customers there too so I will make a profit. Therefore this profit can be used to improve the business in the near future for example buying the latest stock for the new business or bringing in new features to the shop for example bringing in hardware from other countries. I have decided to locate my shop at Tavern Street (See map). The reasons for this are that it is the main road through the centre of town so many consumers will pass by the shop and hopefully come in and also it has been found to be a convenient place for consumers. Also I am near my competitors; this means I could take some of their existing customers and see my competitor's prices and get ideas from them. There are some disadvantages of this location such as being too close to my competitors therefore I could loose customers too them and they can ideas from me. I will have to pay high prices for rent and will also be charged high business rates by the Council. ...read more.

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