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school business case study

Extracts from this document...

Introduction

Four favourite ideas Internet Caf� Game station Tuition classes DVD rental shop Final idea Game station I have chosen to have a Game station because I have lots of games and I know a lot about them. Also my uncle has a game shop so I can get ideas of him. Task 2- Legal forms (1) Sole Trader A person who runs the business on his own also gets to keep prophet of business. Sole traders are normally small businesses, and by becoming a sole trader you risk lots of things, which makes you unlimitedly liable this means if your business is not going well the government can take away almost everything from you; your house, your car etc, all your goods and valuable things and invaluable, the owner has to pay for any losses made by the business. For example if you made a loss of say �5000 you would have to find someway of paying back this may mean selling your house your car anything. A sole trader runs an unincorporated business on his/her own. Sole traders are also otherwise known as sole proprietors. Sole traders are easy to set up. They can set up a business immediately. The sole trader structure is the most straightforward option. The individual is taxed under the Inland Revenue's Self-Assessment system, with income tax calculated after deduction for legitimate business expenses and personal allowances. A sole trader is personally liable for the debts of the business, but also owns all the profits. (2) Partnership a partnership is an association of two or more people formed for the purpose of carrying on a business. Partnerships are governed by the Partnership. Unlike an incorporated company, a partnership does not have a "legal personality" of its own. Therefore the Partners are liable for any debts of the business. Partner liability can take several forms. General Partners (the usual situation) ...read more.

Middle

Sales grow at a decreasing rate and then stabilise. Producers attempt to differentiate products and brands are the key to this. Price wars and intense competition occur. At this point the market reaches saturation. Producers begin to leave the market due to poor margins. Promotion becomes more widespread and uses a greater variety of media. At this point there is a downturn in the market. For example more innovative products are introduced or consumer tastes have changed. There is intense price-cutting and many more products are withdrawn from the market. Profits can be improved by reducing marketing spend and cost cutting. In reality very few products follow such a prescriptive cycle. The length of each stage varies enormously. The decisions of marketers can change the stage, for example from maturity to decline by price-cutting. Not all products go through each stage. Some go from introduction to decline. It is not easy to tell which stage the product is in. Another concept that we will hear of with respect to product is the concept of product differentiation. This is a wonderful thing if you can achieve it. If you are able to create product differentiation, it means that the customer sees something unique in your product as opposed to an alternative product. Price Changing the product to reflect the product's life cycle is only part of the essence of a well balanced marketing mix, and so PRICE enters the second important consideration of the marketing mix. When setting a price on a range for your products, you need to ensure that you can recoup any overheads, compete with rival companies and charge a price your customers are willing to pay. To do this you need to fine tune your pricing policy and you could achieve this in a number of ways: This involves lowering prices on a number of key products in order to attract a customer to purchase the products. ...read more.

Conclusion

After giving lots of thoughts to the other ideas I have finally decided about setting up a school game station where games, both educational and recreational, will be sold which I know kids will be interested in. Findings: Finding out information about the different legal forms of business helped me decide how I would like my business to run. The advantages of being a sole trader were in my favour, because I know I will not have to share the profit or consult someone on major decisions, unlike in a partnership. So I decided to run my business as a sole trader. The most important thing I needed to do was make a final general decision on what products and costs. After finding all this I had to do a questionnaire using a quota sample, the result I then got from my questionnaire showed me what I need and don't need. The questionnaire helped me find out the income of students so these results helped me set the prices of the products. Also the questionnaire helped me find out what kind of games I should buy and about pupils interest. This enabled me to come to the conclusion that majority of the games will have to be of certain types. For example, second hand games, most pupils having a play station console, pupils preferring to rent or buy etc. There is no cause for alarm because, there will be rules to the games being sold as I have both parents and pupils interest at heart. By this I mean that all games will be categorised for suitability and according to age, education benefits, rent or buy scheme for affordability etc. Conclusion: I request that as the head teacher of Stratford school you support and recommend my proposal to the Governors and those concerned. I greatly believe that the school will benefit from my business proposal in terms of raising revenue for school use and pupil motivation. ?? ?? ?? ?? Abu Junayed Abu Junayed ...read more.

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