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Setting up a car sales garage.

Extracts from this document...

Introduction

Business Studies Coursework Introduction I am going to set up a car sales garage It will sell and buy cars (New and Used). We will repair and modify cars. I will import parts from companies such as HKS (Engine Management), Streetglow (Neon) And Turbonetics (Engine Upgrades). We Will Be Set Up In The Newcastle City Centre near the Existing Garages to Increase Competition and to Increase Advertisement. I Will Form a Partnership with Andrew Veitch. He Will receive A Share Of 35%. I Will Have Control With 65%. A Partnership Consists Of 2-20 People Each Of Whom Will Sign A Deed Of Partnership. The Advantages Over A Sole Trader Includes: * Better Input Into The Business With Wider Range Of Ideas * More Capital Invested Between Shareholders * More Constructive Ideas With Understanding Disadvantages I Might Face With A Partnership Are: * Disagreements May Occur Between Partners These Might Slow Decisions * If Someone Dies The Full Business Must Be Reformed * Each Partner Has Unlimited Liability ( Lose Possessions If Bankruptcy Occurs) I Have Chosen This Type Of Business Over Limited Companies Because It Is More Befitting And Is Easier To Operate And Everyone Has Individual Input. I Have Chosen Not To Become An Ltd Because This Type Of Business Would Need Shareholders Of Whom Could Take Control Of The Business And Would Want A Return On Their Investment. The Amount Of Capital Invested Is �200,000. This Will Be Used To rent Premises Which if the business is successful will be purchased. My Projected Sales will be 4.7% Increase Per Annum. I Will Need Four Types Of Staff. These Will Be: * Specialist Mechanic - To Fit Parts * Graphic Artist - To Design And Choose Artwork On Cars * Salesman - To Show Customers around and Sell Cars and Products. * Retail Buyer - To Order Parts My Main Suppliers Will Be: * HKS - To Supply All Engine Modification Parts * Enkei - To Supply Wheels * Yokohama - To ...read more.

Middle

I will try to portray my company as a company that offers good quality named products at very competitive prices. This will in turn create a well respected image for my business which will help me stand out from the competition, this will help attract my target market. I have chosen the name AutoModz as my company name as this relates to the products I'm selling and is catchy. Product Life Cycle Introduction During this stage my sales will be low. Heavy promotional spending is needed I will do this by spending a large portion of my money on advertising such as leaflets and paper advertisements. The aim of my promotional strategy is to create awareness of my business. Growth During this stage sales and profits are steadily rising, I will need a lot of advertising to promote the demand. I will attempt to build up customer loyalty before the entry of competitors. I will use persuasive advertising such as special offers and customer guarantees. Maturity During this stage the product will be bought by the majority of my target market also during this stage the rate of sales growth will start to slow down. Brand preference is crucial factor and therefore I will have to make sure customers are loyal by offering guarantees and special offers. I hope to stay in this stage for as long as possible. I will use extension strategies such as: * Hold sales every quarter * Refurbish the shop every 5 years * 20% off members' first purchase * Revise my stock each quarter to keep up to date with currents trends * 'Buy One Get One Free' on certain parts and accessories Saturation There is a lot of competition in the market and the sales level off. If I can't revitalise my shop I will plan on closing but if I can revitalise my shop I will carry on trading. ...read more.

Conclusion

I could also change my promotional techniques. This could include things like changing my advertising campaign, or just changing the way I advertise, in general. Strengths and Accuracy of Methods Used Product Lifecycle This could be the key to making my business work, but I do have to realistically evaluate if my product will stick to the diagram. The reality is that it is unlikely that my product will stick to the diagram, so I cannot completely rely on it. The product lifecycle is an ideal scenario. It will have to accommodate for the fact that my product is unlikely to fall into each stage perfectly. The product lifecycle does not take into account any external factors. Market Research Even though I took most of my market research from customers coming out of my main competitor, Nook Car Accessories, I cannot assume that all of the results from my market research will always happen. This was only one sample on one day. These could, potentially be freak results, and totally different to what they would be like on an average day. In the unlikely case that this is the case, it could have dramatically bad effects on my business, as all of the things that I will have based my business plan on (the market research) will have been all inaccurate and therefore of no use to me at all. Competitor Scan I think that the competitor scan that I did was quite accurate, and that I appropriately scanned all of my realistic competitors. I will hope to eventually eliminate all of these competitors and maybe one day, create a monopoly over the car market in the city of Newcastle upon Tyne. The only thing about the competitor scan that I have to ask myself is, 'Was I able to get all of the information that I needed?' The answer is no, probably not, as obviously most of my competitors would not give me information that would help me with my business, because they could inadvertently end up compromising their own profits and sales. ...read more.

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