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Strengths & weaknesses of a business idea. Research for a new electronics shop.

Extracts from this document...

Introduction

For this Coursework, I am meant to think of four business ideas, evaluate them on their good and bad points. After this we are meant to pick the business we think is going to work best. My first business idea is based on a fast food restaurant like another KFC, it is called chicken stop. Strengths of opening a shop like this would be * It can be easy to set up * By having cheap prices, it will secure customers to repeat purchase. * Being able to create the food quickly for you and others pleasure Weakness of this would be * There are many chickens shops so there would be * Fast food can cause health problems so it may not appeal too many. * Missing one order can cause you to lose customers Competition for this business would be shops such as McDonalds, Subway, Burger King, Nandos etc. My second idea is based on another store like HMV but supply different stuff. It would be called Super Volt. The strengths of this idea * There are not many shops around like this * You can supply other products that other competitors like Game don't supply like Computers * The weaknesses of this idea are * It can be hard to start up because of the range of products you are going to supply will be expensive * You will have to charge high prices at first to survive the first year because of your products you buy which could turn customers away from your shop at the start. Competition for this business would be shops like Curry's, Argos, Dixons, Comet etc. My third idea is like another ASDA but just smaller, it will called Savers. The strengths of this idea would be * You can sell almost everything at the store * If your store is big enough there is rooms left you are not going to use, you can rent the rooms to others for more money like ASDA do. ...read more.

Middle

They advertise through leaflets in store, television adverts and more. There prices vary depending on the product, for example they would sell a computer for about �400 and a DVD for 10. From looking at this website, I see Curry's put all the things a customer would want to happen such as a sale and free delivery on their front page to make you look into it. Dixons Dixons target market exactly the same as Curry's which is people who can afford high quality products at an expensive price. Dixons headquarters are in Hemel Hampstead, Hertfordshire in the UK. They open on weekdays at 8am-8pm, Saturdays at 9am-6pm and on Sundays at 9am-5.30pm. Dixons advertise through television adverts, on buses and more. There prices can vary, an example of this is a 32 GB IPod Touch is �210 although an iPod shuffle will be around �50. Just like the Curry's website, Dixons put their offers and delivery rates on the front page to attract customers to buying products. Argos Argos target market includes families aged 25-64 with kids. Their headquarters is in Milton Keynes, Buckinghamshire in the UK. Argos opens on weekdays at 9am-6pm and on Saturdays except on Thursdays when they are open to 8pm, on Sundays 10am-5.30pm. They have 750 stores in the UK. Argos advertises through television adverts, leaflets and others. Argos prices depend on the product; one example of this is a new gold watch could be �120 on the other hand a swimming pool can be around �20. The Argos website does a similar thing to the others but it also shows what their most popular searches are within the website. Comet Comet is an electrical retailer, it also supplies around the same products as my store. There target market would be people who can afford to spend big regularly on products. There headquarters are at Rickmansworth in the UK. ...read more.

Conclusion

Two people said they were aimed at the rich people while the other thought there productst were aimed at people with the average income. Lastly another thing I discovered was you can get discounts at some Curry's if you have idenitification to say you are a student. Marketing Mix My business is an electronic store which will have differnet elements of other electronic stores such as possibly having online deleivery like HMV does or by looking on their webiste also offer online mp3 digital downloading. I will try and sell all my products accordingly to competitiors prices but just a bit lower so I will take their customers. Through carrying out an interview I found out a way on how to price my prodcts, one way of doing it is looking at the bought in costs of the product and then double it to make the price of the product.From carrying out an interview, it has given me ideas on what products to stock at my store such as ipods, Ipod accessories, game onsoles, etc. To stay ahead I will have to consistenly have my products at a high standard which is my first aim My buisness will be located in St.Albans because from my questionaire many people who like the products I will be selling are living in St.Albans so I think that would be the place where my business will be most profitable. Also through my carrying out a questionaire and an interview, I will advertise my store on television since that was the most popular choice out of the other advertising methods. I could also advertise on billboards and in the newspaper since that seemed to also be quite popular choices when it comes to advertising, I know this because I carried out a questionaire and billboards and newspapers were second and third both behind television from the results. I will also have diffenret weekly promtional deals such as BOGOF which is buy one get one free, Buy 3 for 2 which is buy three products for the price of two. ?? ?? ?? ?? Themba Agati ...read more.

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