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My business strategy - computer shop.

Extracts from this document...

Introduction

What will I sell- I will sell computer goods and games. My shop name- I will call my shop Rydale Computer Centre. From what I already know I have decided to make my business a sole trader operation as these are the easiest to set up. Also in a sole trader business I will get to keep all of the profits. Also as I am a sole trader business there are less regulations that I have to comply with. As a sole trader I do not have to make my business accounts available to any one except the inland revenue. This is useful as it saves me time, and it keeps my business dealings secret to the public. What is the aim of Rydale Computer Centre. The aim of my business is primarily to be able to compete with other companies in the local area. Also to brake even, but provide a high quality service to the public. Then it is to make a profit. For the first year the aim of my business will also be to become a well established business, and to remain open (not be forced to close due to lack of business). What is a market? A market is where the sellers meet the buyers to exchange money for a product of service. The term "market" is actually used to describe the people whom the product is sold to. This does not always involve face to face selling, it could selling over the television. For a shop there can be different markets, e.g. domestic, and business. My market- My market is going to electrical goods sold to domestic customers. A market oriented business is when a business will find what product people want and then sell it to them. This normally involves market research. These types of business normally survive longer, as they are able to adapt to what the customer wants. ...read more.

Middle

Evaluation The benefits that I am offering are ones that are already offered by the local competition. This is because not one store offers all of them and my survey showed which ones where the most important. The reason that I will not be offering interest free credit is that this would loose me a lot of money. Instead I will let the credit be taken of by a third party, but hopefully the opportunity of credit would bring in extra sales. My packaging: My packaging will be what the goods are supplied in by the manufacture. This is because they will have spent lots of time and effort on designing the best packaging. For accessories I will supply bags that carry my logo and shop names along with other information. This would be: opening times, services available, and special offers. What is the aim of adverting? The aims of advertising are: * Inform people about the product * Create a image * Increase sales * Compete with other shops * Introduce in products into the market What is the aim of my advertising- The aims of my advertising will be: * Increase sales * Compete with other shops * Create a image I do not want my advertising to try and introduce new products into the market, as this is normally done by the manufacture on a national scale. The manufacture will also inform people about the product. Informative advertising Currently in the biggest spender on this form of advertising, is the government this advertising is used to pass on information to the public. The passing on of this information is very important in any advert. Persuasive advertising The washing power industry spends as much as the government on advertising, there adverts try to persuade the viewer that there products are much better then the compensation. There goal is to attract people to buy there products. ...read more.

Conclusion

The minimum wage is �3.60 a hour, which is the lowest I can pay. If I pay a higher rate then my staff my feel more valued. Commission could also be used to add on to the basic, this is would reward the staff when they make a sale. My payment method- The method of payment that I will use is based on the type of the job. If the person that I hire is qualified to carry out televisions repairs, accountants, or any thing else of use then they will be paid more. I will pay �4- �4.50, and I will not offer commission. This is because people do not like sales men who work on commissions. I will pay my self with what is left from the profits. This means that if I am doing very well then I will have a higher pay, and vice verses. A bank loan is a very common source of external finance for a business. The loans is repaid over a certain period of time and interest is paid. The time period can be anything from one year to twenty or more. How is interest worked out? Interest must be paid on a loan, this is paid back to the person who lent the money. To figure out the amount of interest that is paid on the loan is worked out by this formula: Amount borrowed 100 * percentage rate = total interest paid Normal rate of interest This is the rate of interest that is applied to the whole loan from when you take the money to when you pay back the last penny. Fixed or variable? The interest that is charged to the loan may be fixed or a variable interest rate. The fixed rate means that it does not change, while the variable can change. The interest rate that is charged depends on: * The status of the borrower, a small shop may have a higher rate of interest then a large company. ...read more.

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