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Business Studies Coursework - start up video rental and buy shop

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Introduction

Business Studies Coursework Business Idea I have decided to start up video rental and buy shop. The business idea is to sell and rent video, games and DVD's to make a profit. The shop will be held in Tottenham, London because of the environment. There are a lot of teenagers in Tottenham and they are very interested in video games and DVD's these are one my target audience. Most adults in the environment are more interested in the DVD's and videos and they to be my target audience. Market Research * I am going to research information from the public in the district of where my shop will be located by assembling a questionnaire for the public to get the information on the views of the customers. * I will also have to research the location of where my business will be held, I will do this by going around the location to find a suitable property to locate my business. While doing this I will consider how many people would be interested in using the video rental and buy shop. I will also locate any other existing video shops to compete against. * I will research different types of advertising such as in the local newspaper, and on the local radio, I will also consider putting up posters around my location to inform people of the new business. ...read more.

Middle

This also should show me that I should make the DVD's more expensive than the videos and games. 4. How much do you spend when you come to a rental shop? �2.50 �5.00 �7.00 �10.00 �10.00+ This graph shows more people intend to spend �5.00 in a rental shop show this should give me a rough idea of how expensive I want to charge the consumer. I will make the DVD the most expensive because they are expensive to buy and the public prefer to buy DVD's than anything in renal shop. 5. How far would you prepared to travel in order in to get to the shop? 6 miles 7 miles 9 miles 12miles Other The Public think that they will only be able to travel 6 miles and to me I think that is fine because it covers a lot of estates and neighbourhoods which means I should get a lot of customers. Location The location of where my shop will be held is in Tottenham hale, London. I have chosen here because there are a lot of people in this area. There are a lot of shops in this location which draws people here, there mostly people from different areas that come to shop here. When you get to Tottenham Hale shopping centre it has a big sign which the consumers cannot miss it displays all the shops that are held there clearly. ...read more.

Conclusion

The product is the Video games, I will be charging the customers �3.00 because it is really expensive in shops but I still think this price is fair because it beats blockbusters. In my shop you can only rent for up to 3 days and if you want an extension by 1 day you pay an extra 75p. When you're over due and you have not paid and extension you have to pay a �1.40 penalty a day for games and DVD's, when it is a video you pay �1.25. * Product The product must satisfy the needs of the customer. In some ways the product is the most important of the four P's because without it there could be no price, no promotion and no place. Many businesses now believe that high-quality product which provides good value for money is the main key to marketing success. * Place The place is where the DVD's, games and videos will be sold. The product will be sold at the shop in an easy location for the customers to get reach of. This is important for the life cycle of the product. I am going to buy my premises and this is a problem because I have to raise the money but to sole it I will get a mortgage. I am going to buy my premises but an alternative would be to rent it instead. ...read more.

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