Business studies coursework

Authors Avatar

GCSE Business Studies Coursework

Introduction

I have been approached by a local successful entrepreneur who owns a number of restaurants and wants to set up something new and creative that the people of Heckmondwike will be attracted to. The successful entrepreneur I have been approached by, named Mr. Sugar, a relative of the hugely famous entrepreneur Sir Alan Sugar, wants to know what kind of food outlet Heckmondwike customers want.  He also does not know where to locate it.  That’s where I come in, since I know the area well I will help Mr. sugar by doing market research  and giving him information how to do things best.  To do all this I will use a marketing plan which involves price, promotion, place and product.  Also marketing which will tell me where I can sell the product at the right place at the right price at the right time.  A marketing plan is needed so I can ensure the business will be a success as I will have vital information how to get the best out of the business.  All the decisions will be based on the market research that I collect. When all this comes together Mr. Sugar will have himself a successful business.

Swot Analysis

Swot introduction

Firms use SWOT analysis to analyse what they are good and bad at internally, as well as market conditions, what factors outside business can affect them and how.

                   

SWOT Evaluation

Firms use SWOT analysis to analyse what they are good and bad at internally as well as market research conditions, what factors outside of the business can affect them and how.  The 2 biggest weaknesses are bad hygiene and lack of knowledge of area in my opinion.  This will be a major issue because if you have bad hygiene nobody will use your product or service and if you lack knowledge, you wont know what the target market want from you.  They can be both resolved and turned into strengths by firstly doing market research on customers which will give you information on what people in the area are after, secondly you should start making your working environment a cleaner place so you can achieve a certificate which may gather customers as they know your place has good hygiene.

There are also strengths in the business such as good products.  Also Mr. Sugar has an established relationship with his relative Sir Alan Sugar which means Mr. Sugar has been taught every trick in the trade.  He knows from his past experiences where the potential problems will be in the business to exploit these strengths we should advertise the good products and let everyone in Heckmondwike know about it via. Leaflet, flyer, poster, billboard, shop windows, bus, bus stop etc.

On the other hand Mr. Sugar has lots of money to back us up and he has a lot of knowledge from his past businesses which can be a put to use.  We can learn from him so we know where the potential problems will occur and get rid of them.  He can also help support the business with the reputation of his past successful businesses.

An opportunity for the business will be to attract customers with healthy eating.  This is an opportunity because obesity is increasing in Britain and most people want to become healthy as they are now aware of the dangers and health risks of obesity.  One way to use this will be to send flyers, leaflets and other communication methods all over Heckmondwike to make them aware of a healthier option.

A threat to our business is competition.  This is a threat to us because they may steal some of our customers with their ideas and because of this our profit will go low to overcome this we must come up with a unique selling point such as healthy eating or fill a gap in the market.  This will attract more customers and the threat wont be much of a problem.

PEST Analysis

PEST introduction

Firms use PEST analysis to analyse which factors affect their business, which factors will help them politically, economically, socially and technologically or which factors in these 4 groups could be a weakness all together.

PEST Evaluation

Firms use PEST analysis to analyse which factors affect their business, which factors will help them politically, economically, socially and technologically or which factors in these 4 groups could be a weakness all together.

There are all sorts of factors which can affect the business in either a positive or negative way.  I will assess the factors and show which ones will affect my business and its advantages and disadvantages.

The advantages in the political factors segment are things like the smoking ban so customers are not allowed to smoke in your outlet and there fore you have a clean fresh non-pollutant area.  The disadvantage is that you have to get planning permission; this could be granted really late and could slow you down hence bringing problems.

The advantage of the economical factors is that there is a large number of unemployment so you could employ the unemployed, the food prices have gone up so you could raise yours.  Then again there are disadvantages such as the credit crunch and people will tend to eat inside their homes.

The advantages for social factors are that it might be near a school or a work place and everyone from that place might go to your outlet everyday which means you will have a lot of customers.  The disadvantage is that if people don’t like your food they might spread rumours about your food and therefore you will eventually loose customers.

Join now!

The advantages of technological factors are that the food outlet may deliver food which will attract customers as they don’t have to go out to get it.  Also the food outlet can advertise on websites and other people’s websites which will help spread the word and also attract younger customers as young people go on the internet a lot. The disadvantage is that people on the internet may say bad things about you which may get you a bad reputation and could jeopardize your chance of expansion.

Aims and Objectives

Aims;

  • To ...

This is a preview of the whole essay