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The aim of this investigation is to explore the feasibility of opening a Men's shoe shop, which will aim at wealthy consumers who are willing to pay a higher price for quality shoes.

Extracts from this document...

Introduction

Introduction The aim of this investigation is to explore the feasibility of opening a Men's shoe shop, which will aim at wealthy consumers who are willing to pay a higher price for quality shoes. The shoe shop will sell a range of shoes, sizes and all the top designers. Therefore, it will be operating in a niche market, because there are no other shoe shops in the local area which provide top designer shoes and shoes which are very fashionable. This type of shop will be aiming at consumers which are in the sector "A" or "B" of the social economic group. People in the "A" or "B" sector are consumers with a high income and who will tend to have a high spending level. This segment of the market is ideal for me to aim my products at; as they will be willing to spend more on goods. I will be purchasing most of the shoes from the Internet and some from wholesalers. The reason for purchasing shoes from the Internet is because there is a large variety of shoes from which I can select from and that they are much cheaper to purchase from online suppliers. I will carry out research on what people prefer and how much they are willing to pay. This will help me get an idea on what prices to put goods at. I will also need to find out the size of the market I will be operating in, and will need to examine the competition in the area. I will gather my research by using a variety of sources, for example, Census, Internet and Books. I will also be carrying out foot counts and questionnaires to gather primary data. I will be locating my store next to the high street and the size of the store will need to be small because I will not require a lot of space. ...read more.

Middle

Plus it was also good to find out that there were a high number of people who purchased shoes from Woking as this will give me a bigger market to cater for. It was very hard to find out the exact market share of each store which sold shoes, so I had ask the people I surveyed to tell me what shop they purchased there shoes from mostly. This would give me a fair idea of what shops I would be competing with and this would also help me find out why consumers purchase their shoe from that shop. For instance, they could be purchasing shoes from there because they sell a large variety of shoes, good quality material or it has a good brand rating. From this I will be able to a***s why that shop attracts customers and then from that I will be able to copy that idea. Most people purchase their shoes from Clarks, River Island and Allders. These shops tend to sell very fashionable shoes and also have a variety of shoes to choose from. So this would need to be taken into account when purchasing shoes for the store. I also asked some marketing questions to find out what would be the best way and method of promoting my products. I asked people what media they had most access to. Most people said television and others which had a high percentage were radio, newspapers and leaflets. This would give me an idea of what media to choose for promoting my product. I wanted to do most of my advertising through leaflets and I wanted find out if people actually read leaflets they receive. From the results I found out that 61% of people did not read leaflets they received, so I would need to consider another type of way of promotion and not just to rely on leaflet handouts. ...read more.

Conclusion

If the pound value increases it will mean that I will be able to purchase more dollars for a low price, and therefore I will be able to purchase stock from America at a cheaper price. This will then allow me to sell my goods at a cheaper price or sell them at the same price and earn more profit per product. But, if the pound value falls, then it will cost me more to purchase stocks from America and may cause me to increase the prices of my products. I will always need to make sure that I am aware of the exchange rate, because it has a big influence on the prices of my products. The main reason for why the pound value increases is because the interest rates increases. It may be good for my firm that the pound is stronger, but there is also a disadvantage. This is because when interest rates rise it will mean that consumers will tend to save money rather then spending it, because they will be getting a higher return for it. This will cause them to spend less on luxury items and will have a big effect on my sales revenue. This may even cause my business to run into liquidation and therefore, I will need to always change the price of my goods depending on the economy. As I have shown that the business will be affected by external changes (interest rates, exchange rate), it is necessary that I make decisions on the business on considering all internal and external factors. Opening a business has many risks in it, you never know what's going to happen next, the whole market may change tomorrow due to new technology, and the whole market may go into a recession, these are known as uncontrollable events. After analysis and evaluation of all the controllable aspects available to me, I have decided that this business is worthwhile and has great potential of competing at national level in the next few years at the moment it will concentrate on local competition. ...read more.

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