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I Have Chosen To Provide A Good Service To My Customers Because I Think This Will Differentiate From The Competition And I Expect To Gain More Customers Through This. I Have Chosen To Increase Sales And Profit As I Will Then Be Able To Input More Money Into The Business And Expand My Stores Into New Areas And Expand My Product Range. Source Of Finance Most Of My Money Will Come From My Partnership And This Money Will Be Used To Pay For Rent Which Will Be Approximately 1500 Per Month.
I have Based This On Internet Research Which Identified Medium Sized Outlet In Newcastle Would Cost Around This Amount To Rent. The Money Will Be Used For Refurbishment And Initial Stock And If Any Money Is Needed I Will Ask The Bank For A Small Loan/Overdraft For Up To 5000. If I Take Out A Loan I Expect To Pay 6-7% Interest If I Take It Out Over 5 Years. This Percentage Is Because The Current Interest Rate Set By The Bank Of England Is 5. 5%. If Grants Are Available To Locate In Newcastle Would Apply For One As They Are Available To Certain Areas For Example Rundown Areas.
I Have Chosen Not To Get A Mortgage Because It Would Tie Me In For A Period Of Up To 25 Years And Make It Difficult To Relocate To Another Property Or Area Because I Would Have To Sell My Existing Property First. Competitor Scan In This Section I Will Undertake a competitor scan by visiting local competitors or researching the internet. I Will Outline 3 main competitors in the local area. I Will Then Explain their strengths and weaknesses and outline how you will make your business better than theirs.
I collected my info from 100 people, this gives me an accurate amount of results and an even sample percentage. I chose 100 people and used their answers and put them in graph. I chose these people with random sampling. This is where I choose people to do it at random when I was giving them out so that everyone has an equal chance of getting chosen. The results are as follows: 1. Sex The Graph above shows that males seem to be more interested in my shop so I will aim my products towards a male population.
The graph shows that a majority of people under age 30 were interested in my shop. So I will target this group. 3. Wages The graph shows the majority of people earn 10000 – 30000. I will aim my products toward these people. As a lot of my accessories I will be selling are expensive it is better to aim the price range to higher earning individuals. 4. Cars The graph shows the four most dominant types of car owned by my target market. As these cars are most popular I will specialise in selling accessories for these models. I am now going to summarise my questions.
Most people whom I questioned said that they probably would buy my product. Most people said they would pay between i?? 300 – i?? 1500 depending on the item. The majority of people would buy their parts from a car hypermarket. Most people said they look for quality and well priced parts when purchasing them, these are also the reasons people said I improve my services to differentiate me from all competitors. Laws Affecting My Business The Race Relations Act, 1976 Makes discrimination on grounds of race illegal in the same way as the Sex Discrimination Act.
Again, there is scope for GOQs – for example, advertising for an ‘Italian waiter’ to work in an Italian restaurant. How It Affects My Business Prevents people from racial discrimination at work and prevents colour prejudice such as when applying for a job. The Equal Pay Act of 1970 Sets out that women and men should receive the same pay for doing the same type of work or ranked as being of the same value. How It Affects My Business This prevents men and women being paid different wages for the same job.
And means I will have to pay both sexes equally. When recruiting people I must make sure they are getting paid the same as someone else doing the same job. have chosen these companies to supply these parts as they are well known by my target age group and are reasonably priced. The parts will be specifically suited for different makes and models of cars. The main cars I will stock for are the Ford Fiesta, Renault Clio, Vauxhall Corsa and the Ford Focus. I will stock these parts for these cars as my target market identified these as popular choices.
I will differentiate myself by offering special discounts to store card holders and allow them to purchase items on credit. I will give each customer free fitting for customers who spend over i?? 1250 and will give all customers a year long money back guarantee and free servicing if they are store card holders, this differentiates me from my competition because none of them offer this service. I have chosen not to offer credit agreements as a lot of companies have lost a lot of money in recent months through customers being unable to pay the money back.
I will try to portray my company as a company that offers good quality named products at very competitive prices. This will in turn create a well respected image for my business which will help me stand out from the competition, this will help attract my target market. I have chosen the name AutoModz as my company name as this relates to the products I’m selling and is catchy. Product Life Cycle Introduction During this stage my sales will be low. Heavy promotional spending is needed I will do this by spending a large portion of my money on advertising such as leaflets and paper advertisements.
The aim of my promotional strategy is to create awareness of my business. Growth During this stage sales and profits are steadily rising, I will need a lot of advertising to promote the demand. I will attempt to build up customer loyalty before the entry of competitors. I will use persuasive advertising such as special offers and customer guarantees. Maturity During this stage the product will be bought by the majority of my target market also during this stage the rate of sales growth will start to slow down.