We use cookies to give you the best experience possible. By continuing we’ll assume you’re on board with our cookie policy

Strengths & Weaknesses of a Business Idea Essay

For this Coursework, I am meant to think of four business ideas, evaluate them on their good and bad points. After this we are meant to pick the business we think is going to work best.

My first business idea is based on a fast food restaurant like another KFC, it is called chicken stop.

Strengths of opening a shop like this would be

* It can be easy to set up

We will write a custom essay sample on Strengths & Weaknesses of a Business Idea specifically for you
for only $16.38 $13.9/page

Order now

* By having cheap prices, it will secure customers to repeat purchase.

* Being able to create the food quickly for you and others pleasure

Weakness of this would be

* There are many chickens shops so there would be

* Fast food can cause health problems so it may not appeal too many.

* Missing one order can cause you to lose customers

Competition for this business would be shops such as McDonalds, Subway, Burger King, Nandos etc.

My second idea is based on another store like HMV but supply different stuff. It would be called Super Volt.

The strengths of this idea

* There are not many shops around like this

* You can supply other products that other competitors like Game don’t supply like Computers

The weaknesses of this idea are

* It can be hard to start up because of the range of products you are going to supply will be expensive

* You will have to charge high prices at first to survive the first year because of your products you buy which could turn customers away from your shop at the start.

Competition for this business would be shops like Curry’s, Argos, Dixons, Comet etc.

My third idea is like another ASDA but just smaller, it will called Savers.

The strengths of this idea would be

* You can sell almost everything at the store

* If your store is big enough there is rooms left you are not going to use, you can rent the rooms to others for more money like ASDA do.

* This could be a major store the town your business is going to be in needs so it will bring in customers

The weaknesses of this idea are

* The start up costs will be expensive.

* Products can easily be stolen by having a big store because you can’t watch everywhere.

* Competition could be fierce if you set up in town with huge competitors like Tesco and Sainsbury’s

Competition for this type of business would be the large supermarkets such as Asda, Lidl, Morrison’s etc.

And my last idea is a clothes shop which would be called Madness.

The Strengths of this idea are

* Supplying a range of clothing competitors don’t have

* Providing the essential stuff for different seasons at low prices will bring in customers like cheap scarfs at winter.

The weaknesses of this idea are

* Stock can be expensive so if you damage or lose some it will cut some of your profits.

* Also buying having expensive stock your prices will have to be quite high to make some profit.

Competition for this type of business would be shops such as River Island, Republic, TK Max, Next, etc.

Overall I chose to start up a store called Super Volt; I have created a logo for my store which is just the initials of it, I think this is an appropriate logo because it is just two letters which symbolising the store. I have acknowledged the Business name Act 1985; it will not affect my business because there is no business also called Super Volt. I have chosen to open up an electronic because I generally have an interest in electronic products; this is one of the many reasons why I am opening up an electronic store. Another reason why I am opening up an electronic store is because in the area I plan to open it up in, there are not many competitors who can ideally be threats to my business. There are some threats like small electronic stores but no major competitors such as HMV or Curry’s. I also know people in the industry who can get me cheap products but I may have to avoid them due to not knowing if the products will be genuine. Another reason why I want to set up an electronic store is because I have worked in HMV before as a previous job and I thoroughly enjoyed working in that store so this is a main reason why I want to start up an electronic store.

Aims and objectives

Aims are needed in any business because it gives the business/person something to work to achieve whereas an objective are small goals which help you achieve your aim

Aims

1st aim to provide a high standard of products

* Buy products from reliable suppliers every month

* Produce products to perfection everyday in a fashionable way

* To listen to customers complaints daily then use them as guidelines on improving store

2nd aim to provide excellent customer service

* To provide a 24 hour help line everyday

* To motivate staff and myself daily to provide excellent customer service

* To have a fair 28 day refund policy.

* To provide unique services that competitors don’t offer such as self

3rd aim- To keep customers coming into the store

* To run price checks on competitors weekly to know how to price products

* To run different weekly offers like BOGOF

* To design a new unique layout for store every month

* Make sure every customer always leaves the store happier when they came in

4th aim-To be environmental friendly

* Design standard size printed items to minimize paper offcuts.

* For packaging design jobs, find packaging solutions that require minimal materials

* Take on charity projects for an environmental not-for-profit every month

* Install energy efficient lighting around the shop.

Stakeholders

A stakeholder is a person who owns a percentage of a company’s shares. Another definition for it is a person or group not owning shares in an enterprise but affected by or having an interest in its operations. It is important for my business to acknowledge their stakeholders because they are my source of income, so when it comes to their needs are they are my priority.

Ten examples of stakeholders are

* Customers

* Local community

* Employees

* Managers

* Owners

* Suppliers

* Government

* Creditors

* Trade Unions

* Competitors

In order I think my most important stakeholders are

Employees

Customers

Competitors

Managers

Suppliers

Local Community

Government

Employees

The employees will be my main key to success although they may not be that many. They will need to be very motivated, need to arrive on time for work always but on the other hand they would expect me to pay them on time as well as offer them benefits such as pension possibly and Health insurance. The customers can be responsible for helping me fulfil my first aim which is to provide a high standard of products. The employees along with the manager will help me achieve my third aim which is to keep customers coming into the store. As my business grows I will increase the size of my store and employee more staff.

Customers

The customers are quite important to us because they will be our main source of income; we will heavily rely on repeat purchase/customer loyalty which is an aim of our business which is to keep customers coming into the store. The customers will expect excellent customer service and motivated staff which is one of our objectives.

The customers can be responsible for helping me fulfil my first aim which is to provide a high standard of products; this is because the customers are giving me the money to buy the high standard products. As my business grows the customer base will also grow.

Competitors

From carrying out secondary research I have found out some of my competitors are HMV, Curry’s, and Argos among others. They would be what will keep me on my toes always trying to be ahead. Competitors would be one of the biggest threats to the business because they could steal your ideas and competitors. Competitors will expect you to be ahead of them, so they will come up with products to overtake you in the market likewise yourself. As my business grows the competitors would become smaller threats to my business

Managers

Managers manage your store unless you personally do it yourself as the owner; they would expect the same employees would from you, good pay. Managers may also expect the same as employees which is the health benefits or pension money. I will expect mangers to also provide me with a monthly report analysing the store. The manager would be in charge of keeping staff motivated which is one of my objectives.

Suppliers

Some of my suppliers would be Play station, Microsoft, Apple, Play.com and others. If the products from the supplier are cheap then I will buy many products from that supplier. The supplier will supply me with the products needed to sell at the store, they will expect me to pay on time and treat the person supplying in a good way. I will also expect a high standard of products from the suppliers which is also one of my aims and some environmental friendly products from time to time.

Local community

The local community will be the town you live in

The community will provide a place to promote products around the town; it will also be a place where you can advertise your products. The local community will expect you have an attractive store so it brings many people to the town, they will also expect you to treat members of the community fairly just like you would like to be treated. The local community can be responsible for providing charity events for my business to participate in which is one of my objectives

Government

If you are a business starting up, you may be entitled for some money from the government. The government on the other hand expect you to pay all the taxes any local business will have to pay. The government may also expect you to be environmental friendly which is one of our aims. But as we grow as a business the government may see us earning a high income, so they would stop giving me money for business.

Sole trader

Advantages-

* You have full control of your business

* When setting up you only have to inform yourself about the changes you make

* You don’t have to fill out many forms out

* You can take all the profits for yourself because you have no staff

* You can make decisions very quickly due to working on your own

Disadvantages

* If the business fails you are responsible to pay off all debts

* If you become ill and you insurance doesn’t pay off until a month later that could be the end of your business

* Handling the business on your own can be very time consuming

* Harder to get large jobs because large corporations have many staff that can work on tenders and offers but because most organisations won’t work with a business that only has a staff of one.

* Sole traders still have to pay for VAT

Partnership

Advantages

* Two people know more than one

* One person can be at one place and the other can be somewhere

* More ideas created because there are two of you.

* You can share resources and money etc.

* You don’t get charged as tax

Disadvantages

* If your friendship was to somehow be destroyed that could be the end of the business

* You cannot make all the decisions on your own

* You have to share all the profits

* If you or partner make a fatal mistake which could lead your business to bankruptcy, if your partner makes the decision you will still have to pay.

* Choosing the wrong partner can lead your business to failure.

LTD’S AND PLC HAVE LIMTED LILIABILTY meaning that if their business was to fail they would only lose the money they invested into it

LTD-You can sell shares to WHO YOU WANT

Advantages

* If you start working for yourself you may be entitled to health insurance and other employees are entitled to

* Selling shares to who you want to

* As an owner of a PLC you can elect a board of directors who can make some decisions you may not want to do.

* Do not have to pay National Insurance

* Often you can reduce the amount of Corporation Tax you pay.

Disadvantages

* There is a lot of paperwork to be filled out

* It costs a lot of money to set up a company

* If you are over the audit threshold you will also have to pay to have an Audit

* You have to pay corporation tax on top of other taxes

* You cannot share or transfer your shares once bought

PLC-ANYBODY can buy shares.

Advantages

* By selling shares you can raise money for the business

* You can easily sell/transfer your shares

* If you are a big company, it would be easier to get loans from the bank

* Limited Liability

* A board of directors can be appointed expertise/experience to help you

Disadvantages

* If you sell to many shares you as the owner will not have total control

* Profits are shared within the business

* Decisions may take longer if you don’t have total control

* You must continuously fill out reports

* Somebody may buy shares in a business to see what is actually happening inside the company to expose their plans to competitors

For my business I plan to be a sole trader, a main reason for becoming for a sole trade is purely to be in total control of my business. I think it is appropriate for my business it is a small business, I will need as much money as possible to reinvest back into the business since the products are also expensive. By being a sole trader it is very good for my business as I can make all the important decisions quickly on my own and I get all the profits. Another good thing about being a sole trade is there not many forms to fill out so I can have more time to spend on the business.

With having an electronic store I will need as much money as possible for products. I decided not to become in partnership with someone purely because I want all the profits for myself as well at the making the decisions and another reason why I would not want a partnership is because if one of makes one mistake and puts the business into debt then we will both be responsible to pay the debt together even if I didn’t have a part in the error. One other business I could have become is a PLC standing for Public limited company which has limited liability which is what I would prefer to unlimited because it will mean my assets are safe but the drawback of becoming a PLC is the fact that it costs too much to set up. I also could have chosen to become a LTD, one good thing about this idea is you do not have to pay national insurance but one drawback of becoming one is the amount of paper work which is needed to set one up. I have acknowledged the Partnership Act 1890 and Limited Liability Partnership Act 2000, these two will not affect me because my business I am a sole trader.

Market Research

Market research is the method of gathering, analyzing and interpreting information about a market, about a product or service to be offered for sale in that market and about the past present plus potential customers for your product or service. Accurate information is needed for every successful business because you know the whole market meaning you can provide what customers want or ways to beat your competitors.

Primary Research

Primary research which can also be called field research is involves the collection of data that does not already exist meaning that you have to carry it out yourself. This can be done through questionnaires, direct observation and interviews etc. It can in two methods, qualitative and quantitative. Qualitative research includes interviews, focus groups and observations. Quantitative research includes questionnaires and surveys.

Advantages of Primary Research

* You know it is true because you conduct it yourself

* Work with the results in the way you want

* It is not shared with others if it is up to date

Disadvantages of Primary Research

* It can be time-consuming

* It can be very expensive sometimes to carry out yourself.

* People may not reply to messages if you send emails or letters.

One method of primary research method I will carry out is a questionnaire. A questionnaire is a series of questions which people fill out giving their opinion on each question.

Strengths of this is

* More people are likely to fill one out since it is anonymous

* More people are also likely to give their own opinion rather than follow the crowd

* Quick way of gaining information

Weaknesses of questionnaires is

* If your questionnaire is too long, people will not fill it out properly

* Not as effective as other primary research methods

* Can be expensive to distribute many

Another method of primary research I will carry out is an interview. An interview is a one to one conversation; one person is asking questions while the other is answering them.

Strengths of this method is

* It is a very effective method of finding out information

* You can tell what the interviewee or interviewer is thinking due to their facial expression which makes it easier to confront them.

Weakness of this method

* Time consuming

* Some people are shy to do interviews

* If an interview is not prepared properly, wrong answers can be given to questions

Another method I will carry out is a Focus group. This method consists of a group of people who discuss their opinions on a certain subject like a company or a product etc.

Strengths of this method is

* Generate many ideas through this idea

* Everybody has to contribute because it is a small group of people

Weakness of this method is

* Some people are shy to express their opinions in front of others

* Can be costly to carry out this method since sometimes you have to pay people for the time

* Some people are easily persuaded to think one thing by another person resulting in everybody coming up with one idea

Secondary Research

Secondary research is collecting information which has already been created. E.g. someone has interviewed Richard Branson and has put the interview up on the internet or in the newspaper. It has already been conducted already so it means it is secondary research.

Advantage of Secondary Research

* Easy to find it on the internet or in books

* It is much easier to get than primary research

* Low cost compared to Primary Research

Disadvantages of Secondary Research

* It can be fake information on a website

* Sometimes the research is incomplete

* It can be out of date information

Five Main competitors

Curry’s

Curry’s are having a similar target market to my business which is people can afford to buy high quality products for expensive prices. Their headquarters are located in Hemel Hampstead in Hertfordshire in the UK. They have 295 superstores and 73 high street stores. They open on weekdays from 9am-8pm, Saturdays to 9am-6pm and on Sundays 10am-4pm. They advertise through leaflets in store, television adverts and more. There prices vary depending on the product, for example they would sell a computer for about 400 and a DVD for 10.

From looking at this website, I see Curry’s put all the things a customer would want to happen such as a sale and free delivery on their front page to make you look into it.

Dixons

Dixons target market exactly the same as Curry’s which is people who can afford high quality products at an expensive price. Dixons headquarters are in Hemel Hampstead, Hertfordshire in the UK. They open on weekdays at 8am-8pm, Saturdays at 9am-6pm and on Sundays at 9am-5.30pm. Dixons advertise through television adverts, on buses and more. There prices can vary, an example of this is a 32 GB IPod Touch is 210 although an iPod shuffle will be around �50.

Just like the Curry’s website, Dixons put their offers and delivery rates on the front page to attract customers to buying products.

Argos

Argos target market includes families aged 25-64 with kids. Their headquarters is in Milton Keynes, Buckinghamshire in the UK. Argos opens on weekdays at 9am-6pm and on Saturdays except on Thursdays when they are open to 8pm, on Sundays 10am-5.30pm. They have 750 stores in the UK. Argos advertises through television adverts, leaflets and others. Argos prices depend on the product; one example of this is a new gold watch could be �120 on the other hand a swimming pool can be around 20.

The Argos website does a similar thing to the others but it also shows what their most popular searches are within the website.

Comet

Comet is an electrical retailer, it also supplies around the same products as my store. There target market would be people who can afford to spend big regularly on products. There headquarters are at Rickmansworth in the UK. Comet opens on weekdays 9am-8pm, Saturdays 9am-6pm and on Sundays 10am-6.pm. They have around 250 stores around the UK in three different styles. Comet advertises through adverts on television, billboards in magazines and more. Most of their products vary in price such as a 42 inch television would be around �700 whereas a mobile phone could be as little as �20.

The comet website also shows it’s price crashes on it’s front page but unlike the others it shows a number you can use to order products which is an alternative to ordering using the internet

HMV

HMV will be the biggest competitor out of everyone because my business is based on the whole idea; their target market will be teenagers since they are most likely to buy their products. Maidenhead, Berkshire in the UK. HMV open on weekdays 9am-6pm and Saturday, for Sundays 11am-5pm. They advertise through adverts on television, posters around town and more. HMV prices vary between their products such as a brand new release for a game will be around �45 where a chart music CD will be around �10.

The HMV website also shows it offers on its front page to draw customers to looking on their website along with the free UK delivery. There are also different categories of products which HMV sell on the website, they also have the digital mp3 downloads on their website which the other websites do not seem to have.

Through researching information on my competitors, it will help me decide on many things such as what time I should open my store at, what to stock at my store, most effective way of advertising along with others.

Questionnaire

I am looking to start an electronic store on the high street, can you fill this questionnaire out for me please.

1. How many times if weekly do you go to an electronic store? Circle answer

0-3 4-7 7+

2. What gender are you? Please circle correct answer

Male Female

3. What is your favourite electronic store? Circle correct answer

Curry’s Comet HMV Argos (Other please specify in the line below)

4. Do you like shopping at electronic stores? Circle answer

YES NO

5. Would you wake up at 6am to get to an electronic store to buy a new game released that day?

Tick appropriate box.

6. What do you look for when shopping at electronic stores?

Rank in order of importance as 1 being the most important and 5 being the least important.

Offers

Good customer service

Products you always purchase

Good price for Products

The Car Park’s price

7. What electronic stores do you tend to always shop at? Tick the ones you shop at.

Curry’s

Dixons

Argos

Comet

HMV

Pc World

8.What do you prefer to pay with? Tick relevant answer

Credit Card

Debit Card

Cash

Cheque

Other please specify in line below

Strongly Agree

Agree

Don’t know

Disagree

Strongly Disagree

I like playing video games

I always listen to music

I would pay �15 for a chart DVD

I would go out to an electronic store everyday.

If I saw an advert on TV about a product, would I buy it.

10. Where are you living at the moment? Please write in the line below

11. What is your occupation? Please write in the line below

12. What days do you prefer to shop on?

Weekdays

Weekends

Any day

13. Where would you expect to see advertisements about electronic stores?

Billboards

Television

In newspapers

Other please specify in the line below

14. How much would you pay for a brand new game? Circle correct answer

�0-20 20-40 40-60 other please specify in the line below

Analysis of results

1. How many times if weekly do you go to an electronic store?

35 people would go to an electronic store 0-3 times a week.

13 people would go to an electronic store 4-7 times a week

2 people would go to an electronic store 7 and more times a week

From these results, it would help me determine what times I should open my store at and it would also help me hire staff at the appropriate times because from the results I should not have that many staff since not many people go to electronic stores everyday. I was not very surprised by the results because many people I know don’t go to electronic stores all the time. I asked this question to find out how often people go to electronic stores.

2. What gender are you? Please circle correct answer

Male Female

Male-38 people

Female-12 people

From these results I cannot really get anything from it because it just shows how many males and females I asked to fill out my questionaire. From the results I found out that 38 men and 12 women would use my store.

3. What is your favourite electronic store?

8 people said Curry’s is their favourtie store

3 people said Comet is their favourite store

1 person said Dixons is their favourite store

18 people said HMV is their favourite store

20 people said Argos is their favourite store

From this result, I can state that Argos are the most popular retailer so I should make sure I do what they are doing but much better. I was slightly surprised by this result because I personally thought that HMV were the most popular retailer out of them.

4. Do you like shopping at electronic stores?

29 people said yes

21 people said no

From this result I can say, the majority of people I asked go to electronic stores. Even though more people visit electronic stores than do not, I think I am going to sell things that other electronic stores that do not offer such as food, furniture etc. I was not very surprised by the results because I did not expect many of the people to go to electronic stores.

5. Would you wake up at 6am to get to an electronic store to buy a new game released that day?

2 people said definitely

6 people said possibly

12 people said maybe

13 people said not exactly

17 people said no

From these results, I can say that not many people would go to an electronic store to buy a new game on the day of release. Therefore an alternative to coming to the store for the game could be delivering it to their homes. I was not very surprised by the results because it was what I expected.

6. What do you look for when shopping at electronic stores?

Rank in order of importance as 1 being the most important and 5 being the least important.

Offers

Good customer service

Products you always purchase

Good price for Products

The Car Park’s price

For this question I could draw out a graph simply because it would take too long to do. Overall though I found out that people care the most about the price of the products. One thing I can do now is focus on what prices I am going to price my products at as that is my main priority at this moment. I put this question into the questionnaire because I needed to know what my potential customers would care about the most. I was not actually very surprised by the result because I myself would have cared most about the price of the products.

7. What electronic stores do you tend to always shop at? Tick the ones you shop at.

Pc World- 7 people shop at

Comet- 2 people shop at

Argos- 22 people shop at

Hmv- 15 people shop at

Currys- 4 people shop at

Dixons-0 people shop at

From these results, I can say that Argos is the most popular store out of the others. Again I will have to base most of my ideas around ones Argos have already done but better. I was again surprised by the results because I expected HMV to be the most popular store out of the ones I had.

8. What do you prefer to pay with?

From these results I can say that the most popular method of paying for products is with cash. Therefore may have certain offers in the store if you pay with cash such as if you pay with cash you get 5% off your purchase. I was not very surprised by these results because I myself prefer to pay with cash when it comes to purchasing products.

Strongly Agree

Agree

Don’t know

Disagree

Strongly Disagree

I like playing video games

I always listen to music

I would pay 15 for a chart DVD

I would go out to an electronic store everyday.

If I saw an advert on TV about a product, would I buy it.

For this question I could not create a graph because there would be too many of them to make. But from the results most people were ticking the agree box out of the questions. Overall I was surprised at the response I got from the different questions because they were not what I expected

10. Where are you living at the moment?

For this question I could not also create a graph for it because there were too many responses to make a graph out of. But this question can help me with my business because I could put my business in a place where many people are living in such as St. Albans and Watford. I was not very surprised by this question’s response because I had expected different responses.

11. What is your occupation?

I could not draw a graph from the results of this question because it was an open question meaning there is more than one answer to it. The different jobs will depend on how much money you will have such as a lawyer having a lot of money whereas a cleaner having very little.

12. What days do you prefer to shop on?

24 people prefer to shop at anytime and anyday

14 people prefer to shop on weekeds

12 people prefer to shop on weekdays

From these results, I can say more people prefer to shop when they want; it also tells me that it would be best to open my store everyday because many people prefer to shop when they feel like it. I was hardly surprised by the results because it was what I expected.

13. Where would you expect to see advertisements about electronic stores?

11 people would expect to see advertisements on Billboards

28 people would expect to see advertisements on Televison

7people would expect to see advertisements on Newspaper

4 people would expect to see advertisements on Other

From the results, it tells me more people would expect to see advertisements about electronic stores on television which leads me to believe, when I open my store I should mainly advertise it on television even though it will be expensive. I was not very surprised by the results because I always see advertisements about electronic stores on television and not much on other advertisement methods.

14. How much would you pay for a brand new game?

36 people will pay �0-�20 for a brand new game

8 people will pay �20-�40 for a brand new game

6 people will pay �40-�60 for a brand new game

From this result, I can see that people prefer to pay as little as possible for a new game, so when I open my business I will have that in mind. I was not suprised at all at the results because it was extacly as I expected.

Interview with HMV Manager

Another form of primary research I carried out was an interview with an employee working in HMV. This is the conversation

Me: Hello, My name is Themba Agati and may I ask you a couple of questions on your store please and your job?

Employee: Yes ok then.

Me: What is your job in this store?

Employee: My job here as an employee is to put new stock out on shelves, clear shelves if they are not needed, serve customers at the till and more.

Me: Ok I understand, if you do not mind me asking how much do you get paid an hour and are you forced to work on certain days you cannot?

Employee: Oh no, it is fine to ask that, I get paid �5.50 an hour and the hours here are very flexible.

Me: Ok, did you personally choose to work here because I did some research before coming here and I found out that this HMV had the best wages out of the other ones in the area, did that influence you to work here or was it something else

Employee: Oh, I had no idea this was the HMV with the best wages, I personally chose to work here because I knew people here and I knew and would enjoy working here.

Me: Ok fair enough, how did you find out about the job, I mean how was it advertised, was it advertised in the newspaper, on television or something along these lines?

Employee: I found out about this job through the HMV website.

Me: Fair enough, how does the store you work in advertise their products?

Employee: We basically advertise our products on large posters outside the store and occasionally on a billboard along with Television if there is a big sale.

Me: Ok then, when it comes to pricing new or old products, how do you do it?

Employee: I personally do not decide what we sell or what products we sell because that is the manager’s job. But to be honest when I am asked to price a product I usually see how much competitors are selling it, another thing I look at when pricing a product, is the bought in costs of the products to determine on the price of it. When doing that I can will either double or add half the value to the bought in costs to determine the cost of the product.

Me: Oh ok interesting, what kind of products do you sell here?

Employee: At this store we sell a range of products like IPods, IPod accessories, video games, DVD and more electronic products.

Me: Ok then, Thank you very much for the time you took out of your job to do this interview

Employee: No problem, happy to help.

From this interview, I have gathered information from an employee which will help me with my store. It will help me because I now know what HMV how attract customers or how a HMV employee price’s products. This interview has given me insights on how to run my business when it comes to carrying out the P’s which are Price, Promotion, Place and product. It also helps me when it comes to choosing what products to supply at my store. Another thing this interview has given me is an insight on how much to pay employees who I will employ to work at my store. I have also learnt through this interview that my store must have a U.S.P which is a unique selling point to get people to work at it.

Focus Group on Electronic stores

I carried out a Focus group with four people including me. I have shortened the conversation and left the important parts in it.

Me: Ok, the first question up for discussion is, who do Curry’s aim their products? Like what type of customers such as children etc.

James: Well I think that Curry’s aim their products to mainly teenagers because most of their products teens use such as iPods, game consoles etc.

Gemma: I agree with James, Curry’s target their products at teenagers

Tom: Maybe you two are right but, I think Curry’s aim their products people around 22 and over because they are going to get a house soon so they would need all the things Curry’s provide in their home.

Me: Fair enough but to be honest, I think Curry’s aim their products to all ages because there is something in the store which can appeal to all ages.

Tom: Ok I can see what you are saying but who do you think Curry’s aim their products more to? Male or Female.

Me: I think they aim it equally to each gender.

James: I am not really sure to be honest

Gemma: I think it is more of a male’s store because to me it looks like most of the products are mainly male based.

Tom: I am not really sure what you mean by that.

Gemma: Basically I think most of the products in the stores, male would be more likely to use than females.

Tom: Ok then

Me: How about this, do you think Curry’s aim their products to people with much money or people with not much? Basically Rich or poor.

Gemma: I personally think Curry’s do aim their products at the people the higher end of the scale.

James: I think they aim their products at people with the average income.

Tom: I agree with Gemma but Curry’s do offer discounts to students at school or college if you have identification.

Me: Ok thank you everybody for your time.

From carrying out this focus group I have learnt from others that Currys potiental market can be mainly young adults coming out of university looking for things to put in their house or flat such as a washing machine, televison and more. There target marktet can also be teenagers. But overall I think their target market is young adults. With this information, I focus on making my products appeal to that age. Another thing I found out through this focus group is what gender Curry’s target their products, from the results one person said their products are aimed to both genders, another said So they were aimed at males but I personally thought it Curry’s products are aimed at both genders. One thing I asked while holding the foucs grroup was, do you think Curry’s aim their products to rich or poor people?. Two people said they were aimed at the rich people while the other thought there productst were aimed at people with the average income. Lastly another thing I discovered was you can get discounts at some Curry’s if you have idenitification to say you are a student.

Marketing Mix

My business is an electronic store which will have differnet elements of other electronic stores such as possibly having online deleivery like HMV does or by looking on their webiste also offer online mp3 digital downloading. I will try and sell all my products accordingly to competitiors prices but just a bit lower so I will take their customers. Through carrying out an interview I found out a way on how to price my prodcts, one way of doing it is looking at the bought in costs of the product and then double it to make the price of the product.From carrying out an interview, it has given me ideas on what products to stock at my store such as ipods, Ipod accessories, game onsoles, etc. To stay ahead I will have to consistenly have my products at a high standard which is my first aim My buisness will be located in St.Albans because from my questionaire many people who like the products I will be selling are living in St.Albans so I think that would be the place where my business will be most profitable. Also through my carrying out a questionaire and an interview, I will advertise my store on television since that was the most popular choice out of the other advertising methods. I could also advertise on billboards and in the newspaper since that seemed to also be quite popular choices when it comes to advertising, I know this because I carried out a questionaire and billboards and newspapers were second and third both behind television from the results. I will also have diffenret weekly promtional deals such as BOGOF which is buy one get one free, Buy 3 for 2 which is buy three products for the price of two.

How to cite this page

Choose cite format:

Strengths & Weaknesses of a Business Idea. (2017, Sep 29). Retrieved from https://studymoose.com/strengths-weaknesses-of-a-business-idea-essay

We will write a custom essay sample onStrengths & Weaknesses of a Business Ideaspecifically for you

for only $16.38 $13.9/page
Order now

Our customer support team is available Monday-Friday 9am-5pm EST. If you contact us after hours, we'll get back to you in 24 hours or less.

By clicking "Send Message", you agree to our terms of service and privacy policy. We'll occasionally send you account related and promo emails.
No results found for “ image
Try Our service
online

Hi, I am Sara from Studymoose

Hi there, would you like to get such a paper? How about receiving a customized one? Check it out https://goo.gl/CYf83b

online

Hi, I am Sara from Studymoose

Hi there, would you like to get such a paper? How about receiving a customized one? Check it out https://goo.gl/CYf83b

image

Your Answer is very helpful for Us
Thank you a lot!