My aims for my business
For my GCSE Business Studies Coursework, I am starting up a Business called El Buen Mirar sells clothes from various designers. There will be designer shoes, fragrances, clothes and lingerie’s. I want to expand my business, to that it has to achieve Franchising, licensing to use the name, have a good logo and expertise of an existing well known Business. The customers that will be most important to me, based on the market research, are those in the u16 and 17-24 age group.
80% of the people we questioned were in the age of u16s and they had very similar sort of characteristics as ourselves, this will be beneficial when communicating with them in the store. Demand More people in the age group of u16s were considering Nike rather than many of the brands. Also they considered as there spending budget to be i?? 50 or i?? 150. Because this is a very small quota of the mass population, if this was an enlarged sample amongst the group of people, I believe the average of a person spending would be greater. Competition
The main form of competition for my business is Westworld, whereby many customers were happy with there service and were the most preferred shop to buy their clothes from, this is another issue of threat being very local on the High street. Products/ Services The results from my market research suggest that the main products they preferred to purchase was in the category of smart wear. The service that my customers favoured from my research was between 8-10 which is very efficient, very high and this meant that they were very satisfied with them.
Direct competition is when businesses produce identical or almost identical products for, example designer companies such as Westworld and John Anthony’s produce very similar products. Indirect competition this is where businesses compete with each other to get customers to spend their money. A business such as Top Shop and USC selling designer clothes will offer hats, suits, shoes to attract customers away from their rivals. I believe the business can be successful in this as there has never been a local designer shop on the Cowley Road before.
There will be variety of different products such as urban, smart, casual, street and business wear, because the area has a great potential to attract young people. I will use pricing on its standard of the area e. g. ( not very rich, middle class), because it will then allow me, better options to attract people that would expect product price to be so high. The business should deal with the competition by buying latest designer wear and keeping up good customer demand and needs.
Conclusions My research that I have done is reliable but to an extent, because I researched on a small number of people which limited the amount choices. Maybe if I had researched a larger amount people I would have got a much different variety of answers. Other factors that could affect my business are not latest fashion designs, not latest product research, customer preference and poor product quality. Other forms of research that I could have done was from the internet and books.