My business – Richer Sounds
The name of my chosen Business is Richer Sounds. Richer Sounds is a leading specialist retailer in audio equipment and separates such as DVD players, CD players and amplifiers. The company is owned by Julian Richer. He dropped out of school and opened is first shop at London Bridge when he was 19. Today he owns over 50 shops, placed around England (see below). Richer Sounds employs nearly 400 colleagues, as they prefer to call them, and in 2003 they were delighted when Richer Sounds was listed as being top British-owned Company in the official list of the UK’s 100 Best Companies to work for.
Customers are the most important part of the business. This is because they provide the company with profits and income. They people who buy or use the product or service you are offering. There are different types of customers, but I am focusing on the two main customers of Richer Sounds, who are Private and Corporate customers. These are pressures afflicted on the company by another organisation that are competing to increase their share of the same market.
Richer sounds operate in the consumer electronics market which is sometimes called ‘sound and vision’ it is highly competitive. The main competitors opposing richer sounds are large chain stores such as Comet, Curry’s and Dixon’s. Small specialist shops that sell consumer electronic equipment and online electronic suppliers also pose a threat. Richer Sounds could respond to opposing threats by keeping watch of competitive prices, and profits of opposing organisations. This will allow Richer Sounds to compete and lower prices, which may bring more customers and increase profits.
Swot analysis for Richer Sounds Strengths: the strengths for Richer Sounds are that Richer Sounds have the ability to sell quality products at a cheaper price then most high street retailers. Weakness: The main weakness of the Richer Sounds is competition. Richer Sounds is also part of a large consumer Electrical market which is sometimes known as ‘sound and vision’ it’s highly competitive. Large Stores such as Curry’s and Dixon’s are competing against Richer Sounds for a large share of the same market.
Opportunities: the opportunities for Richer Sounds is that as its becoming more wide spread with over 50 stores throughout Great Britain and Ireland, Richer sounds may choose to turn into an international global organisation and offer their services to many different countries. Also Richer Sounds may choose to move into another market and start selling a range of different products. Threats: Competition is one of the main threats for the Richer Sounds. They are competing against larger chain stores such as Dixon’s and Curry’s.
As well as competing against small specialist stores and online suppliers like Amazon and Tesco. [M1] Richer Sounds can become more competitive by taking opportunities such as become worldwide, offering their services to many different countries. An example of this is Mercedes. They were first founded in Germany and turned worldwide. This broadens opportunities. Richer sounds could also build on their strengths by continuing to sell quality products at a cheaper price then most high street retailers. They should also respond to threats and compete with all organisations.