Printer Shop example essay topic

Jib ran khan 10 k 3 page 1 Introduction If I were to open a business of my choice it would have to be a printer shop. The location of my shop would be in Stratford Center, the reason for this is because it gets a lot of business because it is a well known area and a lot of people go there to shop. It is also much better than places like East Ham High Street, where there will be a lot of competition e.g. Dixons, Argos, etc. Stratford is also more populated than east ham high street and other shopping areas. I would name my shop khan essentials.

Khan is my second name and essentials is that, people need what I would be selling. The reason I have chosen to sell printers is because there are not many shops in Stratford Center that specialise in printers, there is mostly cloths, shoes / trainers and places to eat. I properly would sell the latest printers and also fix broken printers for people and charge them a reasonable price depending on what is wrong with the printer. As an owner I would have to attract customers by advertising my business, I would do this by putting ads in newspapers, radio, Internet, etc. I would not put it on television because it would cost me thousands of pounds and I would have to make that money back within few weeks of opening because I'll have a lot of money to pay of e.g. rent, person or bank I loaned the money from etc. To find out what customers specifically what I will have to do a research.

A research is when someone gathers information to find out what people like best, so they could either sell the product or improve it then sell it to make even more money. There are two main types of research are primary and secondary research. Primary research is going out to do questionnaires and asking people in person their views and opinions on your product. Secondary research is also called desk research, this is when you get information that already exists e.g. from the Internet, other company files, etc. I think primary research is better because you would know exactly what people think where as if you take existing information you would be taking information that may not be true. Knowledge / understanding If I want my business to be successful I must let people know about my shop.

This is done by advertising. Firstly I would do primary research, which means asking someone for their opinion on your business and what you sell. I will have to ask questions which will help me get the information I need e.g. do you have a computer? Do you need any printers for it? What's a good price to sell the my printers at? I will also use surveys face to face by telephone or by post.

Post responses are normally poor, money is offered to tempt the people to complete them. Telephone surveys is much cheaper and popular than face to face or post surveys. This method is often used for more in depth surveys. I could also put my questionnaire in a free newspaper e.g. metro, and say there could be a prize to be won, this would also temp the public.

I would finally use secondary research, which is usually known as desk research. It involves looking up facts and figures in books, magazines, on computer databases in company file, Internet, etc. I would be checking up information that already exists rather than making up my own. This is done to see how popular printer shops have been in the past.

I will not totally rely on this research because it can be inaccurate. The four P's Product: the product I am selling is printers. It is aimed at all ages because in my surveys everyone shows interest in my product. But I would like to aim a product at a certain age group I have chosen is 15 and over because I have aimed my product mainly at offices e.g. such as canary wharf. Price: I will sell my product at a reasonable price. I will do this by sending out a questionnaire about my product to find out the most reasonable price.

I would also discuss the four P's in the questionnaire. Depending on the labour, the wholesale price and packing, I would try to sell it at my best price. Place: the place I would most like to open my shop is Stratford Center. This is because it is very popular it has a lot of business and printer specialists are limited there.

It is also attractive to the business world as it is a shopping mall, and it also contains other PC stores e.g. Time, compact, etc, that do not only do printers but a range of other products. Promotion: if I want my product to be a success I need to promote or advertise it e.g. Argos and Dixons are well known though advertising. I will advertise it in newspapers, posters, leaflets, etc. My shop would have to be attractive to get customers. The packaging would also have to be attractive and it must have a catchy slogan to it e.g. Coca-Cola 'always the real thing'. Application If I was to bring my product to life, I would have to do all sorts of market research to find out if I have any competition and to see how well my product has sold in the past, and if it can be a good seller now.

I would also research to see if it has failed and to find out why and what I can do to prevent myself from making the same mistake. I would then look for a suitable place for my product to be sold. I could sell my product to big companies like argos as well as have my own shop that way I can be making money either was, but to get maximum profit I would stick to opening up my own shop. If I cannot afford to pay for the shop then I would sell my product to big companies or I would get a loan from the bank.

If I get refused I would borrow the money of family or friends, this way I won't have to pay interest so I would save more money to go towards my business. To get the maximum number of customers I must promote my product. I would promote it to a boxer or wrestler e.g. walkers has promoted Gary Lin icar to attract more customers to buy their product. I would first open a temporary shop, for about a few months, to see how well my product sells. If it sells really well I would open the shop permanently. If it does not sell as good as I thought it would, and it is not enough to cover my expenses, I would shut down before I go bankrupt and loose everything.

I will do my market research again and reopen when I think I am ready, and when I'm certain I will make a lot of money, I would then have learnt from my mistakes and I will know not to do it again. To be on the safe side, and to prevent my business going bankrupt, I would send out questionnaires to all the houses in the area, from about a 2-3 mile radius from around Stratford centre to find out if I'm in the right place and if I had got the right age group. In some cases most of the people don't do the questionnaires, but if you say, you can win lb 5 000 or a prize if you fill this in and send it off. This will tempt them to fill it in and send it off.

I will also conduct a phone survey so I can get maximum information. I would like to open a private limited company because of all the advantages e.g. company is legally a separate thing, which means it has certain rights, which are recognized, by the court. It can buy and sell assets; make contracts; sue other companies and individuals but the disadvantage to a private limited company is you can be sued yourself. The reason why I never chose a sole proprietor business is which ends with the death of the owner, company can carry on after the person who started it has sold it or died. A private limited company (which which has LTD in its name) has a minimum number of shareholders. Their shares cannot be sold to the general public on the stock exchange.

Very often, the shareholders are the founders of the firm. They are also the directors. In practice, therefore, they own the company and control it, though their liability is limited to the normal capital they invested. Another great advantage is that they can use some of the profits to set up company pension schemes for themselves. How am I going to get the money?

I would borrow about lb 60,000 to lb 80,000 from the bank, like every bank I would have to put something on the line I would put my house or any other property I own. I rather not borrow money from my parents because I would want to be self-dependent meaning stand up for my self I would like to be known as a self made man. I would make my decoration for my store and my products packaging quite colorful and very attractive for the age group I have chosen, this would interest people to come and take a look at my store. I would like people to look at my packaging and think, I must go to that store and check it out. I would get a professional to make and design it and I would supply them with the materials because it would be mush cheaper for me to get the material instead of them. If the private company is successful I would raise money for the growth of the company, this can offer shares to the public making it into a public limited company the shares would then be brought and also on the stock market.

If my store were extremely successful I would turn it into a franchise company. This is a worldwide company e.g. mCdonalds, KFC, etc. This would prove my company is worthy of being a franchise company, and it would be known all over the world. The risks of my business would most properly be competition or being sold out by brand names. If this were the case I would open up my business in another place or even country e.g. Dubai where there are a lot more customers that don't mind non branded names. Questionnaire Circle your answer.

1. Do you have a computer in you household? Yes no 2. If yes how many? 1-3 4 and over 3.

Do you have a printer with your computer? Yes no 4. Roughly how many pages a week do you print? 1-5 6-10 10-15 15 and over 5.

Has your printer ever broken down? Yes no 6. If yes, did you get it fixed or did you buy a whole new printer? Brought a new printer got it fixed left it 7. What would you say if I fixed and sold brand new printers at low prices?

Great not very good 1. Do you have a computer in your household? 2. If yes how many? 3. 4. Roughly how many pages do you print a week? 5.

6. If yes did you get it fixed or brought a whole new printer? 7. Selection / Organisation/Interpretation / Analysis I would get the best designers into make my packaging. This would be quite expensive but the more I spend on packaging and design the more people will like it so more people will come to my store. I would also have a logo for my store and have it printed on my packaging, so people can recognise that its from my store.

My logo is shown below: A sample of my packaging is shown below: My packaging is quite colour full to grab peoples attention and make them come to my store. The logo would go in the middle. I would loan some more money from the bank and keep that money separate for the packaging, if I get refused by the bank or I have nothing more to put on the line I would borrow it of my family or friends. Businesses are supposed to fail few times before hand but I want my business to work first time round and to be profitable. Evaluation / Judgement I think that it was worth doing my business which was printers because if it was a flop you would know where you went wrong and you could start all over and improve on your own business idea, and do much better next time. A product life cycle relates to the market a lot because it happens to every product like sega.

It was the first console out and it had make millions, but other businesses made better consoles so sega went out of business. Now they have made a later version called sega dreamcast, but it had not sold as good as they wanted it to because they brought it out at the wrong time. They brought it out when PS 2 came out and that is still the best seller. This is what I don't want to happen to my business.