From what I already know I have decided to make my business a sole trader operation as these are the easiest to set up. Also in a sole trader business I will get to keep all of the profits. Also as I am a sole trader business there are less regulations that I have to comply with. As a sole trader I do not have to make my business accounts available to any one except the inland revenue. This is useful as it saves me time, and it keeps my business dealings secret to the public. What is the aim of Rydale Computer Centre. The aim of my business is primarily to be able to compete with other companies in the local area.
Also to brake even, but provide a high quality service to the public. Then it is to make a profit. For the first year the aim of my business will also be to become a well established business, and to remain open (not be forced to close due to lack of business). What is a market? A market is where the sellers meet the buyers to exchange money for a product of service. The term “market” is actually used to describe the people whom the product is sold to. This does not always involve face to face selling, it could selling over the television.
For a shop there can be different markets, e. g. domestic, and business. My market- My market is going to electrical goods sold to domestic customers. A market oriented business is when a business will find what product people want and then sell it to them. This normally involves market research. These types of business normally survive longer, as they are able to adapt to what the customer wants. My business strategy I will have a product oriented market as I will be selling new technology that is constantly changing. This is because people do not normally realise they need a new Pc or concoles until the product is made.
This method has a lot of risk involved as there is no guarantee that a person will want my product. What is marketing Marketing is not advertising, it is actually finding out who wants to buy your product. Marketing is finding out what a customer wants, and then giving them that. The goal of marketing is to predict what the customer wants in the future, by looking a past trends, and carry out market research. The goals of marketing are: ? Increase sales ? Increase market share ? Improve image of business What is the point of market research? A business must find out how many people there are whom will buy its product.
This is where market research is used, market research is used to find out:This method of research is very cheap, but as it does have limitations is not always the best. Secondary data VsPlriinary data What is the difference? Primary data is data that is collected just for that specific purpose. While secondary data is data that was collected for a other purpose. Which is better? Primary data is better as it normally more accurate, and as it has been carried out just for your purpose it will have more specific information. Also the information that is collected is of a neutral view point.
Primary data or Secondary data- I will use primary data in my project as it will be more accurate, and will be will be of a neutral view point. Random or quota sampling? Random sampling This is when every one in the country has a equal chance of being picked. People are picked at random often by computer to complete a survey. The advantage of this is that very one has a equal chance of being picked, but there is there a chance that some of the people that are picked do not use your product or service. Quota sampling- This is where people picked to do a survey because they meet certain characteristics.