In this assignment I will carry out both primary and secondary research to find out who my potential competition, sources of finance is and where to locate my business.
The current state of economy in Ipswich is that there are 117,000 people in Ipswich, in which there are 71,550 people working. This means that over half the population of Ipswich will able to afford the products I am selling. Interest rates are also falling so people will be keener to buy my products; this is because people will have more money to spend. There are about 1,700 people unemployed in the area this would not really affect my businesses because the are more employed people.My main competitors for my business are Game Plc this is a public limited company so there are many shops all across the Europe. The shop is located in the centre of Ipswich on Tavern Street and is also located on Westgate Street inside Debenhams. Game Plc is also located in various places around Europe with over 200 stores.
This is important to its success because if the gaming industry went in decline in one country in Europe, they will have stores in other countries, therefore they are more diversified.The range of goods/services it offers is:Computer games for all formatsComputer consolesComputer accessoriesComputer magazines and booksDVD’sThis shop’s target market is young people and gaming lovers.I think this target market has influenced the location because the owners of Game Plc only want to put shops where it is convenient for their target audience and where there are a lot of people passing.The range of goods such as computer games are influenced by the target market because only the type of games which are most likely to be bought by the target audience is kept in stock because there is no point of having games in stock which are unlikely to be sold.
Also I think Game Plc’s target audience is young people because they know that young people have more time on their hands and they can persuade their parents to buy games.Another of my competitors is Game Station; its ownership is a public limited company. This shop is also located in the centre