How can Hughes Electrical improve it market Share? Essay

Business Studies CourseworkName Richard RutterCandidate 3186How female genitalia Hughes Electrical improve it marketplace Share?Aimo To draw out how Hughes Electrical step-up its market share.In order to do this I impart deprivation too look for the history of Hughes.vo Plot where Hughes sell outlet(s) are in Norfolk.vo To research how mend, squeeze out tending Hughes, increases its market share.o Research what types of productions they sell.o Find out what their signal audience is.o Research the known methods of furtherance.o Distinguish, which methods will be suitable for Hughes.o Recommend how Hughes can increase its market share, in the next five years.Objectiveso Find out what their performance has been resembling during the last 2 years.o Compare them to a no-hit rivalry (Argos.), to see how theyre differing and if they are more than or less(prenominal) effective. floor of Events concerning Hughes1921 Hughes Electrical was founded in Lowestoft, Suffolk by frank Hughes, a young galvanizing engineer.1928 Frank bought his first shop and the family liter altogethery sufferd over it for some years.1946 Frank retired and his sons Peter and Jim took over the management of the furrow.1950 Hughes was determined to get into the Television Age.1953 Hughes had gained capture installing many televisions in Suffolk.1962 Hughes began its magnification, when it purchases Norfolk radio in Great Yarmouth. The Hughes guild then had 5 shops all trading within 10 miles of Lowestoft and all interchange or renting televisions, audio products and home appliances.1970 Further expansion into the Norwich area in 1972, Ipswich in 1976 and Bury St Edmunds in 1979.1980 Hughes Electrical product get down has expanded enormously during the last 2 decades as idiot box recording and digital technology opened up whole vernal consumer markets.1985 Video cameras were introduced and with increasing miniaturisation became camcorders and lately digital camcorders.1990-2003 Effectively Hughes has been utilize the same tried and tested methods to stay a successful business for many years, and I expect many more years to enumerate.Hughes has evolved from (in 80 years.)Type of organisationHughes Electrical is a local High channel retailer based in Norfolk and Suffolk. They specialise in supplying parallel/digital multi media equipment for purchase or hire such as Television, auditory sensation and Camcorder ( galvanic and audio goods). Hughes in addition has a large range of business firmhold electrical products (s place and large white goods), which are also usable to purchase or hire. They take great pride in their product knowledge and house a wide-eyed in house service facility for goods in and out of warranty. Hughes operates from the tertiary sector, this is a growing industry and Hughes is already rise developed, this is a strong advantage to Hughes.What makes a business successful?In theory a business occupys t o follow the four ps to be successful, these are product, place, price and promotion.Product This is the thing that is macrocosm sold, every a service or an object, the companionship will take up a good product that sells well and creates a lot of revenue for the business.Place This is where the business is find, which is crucial if the company is a store, scarce less of crucial if the company is catalogue order for instance. outlay The price mustiness be fair to the consumer, and competitive, so that there will be a smooth cash flow through the business. This is healthy for the consumer and the business.Promotion The promotion is the way in which the business promotes a service or a product, unless the product is well known already this will be another(prenominal) crucial factor in the companys sales.How Hughes are successful in their product.Hughes is hugely successful in this area, they offer a full service to their customers, and this involves hiring out their goods or selling them directly. either products concord a 12-month guarantee, which in this time if the product develops a intermission it will be fixed forgo of charge. Any rented product will be installed barren of charge.Customers will find this rattling satisfying, because they know that if anything goes wrong then they can take it back no questions asked.Hughes is well known for selling electrical goods and at low prices, this is a good market to be selling to, because the demand for electrical goods will always be big. This is because technology is eer changing, while reading the history of Hughes, I noticed that when a raw(a) product or technology is released Hughes is nearly always the first company to sell them.Hughes sell well-known trusted brand names, this works in their favour in the long run, although the product not being the cheapest available on the market, they are well known and trusted, so they are more popular and sell better.Some examples of their products a re shown belowSite muddlePhotograph of Site (Norwich, Castle Mall.)Why Hughes localization principle is successful and unsuccessful.Hughes is located in the castle Mall Norwich. This is a busy shopping mal, which attracts lot from families to teenagers.The shop itself is situated next to Argos and the Sony centre. All three stores are capableness competitors. This may be an advantage, because they all need to attract similar customers, it also means that theyre prices must be competitive to win sales over the other two outlets. Hughes is very easy to get to for customers, because it is antonym an escalator and an elevator. The castle mall has its own parking facilities, so that customers to the mall can park very close. The whole of the castle mall is nether ground and which means customers can shop whatever the weather is like. The range of other types of shops such as clothes, food and services is a indemnity to Hughes, because customers even going to the cinema may end up browsing through the store. Customers can go to the shopping mal and buy all of their products in one go as well.The only negative point is that Hughes must coincide with the castle malls opening hours, e.g. they are not permitted to open on Christmas day. Hughes will only loose a minute profit.I cease with the castle mal is Hughes strongest positive side, because it helps them attract endless customers.How Hughes prices its products to be more successful.As explained in the location, Hughes is situated next-door to competitors Argos and the Sony Centre. The three stores are constantly trying to baseball swing each others prices. This attracts new customers, who are interested in the low prices.Price wars are healthy to the customer, because it drives down their prices, it helps keep the businesses on their toes and alert, because they need to keep their costs down to make a profit.Hughes has got their set perfected, customers browsing the store notice this, and always come back .How Hughes is successful in promoting its products.Here are some of the known methods of promoting a product* Price promotions.* Commercial Advertising (Radio, Television, Newspapers.)* Coupons* Competitions and prizes* Frequent user / loyalty incentives* Point-of-sale displays where the product is placed in the storePromotion is the area in which I think Hughes needs to improve. I believe Hughes is badly advertised and has modest publicity.My questionnaires principal(a) reason is to find the public awareness relating to Hughes.Primary ResearchPrimary research is a type of researching. This method of research can be very time consuming. The different primary researches are* Questionnaires* Interviews* ExperimentsFor my primary research I have decided to compile a questionnaire, as it is effective and easy to make and distribute, because I will only need to question two people. I will distribute it to the manager of Hughes. I will distribute another to a competitor of Hughes (Man ager of Argos Castle Mall.) usage Questionnaires.Questionnaire (Manager of Hughes.)Do you think that the location of your store is appropriate for your product?Which features of the location do you think attract the most customers?Do customers have fuss locating the store?Do you think Hughes is competitive with its set? go reasons why/why not?Do you think your store advertises successfully?Does your store plan carefully where the products are placed, to maximise sales? beguile give an Example.Questionnaire (Manager of Argos.)Do you think that the location of Hughes is appropriate for its product?Which features of the location do you think attract the most customers to Hughes?Do you think customers have difficulty locating the store?Do you think Hughes is competitive with its pricing? Give reasons why/why not?Do you think Hughes advertises successfully?Do you think Hughes plans carefully where the products are placed, to maximise sales? alternative Research.Secondary research is r esearch, which has already been carried out. It comes in two separate forms, inwrought and external.Internal sourcesInternal research has already been collected, by the company and is free and easy to use. remote sourcesExternal research is research, which has taken pace removed of the business, it has no purpose and so is a very general guide.External resources I could use* Newspapers* Internet* Magazines* LibrarySecondary research is very cheap and easy, I have decided to look on their website to find out a little more about Hughes, as it may help me to make recommendations.Our Service PledgeHughes Electrical has always range its customers service requirements first. We are qualified to repair nearly all brands of electrical products and employ over 100 engineers who do just that.We want you to come back and shop with us again and again and we know that you will only do so if you are happy with both our prices and service.Our make happy is to provide our Internet customers wit h an subsequently-sales service which is as good as that enjoyed by the customers of our 35 high street stores, and to pay as much circumspection to your requirements after your purchase as we do before.Product GuaranteeAll of our goods are supplied with a minimum of a 12 months parts and compass guarantee starting from the day of delivery.In character of a shift key within the guarantee periodIn event of a duty period we recommend that you initially mention the instruction manual which is provided with your product, there is usually a frequently asked questions section at the back of the manual which practi foreknowy resolves what was thought to be a problem.If the fault persists and the product was purchased from one of our shops, gratify call your nearest service centre for attention contact expatiate can be found in the contact us section.If the fault persists and the product was bought online, please email us at webservicehughestv.co.uk or call our help line on 0147 3 275887 so that we can provide contiguous assistance.If this fault is within 28 days of purchase we will either arrange to collect the goods and exchange them, or if you would prefer issue you with a full refund.If the fault is after 28 days of purchase but before the expiry of the guarantee, we will, at our discretion, either collect the item from your house for shoot the breezeion and if necessary carry out a repair at our service centre or we will instruct an engineer to inspect and repair the item in your house.It is your debt instrument to pack the goods adequately for our entreaty as Hughes Electrical will not accept any certificate of indebtedness for damage caused by inadequate packaging.It is important to note that if Hughes Electrical incurs a charge for service or carriage for an item that is not wrong then we reserve the right to charge this amount to you.In event of a fault outside the guarantee periodIf the fault occurs after the expiry of the manufacturers or e xtended guarantee then we will offer you a chargeable repair service.We recommend that you consult the instruction book provided with your product and pay particular attention to the much Asked Questions in the back.Portable items and televisions up to 28 advance will be collected for repair in our workshops. It is your responsibility to ensure adequate packaging of these items as Hughes Electrical will not accept any responsibility for damage to the product while it is in transit.Major kitchen appliances and 32 inch plus televisions will be repaired by our cistron in your house. If you live outside eastern Anglia, we will notify you of a suitable agent who will undertake the repair to your direct instructions. If you live within East Anglia then we will undertake the repair ourselves.