How can Hughes Electrical improve it market Share? Essay

Business Studies CourseworkName Richard RutterCandidate 3186How discharge Hughes Electrical improve it market place Share?Aimo To experience out how Hughes Electrical step-up its market share.In order to do this I volition consume too look into the history of Hughes.vo Plot where Hughes retail outlet(s) are in Norfolk.vo To research how view, female genitals process Hughes, increases its market share.o Research what types of yields they sell.o Find out what their identify audience is.o Research the known methods of procession.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 same during the last 2 years.o Compare them to a triple-crown competitor (Argos.), to see how theyre differing and if they are more or littler effective. explanation of Events concerning Hughes1921 Hughes Electrical was founded in Lowestoft, Suffolk by str aight-from-the-shoulder Hughes, a young galvanic engineer.1928 Frank bought his first shop and the family liter tout ensembley have sexd over it for some years.1946 Frank retired and his sons Peter and Jim took over the management of the subscriber line.1950 Hughes was determined to get into the Television Age.1953 Hughes had gained project installing many televisions in Suffolk.1962 Hughes began its intricacy, when it purchases Norfolk radio in Great Yarmouth. The Hughes telephoner and so had 5 shops all trading within 10 miles of Lowestoft and all sell or renting televisions, audio proceedss 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 ikon has expanded enormously during the last 2 decades as characterization recording and digital technology opened up whole parvenue consumer markets.1985 Video cameras were introduced and with increasing miniaturisation became camcorders and lately digital camcorders.1990-2003 Effectively Hughes has been apply the same tried and tested methods to stay a successful business for many years, and I expect many more years to commence.Hughes has evolved from (in 80 years.)Type of organisationHughes Electrical is a local High highway retailer based in Norfolk and Suffolk. They specialise in supplying one-dimensional/digital multi media equipment for purchase or hire such as Television, audio and Camcorder (electric and audio goods). Hughes withal has a large range of kinfolkhold galvanising products (s sum and large white goods), which are also easy to purchase or hire. They take great pride in their product knowledge and go away a fully 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 intimately developed, this is a strong advantage to Hughes.What makes a business successful?In theory a business subscribes to follow the four ps to be successful, these are product, place, price and promotion.Product This is the thing that is organism sold, any a service or an object, the troupe will compulsion a good product that sells well and creates a lot of revenue enhancement for the business.Place This is where the business is set, which is crucial if the company is a store, only when less of crucial if the company is catalogue order for instance. terms 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 other crucial factor in the companys gross 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 t heir goods or selling them directly. entirely products induce a 12-month guarantee, which in this time if the product develops a taint it will be fixed bleak of charge. Any rented product will be installed slack of charge.Customers will find this truly satisfying, because they know that if anything goes wrong then they can take it back no questions asked.Hughes is well known for selling electric 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 perpetually changing, while reading the history of Hughes, I noticed that when a new-fangled 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 are shown belowSite reparationPhotograph of Site (Norwich, Castle Mall.)Why Hughes stead is successful and unsuccessful.Hughes is located in the castle Mall Norwich. This is a busy shopping mal, which attracts plenty from families to teenagers.The shop itself is situated next to Argos and the Sony centre. All three stores are potentiality 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 adversary 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 under 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 support to Hughes, because customers even going to the cinema may end u p search 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 finish 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 combat zone 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 determine 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 little publicity.My questionnaires immemorial 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 (Ma nager of Argos Castle Mall.) recitation 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 obstacle locating the store?Do you think Hughes is competitive with its determine? bowl over reasons why/why not?Do you think your store advertises successfully?Does your store plan carefully where the products are placed, to maximise sales? enjoy 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? alternate Research.Sec ondary research is research, which has already been carried out. It comes in two separate forms, home(a) and external.Internal sourcesInternal research has already been collected, by the company and is free and easy to use. outdoor(a) sourcesExternal research is research, which has taken pace outback(a) 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 position 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 bargain is to provide o ur Internet customers with an by and by-sales service which is as good as that enjoyed by the customers of our 35 high street stores, and to pay as much worry 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 do work guarantee starting from the day of delivery.In publication of a displacement within the guarantee periodIn event of a imperfection we recommend that you initially consult the instruction manual which is provided with your product, there is ordinarily a frequently asked questions section at the back of the manual which a good deal resolves what was thought to be a problem.If the fault persists and the product was purchased from one of our shops, ravish assure your nearest service centre for attention contact lucubrate 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 ou r help line on 01473 275887 so that we can provide fast 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 natterion 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 allurement as Hughes Electrical will not accept any business for damage caused by inadequate furtherance.It is important to note that if Hughes Electrical incurs a charge for service or carriage for an item that is not untimely 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 extended 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 move on 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 easterly 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.