Business Studies - Case Study What a Spectacle Essay Example
Chapter 2: Generating and Protecting Business Ideas
Case Study – What a Spectacle!
(p13 - p22)
1. A Franchise is when a franchisor of a business gives the franchisee of another business the right to supply its product or service under the same brand identity. Specsavers is a very successful franchise for example.
2. Apart from franchising, two sources of business ideas are identifying a market niche which involves noticing that something is missing from the market or that can be improved on. Also spotting trends and anticipating their impact which involves creating or develop a product or service to suit patterns or trends in the market.
3. The first benefit of Stephen Halpin taking on a boots franchise business is that they involve the least amount of risk when starting up the business unlike an outlet under your own name. The second benefit is that the franchisor provides intensive initial support followed by more general ongoing support and advice once the business is running successfully. Examples of this would be, the franchisee offers support and training which is paid by Steven as the franchisee. Also the franchisor helps in setting up the business, including putting together a business plan, helping the franchisee to gain funding for the business, selecting an area for the business to be located and giving operational and technical support where needed.
4. If it costs £7.00 to make a pair of glasses, opticians are likely to charge £140.00 according to Murray Wells. (£7 x 20)
5. Steven Halpin and Murray Wells are likely to have faced a lot of different levels of risk when developing their business idea. The store that Halpin wanted to take over was previously a Boots opticians and so financial records will be transferred into assets and so he had most of the equipment he needed to sell his products and provide a good quality service. Furthermore Halpin will gain access to the old Boots store’s patient database meaning that he will
Case Study – What a Spectacle!
(p13 - p22)
1. A Franchise is when a franchisor of a business gives the franchisee of another business the right to supply its product or service under the same brand identity. Specsavers is a very successful franchise for example.
2. Apart from franchising, two sources of business ideas are identifying a market niche which involves noticing that something is missing from the market or that can be improved on. Also spotting trends and anticipating their impact which involves creating or develop a product or service to suit patterns or trends in the market.
3. The first benefit of Stephen Halpin taking on a boots franchise business is that they involve the least amount of risk when starting up the business unlike an outlet under your own name. The second benefit is that the franchisor provides intensive initial support followed by more general ongoing support and advice once the business is running successfully. Examples of this would be, the franchisee offers support and training which is paid by Steven as the franchisee. Also the franchisor helps in setting up the business, including putting together a business plan, helping the franchisee to gain funding for the business, selecting an area for the business to be located and giving operational and technical support where needed.
4. If it costs £7.00 to make a pair of glasses, opticians are likely to charge £140.00 according to Murray Wells. (£7 x 20)
5. Steven Halpin and Murray Wells are likely to have faced a lot of different levels of risk when developing their business idea. The store that Halpin wanted to take over was previously a Boots opticians and so financial records will be transferred into assets and so he had most of the equipment he needed to sell his products and provide a good quality service. Furthermore Halpin will gain access to the old Boots store’s patient database meaning that he will