Intro to Business Essay

enfranchisement event Study Questions1) question the benefits and drawbacks of opening a franchise. (6 marks) The benefits of opening a franchise is that the franchisor would provide stand, assistance and teaching they would have a recognized name and products and opening the franchise would be a reduced try to the franchisee.The drawbacks of opening a franchise is that there would be restrictions on operations as the franchisee would have to go over the franchisors rules and regulations must earnings franchise fees and the percentage of sales to the franchisor and there would be a sacking of management control, equipment casualtys, wages or even innovation.2) Evaluate the benefits and drawbacks of running this franchise with a partner preferably than doing it on your own.The benefits/advantages of running this franchise with a partner would be It would be fairly easy to develop the partnership with an agreement between ii people It would be easier to raise more capital t han a sole proprietorship We would have greater skills and expertise with two of us as partners and flexibility to support and help each other.The drawbacks/disadvantages of running this franchise with a partner would be there could be conflicts or disagreements with a partner we would be sharing the pelf and there could be difficulty in passing or ending the partnership.3) List 6 key characteristics that you and your partner will have to viewing in order to be successful in this entrepreneur endeavor.The key characteristics that my partner and I would have to display to be successful in our entrepreneur endeavor would be, to be Ambitious, committed, self-confident, energetic, passionate, creative, passionate,determined and risk takers.4) List 6 stakeholders and discuss how they are impacted by your business.1.Employees my business would create jobsCustomers my business would be a thingumajig of another franchise available Suppliers my business would give suppliers more busin ess Government my business would pay taxes (business and employee, etc) to help the economy Local Community to create a better local anesthetic economy of having a business Environment to be environmentally responsible by using reduce, reuse and recycleFRANCHISE Case Study 1 Intro to Business5) Using your knowledge of demand and supply theory. disengage a market for dominoes Pizza with demand (BLUE Line) and supply (RED Line) equilibrium assuming the average price customer pays for a Dominos pizza is $9 and sells an average 500 units a week. (2 marks) Dominos Pizza Supply and Demand in One (1) WeekUNITSThe pizza market is highly rivalrous and competitors prices impact and demand. On your diagram, draw the shift in demand that will result from new small price $5 hot and ready pizza offer by its competitor Little Caesars. Discuss the impact on Dominos (in terms of its price and profits) . (2 marks) Due to the low price of the disputation (Little Caesars) means Dominos pizzas D emand Curve will DECREASE (GREEN Line) which means the profits will decrease along with the demand for Dominos higher priced pizza.6) As a local franchise, using your knowledge of the promotional mix, describe 4 tactics/strategies from the promotional mix that you could use to come on your local store. Be sure to explain how it will increase sales. (4 marks)1. Personal Selling to use a sales person to assist customers in making a purchase 2. Advertising using contrastive media channels to build awareness of the product 3. Public Relations to create a good design of the company & product through publicity and sponsorship4. Sales Promotion to stimulate sales through coupons, discounts, contests & special offers7) Make 2 recommendations to Dominos Pizza Corporate on how the marketing mix could be changed in order to meet customer needs and continue to grow the company. (4 marks) The Marketing Mix is a blend of product offering, pricing, promotional methods and distribution syst em that brings a specific group of consumers superior value.My two recommendations to Dominos Pizza Corporate would be concerning the Product to make smaller personal sized pizzas and my back recommendation would concern Pricing to have a special introductory low price to clear customers, to the new personal sized pizza. My recommendations would meet the more well-preserved = smaller sized portions of food to the healthy minded customer and this would help with the growth of the company.