Intro to Business Essay Example for Free

initiation to Business EssayFRANCHISE Case Study Questions1) Discuss the benefits and drawbacks of opening a right. (6 marks) The benefits of opening a franchise is that the franchisor would provide support, helper and training they would fill a recognized name and outputs and opening the franchise would be a reduced risk to the franchisee.The drawbacks of opening a franchise is that in that respect would be restrictions on operations as the franchisee would have to follow the franchisors rules and regulations must pay franchise fees and the percentage of sales to the franchisor and there would be a loss of management control, prices, wages or even innovation. 2) Evaluate the benefits and drawbacks of running this franchise with a partner rather than doing it on your own.The benefits/advantages of running this franchise with a partner would be It would be fairly easy to start the partnership with an agreement between two people It would be easier to raise more roof than 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 profits and there could be difficulty in leaving or ending the partnership.3) heed 6 key characteristics that you and your partner will have to display 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 furrow.1.Employees my business would create jobsCustomers my business would be a convenience of another franchise available Suppliers my business would give suppliers more business Gov ernment my business would pay taxes (business and employee, etc) to help the delivery Local Community to create a better local economy of having a business Environment to be environmentally responsible by using reduce, re intention and recycleFRANCHISE Case Study 1 Intro to Business5) Using your knowledge of demand and supply theory. Draw a market for Dominos Pizza with demand (BLUE Line) and supply (RED Line) equilibrium assuming the intermediate price client 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 competitive and competitors prices impact and demand. On your diagram, draw the shift in demand that will result from new(a) low 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 competition (Little Caesars) agency Dominos pizzas Demand Cur ve 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, get out 4 tactics/strategies from the promotional mix that you could use to promote 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 different media channels to build awareness of the product 3. Public Relations to create a good image of the company product through with(predicate) 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 syste m that brings a specific group of consumers higher-ranking value.My two recommendations to Dominos Pizza Corporate would be concerning the Product to make smaller personal sized pizzas and my second recommendation would concern Pricing to have a special introductory low price to attract customers, to the new personal sized pizza. My recommendations would meet the more healthy = smaller sized portions of solid food to the healthy minded customer and this would help with the growth of the company.