Richer Sounds - Competition Essay -- Business and Management Studies

Competition Competitive forces are the pressures put on a Business by other organizations which are competing to increase their share of the same market. The main competitors for Richer Sounds are broken into 4 main groups: 1. Large chain stores. E.g. Curry’s, Dixon’s and Comet 2. Small specialist shops 3. Large online electronic suppliers. E.g. QED-UK 4. Large online general supplier. E.g. Amazon and Tesco. These Businesses’ compete in many ways. The 3 main ways are Advertising, Lower Pricing/sales and through Market shares. With competition like that, Richer Sounds obviously has to work hard, and they seem to be doing well. Richer Sounds are constantly researching the sales prices of their competitors, so that they are able to reflect this knowledge on their sales prices, and come up with new strategies. I am now going to show you a SWOT Analysis I produced, for Richer Sounds. A SWOT Analysis is basically a diagram showing the Strengths, Weaknesses, Opportunities and Threats of a Business. The strengths and weaknesses of a Business are internal; this means that Richer Sounds would have control of them. Opportunities and threats are external, this means that Richer Sounds can not control this, but must respond to it. Where there is a threat, there is a strength. Where there is a weakness, there is also an opportunity. Richer Sounds could respond to competitive forces in many ways. To respond to these competitive forces they wou...