Richer Sounds - Competition Essay -- Business and Management Studies

CompetitionCompetitive forces are the pressures put on a affair by otherorganizations which are competing to increase their share of the samemarket.The main(prenominal) competitors for Richer Sounds are broken into 4 maingroups 1. Large chain stores. E.g. prepares, Dixons and Comet2. Small specialist shops3. Large online electronic suppliers. E.g. QED-UK4. Large online global supplier. E.g. Amazon and Tesco.These Businesses compete in many slipway. The 3 main ways areAdvertising, Lower Pricing/sales and through Market shares. With tilt like that, Richer Sounds obviously has to work hard, andthey seem to be doing well.Richer Sounds are perpetually researching the sales prices of theircompetitors, so that they are able to reflect this k immediatelyledge on theirsales prices, and come up with new strategies.I am now going to show you a SWOT Analysis I produced, for RicherSounds. 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 meansthat Richer Sounds would have guarantee of them.Opportunities and threats are external, this means that Richer Soundscan not control this, but must(prenominal) respond to it.Where there is a threat, there is a strength. Where there is aweakness, there is also an opportunity.Richer Sounds could respond to competitive forces in many ways. Torespond to these competitive forces they wou...