I need help please \"The preferred business will be a Clothing Boutique for wome

Question

I need help please

"The preferred business will be a Clothing Boutique for women and children in Michigan." 1. In selecting a region of the country for your business, what demographic profile should be targeting (Age, income, gender, education, social class, etc. )? 2. In selecting the state in which you will locate your business, what other factors will affect your decision beyond demographics? (Examples: Proximity to markets, proximity to raw materials, labor supply, wage rates, business climate, tax rates, etc.) Support your choice. 3. In selecting the city in which you will locate, discuss how each of the following factors will affect your decision Population trends Population density Competition Costs Local laws and regulations Compatibility with community Quality of life 4. For your type of business, how large should your anticipate your trading area will be? s, If vou have a retail or service business, which of the following areas do you think would be most suitable for your business: Central business district, neighborhood location, shopping center /mall, near competitors, outlying area, or bome-based. Support your choie.

Explanation / Answer

1. Social Class:

For earning Income through the business we have to concentrate on the Customers Class,needs of Customers,Products demanded in the market.

2. In selecting the state of doing business other than demographic conditions following information shall be considered

Cost of Procurement of raw materials shall be reduced by establishing business where availability of raw material i.e. supply is more there by price of raw material will be low and Transportation cost also shall be reduced

Production shall be done in the places where there is no duty/taxes on manufacture of goods

Goods shall be sold and income earned in the place shall be exempt from tax

3. In selecting the city of conducting business:

Company should know the laws and regulations prevaling in the city and estimate whether laws of land are favourable in the operating place

Number of Competitors and whether we can sustain in the city steps should be taken to drive the competition and achieve sucess

Density of Population in the city if it is small city where rural people stay establishing the business which is suitable to such class of people

4. Trading area should be as such as the size commensurate the needs of people

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