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Page Number Contents 2 Introduction 3 Procedure 4 Market Survey 7 How the Survey is conducted 9 The Survey 9 The Results 9 Survey Conclusions 10 Final Summary 12 Appendices 13 Bibliography 14 Introduction The purpose of this report is to research a local ward in the Southend-On-Sea area and investigate the enterprise possibilities for a small or medium sized business. I intend to prove by statistical analysis, sampling from a target population, and by calculated judgments that a particular business will or will not be successful in the chosen area. I intend to compare an area with regional and national averages to determine the backgrounds of local residents. By exploring the statistical data available for a given ward, I will be able to make sound decisions based on this reliable information.
The data collected will tell me the amount of employed and unemployed residents in the area. What type of work the employed residents do and an idea into the financial status of the populace. Once I have an idea as to who lives in this area, I will be able to choose what business enterprise maybe successful in that area. Then I will analyze economic trends over the past year to see if the business I am proposing is stable.
I will then survey the local population to obtain opinions of the enterprise. After completing this research I will then analyze the data collected and draw provable statistical analysis to the feasibility of the business proposition. Procedure The Victoria Ward of Southend-On-Sea Essex, has a below national average of working people. The Census of Population (2001) displayed results stating that 71. 6 % of all people are in employment.
However the Victoria Ward of Southend & # 8211; On- Sea, only displayed 66. 3 % of people working. The census also showed that whilst Southend in general has unemployment base similar to the national average of 5. 8 %, Victoria Ward had a much higher ratio of unemployed people. In fact this figure was declared to be 9. 3 %. Victoria (numbers) Victoria (%) Southend-on-Sea UA (%) GB (%) All people Economically active 4, 077 73. 1 77. 1 76. 0 In employment 3, 696 66. 3 72. 5 71. 6 Employees 3, 285 58. 9 62. 5 62. 6 Self employed 411 7. 4 10. 0 9. 0 Unemployed 38 Males Economically active 2, 281 79. 8 83. 8 81. 4 In employment 2, 038 71. 3 78. 0 76. 0 Employees 1, 701 59. 5 62. 6 63. 1 Self employed 337 11. 8 15. 5 12. 9 Unemployed 243 10. 7 6. 9 6. 5 Females Economically active 1, 796 66. 1 70. 1 70. 3 Employment 1, 658 61. 0 66. 8 66. 9 Employees 1, 584 58. 3 62. 4 62. 1 Self employed 7 Unemployed 13 Further investigation into these figures show that only 31. 5 % of the residents are employed in professional or managerial positions.
Once again according to the Census of Population (2001), the national figure for this sector of employment is 40 %. The same census shows that Southend in general has 40. 3 % of its employed people working in these positions. Victoria (numbers) Victoria (%) Southend-on-Sea UA (%) GB (%) 1 Managers and senior officials 393 10. 6 16. 0 14. 9 2 Professional 264 7. 1 9. 9 11. 2 3 Associate professional & technical 509 13. 8 14. 4 13. 9 A further indication as to the employment placements of the residents in this area is that 13. 9 % are in 'Elementary Occupations (EO) ' compared to 11. 8 % nationally. Victoria (numbers) Victoria (%) Southend-on-Sea UA (%) GB (%) 8 Process plant and machine operatives 33 Elementary occupations 512 13. 9 10. 1 11. 8 A summary of these occupations can be seen in the Standard Occupational Classification 2000 (SOC 2000).
These occupations cover employment that requires little or no formal qualifications. Out of the residents in this ward, 4 % are claiming Job Seekers Allowance. The national average is 2. 2 % Victoria (numbers) Victoria (%) Southend-on-Sea UA (%) GB (%) All people 22 Males 17 Females 4 What can we conclude from these statistics: - & # 8226; The Victoria Ward has a higher than average level of unemployed. & # 8226; The Victoria Ward has less than average working people. & # 8226; The Victoria Ward has fewer than average 'professionals' & # 8226; The people that reside in this area are often employed in occupations that cover a lower remuneration band. I have therefore deduced that the Victoria Ward is an area of Southend that has a population with lower earning potential than other areas.
The Consumer Prices Indices (CPI), is the main national measure of the trend of UK inflation. The CPI includes the Retail Price Index (RPI). This RPI gives the main changes between monthly prices of a selection of items. These changes are calculated after Random Sampling of the population. The Office for National Statistics states that in the calculation of the RPI 'The spending patterns of two types of households are excluded: pensioner households which derive at least three quarters of their total income from state pensions and benefits, and high-income households, defined as those whose income lies within the top 4 % of all households. ' I have already shown that the residents in this area are not high-income households. That said, it also means that they are typical of the households that the calculation for the RPI is sampled from.
Therefore it would be prudent to assume that any change in this index has a definite effect on households in this area. The Focus on Consumer Price Indices (October 2004) p. 6 shows that the RPI has risen in the last 12 months by 3. 3 %. The main contributing factor to this is housing costs; however food, clothing, motoring costs and leisure costs all had an impact. Of course wages are also rising, The Labour Market National Survey (2003) p. 8 declares that the Southend on Sea area has seen a rise of 2. 4 % over 2002 figures. This is fairly comparable to the national average rise of 2. 5 %. The facts that concern this ward in Southend indicate that the residents are generally not as financially stable as the national average.
This would then lead you to conclude that any enterprise in this area would need to cater for the lower wage family bracket. A business that assists families in the necessities of life would be expected to be viable. However a business that focus's on leisure activities would not be expected to draw much income from the direct neighborhood. Mar...
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