jasminegood_MT320-05_unit 9_final project

jasminegood_MT320-05_unit 9_final project - Unit 9 Final...

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Unit 9 Final Project 1 EMG Competing With the Gold Jasmine Good Kaplan University MT320-05: Research and Presentation Professor Gillian Martin June 21, 2011
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Unit 9 Final Project 2 EMG Competing With the Gold There are many risks involved when making business decisions to lengthen a line of services. Easy Money Group (EMG) is a financial services company which offers an array of product services to provide short-term solutions for those experiencing financial woes and need that little extra help till payday. Product services include consumer loans such as pay day loans, installment loans and title loans with payment schedules to pay off ranging from two weeks to seven months, depending on the income, needs of the customer and product options for which they qualify. Also offered are quick transaction services, such as Money Gram money orders and wire transfers, a gift card exchange program that offers 50% of the card balance to the customer in cash, pre-paid debit cards as well as other services (Easy Money Group EMG, n.d.). Payday and title loans are notoriously known for their high interest rates and difficulty to pay off. These product services also rely on a customer base that is currently employed. The national unemployment rate is shown at a rate of 9.1% as of May 2011, (U.S. Department of Labor, 2011); this economic downturn has created a market demographic with a need that EMG believes they can provide and creates prime industry conditions and a strong financial outlook for a new product service, “Cash for Gold” in which cash is provided to the customer in exchange for their gold jewelry. Critical and practical questions as well as potential problematic operational issues must be addressed; an expectation of adding the service is a larger customer base, creating a need to add staff; in addition, providing this service creates a need for research. According to Duane Davis, author of Business Research for Decision Making states, “Research design can be thought of as the road map for researchers,” “It is the means by which investigators plan the collection of data to answer pertinent research questions,” (2004). The company must know what, if any,
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Unit 9 Final Project 3 state and federal guidelines must be followed, if licensure is needed and how to obtain it. Research will also be conducted to educate employees about gold, e.g. determining if the jewelry is indeed gold, how to test its purity, and calculating an offer to the customer based on the piece’s purity, weight, and the current market value for gold. The first thing EMG must do is obtain licensure. Currently the Department of Safety and Homeland Security, Division of State Police has Title 24 Regulated Professions and Occupations Delaware Administrative Code in place which requires licensing for all pawnbrokers, secondhand dealers, and scrap metal processors to buy gold. EMG is considered a secondhand dealer. The manager of the store will be required to obtain the license and must
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This note was uploaded on 08/24/2011 for the course MT 320 taught by Professor Thompson during the Spring '11 term at Kaplan University.

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jasminegood_MT320-05_unit 9_final project - Unit 9 Final...

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