netrashetty
MP Guru
AND1 is an athletic shoe company specializing in basketball shoes and apparel. Founded in 1993, the company's headquarters were located in Paoli, Pennsylvania before being relocated to Aliso Viejo, California.
Customer
ABC food retailer of Hong Kong as much as possible aims to reach all walks of life. This target market is a larger source of income. The company has different marketing strategies that can cater to the taste and appeal of such markets. The company makes sure that its stores and branches are located in the most profitable places where clients can easily see the store and they can be encouraged to visit the store and buy products.
Marketing Mix
Product
ABC food retailer’s products include various food items that are affordable for most type of clients. ABC food retailer’s products are one of the main reasons for the company’s success and it contributes to the rise of the company’s profits. Without these products the company might not survive until this day. The different product the company has makes it unique when compared to other companies.
Price
For the clients of ABC food retailer, the pricing approach for them concentrates on providing them the best product for the equivalent amount of price they pay. The company makes sure that it maintains well made products that will have the same value as what the client pays for it.
Promotion
The promotion material of ABC food retailer includes print advertisements. The print advertisements give a visual presentation for the clients to see the benefits and features of the product. The promotional technique used by the company helps in increasing the number of clients of the company.
Need to conduct a little market research, but don't know what approach to use? Among the many tools out there, the survey stands out as a time-tested and popular option for many small businesses.
Telephone surveys are popular because they're inexpensive and easy to do. But you can also conduct surveys through the mail, in one-on-one interviews, or on the Web. Your business' specific needs and budget will determine which type of survey to use.
Surveys can help you evaluate your customers' buying habits, compare your products with those of your competitor, or test a new ad campaign. In other words, surveys produce essential data that can guide many important business decisions.
Once you've determined your survey method and specific goals, you're ready to write the questionnaire. As you prepare the questions, remember a few basic rules:
Keep the questions short and to the point.
Include no more than 12 questions per survey.
Ask one question per sentence.
Put your questions in logical order, usually from general to specific.
Pretest your questions. Try out the questionnaire on friends, employees, and colleagues before you send out the real thing.
Avoid questions that could trick or embarrass the respondent.
Use neutral language. Try not to influence the response.
Ask respondents their age and income level — have them choose from among a range of ages and income levels.
Reveal your company's name and how you will use the information.
Thank the respondents for their time and effort.
efore selling a product or service, it's important to know the market that you will be entering into. Research includes finding out what potential customers need, want and don't want, and why. Your goal is to build a demographic profile of your customers. A research or business library can prove helpful for studying the manners in which other small businesses have approached their target audiences. You can then take a similar approach, adding your own creativity and the particular benefits of your products or services.
Surveys, questionnaires, and focus groups are three among the many ways to obtain original data on potential customers. You can also get basic information when a customer calls for your services, visits your facility, or browses your web site. When customers make a purchase, or any kind of inquiry, you can find out where they heard about your business. In this manner you can better plan, and track, your marketing efforts.
Your marketing plan should be the result of your market research. You can then proceed to use the most viable means to promote and advertise your products or services.
Your budget
The type of products or services you are selling
Your geographic region (Are you selling locally? Nationally? Globally?)
The amount of sales volume you can handle
Your methods of distribution
The amount of personal service you can or cannot provide
Your personnel
From market research you can also learn about pricing, trends, and competition. Typically, you will want to structure your pricing to be competitive. Depending on your position in the market, you may opt to undersell the competition and offer discounted items, or you may price items on the higher end and offer personalized attention and strong customer service. Pricing strategies are important and you'll adjust as your business grows.
Market research will also help you gain a greater understanding of the actual value of your product or service in the marketplace. By continuing to do market research as your business evolves, you will see what changes occur within your particular market.
Means of researching the market include:
Trade magazines
Trade associations or organizations specific to your type of business
Industry Web sites and email newsletters
Visiting competing businesses and/or reading the annual reports of competitors
The local Chamber of Commerce
When gathering market data you can use either primary or secondary research. Primary research means gathering your own data based on surveys, focus groups, and through other means. Secondary research means using other sources such as the United States Census Report, books, or trade magazines. Many businesses use a combination of both primary and secondary research.
Customer
ABC food retailer of Hong Kong as much as possible aims to reach all walks of life. This target market is a larger source of income. The company has different marketing strategies that can cater to the taste and appeal of such markets. The company makes sure that its stores and branches are located in the most profitable places where clients can easily see the store and they can be encouraged to visit the store and buy products.
Marketing Mix
Product
ABC food retailer’s products include various food items that are affordable for most type of clients. ABC food retailer’s products are one of the main reasons for the company’s success and it contributes to the rise of the company’s profits. Without these products the company might not survive until this day. The different product the company has makes it unique when compared to other companies.
Price
For the clients of ABC food retailer, the pricing approach for them concentrates on providing them the best product for the equivalent amount of price they pay. The company makes sure that it maintains well made products that will have the same value as what the client pays for it.
Promotion
The promotion material of ABC food retailer includes print advertisements. The print advertisements give a visual presentation for the clients to see the benefits and features of the product. The promotional technique used by the company helps in increasing the number of clients of the company.
Need to conduct a little market research, but don't know what approach to use? Among the many tools out there, the survey stands out as a time-tested and popular option for many small businesses.
Telephone surveys are popular because they're inexpensive and easy to do. But you can also conduct surveys through the mail, in one-on-one interviews, or on the Web. Your business' specific needs and budget will determine which type of survey to use.
Surveys can help you evaluate your customers' buying habits, compare your products with those of your competitor, or test a new ad campaign. In other words, surveys produce essential data that can guide many important business decisions.
Once you've determined your survey method and specific goals, you're ready to write the questionnaire. As you prepare the questions, remember a few basic rules:
Keep the questions short and to the point.
Include no more than 12 questions per survey.
Ask one question per sentence.
Put your questions in logical order, usually from general to specific.
Pretest your questions. Try out the questionnaire on friends, employees, and colleagues before you send out the real thing.
Avoid questions that could trick or embarrass the respondent.
Use neutral language. Try not to influence the response.
Ask respondents their age and income level — have them choose from among a range of ages and income levels.
Reveal your company's name and how you will use the information.
Thank the respondents for their time and effort.
efore selling a product or service, it's important to know the market that you will be entering into. Research includes finding out what potential customers need, want and don't want, and why. Your goal is to build a demographic profile of your customers. A research or business library can prove helpful for studying the manners in which other small businesses have approached their target audiences. You can then take a similar approach, adding your own creativity and the particular benefits of your products or services.
Surveys, questionnaires, and focus groups are three among the many ways to obtain original data on potential customers. You can also get basic information when a customer calls for your services, visits your facility, or browses your web site. When customers make a purchase, or any kind of inquiry, you can find out where they heard about your business. In this manner you can better plan, and track, your marketing efforts.
Your marketing plan should be the result of your market research. You can then proceed to use the most viable means to promote and advertise your products or services.
Your budget
The type of products or services you are selling
Your geographic region (Are you selling locally? Nationally? Globally?)
The amount of sales volume you can handle
Your methods of distribution
The amount of personal service you can or cannot provide
Your personnel
From market research you can also learn about pricing, trends, and competition. Typically, you will want to structure your pricing to be competitive. Depending on your position in the market, you may opt to undersell the competition and offer discounted items, or you may price items on the higher end and offer personalized attention and strong customer service. Pricing strategies are important and you'll adjust as your business grows.
Market research will also help you gain a greater understanding of the actual value of your product or service in the marketplace. By continuing to do market research as your business evolves, you will see what changes occur within your particular market.
Means of researching the market include:
Trade magazines
Trade associations or organizations specific to your type of business
Industry Web sites and email newsletters
Visiting competing businesses and/or reading the annual reports of competitors
The local Chamber of Commerce
When gathering market data you can use either primary or secondary research. Primary research means gathering your own data based on surveys, focus groups, and through other means. Secondary research means using other sources such as the United States Census Report, books, or trade magazines. Many businesses use a combination of both primary and secondary research.
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