After the market research has been measured over time the business should be able to use the information to improve the business and assist customer’s needs. Market research also gives the business an idea for how much customers would pay for the product. Primary Research is new data that has not been collected before. It allows business to focus on customer’s needs and interests. The advantages of primary research are that the information is up to date and it helps answer businesses questions.
It could have huge financial implications for businesses and presenting this misinformation to others could also mean damaging you reputation interpersonal skills Using interpersonal skills can be a very powerful method of collection especially in the workplace where it can help you to save time. Information sharing is a core
However, the amount of capital can be limited thus using appropriate budgeting concepts will help narrow down the risks. Arguably, some of the most popular methods of capital budgeting are Net Present Value (NPV), Internal Rate of Return (IRR), Discounted Cask Flow (DCF) and payback period. Businesses tend to struggle to minimizing expenses to improve the bottom line because some of these expenses are needed to ensure that certain operational goals are met, i.e., overhead and advertising. Establishing a culture of employee engagement and allowing employees to articulate their ideas can help in reducing these costs. To encourage the employees to come up with innovative ideas, a quarterly price by way of a $25.00 gift card will be given to the employee with the best idea.
These scenarios made it possible for the company to enjoy high profit margins. The situation here and the purpose of the paper is to explore alternative ways that the Guillermo Company can use some financial concepts to improve the chances of the company surviving is predicament. For the Guillermo Company to be able to weather these new forces of competition and resist extinction, the company must improve their profitability, match competitors on wages scales and, also eliminate any wasteful operation process. Solutions
Technology can create efficiencies in the business process that allows for lower cost and a competitive edge. Also applying on line ordering, research, order tracking, and banking services on line will allow our corporation to rise above companies with less technology. Technology such as email systems, hardware, internet, and telephone systems are all integral pieces in running any business successfully. Conclusion The entire McBride Financial Service marketing plan when implemented will host rewards of increased business to the corporation. Once the marketing plan is launched the market research will define the market best suited to target.
At this point, sales are virtually diminished, pricing is considerably offset from market trends, and the ability to maintain a level of profitability becomes a major challenge. An organization can put forth efforts in the attempt to reverse, or otherwise avoid, the decline stage by a few idealogic strategies, all of which are designed to readapt and conform to newly enhanced demands by the industry and its respective consumers. Most importantly, an organization can empower itself to readapt and act in a proactive manner by analyzing market trends and determining the future scope of a certain type of product or service within a reasnable timeframe prior to the onset of saturation and declination. Perhaps it would be in the best interest of an organization to produce/ provide a product of similar fashion, yet a unique alternative, before actually retiring or discontuing a product. For production to end indefinitely of a specific good, an alternative must be researched, produced, and introduced into the marketplace at the same time to create an equilibrium of market introduction of one product and declination of another.
The first red flag would be that they are competing with huge computer companies that can have anything a customer needs readily available to ship. While Keystone seems to be doing a great job keeping up with the demand of certain products, they are forced to charge the customers more money for those products. While this has not currently affected them, it could in the future and could eventually be a problem for them. Another thing is that although business is booming right now, computers businesses do very well when the economic conditions are good. There are reports that say the economy will grow over the next few years (2010), but there is a possibility that they could be wrong and that won’t happen.
This strategy emphasizes the company’s ability to utilize its existing internal resources and focuses on streamlining operation through proper sizing and cost reduction. Even though this way could create short-term benefits to shareholder, this approach could negatively impact the company’s ability to adjust to external changes, especially rapid market and competitors’ changes. * Outside-in strategy: which is external market oriented strategy. Company makes the business decision according to the customer needs and market trends. It is “outside –in” thinking, which could help company to catch up with the market trend and develop products and services that meet the needs of customers.
• Political • Economical • Social • Technology ”The PEST analysis is a useful tool for understanding market growth or decline, and as such the position, potential and direction for a business. A PEST analysis is a business measurement tool” http://www.businessballs.com/pestanalysisfreetemplate.htm Examples of influences required changes are for instance a government change a law or cancel a big order thus the consequences for the organization are financial problems , overproduction. However changes may be less dramatic for the business for example implementation of new software for more effective work. Section 2 – Understand the purpose of supporting change in a business environment 1. Identify
Because now a day’s people make decisions on how much it cost and not the incentives it would have in their life. Cost is very important now because of the economy and it’s not just pleasure any more. People facing tradeoffs are more common in today’s decision making principles because of their goals. People make their decisions depending on their goals and also the costs. An example of this is like buying name brand verses buying genetic brands at the super market.