Information extracted from these sources has been included in the Greggs marketing mix. For example secondary sources such as public sources (government statistics, banks etc.) contributed in the process of where a Gregg’s branch location would be suited to for reasons such as the target audience, population, demand of product and lack of competition. Another example would be marketing research gathered through a secondary research source known as competition. This is a very useful source of information as you are researching a business much alike yours as you are competing with it.
CVP analysis allows management to use variable cost to identify future performances within the company. This can also show disadvantages of managers not looking thoroughly through the companies performances. These managers tend to be ones who do not record their records thoroughly. CVP analysis tends to be a beneficial tool to management, but it is limited in the amount of information that can be provided for product operations. This analysis gives a hypothesis of what the question is made of, to give an advantage to management but continues to not be an exact procedure for management.
It’ll allow the company to understanding existing customers. Market research determines the essential tools which adapts a business strategy for the best results. When a business like M&S conducts primary market research, they gather one of either two types of information; exploratory or specific. Exploratory research is an
External recruitment by means of applications and resumes may increase the chances of hiring an individual who does not perform well at the job. However, when employees contact a company on their own, there is an increased chance that the employee will perform better than an employee who has been recruited by college placement services or newspaper ads (Bohlander & Snell, 2007). Employees hired through employee referrals usually perform well at a job. Most employees are very cautious about recommending employees who may not perform well because they understand that it will make them look bad. One of the largest disadvantages of employee referrals is that there is an increased chance that a company may violate Equal Employment Opportunity laws and regulations (Bohlander & Snell, 2007).
The business was making good profit, suddenly Paul started to notice that his profit started t drop slowly. The result of a 200 customers given to local fresh sandwich bar to find out abut the current range of sandwich on offer and the standard of service including finding that 1) 75% want more children sandwich 2) 82% want the shop to be open longer 3) 65% said the staff were unfriendly 4) 50% said the content of the sandwich should be fresher 5) 80% said they would prefer more wraps Swot Strength: 81% want the shop to be open longer. This is an identified strength for Paul sandwich bar because the customers want their shop to be open longer which means the customers are liking the service they are providing to them. The company had been running for few years, so it tell us that Pauls sand which bar was running successfully, and was making a good profit margin as customers were coming to his sandwich bar. Weaknesses: from the survey it appeared that 68% of the staff was unfriendly.
There are some key factors involved in the market research:- Location Competitors Target market Cost of products Services to the customers Time frames to complete the task Servey with the customers Collect the feedback. After considering the role and market research of business it is necessary to decide how the needs will be fulfilled. It helps us as follows:- The work is actually based on the collection of some information from the business nearby:- 1. There should be a team assigned to complete the research work. 2.
One action that the customers can take to influence Sainsbury’s is their customer service as it has a big impact as if the staff of Sainsbury’s were to be rude and obnoxious to the customer then this will result in a bad feedback with leads to a bad reputation for Sainsbury’s as one of Sainsbury’s aims is to be there for the customer and have their colleagues making the difference which is to give a good customer service. Customers can impact Sainsbury’s as businesses such as Sainsbury’s rely on customer loyalty (regular customers), Sainsbury’s ensures that they get regular customers buy giving them promotions such as their campaign with Asda called Price Match which lets customers come back the next time they shop to get a certain amount of money off their purchase. Customers can demand cheaper products so local and national Sainsbury’s stores will try to have the cheapest products for customers to buy, if the customers aren’t satisfied with the quality of the products that Sainsbury’s have then they are able to protest which
Human resources 3. Finance 4. Marketing Provide a detailed explanation of why these particular areas of the business have been affected. Your explanations and reasoning will enable you to achieve M2 M2 3 The next part of your report should identify and describe how the following factors have
M 1: Analyse different type of business information and their source? In this task, I am explaining the different source and information that Sainsbury used for their business and how it is used in Sainsbury’s as well. These resource and information help Sainsbury a lot in order to achieve success. Strategic management is a process that Sainsbury used to know about their purpose, objectives and desired level of attainment. It helps the organisation to plan or take action to achieve their objectives or purpose.
It is often difficult for small chain companies to compete with larger chains, the small businesses often cannot compete with the larger chains prices or sales promotions. In order to be successful, a business needs to have a loyal following of customers in the community, to create that they need to understand their customers, learn what their current product needs are and what their future product needs will be. Customer retention is an important facet of a small business, there will always be somewhere bigger and better the customers can go but if there is a place that is loyal to them, they will in turn be loyal customers. PART A Company Q has shown almost no social responsibility in the community. They have not demonstrated to the community they are reliable by staying in the community and improving their