equipment. (5) Legal factors- are legislations and laws that business must abide by in order to stay within compliance and avoid legal troubles (www.smallbusiness.chron.com). For example, in South Carolina the law requires all business that will be selling intangible or tangible items must have a retail license, and pay property tax. Business who fails to get a retail license faces the possibility of a fine or time in prison. In order for a business to operate, they must get a South Carolina retail license that cost $50.00 and then report all sales tax each month or quarterly in order to stay in business. Other potential legal factors a photographer may encounter , according to the article” Picturing A Remedy for small Claims of …show more content…
(6) Competitive factors- business that provide similar services or products, and the different type of advantage or disadvantage them may have over your business. In order to compete and stay ahead of the competitor you have to research and collect data and find out thing different things your business can offer that your competitors do not offer. For example, at Pet Paws we offer a variety of packages to fit all types of budget, we offer a free eight by ten picture for first-time customers, and we give each customer a locket with their pet picture inside, in order to set ourselves apart from our competitor and to increase our clientele.
Marketing Research The marketing research tools that we use for our business in order to target our market and find ways to meet our customers demand, and find out what they expect from our business and what type of service they expect from our business. We mailed out surveys, questionnaires, used our testimonial website, and blog site as an outlet for customers to discuss their experience with our business and rate our service. We also set-up in store demos at large retailers like Wal-mart, Sam’s Club and grocery’s stores to promote our brand and get the word out about our product and services. Another marketing tool we used was different social media
Marketing research is very important component of a business used to identify and define the opportunities and problems that they will encounter on the market. The aim
Competitive environments are defined by the identity, track record, financial strength and market share of key competitors. Harvard Professor Michael Porter 's Five Forces model can be used to evaluate a company 's competitive position. These five forces are barriers to entry (the ability of new players to enter the market), buyer power (the ability of customers to influence price),
Managers generally consider the rivalry among competitors as a major source for deriving strategy. As explained by the Michael Porter it is a narrow view of competition. A set of other parameters should be evaluated, mentioned in article as five competitive forces, along with industry
This web assignment will review two research firms and the type of tools they use in their firms as well as determining if those tools are effective as well as does the firm provide a valuable service to its customers. The two firms being reviewed include The NPD Group and Kantar TNS Global, each company was ranked in the top ten market research companies in the AMA Gold Report for 2016 as noted by Bowers & Brereton (2016). These two research firms are globally accomplished, have collectively helped thousands of clients succeed using their innovative techniques in a tailored program for each company they serve as well as being able to evolve in an ever changing research environment.
Marketing research is the method/methods that connect the clients, buyers and users to the marketer through data found from research to find and outline marketing opportunities and dilemmas. The general aim of marketing research is to recognize and evaluate how altering the marketing mix which is comprised of 4 features: product, price, promotion and place, influences customer behaviour.
Competition being one of the major issues that often must be addressed in the business world, it is important for a firm to learn on ways to reduce the impact of the competition. Competition is definitely an important factor in helping a business
Marketing research defined is “the systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation facing the company” (Kotler & Keller, 2009, p. G6). Juice Guys methodology to obtain
Hyman, M. R., & Sierra, J.J. (2010). Marketing research kit for dummies. Wiley Publishing, Inc.
In order to be competitive, companies have to satisfy customers’ requirements. They have to provide a fast and dependable service at reasonable price. There are five performance objectives that lead companies to competitiveness. They are:
A Competitive Advantage is a peculiarity for an organization between it's competitors . It's achieved either by lowering prices or by greatening the value of the product or by offering luxury service and benefits to cope with high prices .
Competitive rivalry exists between companies with the same or similar products/services and similar markets. Factors to be considered include:
Competitive advantage(CA) is an advantage competitors gain by providing or offering customers or consumers greater value for their money through product and service differentiation or through lower prices. Maintaining competitive advantage is crucial to many businesses or organizations' success in order to survive in the market. Competitive advantage is characterized by superior performance which could be an attribute to outperform the competitors whether current or potential; or gaining a higher market share in a particular industry thereby ensuring market leadership; or ultimately, maximization of profit.(JOBBER 2010)
Furthermore, this particular topic helps the business world in so many ways. Competitiveness, Strategy, and Productivity are the three important characteristics of any business. Competitiveness in this chapter refers to the effectiveness of an organization in the marketplace similar to the other operations that offer familiar products or services. Strategy is known to denote a particular plan for achieving
Competitive analysis is an important part of your business plan, there are a lot of different alternatives in the market, costumers usually look for different sets of values to focus on, benefit levels and what does the item include when they are choosing where to buy the product from. Even though costumers usually choose similar products to those alternatives, and that’s where competition is created.
Knowing who your competitors are, and what they are offering, can help you to make your products, services and marketing stand out. It will enable you to set your prices competitively and help you to respond to rival marketing campaigns with your own initiatives. You can use this knowledge to create marketing strategies that take advantage of your competitors ' weaknesses, and improve your own business performance. You can also assess any threats posed by both new entrants to your market and current competitors. This knowledge will help you to be realistic about how successful you can be.