Steve decided to open his own tee- shirt shop, near a local university. He felt it was the perfect time to start his own business, due to the location and the fact that the summer Olympics were being held 55 miles away in Atlanta. Wow! What a great opportunity it was, for him to take initiative to become his own boss, gain exposure, and become profitable. The only problem was that Steve did not take into consideration any concerns with starting a business, which include: geography, a market for this product, competition/ who are the major competitors, uniqueness, etc. This all could have been done through generating information to aid in making marketing decisions. This process includes specifying what information is required, designing the method for collecting information, managing and implementing the collection of data, analyzing the results, and communicating the findings of their implications.
In order to reduce the likelihood of failure, marketing research would provide the necessary information to reduce uncertainty. It helps to focus on decision making. So, prior to Steve opening the business, he should conducted exploratory research. Steve needed to acknowledge the situation, screen any and all alternatives, and discover new ideas to make his business stand apart from the competition.
The Business plan on Data Warehousing Warehouse Business Information
Data Warehouses MGT 327 April 13 th, 2004 In the past decade, we have witnessed a computer revolution that was unimaginable. Ten to fifteen years ago, this world never would have imagined what computers would have done for business. Furthermore, the Internet and the ability to conduct electronic commerce have changed the way we are as consumers. One of the upcoming concepts of the computer ...
This research could have been conducted through focus groups, surveys, questionnaires, etc. The purpose of this marketing research is to narrow the scope of the research topic and to refine the problem into research able form. Therefore, Steve would have been able to answer who, what, when, where, and how questions; identify the channels of distribution; and to target the market for advertising and promotions. Promotion is one of the four elements of the marketing mix.
It increases company sales by communicating product information to potential customers. Unfortunately, the advertising route Steve took did not help to generate sales. Steve should have recognized the four basic parts of any promotional effort, which include personal selling, advertising, publicity, and sales promotion. Steve solely focused on advertising in selected newspapers, but he failed to realize that everyone does not read the newspaper. If he wanted the business to appeal both to the college students and to the people of the town, he should have done several different types of promotions. He could have done direct promotions, where he and an employee would go into the community and pass out fly ers to gain better exposure for the business.
This would help to develop some sort of personal communication of information to persuade a prospective customer to buy something. The choice of location Steve chose was not a great one. His store was near campus, but not in an area with other stores. It would have been in his best interest to open the store in an area frequently visited by tourist, due to the Olympic events.
This would have been a perfect opportunity to increase profit. Many college students live on fix incomes. Some students would rather spend sixteen dollars on a party, then to buy a “tee shirt.” So, to make the location of the store convenient for college students was not wise. In conclusion, Steve should have taken better steps in researching his business. He did not create a business plan, which would help to develop the target markets, products/ services, marketing techniques, management, and finance.
The Research paper on Individual Business Research Process
According to Business Research Methods by Cooper, D. R., & Schindler, P. S. (2014), “business research is a process of planning, acquiring, analyzing, and disseminating relevant data, information, and insights to decision makers in ways that mobilize the organization to take appropriate actions that, in turn, maximize performance” (pg. 4). There are several stages involved in the research ...
There was also no research on tee shirt shops done by Steve prior to opening the business. Although the business is not making much money at this time, it is possible to be more profitable in the future. It is important for Steve to put all necessary efforts into the business. He must dedicate more personal time, in order to increase awareness of the company. In order for the business to ever succeed, Steve must put a lot more effort and faith into his idea..
