Market Research Essay Example | Topics and Well Written Essays - 500 words - 2

Market Research - Essay Example For any new business to know about the market to be ventured into, it is necessary to conduct primary and secondary researches so as to collect qualitative and quantitative data to use in guiding its operations. It is advisable for a new entrant into the market to carry out a marketing research. This can be of great benefit to them. First, it will provide them with all the necessary information about the customers and whatever expectations they have about the new product. Besides, it can enable the investor to acquire much information about the market situations. Meaning, they will know about the available supplementary and complementary commodities, their prices, supply and demand. This will make it easier for the business to ascertain the level of competition existing in the market. By conducting a well organized and coordinated marketing research, the business will reap a lot of benefits from it such as knowing about the necessary steps to segment the available market based on the clients’ geographical, social, political, cultural, demographic, gender and age factors. This will be instrumental in knowing how to effectively utilize the available market without leaving any chance. Once the market is properly segmented, it will be easier to come up with strategies on how to satisfy each of their dynamic demands on the business’ products. The other important contribution of a market research to a business is that it can enable the management to conduct a SWOT analysis so as to be privy with the organization’s strengths, weaknesses, opportunities and threats. Indeed, these are very important areas which should be adequately looked into before making the right decision on how to conquer the market. By ascertaining its threats, the organization will have to come up with creative and innovative strategies like sales promotion, quality improvement and implementing favorable pricing policies. These can put the business in a

International Business strategy Essay Example | Topics and Well Written Essays - 2500 words

International Business strategy - Essay Example The Starbucks Corporation faced many strategic challenges in its international business operations in the year 2006. Main challenges were from the well established local players in the host countries. Business strategies of Starbucks were not supportive for satisfying the international customers for a long term. The follow up of basic principles in the translational business also was helpful only to a certain extent of time period. Business principles like self service rule and no smoking rule in the premises helped to attract the youngsters and non-smoking customers to the shop and helped to attract a large number of customers in the initial stage of the business. But it was not capable of sustaining the customers for a long term. . The quality and taste of Starbucks products is not capable of attracting and sustaining the customers in the competitive environment. Operational costs such as hiring employees and buying leases were very huge and it reduced the rate of business profit. Training of personnel and promotion of products required large amount of investment. Operational problems resulting from lack of a trained work force and suitable real estate for its stores also affected the profitability and market growth of Starbucks in international market. The volatile political environment in the Middle East region imposed restrictions over the business operations of Starbucks. The political attitude in the Middle East was against the US due to its strong relation with Israel. As a US based company, Starbucks faced boycott problems from the customers in the Middle East region. The owner of Starbucks firm is a Jewish personality and it intensified the situations. Resistance from customers as a result of the alleged close relation between USA and Israel affected the business growth in Middle East region. NGOs were also against Starbucks activities and it restricted the availability of certified coffee beans