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Business information analysis - Case Study Example

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Name Professor Course Date Introduction Franchising is one of the business strategies that most business enterprises seek to take advantage of. A given business or groups of businesses operate under the brand of another established company through franchising process…
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Business information analysis
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Business information analysis

Secondly, this process also ensures that once a business is established, it begins to operate immediately. This owes to the fact that the business is operating under the umbrella of another established and reputable company. However, it is imperative to note that just because a company operates as a franchisee does not necessarily mean that it will have increased sales. This is despite the reduced cost of operation and better market environment. There are various other factors, which should be considered in ensuring that the company makes more profits. They include issues of prices and quality. With customers being so sensitive on matters of prices, it would be imperative that a given business enterprise considers being a price leader. This is a competitive advantage especially where the business is facing a lot of competition. Market research is vital for the purpose of understanding the tastes and preferences of the customers. This ensures that the company provides the required goods to the market. Qualitative and quantitative researches ensure that the companies conduct an objective marketing research that addressing the needs in the market. Task 1 Every business aims at obtaining accurate and valid evidence about the target customers. This becomes imperative owing to the fact that there is need to ensure that the business meets the actual needs of the customers (Berghoff 2012, p.90). the latter differ in terms of tastes and preferences making it difficult for the businesses organizations, to respond to their need. The current case of Kidz Sportz is therefore not an isolated one, but a reflection of the market challenges that many companies go through. The company is said to have received more than 100,000 new children who require different equipment and services. However, the management grapples with the issue of lack of enough knowledge on the tastes and preferences of these children. Unless something is done urgently, the company will not be able to provide objective services to this large number of clients. To assist in solving the stated challenge, the following recommendations are vital: Conducting a market research This is explained as the process through which a company with the assistant of qualified market research team obtains information about the needs, attitudes and motivations of the customers, for the purpose of serving them in the best way possible (Boudreaux 2000, p.3). It is also a way of establishing what the customers know about the market, to enable a company to plan in terms of prices. It is imperative to note that the world of business has become increasingly competitive, prompting management to implement new strategies for success. This information provides a given company with competitive advantage over its main rivals (Bradley 2007, p.89). Secondly, it is a strategy through which the company is able to attract and also retain the customers to the advantage of a given business institution. A market research is also advantageous in the sense that it provides the company with the market size. In the above scenario, the number stands at 100,000 children. This enables the company in its logistical work. For instance, it is able to know the number of equipment and space needed to accommodate all the children. However, the market research is a process that requires funds and qualified personnel. To receive the information needed, both the qualitative and quantitative techniques become important. The Kidz Sportz for instance should carry out its qualitative and ... Read More
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