Market Research is a process of systemically collecting, recording and analyzing information concerning a specific marketing problem. Undertaking a research plays a very important role, especially to new businesses. In fact, 70% of all new products fail within a year because of poor marketing1. McBride Financial services should collect facts and figures from the primary as well as the secondary data. Primary data are information collected from original sources, while secondary data are facts and figures collected by some other person or organization. Examples of the primary data are: questionnaire data collection, which includes interviews, focus groups, surveys and questionnaires; observational data collection, either through a personal or mechanical observation and the experimental data collection by conducting laboratory and field tests2. Since the company offers financial services, hence it should obtain information through the questionnaire data collection. With this information, the business is able to identify the customer’s wants as well as their opinions. Hence McBride financial services is better able to be more responsive to its target market and thus risk of market failure decreases while sales and profits will increase. Conducting this action will also establish a closer business-customer relationship and hence customers would feel more satisfied and valued. Satisfied customers may lead to repeating sales and may also lead to a word-of-mouth advertising, which is more effective and also cheaper. In fact, a research showed that 1 dissatisfied customer tells 11 others who then tell 5 others3. Secondary data are cheaper and faster to obtain but may not be as responsive to the marketing problem as the primary data collection. Examples include: Statistics, magazines, government and industry reports, sales figures, financial statements, etc2. After conducting the market research, the company should undertake a statistical comparative
Cite this document
(“McBride Financial Services Essay Example | Topics and Well Written Essays - 1000 words”, n.d.)
Retrieved from https://studentshare.net/miscellaneous/345016-mcbride-financial-services
(McBride Financial Services Essay Example | Topics and Well Written Essays - 1000 Words)
“McBride Financial Services Essay Example | Topics and Well Written Essays - 1000 Words”, n.d. https://studentshare.net/miscellaneous/345016-mcbride-financial-services.
Cited: 0 times
The company will operate in Idaho, Montana, Wyoming, North and South Dakota. Its goal is to achieve financial break-even within six months of…
The challenges are both long-term and short-term. As a result, the survival chances of the firm are extremely minimal. In line with corporate governance, the firm has to comply with the international standards where the best practices and the formal laws are to be observed.
McBride financial service is a new brokerage firm, privately owned by Mr. Hugh. The management of the firm is in the process of strategic planning. The brokerage firm is faced with many challenges because it is new and has to comply with many governance regulations from the government. These challenges have to be solved if the firm is to survive.
If McBride Company fails to comply with the various compliance methods, several risks will be associated with the company. This will involve the company’s governance strategy and the company’s governance structure. However, there are certain advantages that are associated with compliance as they appear on my recommendations.
This ensures that the relationship that exists between a company’s board, its management, its shareholders and other stakeholders is a cordial relationship that would last. It also ensures there is no conflict of interest between the parties. This gets achieved through laws and policies et cetera that govern the company’s operations.
The underlying factors of the market that determines the value of derivative contracts may be currency conversion rates, interest rates, equity prices, commodity prices, etc. The derivative contracts may take the form of options, swaps, futures, forwards, etc.
We, at McBride Financial Services recognize the importance of your privacy while delivering high-quality financial services. Our web-site requires you to provide us your personal information, which is essential for processing your loan application. The information that you will need to furnish in your mortgage application includes your name, address, employment details, property information, marital status, and spouse's information.
s largely on account of the reduced market entry barriers and a positive swing in demand for investment advice from consumers who need professional guidance in choosing from a wide range of financial products available in the market. The role of financial advisors in such cases