They should first gather secondary data and then collect primary data before changing the packaging. Secondary data will help Tic Tac find the trend in sales after changing the packaging. This will save Tic Tac a lot of time and provide them with the risks and benefits of changing the packaging. Consequently, Tic Tac can also continue to collect primary data. Collecting primary data will help the company know about the current needs and desires of the customers and how changing the packaging might affect their buying decision.
Third, a firm under intense cost or competitive pressures, which does not see IT as its core competence, may find outsourcing a way to delegate time-consuming, messy problems so it can focus scarce management time and energy on other differentiators. Next, several financial issues can make outsourcing appealing. One is the opportunity to liquidate the firm’s intangible IT asset, thus strengthening the balance sheet and avoiding a stream of sporadic capital investments in the future. Also, outsourcing can turn a largely fixed-cost business into one with variable costs. This is particularly important for firms whose activities vary widely in volume from one year to another or which face significant downsizing.
It also stunts any scope for improvement or innovation as it is too focused on sticking to the set benchmarks. This often leads to poor overall performance of the organization in the long run which in turn affects the going concern of the business. Secondly, it utilizes a single, volume-based cost driver which leads to the distortion of the cost of products. It traces overheads to products or services usin... ... middle of paper ... ...osts and where to apply efforts to curb inflationary costs. This can be of particular value in tracking new products or customers and also solves the cross-subsidies problem linked to traditional costing system by separating overhead costs into different cost categories or cost pools.
Marketers go out and collect information first hand. Even though there are many positives to primary data, for example – the organisation knows the information won’t be bias, it also has its limitations. One of them being that it can turn out to be very expensive to obtain, as the costs of preparing and performing the research would be high. Also it requires a lot of time from a marketer. It is very time consuming to collect as it takes while to consider how the research will be carried out, actually doing the research and analyzing the results.
One of the main reasons it is hard is if we buy out the current contract that they are in. It makes it so we basically have to role buyout into their new contract. This can be difficult because we have to come in cheaper than their current price or they won’t switch to us but we also have to account for the costs of buying out their contract. Another challenging aspect of the position is keeping up with the quotas that we are all responsible for meeting. For each month were are responsible for bringing in a certain amount of money and it can be difficult at times to reach that goal.
Furthermore, a comprehensive research will enable the company to know about the product imperfections (if there are) and to know if it has been able to satisfy customers’ needs. It attempts to provide accurate information that reflects a true state of affairs. Due to market research the company can formulate a viable marketing plan and estimate the success of its existing plan. There are two main sources of marketing research information: Primary marketing research is collected for the first time if the company has enough money to finance it, but in most case it is the second more accurate one. It is original and collected for a specific purpose, or to solve a specific problem.
The marketing matrix helps target the audience the organization wants to target that needs a specific product or service. The Element of Product The organization or business has to determine what the customers want as far as the product or se... ... middle of paper ... ...hey want to compete in. The next procedure is to do the market research and apply marketing matrix. In reality the marketing matrix could also be apply on existing products and services to improve in it. Applying the marketing matrix is actually easier said than done.
1. The product life cycle is essential when a firm is a managing a product. While a product is in the introductory phase of its life cycle the customer is going through a learning process. Firms must consider this learning process when determining how much to spend on marketing strategies, the firm must understand that it will spend a lot of money to make the customer aware of their product and they wont see a lot of sales. During the growth phase of the life cycle the firm will see fast growth which will lead to profits or they will break even.
Critical thinking can help one think through ideas or thoughts before acting on them to ensure time and resources are not wasted. Many times ideas are thought up that sound interesting or helpful. Thinking through the logic behind an idea as well as its implications can help sort out truly interesting or helpful ideas from the ones that might not work out if attempted in the real world. Critical thinking can also help one think about the claims behind an advertising pitch or a reported statistic and make more informed decisions about them. Since the main purpose behind advertising is to convince people to purchase some product, many times the claim will be that purchasing the good or service being sold will be beneficial in some way.
If you find yourself with a missed payment or two, it is very important to get caught up as soon as possible. Although older information will remain on your credit report, it holds less value than current financial activity. The longer you can go without missing a due-date, the less relevance y... ... middle of paper ... ...ge. On top of that, a sudden increase in credit portrays you as a much higher risk than someone who has steadily built up accounts and credit as needed. Improving your credit score can be a difficult and frustrating process that takes plenty of patience.