Introduction
In almost every business companies look to improve their bottom line, keep existing customers, and make non customers new customers. Several ways to achieve these corporate goals are available. Trial and error is one method. Following the industry and the competition is another avenue is taken. However, there is one way that many companies don’t utilize enough. It is through the process of market research. Take a local hair salon as an example. It is likely they will do plenty of marketing to increase their client base, yet probably do very little in terms of research. Perhaps the importance and value is overlooked. Through defining market research, identifying the various types of, and understanding the marketplace, a local hair salon could reach their full potential with the use of this process.
Define Marketing Research
In defining marketing research several definitions exist. According to Ronald Heimler, “Marketing research refers to the process of collecting, analyzing and interpreting data about customers, competitors, and the business environment to improve marketing effectiveness.” (2008). Market research is obtained when specific information is required to make the best decisions. Market researcher does not make any management decisions on behalf of the company. Their function is to gather, analyze and report the data to empower management in making effective decisions. The American Marketing Association uses different language but has a similar definition. Their definition states it is a systematic data collection process referring, “to a specific customer group in a specific geographic area.” (2006). The research process helps managers influence the direction of the marketing mix; promotion, placeme...
... middle of paper ...
...stand where improvements to the system can be made.
Conclusion
Hair We Are is presented with a bit of a challenge. There is little start up money yet the salon can benefit from marketing research. Some of the question can be answered through syndicated research. The Government Census Bureau and offer demographic information that will help in some of the decision making. This type of research is public record and easily obtained through the Census Bureau website. This can help leave the budget for the more specific questions that will help the salon get to know their clients individual wants and needs when it comes time to personal grooming.
Works Cited
McDaniel, C. Gates,R. (2006). Marketing Research (7th e.d.) John Wiley and Son
Heimler, R. (2008). Marketing; Real People Real Choices (5th e.d.) Solomon, Marshall, Stuart
Pearson, Prentice Hall
Marketing research is the systematic design, collection, analysis, and reporting of data and its findings relevant to the specific marketing situation that a company faces (Kotler, 2012). By researching the motorcycle rider, Allstate is able to identify who they are and what they experience. In 2008, Allstate conducted a “Who’s Behind the Helmet” survey. They defined their qualifications as a motorcycle owner who is 18 years of age or older with an income of $50,000 or more. (Floyd, 2008). The 500 person sample size produced insightful and interesting details for Allstate. Jeff...
A lot of women love to look good on a day to day basis, so a cosmetologist is what they need. A cosmetologist is a beauty specialist who is educated in doing hair, makeup, and nails. It’s very interesting because you get to be creative, have fun, have people looking gorgeous, and get paid for doing something you love. In this paper, you will be introduced to a lot of information in the field of cosmetology. Learning about the history and background, requirements to obtain the career and job positions will be covered throughout this paper. Towards the end you’ll get a touch of the job reflection and outlook. A lot of great information is listed, so there should be plenty of it learned.
The beauty industry has great opportunities for companies wanting to profit from the growth and resiliency of the sector. Finding the right niche is important for becoming visible in the industry. Communicating the unique selling point to the target group will distinguish the company from the competition so it can survive. Also, product sales are needed to earn revenue beyond the service income. The success of Sugar Wax Salon will rely on its ability to offer a beneficial service, create the right products, and promote them to the right people at the right price.
Sally Beauty has a heritage as the first choice for professional cosmetologists and consumers alike because of the broad range of products. Their international presence offers Sally Beauty / BSG insight into fashion and beauty trends. It gives buyers and merchandisers a head start on obtaining the tools and products salon professionals need to create the latest fashion looks, as well as the products consumers use to maintain the look between salon visits. Beauty Systems Group stores, along with its outside sales consultants, sell up to 9,500
“You are a black goddess when you come out of the hair salon” (Lewis). However, a hair salon must be able to attract people without seeing any hairstyles. A small hair salon in Baton Rouge named Naavah Hair Studio has been in service for almost two years under the direction of owner/stylist Cathy Sims. There is also one other lady working there as a stylist, as well as the owner’s daughter as a make-up artist. Yet, Naavah Hair Studio has not been bringing in enough clientele to uphold its full potential. Thus, the business is not making any profit. The best way to increase the hair salon’s clientele and income is by developing new methods of advertisement.
The practice of improving the beauty of others may seem insignificant to some but for those in process of studying the cosmetology industry take great pride in the work they hope to produce. Hair stylist and nail technicians improve the way people look and feel about oneself to better improve self confidence; cosmetologist strive to do the best they can to achieve the look that their client may be searching for. However, these techniques must be taught thoroughly and without the proper teaching techniques, the upcoming cosmetologist may feel behind and uncertain about their abilities when performing on clients. Without the proper and professional ways of teaching, the student struggle to ever gain success in the business; this business builds only from the repetition of great work and failing to achieve the overall style of the desired look from the client will result in a failing business. The search of finding a successful and up to date school requires more work than one may assume.
The principal to any successful marketing strategy is to understand the customer and their needs. The ability to satisfy customers' needs better than the competitors, will first be, as PepsiCo builds customer loyalty and increases sales (Business Link, 2007). Marketing research uses many methods to obtain results. PepsiCo will use external census data and marketing survey data collected by outside marketing research firms, as a method of understanding customer wants and needs. Computer-aided methodologies will also be used to collect data on the competitors of PepsiCo, such as Coca Cola, Jones Soda, and Mott’s Company.... ...
Market research assists a company to determine the best media outlets to place their advertisements. For instance, a youth-based market may prefer an online advertisement while older customers may opt for radio stations and television adverts.
The main aim of this discussion is to discuss the main aspects that are very important in planning and implementing the activities of marketing in the global context. Once all the issues have been addressed, the organisation then needs to plan out the global marketing strategy. Marketing research is the core area of marketing, as the entire marketing strategies depends on how well the organization has conducted the research of the market. Mar...
Marketing Analysis is “the study and evaluation of market trends. The goal is to determine what products a company should produce and how to sell them. Business strategies and tactics
Polaris Marketing Research (2008). Marketing Research Process: An Overview. Retrieved May 8, 2008, from http://www.polarismr.com/edctr_overview.html
Malhotra, N.K., 2002. Basic Marketing Research: A Decision-Making Approach. Upper Saddle River, New Jersey.: Prentice Hall.
Briefly it is a systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation facing the company, allows management to make the changes necessary for better results through adopting a proactive approach. Therefore, if a company wants to know what type of products or services would be profitable it should make a market research. 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:
On the other hand, weaknesses existed. The primary research was the most difficult and frustrating sector, for it was difficult to keep in touch with the potential competitors; hence, a chance to learn more and analyse deeper from the potential competitors was missed. To conclude, the result and analysis of primary and market research which was based on the questionnaire was not convincing enough, and it was the main sector which needed to improve in the future.
...cular market. Companies that conduct market research normally save a lot of money by understanding what type of product or service is needed, other than entering the market blindly without knowing what to expect.