Marketing Research for Mcbride's Financial Servicesmarketing

Running head: MARKETING RESEARCH FOR MCBRIDE'S FINANCIAL SERVICES

Marketing Research for McBride's Financial Services

Damon Jensen

University Of Phoenix

Marketing Research for McBride's Financial Services

Before starting any business venture, it is best to research your product or service to verify there is sufficient demand. There are several questions according to Arkansas Small Business and Technology Development Center (n.d), (Conducting Market Research). These questions help to analyze your business, customers, service, and economic factors that influence your market. To answer these questions you must research your target area and customers.

To start, is there a constant demand for your service? Your service must have a demand or your venture will fail. One cannot simply venture into a market with only an idea. The demand for you service will directly influence you business plan. How many competitors provide the same service? If the market if flood with businesses providing the same service profit become tough to generate. Determine how many competitors are in your target area; look for ads in the news paper and in the phone book, for smaller business. Larger businesses are more prominent and easy to indentify. Use this information to determine if you will be able to compete. Can I effectively compete in price, and quality? Will your prices be competitive? Are you offering a unique service? Depending the amount of competition, your business attract cliental but providing something unique or better than your competitors. Answer these questions objectively to determine if your business has a fair piece of the market.

The next step is to analyze your customer base. Who are your customers? Determine age groups, marital status, income range and any other classifying characteristic. Where are they located? Are they located in your target area? Offices must be set up in a location that supports your customers. Easy...