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How can marketing research be of use to a marketer
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Three Things to Do Before Buying a Franchise Buying into a franchise can be a good opportunity for an entrepreneur. Some franchise purchases have led to great wealth. With hard work and the right franchise, the sky's the limit. However, you need to take certain steps to insure that you are buying into the right franchise. The following are three things you need to do before you sign on the dotted line. Do your own market research This is critical because you can't rely on what the corporate line is about their company. It is simply too self serving for them to offer any criticism of their own company. It is also common in the franchise world to oversell the success of a franchise. It is entirely possible to buy a franchise and fail through no fault of your own. For this reason, you need to check on who the competitors are in your area as well as how many of them there are. If they are successful, there may be room for one more similar business in the area. If the similar businesses are struggling, your franchise may struggle too, even if the franchise is a more popular name than your potential competitors. Always do your own market research first. …show more content…
When no one from the corporate headquarters is around, you can get priceless feedback on the day-to-day operation of the franchise. You can learn what to expect as well as the long-term expectations of ownership. You may also hear important criticism, the downside of owning this particular franchise. A sort of “it's a great franchise, but...,” comment. Hearing this sort of opinion can lesson the number of surprises once you begin operating your own
Chick-fil-A recognizes that their brand promise starts the minute the customer enters the premises. When a store opens for the first time, the franchised operator doesn’t just see an opportunity to sell his food product, but rather a “chance to interact, build community, and engage with customers and the community at large. We do this in a variety of ways. First and foremost, we strive to provide 2nd Mile Service to each customer. As we work to continuously improve, we want customers to experience something unique. We want to build community and create relationships between our customers and our food, people and restaurants” [3].
According to Chick-Fil-A’s website the process to own a franchise is lengthy and rigorous. Chick-fil-A: Franchise Application Information. (n.d.) “At Chick-fil-A, we believe that our success in a community is tied directly to the caliber of the individual fra...
Companies use marketing research to identify problems or opportunities that they might encounter. Organizations may also use marketing research to identify their strengths and weaknesses, and certain trends that are forming in their market. H&R Block is a tax service company that prepares state and federal taxes for individual customers and small to mid-size companies (H&R Block, 2010). This company has defined their marketing research and has different types of marketing research techniques it uses. Furthermore, there are other types of H&R Block’s marketing research techniques that would be beneficial to if they were implemented correctly.
I know this from my own family owning business and can bring this knowledge to the pizzerias that are evolving into more of a modern state. Competition between business that seek the same things can become a problem as well. LIke the in tethered source the article is talks about the franchise pizza chain Papa John's making a restaurant right next to the family owned business Johnny's PIzza. The family owned business finds this as an insult and want them gone. Losing customers is problem that can occur as it says in the article and the family owned business is starting to worry. In The article it states “The people who come the Johnnys now will keep coming to Johnny's”. This shows that people will only find one of jind pizza at a family business and it won't matter if they have another place next to them they will still have their customers. We can also sue the picture to make an inference Bcaas of the runned down look of the place we can tell the wonders could be nervous because if the appeal since the big businesses will have a more up to date look on things and service wise as well. Another big aspect into owning a business is paying the employee's. SMall business might not get as much business as big franchises and bring the prices uo might occur so they can pay their employees. IN source three it states “When it's time to raise
The purpose of the following paper is to be able to inform the reader(s) of the paper about the business goals of the ownership and operations of a Sports Bar Franchise. The topics of discussion will include the description of the goal of the business and subtopics of the types of goods and services that are provided by any Sports Bar Franchise, what types of customers will this business attract, and lastly, how and where the specified services are made available. The paper will also include dialogue about the strengths and weaknesses of an assorted of business organizations and which one would be most appropriate for the author’s business venture.
After analyzing the case of the Santa Fe Grill, I believe they should focus on concept and product testing, test marketing, opportunity assessment, customer satisfaction studies, and competitor analysis. These seem to be important to the overall success of their company, especially competitor analysis so they can see first hand who and what they are competing against. This would include seeing what the competitor is doing product wise, for customer service, and their marketing/advertising strategies and overall how they target their customers. It was said in the case that the success of the restaurant at first got started rather slowly and that the owners needed to understand how to drive customer satisfaction and loyalty. Therefore by conducting research on how to fix the problems, the brand can
One of the best advantages of becoming a franchisee is that one can own his own business without having to experience the failure that is prevalent with startups. In addition, a franchisor provides an entrepreneur with a successful business plan and a name that is recognized by consumers. As a result, the franchisor will normally provide the franchisee with the necessary training to help the overall business to succeed. Since Professor Keevan has no prior experience with running a business, the benefits he would derive from owning a franchise are quite obvious. While the startup costs to obtain some franchises can be quite excessive, some franchisors do offer in-house lending to their franchisees.
Weaknesses needs to be turned into strengths and see what opportunities might arise so they can get rid of the threats. Restaurant Brands has many strengths, their brand and budget are the key ones. It has brand recognition where everyone knows what their outlets are and also have customer loyalty where they will keep coming back because of the same taste and service. Restaurant Brands weaknesses some workers in the outlets are not meeting policies and procedures, this causes the employee too laid off as this will affect the recruitment process. Restaurant Brads don’t want to lose potential customers due to staff not what they are obliged to
Another strength is Burger King’s franchise development having 90% of its restaurants franchised. The franchise concept allowed the company to grow with minimal capital expenditure and receive royalties and fees. Burger King went above and beyond and created a new model of its restaurant to attract mo...
Building a franchise is a process many are willing to make, in order to be able to do what they want with their business. Especially when you have an idea that you may have come across from either a previous idea or from one of your own idea. however , starting a business is not always easy, some may fail or not even open up, but staying on top of your goals and dreams will keep the path to success on going. In ten years from now, the process for building a franchise would still be the same as it is now, becoming a franchise and franchising a business, smoothly and maintaining a business to up hold the franchise for a long period of time.
Not having to answer to a corporate boss is the dream of many and the flexibility that owning a business franchise creates provides this option. Success is not reached by simply creating a business, however. The level of success is measured by the size and efficiency of the business. Business growth is the driving force of the economy. The additional jobs and revenues created when a business expands allow the economy to grow at exponential rates. One of the fastest and most popular ways to increase the size of a business is to turn it into a franchise, which can then be purchased by individuals. Franchising provides opportunities that are beneficial to both the parent company and the purchaser. The company that owns the business can expand without having to pay such a large initial cost to open a new store since the franchise purchaser pays a cost to open the business. As well, the company can regulate many of the business activities so that there is a sense of consistency throughout all of the locations. The purchaser is allowed to use the trademarks and goods of the franchise which already have a large market presence. As well, they are provided with training and work standards by the company to help their business run smoothly (Kalnins & Lafontaine, 2004, p.761). Looking at the business model of the world’s largest food retailer, McDonald’s, provides great insight into franchising and business growth in general as well a better understanding of a global business that utilizes the franchising technique.
Submit the initial application that is provided in their website in which you have to explain why do you want the franchise and where are you going to locate it. 3. Level of qualification is the third step; they will check your assets, locations and others. 4. Phone call between the people who ask for the franchise and the franchise manager to be able to know more about your goals and personality.
The first step in any business is to think of or create a business idea. Without an idea, one cannot launch their business off the ground. A right direction is needed to create a business with a unique idea. However, other options include franchising or buying an existing business (1). Franchising allows an individual to run stores such as Burger King or McDonalds under the corporate name. It involves taking training classes and a heap of money in order to start a franchise. A Franchisee will have to buy products and services from the corporate entity they are franchising from, which is often required. Buying a franchise is like taking a piece of the pie from the company that is franchising and sharing that pie with everybody else. In addition having a franchise allows one to communicate and in essence become a big part of an added business opportunity (4). Franchising is far from easy to start and maintain for that matter. Starting a franchise involves a l...
7-Eleven focuses on teamwork and encourages all franchisees to train every employee to be a leader instead of a follower. As an employee in 7-Eleven, I have been always told to dream as if one day I would be franchisee of a 7-Eleven store. One other thing the corporate tells the owners to look at is hire someone who would become a franchisee one day. Managers are expected to give out extrinsic rewards, and be a charismatic leader.
A franchise is simply investing money in a location or store, and then having the store become your own business after learning how to manage the entire business. You earn the majority of the profits, and you also don't have to worry about operations. You'll be taught by the company on how it run the entire business, and this is the reason why this is a huge and very easy way to become rich. Franchises require quite a hefty investment depending on the business you plan to buy. However, if the business is in high demand, there is profits to be made. Take for exMple the Cold Stone Creamery business. Countless people purchase one of their many franchises. The money is very good, the opportunities are endless, and the fact that there is no more need for advertising is what makes this more worth the investment in the long