May 03, 2010
Market research is to provide information that aids the business to recognize and react to market opportunities and to make available suitable products to marketing needs.
A marketing plan is the key to a business success. Its purpose is to make the most of the business’ profits. As opportunities arise in the business environment, the environment changes, the objective and marketing strategies in the plan will aim toward the best action. The marketing plan and the strategic marketing plan come together in that both are essential for the success of a business. Without a strategic marketing plan, businesses can become unsure in marketing efforts. The purpose of the strategic marketing plan is to help businesses attain their marketing goals.
Today I will be doing a research plan for a convenience store called the Friendly market which is in competition with Circle K a nationwide convenience store. Circle K enjoys nationwide advertising and gets a great deal of exposure unlike Friendly market who is a one of a kind “mom-and-pop” store who depends on local exposure.
Even though the Friendly market has been successful to this point they need a marketing research plan in order to keep thriving. They need to understand the consumer and the best way to go about doing that.
Friendly market vision is to do what no other convenience store does and that is to get to know all their customers on a first name basis. They feel if they greet everyone who comes in that starts on building a relationship and that is what they want to accomplish.
The problem that I see with Friendly market is how they are going to go about advertising and how to appeal to the Circle K shopper since; Circle K is a direct threat to their business.
Convenience stores serve the entire purchasing population of its geographical area but focuses on...