The Current Market Trends for Joe's Products and Its Market Share - Research Paper Example

Marketing research Task 1: The questionnaire Introduction Given the current market trends for Joe’s products and the market share that it commands it was inevitably vital to carry out a survey for due understanding. This was to establish a basis for consideration in the quest for advancement as well as continuity and progress. Given that this is a business venture with an intention of expanding its coverage to the entire Metropolitan area, then an actual understanding of its market is extremely important and only works for the benefit of the firm (Friedman 34-50). This facilitated the use of a questionnaire so as to establish these necessary trends. The questionnaire was considered for its ease of use and, thus, convenient for any person with an ability to read and write. Most times the questions that are posed are usually straight forward and most times accompanied by multiple choices. The questionnaire, for this pursuit, was designed as outlined hereunder. The design Instructions As you prepare to fill this questionnaire, kindly read and utilize the following; 1. This is a questionnaire prepared by Joe’s Wraps and Subs enterprise in the endeavor to gaining an understanding of its market base and development possibility for enhanced better service delivery to its customers. It is therefore important that you consider being as genuine as possible to ensure that the decisions that shall be taken there from shall duly work to serve the customer better. Your utmost good faith shall really underscore the need for this survey. 2. Please don’t write any of your particulars (whether name, signature, contact or address) anywhere on this questionnaire. 3. Kindly note that your privacy as well as confidentiality shall be protected by all means and can only be revealed with your consent. 4. Everything you write within this questionnaire shall be used for no extra purpose but market analysis. 5. Kindly ensure that you promptly fill the questionnaire and return it immediately thereafter. This is to guarantee that you don’t get burdened by the answering of the questionnaire. 6. Freely enquire for any explanation incase of unclear details. Our agents shall be at your service in this endeavor, as and when need arises. 7. Answer the questions by circling only the most relevant option, unless otherwise stated. Basic information 1. Sex Male Female 2. How did you get to learn of Joe’s Wraps and Subs enterprise?(Circle as much as are appropriate) The radio The billboards The television The newspaper Friend Other If other, specify………………………………………………………………………… 3. How often do you purchase Joe’s products? Once in a day Twice in a day Thrice in a day Once in a week Twice in a week Thrice in a week Once in a fortnight Twice in a fortnight Thrice in a fortnight Once a month Twice a month I used to but I nowadays don’t Occasionally I don’t Other If other, specify…………………………………………………………………………….. ……………………………………………………………………………………………… 4. What do you typically spend per visit? $50 $75 $100 $150 $200 More than $200 5. What is your favorite product from Joe’s? The sandwiches The wraps Other If other, specify…………………………………………………………………….............. 6. What is it that you like most about Joe’s? The quality of the products themselves The customer service The timeliness of the orders The pricing of the commodities The locality of the venture Other If other, specify…………………………………………………………………………… 7. How would you rate your satisfaction from the service delivery? Excellent Very good Good Satisfactory Below average Poor Very poor Why? (Briefly support your choice)……………………………………………………….. ............................................................................................................................................... 8. How do you view Joe’s pricing strategy? Very costly Costly Affordable Low Very low Briefly support your view…………………………………………………………………. …………………………………………………………………………………………….. 9. How would you rate the locality of Joe’s enterprise? Superb Sufficiently accessible Convenient Very hidden Not accessible Other If other, specify……………………………………………………………………………. 10. On the basis of the sandwiches offered, how would you rate their variety? Wide Reasonable Narrow Inadequate Other If other, specify…………………………………………………………………………….. 11. How refreshing, in your opinion, do you find the sandwich fillings? Very refreshing Averagely refreshing Not refreshing Poor Why? (Briefly support your choice)……………………………………………………… …………………………………………………………………………………………...... 12. When at the outlet, how fast is the service delivery? Very fast Reliable Considerably fast Relatively slow Very slow What best action would you propose for enhancing this, and even making it better? ……………………………………………………………………………………………………………………………………………………………………………………………… 13. How would you rate the taste of the sandwiches? Very sweet Reliably sweet Averagely sweet Not sweet Why? (Briefly support your choice)……………………………………………………….. ……………………………………………………………………………………………… 14. How do you find the wraps utilized by Joe’s? Very attractive Reliably attractive Averagely attractive Not attractive Why? (Briefly support your choice)……………………………………………………….. ……………………………………………………………………………………………… 15. How unique do you find Joe’s sandwiches? Very unique Reliably unique Averagely unique Not unique Why? (Briefly support your choice)……………………………………………………… ……………………………………………………………………………………………. 16. Would you say that Joe’s is competitive enough in its market? Yes No Why? (Briefly support your choice)……………………………………………………….. ……………………………………………………………………………………………… 17. In your own words how widespread do you think Joe’s products are in this city? …………………………………………………………………………………………………………………………………………………………………………………………….. 18. In your own words, how would you explain the prevalence of Joe’s products? …………………………………………………………………………………………………………………………………………………………………………………………….. 19. What are some of the steps you deem fit to be taken in enhancing the relevance of Joe’s as an enterprise? ……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… Task 2: Recommendations For this firm to advance in reaching its market, it is necessary for the firm to consider carrying out a telephone survey on the adequacy of the products offered. Such a survey would only be the required step in the quest for a comprehension of the behavior and preference of the customers. To enhance this, necessary steps and actions need to be taken. Some of the measures to be adopted so as to demystify the customer as a key player in the firm’s progress include the under-explained. Firstly, the firm should consider determining the rate at which the products are used. This could be done by publicly enquiring on the usage spree. This is very key and strategic in establishing how dominant the products are in the market so as to know where to direct its resources. With the right utilization of the available resources then the results thereof shall be sufficiently worthwhile. This not only propagates better understanding product utilization but also enhances the adoption of required action to dominate the market with the product. Secondly, it is necessary that the firm considers offering rewards for its most loyal customers. This could come in the form of subsidies in the pricing as well as supply. This not only improves on the customer base but also improves on the spread of the products. The firm shall also be in a position to make stride into the all capitalistic and competitive market by defining its own niche in this very market. Thus, the results will be holistically directed towards making the firm improve its competitive edge in the market. With a good competitive edge, then the returns shall definitely raise to definitive modes of operation and greater levels of business. Thirdly, the establishment of the five units should be considered. This is to ensure that if the survey’s outcome is positive and encouraging, then it could be established without further ado. This, in addition to making the firm relevant, also improves on the market grip that the firm shall have. A diversified market ensures that the risk is well managed as well as curbed. Nothing is put to chance especially with the highly prevalent risky market modes of operation. The five units shall steer the corporation into a well risk-versed firm with outright prospects of business growth coupled with profitability and market leadership all as weapons of relevance in the very market that it belongs to. This move therefore leads to a firm with a competently notable command of the market base and thus, with a very large customer prominence. This only confirms the highly sought after competitiveness by any firm. Conclusively, it is vital that the survey be done in addition to having utilized the designed questionnaire so as to ensure that the gathered information on the market of the sandwiches can be sufficiently backed up. The market customer movement and preference pattern shall be adequately determined with this analysis. The aim of the research having been to establish the truth as it is in the market, with the application of these two strategies will warrant its due realization. Questionnaires usually give the respondent an option to choice and then comment, and therefore enhance the credibility of the gathered information. The questionnaires do allow the respondents to adequately be objective enough to ensure the reliability of the information garnered. Thus, the applicability of the questionnaire isn’t in vain. This mode of gathering information suffices the level of consistency desired from the data collected as well as its soundness.  Works cited Friedman, Lawrence G. Go To Market Strategy: Advanced Techniques and Tools for Selling More Products to More Customers More Profitably, 2002. Read More