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Marketing Research

The Inding Store is part of the Miscellaneous Section found inside the Carmen Public Wet Market in Carmen, Cagayan de Oro City. It is a retailer of many products mainly condiments. It repacks sugar, oil, soy sauce and other goods into smaller sizes and sells them individually. They also sell in bulk and big volumes. Their product inventory include the following: A kilo of soy sauce with the prices 24php for Silver Swan and 7php for the ordinary Fuji. They also white sugar with 45php per kilo and brown sugar for 33php.

Their corn starch sells at 40php per kilo and ketchup at 26php per kilo. Salt is sold for 7php a kilo and oil for 48php. Third class flour is sold for 35php per kilo and 40php for first class. The vinegar sells at 7per kilo. They also sell in smaller volumes of one fourth kilo and one half kilo. Their vetsin prices range from 2php to 10php depending on its size.

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They sell some Nestle products like Magic Sarap for 3php and Knorr Sinigang Sampalok for 12php. They also sell different sizes of shopping bags for 18php to 38php.

They have small bags for iced water as well. They rent two small stalls where they store, re-pack and display their products. They pay 29php per day as their rental fee. The goods they sell are usually bought in large volumes. They need to re-pack these into smaller kilograms. The use durable transparent plastic cellophanes, making sure that they are re-packing in a clean environment.

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When bought, the packs are wrapped in newspaper and put in shopping bags for easy carrying. If the good bought is a liquid, then they are put in containers.

They do not have a logo nor is it printed because they only operate inside the public market therefore it is a small business. The store does not do much promotion because they only own a small business. Though during the Christmas season, they give out calendars specifically printed so the store’s name is on it. Also to their patrons, they personally pick out and buy Christmas gifts. They also hand out t-shirts. If I were the store’s manager, I would recommend market research. Their location does not seem to be very convenient for some customers.

Also illegal sidewalk vendors, who are their competition, tend to be a problem. One, their place for business is quite small and there is not much walkway left between them and the fish market. As a result, their customers lack space especially when they have to stand in front of the stall to buy. Since the building they’re in is government-owned, they cannot do much about this. Instead, they can bring in and retain the consumers in other ways, focusing on quality service and quality products. Marketing research would help delve into more ways and possibly a good and quick solution to this problem.

Customers could be asked on how they can be alleviated of their burden during the purchasing process. For the illegal sidewalk vendors, the local government can do something to lessen this problem. Most of their potential customers find it more convenient to buy from outside sellers. This is a problem for those who are paying the right rent and are selling in the stalls inside the building. The are being robbed of possible additional profits. By doing a marketing research, we could focus on how we can get a competitive edge against these competitors.

Also, we would find ways to make it worth for the customers to come inside even with an ambience that is not so good. We could find ways to attract and sustain buyers so that they would brace the heat and dirt inside the wet market for products that will surely satisfy them best. Other than these factors, there are internal factors to be researched as well. They should have a definite and consistent plan for promotion. Lacking any standards for giving out gifts during Christmas and only to a certain number of customers is quite dangerous for the business.

All of their patrons should be given extra benefit and incentives equally. Implementing this would also help with the sidewalk vendors problem as well. It would help them attract and retain their customers for a store who has a limited budget. Their product display area is quite small and limited. Customers usually have to ask if they have a certain good at this certain size. This could turn off buyers and make them think twice. It is important to plan how to present your products. Space is also hindering how they move around the store.

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Marketing Research. (2020, Jun 02). Retrieved from http://studymoose.com/marketing-research-new-essay

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