What is the meaning of MOP and SRP? – HsBrandsAsia
How Do Market Operating Price (MOP) And Suggested Retail Price (SRP) Work In Businesses? Optimizing pricing strategies requires a thorough understanding of the market operating price (MOP) and suggested retail price (SRP). Without reliable market data and customer feedback, it can be difficult to determine these factors precisely. HS Brands’ Mystery Shopping service has emerged […]
What Is A Focus Group | Step-By-Step Guide & Examples
A focus group is a market research technique that entails gathering a small group of individuals to discuss their opinions and attitudes regarding a product, service, or concept. In most cases, an individual designated as the moderator will take the helm of the conversation, during which they will pose questions with open-ended responses and encourage […]
What Is Competitive Benchmarking And How To Do It?
What is Benchmarking in business Competitive benchmarking is the process of comparing a company’s performance with that of its competitors in the same industry and market. This type of analysis enables businesses to gain insight into their competitors’ best practices and to learn from their successes and failures. It also allows them to assess their […]
An Introduction to Data Collection in Marketing Research
Data collection is an essential part of conducting research in the field of marketing. The gathering of data is an essential component of marketing research because it provides companies with the opportunity to gain a deeper understanding of the preferences, trends, and behaviors of their target audiences. It assists market researchers in analyzing the needs […]
How to improve online shopping experience using mystery shoppers
Improve Online Shopping Experience Using Mystery Shoppers Mystery shopping is an indispensable tool for enhancing the online shopping experience for consumers. Businesses can improve their customer service by learning from HS Brands Mystery Shoppers’ insider feedback. What Is Mystery Shopping? Companies use mystery shopping as a method for gauging how well they are doing in […]
HS Brands Asia Retail Audits: Types, Importance, and Process
An audit is a crucial component of retail business management, as it ensures that operations are running smoothly. It is the process of confirming the accuracy of the data or information pertaining to a company’s retail operations. Typically, retail audits include a systematic review and analysis of sales, inventory, and other relevant activities. The HSBrands […]
METHODS OF MARKET FORECASTING FOR SMALL BUSINESSES
What is forecasting in business? A marketing plan’s core and the foundation of making strategic decisions – Market Forecasting! Market forecasting is a phase every business moves through. It’s how brands build products and services. In simpler terms, market forecasting is the study of market behavior, predicting potential changes in the industry, and taking action […]
What are the Best Tools for Conducting Market Research
Today, there are an immeasurable amount of market research tools, apps, and websites to get the best insights to grow your business. This blog is a compilation of a few such efficient tools that will up your marketing game. A thorough evaluation is an indispensable part of generating revenue for any business to thrive. Great […]
How Important is Customer Satisfaction to Business Today?
What You Should Know About Customer Satisfaction “Your most unhappy customers are your greatest source of learning.” As said by Bill Gates, these words stand true for fundamentally any business whose revenue depends on customer response. Without customers, your business would cease to exist. As a marketer, you need to understand how to gain new […]
Customer Relationship Management Vs Customer Experience Management
How is Customer Experience Management (CEM) different from Customer Relationship Management (CRM)? No matter how big or small your business, the customer is always at the center of it all. Hence, customer satisfaction is of paramount importance when it comes to increasing revenue. Understanding the needs and expectations of the brand helps companies improve their […]