Week 13: Review of Business Simulation Experience Form of Business, Type of Business, Naming Your Company, Market Research

Types of Market Research

oSurveys: Questionnaires or interviews asking people what they think of a product/service

oGeneral Research: Information from library, government agencies and other resources

oStatistical Research: Facts collected and presented in numbers and percentages. Collected by market research companies and government agencies

It is essential to research your market before you start your business, by understanding your

market we can avoid costly mistakes. The 4p's questions are useful as a guidelines to ask

friends,neighbour,relative.

•Would you buy this product/service?

•How much would you pay for it?

•Where would you buy it?

•How can I attract you to buy it?

What does the customers want

oAsk existing customers/prospects:

•Products/services, features, accessories, installation, packaging

•Price willing to pay, discounts, loyalty benefits

oAsk existing customers/prospects:

•Shopping method (web, shop, mail, phone)

•Media (TV, web, radio, sms, mail, magazine, newspapers, etc.)

Naming Your Business

It is the most important decision as a good name becomes an good brand which is an important

marketing tool,conveys expertise,value and purpose.

Factors to consider in naming

oDistinctive and memorable

oNot restrictive

oNot amateurish or trendy

oNo confusion with other name/trademark

oNo unacceptable terms

oTranscultural

Distinctive and memorable

oGood first impression is important

oEasy to spell, remember and sounds good

oSeparates your business from competitors

Not Restrictive

oNot restricted by geography

•Katong Laksa, Jln Kayu Prata

oNot restricted by field/industry

•Ong Radio, Malayan Railways

Not Amateurish or Trendy

oAvoid Trendy or Amateurish names

•Millennium Cleaning Services

•ERP Import/Export

•PCK Technologies

•Nemo Corporate

•Barney’s Security Services

No Confusion With Other Name/Trademark

oInvite law suits if you use:

•StarHut

•SingTell

•Kodek

•Sonny

•Bothers

•Starbarks

No Unacceptable Terms

oAvoid words reserved for government

•Temasek, Singapore, Government

oNo obscene words

oNo words that suggest your business as scandalous or a provider of immoral services

Transcultural

oThink global and check that your business name sounds ok in other languages

oGM Nova: “Nova” in Spanish means “don’t go”

oAlfa Romeo 164: “164” in Chinese means “one way to death”

oHassan: “Hassan” sounds like “bankrupt” in Japanese

Naming Techniques

oUsing Surnames – Ford, Yeo’s, Heinz

oUsing “A”s to appear at top of list – AAAs.com

oDescriptive Names – IBM: International Business Machine

oWords with no direct relationship – Apple Computers

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