Current Events in Business Research
April 14, 2015
Harichand Chandu NairCurrent Events in Business Research
“Business research involves establishing objectives and gathering relevant information to obtain the answer to a business issue. Business research can also be used to solve a business-related problem, such as determining how to decrease the amount of excess inventory on hand. Adequate planning and information-gathering are essential to derive results for your business” (Eileen Rojas, UNKNOWN). When I began contemplating starting a home based business selling Avon, my research had pretty much already been done. Being a user of the products for years I knew that the items Avon sold were good products and lots of women used them. Whether I was at home, church or work I found that all the women within my circle were asking the same thing. “Do you know an Avon, lady?” So clearly to me this was a great opportunity for me to make some extra money. My empirically testable hypotheses was that I knew that I already had potential customers seeking out these products. I knew the products were good because my family had been using them for years. Avon has been a household name for over a century, and is listed as the fifth-largest beauty company and second largest direct selling enterprise in the world. Overall the business opportunity appeared to be a great start for me and all it took was an investment of ten dollars. Also I would be providing needed products to hundreds of women. Statistics has shown that over the years, Avon has consistently manufactures some of the highest rated perfumes and body fragrances. Avon has also produced top-selling anti-aging creams that have proven results. The thing about Avon products was that it was not just hear say. Over the years I have seen these products work with my own eyes. Also I had several women that I knew personally, seeking out these products. Many women had already declared these products as their signature products. All they were missing was a consistent and faithful representative to supply their products. Marketing the product would be easy. Being that majority of the ladies were already seeking the product all I simply had to do was mention that I had them for sale. As customer came to me I made it a priority to find out there favorite products, their likes and dislikes. In the beginning I simply ordered product as my customers ordered them. Offering samples of perfumes, make-up and body oils and creams, allowed customers to try products before buying. Which also aided in the generation of new sales of products. Producing the potential for a larger inventory. Once I had accumulated a large client base. I began to stock products that my customers regularly ordered, to have them on hand when they were ready to place their order. Knowing their choice products enabled me to be able to select other potential items that may be appealing to my customers. Managing the inventory I kept on hand soon became a hassle which prompted me to investigate was to keep track what I had on hand. Together with the help of my family I was able to develop a system that helps me not only account for the items as I sell them, but keep an accurate number letting me know when I have reached the minimum amount I have set within the system. This inventory system lets me know when it is time to reorder certain products and the Avon Sales Representative’s website keeps me up-to-date on the latest new items and trends. Overall the decision I made to get involved has proven to profitable decision. Knowing the product I distributed before actually selling it gave me advanced knowledge of my products and the benefits it would bring to my consumers. Recommending products to my customers not only helps me earn more cash, but also supplies my customers a product that will produce results for them. Whether it is a cream to moisturize their dry skin, or foundations to...
References: Eileen Rojas. (UNKNOWN). Definition of Business Research. Retrieved April 13, 2015, from Chron: http://smallbusiness.chron.com/definition-business-research-42009.html
UNKNOWN. (2014, JUNE). Avon Product Reviews;Avon Product Tips-Great Beauty Buys. Retrieved April 13, 2015, from Great Beauty Buys Tips, Tricks,Savings: http://www.greatbeautybuys.com/about/12-facts-about-avon/
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