Market Research – The need of the modern business world

Market research is one of the key components of the marketing. In simple term Market Research mean collect the information about the market. In broad sense market research in a well planned activity in which numerous kinds of information is collected about the market or customer trends.

In the modern business zone it’s become one of the key terms of business strategy. It’s a very helpful tool to get the required information about the business and competitions in quick period of time. To achieve the target or set the target Market research is becomes the need of the modern business world.

Importance of Market Research
Market Research

Salient Features of Market Research

* It’s a key factor to get advantage over competitors.
* It’s provides important information to identify and analyze the market need, market size and competition.
* It’s provides the vital information regarding the current business trends.
* It helps to decide the launch or renovation of market products.

Importance of Market Research

* Need
* Size
* Competition


Methods of Market Research

* Questionnaires
* Group Discussion
* Surveys

The RealReal, Its Story, And How It Came About

People generally purchase luxury goods because they convey social status and wealth; rarely do consumers look to brands like Louis Vuitton and Hermes for their quality. If luxury goods were cheap, they obviously wouldn’t hold the perceived value they’re known for; however, many people desire high-dollar brands. As such, people who aren’t wealthy or have considerably high incomes are interested in purchasing luxury goods via secondhand markets.


But here’s the problem with secondhand markets for luxury goods


Luxury handbags, shorts, and shoes don’t grow on trees – they’re produced by manufacturers. Businesses manufacture clothing and accessories all over the world at slim margins. Many are OK with breaking the law by creating counterfeit goods for sale on unregulated black markets.


These counterfeit items don’t always look exactly like the goods they replicate, though they certainly can. Few people want to run the risk of purchasing knockoff goods via secondhand luxury markets; after all, if others can spot that someone’s luxury items are fake, there’s no point in owning them.


Just until recently, consumers weren’t fortunate enough to have a reliable secondhand market for luxury goods to trust. However, after United States entrepreneur Julie Wainwright founded The RealReal, people all over the world have been able to spend less on real-deal, high-class items made by brands among the likes of Gucci and Supreme.


Who is Julie Wainwright?


Julie Wainwright has worked in business throughout her time as an adult on planet Earth. Ms. Wainwright started working for The Clorox Company – its name is self-explanatory; they started off with only Clorox under their belt, though the company is now a conglomerate – right after going to college, though she dealt with information technology within the business’ doors and also managed The Clorox Company’s brand.


She first became a chief executive officer in the late 1980s as Wes Boyd’s replacement at Berkeley Systems. Just a few years after hopping on board, Julie Wainwright was laid off.


Around the time of her departure, she found employment at the then-young as its CEO and president. Eventually, was gobbled up by Hollywood Video for $100 million. She next worked at Pets.ccom, though the website was short-lived.


In 2011, she created what’s known as the best secondhand market for luxury goods around the world – RealReal.


What is RealReal and what does it stand for?


The RealReal is a fully-fledged corporation that employs just north of 1,500 people. In the company’s most recent financial statements, Wainwright’s corporate creation indicated that it brought in some $500 million in gross sales.


Wainwright first thought of creating a secondhand market for expensive luxury goods after she tried selling some of her own. She recalls visiting pawn shops in hopes of selling some of her used items, though she didn’t receive high offers and felt “disgusting” spending time in such stores. Wainwright also knew she could outsource batches of her luxury-branded goods, though selling items on consignment is often associated with difficulties related to collecting payment from partnered retailers.


eBay didn’t work too well for Wainwright’s goals of reselling her used luxury items en masse because customers couldn’t be certain that such products were legitimate. That’s why she wanted to bring a resale platform to luxury goods – and she’s done just that.


It goes without saying that The RealReal is a unique company, though it goes above and beyond other resale markets for used goods in several ways. One such way of getting ahead for Julie Wainwright and company is by hiring professional photographers to take pictures of all items in stock.


The Philanthropy Efforts of James Dondero

If you want to learn how to apply business acumen to philanthropy, then James Dondero is the kind of entrepreneur you want to learn from. James Dondero who is an entrepreneur and a philanthropist has made tremendous charitable efforts that have been successful in many organizations. The foundations of his success are the financial contribution, coupled with his vision of the organizations he supports.


Mr. James is Highland Capital Management co-founder and president. From the start, Mr. James ensured that the mission of the company included charitable giving. Through his entrepreneurial acumen, he has made a tangible, large-scale, and strategic impact with his foundation on the Dallas community.


Mr. James and his co-founder Mark Okada relocated their firm’s headquarters from Los Angeles to Dallas in 1994. He made Dallas his home and set up businesses and philanthropic efforts in the community. Although Highland Capital Management is a global firm, Mr. James has localized his charitable giving to the Dallas community.


Some of the charitable organizations that Mr. James has supported include SMU’s Tower Scholars program, Education is Freedom, The Perot Museum of Nature and Science, The Dallas Zoo, The Family Place, and many more. The philanthropic arm of Highland Capital Management is the Highlands Dallas Foundation which is responsible for giving gifts.


Mr. James firmly believes that his company is dedicated to supporting the organizations in the community that are advancing the locality of Dallas. Although each charity organization has different causes, Mr. Dondero’s approach is on a larger strategic approach. His approach is based on the effects of recognizing opportunities where nonprofits can work together to have a more lasting impact.


To strategically carry out this ambition, James partnered with Woodall Rodgers Park Foundation former CEO, Linda Owen. James decided to work with Ms. Owen partly because she is diligently working in Highland’s Foundation to ensure that the strategic goals of charity are met. Her role also includes ensuring that Highland is connecting with new nonprofit agencies in Dallas to maximize the community partners to maximize the impact of multi-year grants that Highlands offers.


The Family Place


Highland Capital, guided by Linda Owen supported The Family Place by offering a challenge with $1 million grant. This grant helped The Family Place to get a good headstart to its fundraising efforts. The Family Place provides family violence services in Texas. It also offers professional counseling, lifesaving shelters, and education to family violence victims. Recently, The Family Place opened up a family violence center for children and men, where all services were in English and Spanish.


Hippo Habitat at the Dallas Zoo


James offered a generous donation of $1 million together with other donations to build a modern Hippo Outpost. The contribution established a permanent space called the Highland Hippo Hut for private events and educational displays. Visitors can now visit the Highland Hippo Hut to find out more on the protection efforts that surround the 3rd world’s largest land mammal.


SMU Tower Scholars Program


Southern Methodist University received a gift of $2 million from Highland Capital Management to create Tower Scholars Program Fund. The program works to support exceptional undergraduates who desire to study international affairs, politics and those who desire to develop an interest in ethical public service. Students who are selected for this program get an opportunity to study abroad, access to important global leaders, exposure to policymaking, and senior-year internships.


Education is Freedom


Highland and James also supports Education is Freedom by providing financial support for the youth who want to get a college degree. The organization offers mentoring assistance, standardized test preparation, professional development, and internships at respected nonprofits and corporations.


Finance – The backbone of the Business

Since the early days of human evolution, Finance is consider backbone of the Business. It’s remain one of the most common and important element in the modern business world. In simple term Finance is the management of money for our financial needs. It’s also called the science of funds management.

Saving money and borrowing money is the base of the finance. Finance is one of the most important aspects of business management. Without proper financial planning a business is unlikely to be successful. Financial management is important to ensure a secure future, both for the individual and an organization.

Finance is also known as a money budget management. The management of finance deals with how money is spent and budgeted. It also deals the concepts of time, money and risk and how they are interrelated.

Types of Finance

Types of Finance

We can easily categorized Finance in mainly three types –

* Business Finance
In this category finance management main task is to provide the funds for business activities.

* Personal Finance
This type of finance required for personal needs like education fees, financing durable goods such as real estate and cars, buying insurance, e.g. health and property insurance, investing and saving for retirement. Personal financial decisions may also involve paying for a loan, or debt obligations.

* Public Finance
This type of finance worked between countries and states.


How Finance worked
In here you can see how finance is worked. A bank accepts deposits from lenders, on which it pays the interest. The bank then lends these deposits to borrowers. Banks allow borrowers and lenders, of different sizes, to coordinate their activity. Banks are thus compensates of money flows in space.