HOW TO: Plan An Effective Budget

If you're currently spending more than you earn, it's crucial to find a way to balance your budget. Those who don’t address the situation could find themselves in a downward financial spiral that’s difficult to escape. Here are tips to help you balance your earnings and outgoings.   1.   Boost your budget by saving on essentials If your budget doesn’t balance or you’re looking to free up some extra cash, the first thing...

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Focus on What Really Matters: YOURSELF

As we turn the corner from 2014 and enter 2015, many of us will use this moment to clear the decks and think about changes we want to implement personally and professionally in the year ahead. To help everyone set their year up for success, here are ways you can keep the right level of focus on yourself in 2015. 1.   Set attainable goals Set both near and long-term goals. If you think about where you want to be in six months,...

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Market Experiments

Unlike consumer clinics, which are conducted under strict laboratory conditions, market experiments are conducted in the actual marketplace. There are many different ways of performing market experiments. One method is to select several markets with similar socioeconomic characteristics, and change the commodity price in some markets or stores, packaging in other markets or stores, and the amount and type of promotion in still other markets...

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Consumer Clinics

Another approach to demand estimation is consumer clinics. These are laboratory experiments in which the participants are given a sum of money and asked to spend it in a simulated store to see how they react to changes in the commodity price, product packaging, displays, price of competing products, and other factors affecting demand. Participants in the experiment can be selected so as to closely represent the socioeconomic characteristics...

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Consumer Surveys and Observational Research

Consumer Surveys involve questioning a sample of consumers about how they would respond to particular changes in the price of the commodity, incomes, the price of related commodities, advertising expenditures, credit incentives, and other determinants of demand. These surveys can be conducted by simply stopping and questioning people at a shopping center or by administering sophisticated questionnaires to a carefully constructed representative...

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Marketing Research Approaches to Demand Estimation

Marketing research is the process that links the consumers, customers, and end users to the marketer through information — information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process. Researching your market helps you target your ideal customer, identify new market opportunities and...

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Daily Habits That Will Make 2015 Explosive

The New Year is here!  Many of you may want to ramp up your personal development and productivity to a whole new level to reach some major goals. To truly find success in your life, it is important that you take the time to do the little things that matter most. Small changes to your daily routine can translate into monumental success in all of your endeavors. Here are daily habits that you should be doing: 1.   Get up early When...

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