Factors that contribute to the Success of a Business

Introduction

A brand can be thought of as a name, word, symbol, indication, design or a mix of

these which is intended to identify the products and services of a certain company and to
discern them from those of its competitors. A brand name is an extension of a business. It is
the most fundamental and long lasting assets of a firm.

Statement of the Problem

This study aims to determine the extent of the factors that contribute to the success
of a business assessed by several business owners when grouped according to age, gender
& monthly income.

Specifically, this study seeks answers to the following problem:

1. What are the factors that contributes to the success of a usiness as assessed by
several business owners/entrepreneurs in terms of personal, social and
academic development when grouped as to: age, gender & monthly income..

2. Is there a significant difference in the factors that contributes to the success of a

business when respondents are grouped according to age, gender & monthly
income.

Hypothesis

There is no significant difference in the factors that contributes to the success of a

business when respondents are grouped according to age, gender, monthly income.

Theoretical Framework

This study is anchored on John Stuart Mill by Development Theory. This theory states
that no social science theories are better understood as models which work, either
to predict or explain, in limited settings, rather than laws of science which hold and
apply universally (Mill, 1873).

Conceptual Framework
Significance of the Study

This study is beneficial to the following:

Marketing Management students

Future Researcher

Scope of the Study

The study is mainly concerned with the determination of the factors that affect the
success of a new brand as assess by marketing students of Bacolod City College, academic
year 2018-2019 when factors are specified as marketplace need, product benefits, clear
differentiation and effective promotion.

A descriptive research design, specifically utilizing the survey method.

The dependent variables include the student's personal , social and academic
development. Moreover, the demographic variables of the respondents comprise their age,
gender and year level.

Significance of the study

This study is beneficial to the following:

Consumers
Businessman
Future Researchers

Definition of Terms (alphabetize all terms)

Factors. Conceptually, the term refers to one of the things that affects an event,
decision or situation (Collins, 2019). Operationally, it refers to

Product – a thing or person that is the result of an action or process

Performance – the accomplishment of a given task measured against preset known

standards of accuracy, completeness, cost and speed

Speed – is a way of measuring fast how quickly something is moving or being done or
something

Cost – in production, research, retail and accounting, a cost is the value of money that has
been used up to produce something or deliver a service and hence is not available for use
anymore.
Development – is a process that creates growth, progress, positive change or the addition
of physical, economic environmental, social and demographic components.

Product – can be a service or an item. It can be physical or in virtual or cyber form. Every
product is made at a cost and each is sold at a price. The price that can e charged depends
on the market, the quality, the marketing and the segment that is targeted.

Benefits – a good or helpful result or effect : money that is paid by a company (such as an
insurance company)

Promotion – in marketing, promotion refers to any type of marketing communication used

to inform or persuade target audiences of the relative merits of a product, service, brand or
issue.

Measurement – is the assignment of a number to a characteristic of an object or event,

which can be compared with other objects or events.

Review of Related Literature

The literature review is organized into 2 sections. The first section examines the
measurements that define a successful product development. The second section reviews
the literature that analyzes the factors that affect the success of a new brand.

Factors that can affect the success of a new brand

 Marketplace Need
The first step in marketing is to research the marketplace to discover needs
and preferences. This contributes to the development of a marketable
product or service solution that has a high potential for success. Customer
surveys, test product sample marketing and polling are techniques used to
identify what customers want. This knowledge is useful in designing products
that provide clear advantages to customers relative to competitors.

 Product Benefits
Just knowing what customers want doesn’t guarantee success. A gap in the
ability of the marketing function to control outcomes exists in product
development. Marketing may know what customers want and how to market
the benefits, but they typically don’t design and develop products. Still, a
quality product or service that offers benefits desired by customers is
 necessary. Even when early adopters buy a bad product, word will spread
quickly that it doesn’t satisfy their needs and expectations.

 Clear Differentiation
On the contrary, a quality product alone doesn’t necessarily do the trick. You
need a clear market position derived from competitor analysis and
differentiation. If 10 competing brands offer the same benefits, customer
decisions become very arbitrary. In developing and promoting products, you
want to focus on one or two key advantages or distinctions that separate
your brand and that customers will appreciate. Organic food marketers, for
instance, try to appeal to customers especially concerned with more natural
and healthy food options.

 Effective Promotion
Promotion is a major factor to product marketing success that’s controlled by
the marketing function. This includes paid advertising, public relations or free
media exposure and sales efforts. Choosing the right media to connect with
target customers and creating impacting messages that appeal to customers
in the right way are critical steps to promotion success. Even with a great
product, poor promotion can lead to marketing failure. Advertising research
is useful in the development of impacting messages that promote desired
benefits and reach the market.

Effects of development components on process measurements

Successful introduction of new products is important to company survival but the failure
rate
of new products may be as high as 50 percent. With the stakes very high and failure
common, it is important to determine the relationship between the components of
successful
new product development and their relationship to the key success factors used to measure
the success of the process.

The concept tested was that a new product development process may be broken down to
its specific components of product performance, speed to market and development cost
and
these components are individually affected by the key success factors of cross-functional
teams, management support, and supportive organizational structure. The current
literature
of product development was reviewed for evidence of these relationships.

Research Design

This is a descriptive research design specifically utilizing a survey method. According

to Polit & Beck (2015), a descriptive method design is one which describes a
phenomenon that is happening in the present time.
 Since the present study describes about the factors that affect the success of a new
brand which is a present condition or phenomenon, the researchers believe that a
descriptive research design is appropriate to use.

Locale of the Study

The setting of the study is the department of Bachelor of Science in Business

Administration divided into 2 majors namely : Marketing Management and
Entrepreneurship in Bacolod City College. This is also the department where the
respondents of the study will be drawn.

Respondents

The respondents of the study are the students from BSBA department divided into 2
majors of Bacolod City College who are enrolled during the second semester of
academic year 2018-2019. A stratified random sampling will be used to determine
the sample size.