Hello! Welcome back to our blog. Thanks to Victoria Day, we had a longer weekend which allowed a little break and gave us more time to spend with friends and family. An extra day off makes it a little difficult to get back into the same routine we've been in. Coming back to work on Tuesday meant setting the pace for the rest of the week. Luckily, we're given a thorough plan for the days ahead. Last week, we spent more time making cold calls together and delivering feedback to each other. Ultimately within the Co-op placement, it's more about working independently and finding our own strengths and weaknesses, but it's always good to have input and support from a peer.
The first question we ask the businesses is how much paper they use in a month. The ideal answer is 5000 or more pages, showing us they are more paper-based than digitized. It also tells us there are ways we can help them save money on paper and toner. Asking how much paper they go through in a month helps us understand their type of business, and their current operations. For example, if they are a dental office they are required to keep paper documents of their clients, such as x-rays and medical forms.The second question would be, "how many employees work in the office?". The ideal answer for this question is 3-10 employees. The more employees that work in the office, the more paper and toner that they are going to more than likely consume. It also makes you think that there's more being done, than in a office with only 1 or 2 people.
The third question that we ask relates to their main office equipment. It's important to know if they currently lease or own a multifunctional printer, and what brand it is. In this question, there is no ideal answer. We would just like to know if they are currently using another device to meet their needs, or if we can save them money if they start using a Xerox device.After we qualify these business for our market research project, we will expect to follow up with them and schedule a meeting. At that time, we'll be asking more thorough questions which will help us learn more about their business, we may be able to identify opportunities where we can help and understand brand loyalty and purchasing decisions.
As business students, completing industry research is a part of this learning process. Out goal is to understand competitors in the sense of their products, processes, prices and services. Through this, we can understand the complexity of how Xerox, as a global company and how Tri County Copiers Plus Xerox, as a local distributor stay in the game.Many business courses teach us about understanding the market and ways to familiarize oneself with pure competition, monopolistic competition, oligopoly, and pure monopoly. One way we have learned to understand the market is through Porter's Five Forces. The five forces are competitive rivalry, bargaining power of suppliers, bargaining power of buyers, the threat of new entrants, and the threat of substitute products or services. Tri County Copiers Plus Xerox is one of the top competitors in the local area. Promotions and advertising are techniques the company uses as an advantage to other local suppliers, such as Canon and HP. Many businesses in the local area are in need of high-end products and quality, just as Xerox offers.
We will apply Porter's Five Forces separately to develop a better understanding of what they mean.
Over the next few months, we will be applying our education to our co-op experience as much as possible. Thank you for reading our blog! We hope you are learning along the way just as we are.
Thanks for reading our blog!
Michel & Santeena
|Tags: University of Windsor Co-Op|