Primus Securities Website Simulation Essay Example For Students

Primus Securities Website Simulation Essay Teresa Brackeen EBUS 500.1 e-Business Principles and PracticesLynn BertschJuly 21, 2004 AbstractPrimus Securities is a full service brokerage firm serving approximately7,000 clients. In order to increase the number of clients being servedPrimus by further developing the website that was created nearly a yearago. By developing and maintaining a website, Primus Securities will needto evaluate customer needs, technology needed, markets strategies, andoperational costs. Another important factor with maintaining a website isthe ability to cover expenses with the revenue being generated. Primus Securities Website SimulationPrimus Securities is currently a small brick and mortar, full servicebrokerage firm. Nearly a year ago, Primus constructed a website thatprovided information about the firm, frequently asked questions, andfinancial news as well as a search feature that allows the visitor to gainthe necessary information to make a decision that would be suit theirneeds. Presently, 5,500 visitors visit the Primus website each month withan average of 250 consistently returning. A financial research agencyconducted a poll of brokerage sites, and Primus Securities is ranked 50thout of approximately 600 brokerage website as far as the value ofinformation being provided to clients in a pre-transaction stage. Primusis in need of moving forward with enabling clients to make online trades,with as many visitors returning it is extremely likely that more wouldreturn if they could easily place a trade online. The importance ofkeeping within the firms business plan, objectives a nd goals while furtherdeveloping the website to accept online trading. With the clearoverarching goal of developing an e-business and website strategy that isconsistent with the strategies of the business, the task is still not easy. However, with the proper strategic framework, the many business andtechnical challenges and conflicting priorities can be easily ranked andweighed for appropriate decision making, as stated on the e-competitorswebsite. Marketing ResearchDavid Snepenger states, One of the difficulties companies face withmarketing occurs when the owner/manager thinks he or she knows what thecustomer wants, how they want it, where they want it and when they want it. Not enough customers, insufficient revenues and excessive inventoriesindicate that the customers needs are not being met. Marketing researchcan help find the problem and identify a solution. It helps managers tolook outside of themselves for solutions. Marketing research for Primusis necessary to evaluate what is current competitors providing and what isnot being provided. The firm needs to provide competitive services to itscurrent and potential clients not sub-par online services, which willultimately lose business. Primus has received an encouraging response fromits current clients about its current informational type website; howeverthey have made recommendation as to improving the website, which would beto implement an online trading. Primus needs to answer the following ten questions, while conductingthe marketing research. These questions will assist in determining someimportant factors that the firm will be faced with while further expandingthe website services to be provided. The important questions are:1. What should you market goods, services or both?2. Should your marketing feature some sort of price advantage?3. Should you emphasize your self, your quality offerings, your selection,your service or merely the existence of your business?4. Should you take on your competition or ignore all competitors?5. Exactly who are your competitors?6. What are your best prospects?7. What income groups do they represent?8. What motivates them to buy?9. Where do they live?10. What do they read or watch or listen to in the way of media?(Snepenger, 1997)The quantitative type of marketing research would be conducted viaonline surveys to current as well as potential (or simply visitors) clientsthat would take the time to compl ete the survey. The costs associated withthis type of marketing research would be cost effective. Casue Of The Civil War Essay Recommended StrategiesRecommendations for future strategies for updating the website is: . Multi-lingual site, by implementing a choice of different languagesallows language barriers to not be an issue; therefore reaching beyondthe scope of English speaking population moving forward globally. . Create a subscription type-site, which would provide an in depthanalysis of stocks, this would generate revenue beyond the commissionbeing charged. . Provide a discount for clients that are trading above 2500 shares,this will attract clients with money. ConclusionPrimus Securities is fully aware of utilizing the technology that isavailable to them. The firm is taking steps to capture a large portion ofthe market that is available, by complimenting the website with a few valueadded features along with online trading. The creation of these featureswill assist with increase the profitability of Primus Securities as well asproviding current clients with useful features. In order for Primus tocontinue with their success, it is imperative they take the developmentslowly, methodically with sound advice from professional IT personnel. Referencese-Competitors. Retrieved July 19, 2004 from http://www.e-competitors.com/Issues/developing_e-business_strategy.htmEPI Internet Direct. Retrieved July 20, 2004 fromhttp://www.epidirect.com/Servers/CoHost/SFees_US.htmSnepenger, David J. April 1997. Marketing Research for Entrepreneurs andSmall Business Managers. Retrieved July 19, 2004 from MarketingResearch for Entrepreneurs and Small Business ManagersTM Systems. Retrieved on July 21, 2004 fromhttp://www.tmspl.com/whyoutsourcing.htmWebopedia Computer Dictionary. Retrieved on July 21, 2004 fromhttp://www.webopedia.com/TERM/S/SQL_Server.html