Warren Buffet Secrets
Part 1
The site I frequently is Warren Buffet Secrets (www.buffettsecrets.com) whose main purpose is to advance the investment approaches of Warren Buffet, one of the greatest investors of all time. The site looks at the investments warren buffet has made in the recent past as well as how he makes his investment decisions. By offering this information about this great investor, the site helps those who visit it to apply Buffet’s principles in their investments. It has gained a huge following as there is a class of small time investors who invest by following or replicating the investment moves of other successful investors including buying various companies shares.Since its inception in 2002, the site has increased its features greatly. First, when it was first established, it offered mainly historical information about warren buffet including investments he had made a couple of years back. Now, the site has the ability to generate investment moves warren buffet makes within a couple of days. There are also more resources about warren buffet than was the case before including versions of the shareholders letters for Berkshire Hathaway; a company warren buffet runs with his co-partner Charlie Munger. This site has also recently introduced an additional information resource about another great investor and teacher, Benjamin Graham. Benjamin Graham is largely believed to have been Warren Buffets mentor.
Another feature the site now offers is an investment book review resource where top books on investing can be reviewed and recommendations made.Though the site is modeled around warren buffet, I think the site can expand its scope to include other notable modern day investors like Peter Lynch, George Soros and other Wall Street luminaries. The site could also start a discussion forum for those who visit it. Such a discussion forum would enable visitors to have a lively debate and suggestions with regards to investment issues.Another enhancement to the site would be a provision for experts in corporate as well as personal finance matters to offer their insight and informed contributions with regard to investment issues and money matters. This I believe would make the site more vibrant.These proposed enhancements would help the site in the following ways. First, an online discussion forum would enhance the vibrancy of the site as people would be able to freely discuss and debate on various issues. This will also ensure that the number of people visiting the site increases. With the increase in the number of those visiting the sites comes other benefits including better positioning to sell advertising space.
Enabling contribution from financial experts will improve the reliability of the site.However, these new services could impact negatively on the site. First, the widening of the site’s scope to include other investors might defeat the original purpose of the site and most probably lead to alienation of the original visitors of the site who visit it solely for its exclusive association with warren buffet. An online discussion forum will increase the sites administration and maintenance costs and it may result to a situation whereby the site’s visitors use the forum wrongly. It has been noted that online discussion forums can enhance distortion of vital information as well as the spread of smear campaigns against personalities as well as corporate bodies. Introduction of a facility where experts can offer their informed opinion on issues will result to higher administrative expenses for the site as the site’s management will have to pay for their services.However, the benefits of these new services to customers override the negative impacts as the site will now have most of its visitors being repeat as well as referred visitors. Hence this will most likely increase the sites customers and increase its ability to profit more from other ventures like offering subscription newsletters and selling advertising space amongst other opportunities.
Part 2
Some of the products I would consider for the site include a subscription newsletter, investment as well as finance books and other investment related products like sale of properties for those interested on purchase of such properties like real estate etc.The reasons why I believe these products will be successful as the site already has a following. Those visiting this site are mostly people looking for investment opportunities and hence it will be simple to convince them provided the sites products are relevant. The target market in this case will be the investing class, those gainfully employed or already in business with some disposable income to invest.
Management of the new products
Concerning the new products, their introduction will be managed in three phases which include;
The first six months
This period will mainly involve coming up with the products requirements with regard to the product’s regulatory obligation and customer expectations view points. This definition will go a long way in enabling the site to come up with all the technical parameters to avoid a situation where the product could stall. The technical parameters will include the design aspects to be considered as well as the various functional aspects of the product
The second half of the year
This would be the stage where the main concern would be in developing, analyzing, validating as well as testing of the products. According to Kotler et al. (2008), this stage or phase is characterized by the development of the products form through first releasing it through a pilot launch followed by a full release. Depending on the market response, this phase will also include product improvement through redesign and incorporation of necessary improvements.
Beyond the first year
This phase will include the other aspects of product introduction including product support and promotion. This is also the phase where product performance analysis will be carried out in line with marketing documentation. Other tasks will include managing the product sales system and introduction of a functional feedback mechanism.
Measures to determine the success of the product during the introductory periods
The first measure to measure the success of the product in the introductory stage will be by an analysis of the enquiries with regards to the products. This includes customers enquiring about the price, delivery period, payment procedures and other information regarding the product.Another measure would be by use of market surveys designed to gauge the response of customers with regard to the products. The views customers advance can also be used to further improve the product taking into consideration customer’s arguments and views.The level of sales will also be a good indicator concerning the product’s performance. A higher sales level at the third stage will indicate that the product introductory phase was a success.
References
Kotler, P., Armstrong, G., Wong, V., & Saunders, J. (2008). Principles of marketing, 5thEdition, Prentice Hall/Financial Times
Is this your assignment or some part of it?
We can do it for you! Click to Order!
