FF Squad - "A Day in the Life Of..."

Our Fellow Civic Enthusiast over on the West Coast

Ksport Takes 4 Podium Finishes at Super Lap Battle

V RACE WORKS is the KSPORT Northeast Dealer and this was the Super Lap Battle

Week 14 Segmenting and Targeting Markets

The Market in which we revolve around consist of individuals that have a set of specialized needs and wants to which we cater to. All of our consumers fall into a specific market segment making it easy to provide products that each of our subgroups will desire. Our market segmentation skills allows us to meet the needs of large groups of people by dividing those who would want to spend over $200 dollars on Function 7 lower control arms versus those who would want to spend under $200 dollars on Skunk2, Blox, K Sport or Blackworks. We treat all of our customer equally but segment consumers based on there segmentation variables such as characteristics of an individual or group for example age and spending limit. Its our method of demographic segmentation with every age, gender, and ethic background comes an income and a family life cycle. Family life cycle meaning where you stand in life as far as age, marital status, and whether or not children are present because believe or not these are variable that affect personal spending habits. We don't encourage psychographic segmentation for reasons such as variety in personality, motives, and lifestyle, It would be ludacris to insinuate mind reading capabilities. A lot of our new customer can be broken into two groups being either part of the optimizers or satisficers.  Optimizers are consumer who research numerous suppliers and study all proposals carefully before approaching a specific distributor. Satisficers are those who just appear and purchase merchandise to satisfy product and delivery deadlines. All of our consumers are part of  a vast target market  to which we meet specific needs and wants. We abide by the Undifferentiated targeting strategy because it allows us to visualize the market as one big market with no individual segments and thus uses a single diverse marketing mix that everyone will love. One on One marketing allows us to build long term personal and profitable relationships with each customer. Every week we use a tactic called positioning where we influence a customers overall perception of a brand and/or product by focusing on the specific brand and/or product.

Week 13 Developing and Managing Products

Developing and Managing products is a very intuitive aspect of our business. When we acquire a New product we introduce it to the public as best we can by stating the function and varying features of the item. As retailers we deal more with the Managing aspect of the marketing circle, We leave the developmental stage to our distributors such as Skunk2, Password Jdm, Hybrid Racing, etc. They count on us to manage the product and provide customer feedback on the product. We are currently allocating a restrictive design for high quality Honda/Acura Lower Control Arms complements of Skunk2. Brainstorming is always the most extensive and challenging part of our days, We conjure up new ideas for promotional merchandise that all of our consumers will enjoy and it only works towards the benefit of the business and the satisfaction of our customers. Screening without a doubt is the first stage in product development, Any inconsistency in the product at hand receives its first and final fine tune. The product then goes through a concept test that allows us to analyze whether or not the product is doing exactly what we would like it to be doing and if there were any remaining inconsistency in the structure of the product. Once all the preliminary studies are completed we proceed with Simulated market testing which allows us to obtain feedback from members of the targeted market.Commercialization usually goes into affect immediately after the simulation for the simple fact that we always meet the consumers desires. V Race Works is currently enhancing the product line by adopting K Tuned products and as a result experiencing a massive growth stage as a company.

Week 12 Customer Relationship Management (CRM)

Consumers are the reason most if not all companies exist today. Our Customer Relationship Management program allows us to optimize overall income and customer satisfaction by acknowledging customers questions and purchasing habits which in other words is income and customer satisfaction. Most of our everyday customers that have walked into the business have established a Customer-centric relationship with us. We have learned the style and purchasing power of most of our consumer through general feedback on products and services provided. We have used the information obtained to allow us to meet all of our customers wants and needs. We developed Knowledge management through faithful customers and in return provide them with promotional apparel, key chains, stickers, and license plate frames. Empowerment allows us to handle a customers situation on the spot, Our staff are composed of very enduring personal which will resolve any problem on the table with respect to the business and customer. Interaction is key to sustaining a strong business,  We've built learning relationships with our customers which in fact help us help them. Point-of-sale interactions are always positive and end with a brief conversation of return to purchase another item desired by the consumer. We rely much on our database interface for reference in different fields of business. Campaign management entails offerings of products or services with phenomenal discounts to further strenghten relationships between V Race Works and our loyal customers.

JDM SQUAD K24T

MY PRIDE AND JOY...

Week 11 Integrated Marketing Communication

Market communications rely on Promotion to persuade customers to dwell on an item of choice and to induce a train of thought that will eventually give the customer a since of curiosity. Our Promotional Strategy consists of many different aspects that call customers' attention. We advertise all of our items on www.B20vtec.com and www.Vraceworks.com. Our public relations manager puts us out to the public exposing areas that are most likely to be interesting  to our general clientèle, for example posting meeting dates, special offers, and wholesale opportunities. We are competitively inclined in the automotive industry for the simple fact that we are knowledgeable, meet deadlines, and the products we offer are superior in quality. We've had a massive rein of publicity from www.NYCEs1.com since the day we opened, The style we chose for the store was urban and old school; When people walk into our store they can relate with the graffiti on the walls around the store. We almost always have items on sale which is a big plus with our customers especially in these damaged economic times. We've gotten far with our personal selling strategies that incline low prices and quality parts which makes our customers very happy. Our means of communication revolves around the internet forwarding future and present customers very specific details on products we sale. Every product we sale is accompanied by very elaborate encoding ideas and thoughts that are easy to decode all in itself and is channeled on varies websites on the internet. Our Feedback reflects the work and effort we've put into providing our customers with detailed explanation and comparisons with many other products, giving our customers opinions which put us  amongst the best in the industry. We created a non corporate blog that lets people know when special offers are brewing up and gives customers places of origin and material used on all of our products. The AIDA concept we have adopted pretty much stands on it own, We let our products spark attention, interest, desire, and action which will eventually influence a purchase. Consumers usually follow a sequence which consists of thinking, feeling, and doing. Most our products scream BUY ME! and consumers do just that.

Week 10 Product Concepts

Product Concepts without a doubt is the back bone of most companies and corporations along side services. Different consumers have diverse needs as far as getting their vehicles from point A to point B, That is where we come in, Being in the industry since before 2000 has given us a advantage over most companies cause we have obtain 2 key elements experience and knowledge, with those 2 factors on our side we've been able to meet the diverse needs of all our customers. Our product line and mix allows us to cater customers with consumer products, shopping products, and specialty products. The product mix width is congregated along side a number of coherent products that meet all of consumers demands. We offer products from Act, AEM, Apexi, ARC, ARP, ASR, ATI Performance, B&M, Back Yard Special, Benen, Blackworks, Blox, BluePrint Racing, Brembo, Bride, Buddy Club, Competition Clutch, Cusco, DC Sports, Earl's Plumbing, Enegry Suspension, Exedy, Falken, Function 7, Golden Eagle, Hasport Motor Mounts, HKS, HOP Honda, Hondata, Hybrid Racing, JhpUSA, J's Racing, K&N, Karcepts, Koyo, K Sport Usa, K Tuned, MOMO Italy, Morosso, Mugen Power, Nardi, NGK, NRG Innovations, Odyssey, Password Jdm, Personal, Quaife, Rays Engineering, RC Injectors, Rota, Samco Sport, Seibon, Skunk 2, Spoon Sports, Super tech, Takata, Tein, Tial Sport, Toda Racing, V2 Competition, Volk Racing Wheel, Work Wheel, ETC. The different brand names we offer pretty much meet the demand of the consumer in all aspects.

Week 9 Sales Promotion & Personal Selling

Our unique marketing strategies allows us to achieve a standard of Promotion and Personal selling not many people are familiar with. Our consumer sales promotion is quite extensive and meaningful. We advise our customers to the get best quality parts on the market and we approach the issue by listing the benefits of purchasing a certain item. We also remind our customer that not only do you save money in the long run by buying the quality part but you save yourself the headache of having a issue with the cheaper product down the line. Throughout the United States of America we receive dealer inquires and bulk orders on a daily basis from retailers and promote our selling capabilities to wholesalers to receive products at a fair discounted price. Every so often our systems are rigged to print a coupon stub after a purchase, usually being 15 - 20% off their next purchase. Our loyalty marketing program consist of customers who since day 1 have been purchasing parts faithfully from us. In return we give offer them 20 -25% off any purchase of 3 items or more and guarantee them a spot next to over booth at track and meeting events. The store is in it self a Point-of-purchase display for the simple fact that we promote and advertise all of our major distributors such as Skunk2, Password Jdm, K Sport Usa, Act Clutch, Eat Sleep Race, Function 7, Blox Etc. We have achieved trade allowance with many different companies with good credit and salesmanship. Relationship selling since the day we opened has always been first nature to us. Treating people with respect has always been our steed so it has never been a difficult task to build relationships with all of our customers. We have had 95% of our customers stay loyal and persistent with buying parts til this day. When new customers walk come through our doors and ask about certain product we give them the cold calling which is when you pretty much offer merchandise ranging from the highest possible price to the most reasonable with with stereotyping what their income cap is, No one likes to be underestimated which is why we give consumers different alternatives. Every so often our Sales Manager will put together a sales presentation for customers in need of an engine haul based on prior customers needs assessment we are able to put together a list  products and show our customer why we think they'll need the parts we've recommended. Follow up is usually the best part of the job where we basically make sure everything went through the way we had promised the consumer and the outcome usually shows in the customer returning and through feedback from 1 consumer to another and over the internet.    

Week 8 Advertising and Public Relations

V Race Works started in 2008 as a small store in 4 Henshaw, Upper Manhattan. When the store opened we started out selling lips, rims, hids, and minor suspension parts. Advertising started almost immediately, Attending track events and bringing with us exclusive quality parts gave us the exposure needed to blow up in the automotive scene. As we started to grow we started to sponsor Race cars in an effort to further exploit our existence.  The next step was attacking the web which altogether increased sales by 60%. The hard work paid off and now we spend over 10,000 dollars in advertising alone yearly. We currently advertise on the web, video games, Race cars, track events, and meets and it only works to our benefit and the survival of the sport.  

Week 7 Retailing

Retailing as we know it is a direct infraction of two key components, Sale of goods and services. As an Independent retailer we provide goods of extensive quality and brand names our consumers love, We also provide services such as Automotive Collision repair, Automotive Performance Overhaul, and Automotive Ecu Management and Tuning. The Gross margin we set on our products are comfortable and subtle. We understand the moment in time we are currently operating  in. We accommodate our consumers with exclusive pricing and  customer service. Our specialty has always been in the Automotive field complementing vehicles with great potential. We've set up an online retailing website (www.Vraceworks.com) which gives our consumers the felicity of seeing items before being purchased online from home. The Retailing mix we abide by is quite simple, Product, Place, Promotion, Price, Presentation, and Personnel which if I may add has had a substantial influence on our business as a whole. Our product offering is superb in nature we offering products people need and want which is why we are on top of our Game.

Week 6 Consumer Decision Making

When a consumer wants to purchase something 9 times out of 10 they're looking for a product or service with superb quality. Customers always want the best of the best and we're able to offer every single product line on the market with quality and life. The Consumer decision making process is composed of 5 mine elements: Need recognition, Information search, evaluation of alternative. Purchase, and post purchase behavior.  We carry products that when the time comes to replace the original part on the vehicle people need and are cost effective. We also have products that people want, high quality racing inspired parts that of which can be accompanied with a pretty large price tag. The stimulus affect that rushes through your 5 senses as soon as you step inside V Race Works is that of which you might share with a child and Toy R Us. Our internal information search usually consists of obtained information of  purchases in the past and present which lets us know what the public desires. The external information search process we conduct is usually inspired from the surround Automotive environment. Most consumers that visit V Race Works 7 out of 10 times had a very bad experience with 1 or more of our competitors and usually have a story of their hardship to share and the consumer has a cognitive dissonance burden to carry. Our involvement in consumer satisfaction pushes us the strive for more information based on consumer behavior. Most customers go through a limited decision making period on most of our products and others exercise an extensive decision making campaign in which the customer researches and derives information due to unfamiliarity (for example rims for a car you must know the size and offset the car can handle before a purchase). Since the mid 2000s V Race Works has lived in the Automotive culture which is why there isn't a part needed today that we wouldn't be able to get a hold of. Being part of a subculture, We obtain parts of desired exclusivity and uniqueness. Everyone has a different perception and for all those diverse perception we have a coherent picture.

Week 5 Developing a Global Vision

In order to attack global markets you must have products that scream look at me. Our Global vision in tales cars which throughout time has always been a center of attraction for human beings as a whole so it wasn't difficult to market overseas. We market superiority which is why we never get taken out by competitors. We cater to all ethnicities and races which is why we're in the Global runnings. Cars as a whole has always been a culture most people are a part of whether it be the Toyota family, the Honda family, or the Mercedes family we sell products that favor most model and makes. 40% of our business has been from companies and consumers overseas.Our Promotional strategies are neutral in nature and cover a wide base of consumers which is why we really don't have to adapt to a specific group of consumers.The fact that we are located in New York also gives us a huge amount of virtual tourism that counts for about 1 third of our business.

Corporate Irresponsibility

Enron created offshore entities, units which were used to avoid taxes which raised profits for the business. This provided ownership and management with full freedom of currency movements that would keep losses off the balance sheets. These entities made Enron look more profitable than it actually was, and created a dangerous spiral in which each quarter, corporate officers would have to work twice as hard to keep up with the deception they created in the stock market . Enron created the illusion of billions in profits while the company was actually losing money. This practice drove up their stock price to new levels, at which point the executives began to work on insider information and traded millions of dollars worth of Enron stock. The executives and insiders at Enron knew about the offshore accounts that were hiding losses for the company; however, the investors knew nothing of this. Chief Financial Officer Andrew Fastow led the team which created the off-books and manipulated the deals to provide himself, his family, and his friends with hundreds of millions of dollars in guaranteed revenue, at the expense of the corporation he worked for and its stockholders.

Week 4 The Marketing Environment

Located at 4712 Broadway ave in Manhattan, VRaceWorks caters to a vast and diverse population of customers. Since we're in the Automotive Industry our marketing rays tend to grasp the attention of many different age groups starting from about 17 and older. Curiosity for cars starts developing at about 13 years of age (for males at least), therefore giving a feeling of anticipation so by the time you get your permit the ball of interest can start rolling. Modifying cars has always been a worldwide center of interest. The reason VRaceWorks gets such a strong international population is because we sell our parts with expertise and style.  We provide services for all races and ethnicities from all over the world, including North and South America and across seas into Europe and the Middle East; With every age and location comes a special interest in a certain make of a vehicle, whether it be a 18 year old teenager in New York City that owns a Honda or a 33 year old man in New Jersey that owns a BMW, We meet the needs of each and every individual that inquires about the products we sell.

Origin of Clothes worn in class (Wednesday September 22, 2010)

Tank Top - Polo Ralph Lauren  Made in India
Boxer Briefs - Polo Ralph Lauren Made in China
Socks - Polo Ralph Lauren Made in Korea

Tee Shirt - Password Jdm Made in Japan 

Jeans - Diesel Industry Made in Italy 

Sneakers - Nike Made in China
Casio - Lego Edition G Shock Made in Thailand

Week 3 Ethics

         We accept Visa, Mastercard, American Express, and Paypal as form of payment. New York Sales tax is charged on all items purchased.Our Return Policy is strict; All returns must be accompanied by an invoice. All merchandise must be returned in original packaging and in resalable condition. Refunds are not given on electrical items. A restocking fee of 25% of the item's original cost is charged on non-defective items that have been previously ordered and refused. Shipping charges are non-refundable. Order changes are only accepted if the item has not been processed and shipped. In the event a product is listed incorrectly due to typographical errors or an error in pricing, VRaceWorks has the right to refuse or cancel any orders placed on a product listed at an incorrect price. Upon cancellation VRaceWorks shall issue cash or credit to the credit card used for the transaction in the amount of the charge. Our Order Acceptance Policy is as follows; VRaceWorks reserves the right at any time after receipt of your order to accept or decline your order for any reason. All orders placed over $2000 dollars must obtain pre-approval with an acceptable method of payment, as established by our credit and fraud avoidance department. We may also require additional verifications or information before accepting any orders. Customers information including any email addresses received by VRaceWorks will only be used in connection with your order, and will not be forwarded to other entities. Periodically, We may wish to communicate with customers via email on new products and specials.
         Our Security methods are superior whether you're placing an order by phone or internet, security is our main priority. All on-line transactions are sent through our secure server and encrypted with 128-bit technology. Once information is received through the internet or by phone, trusted authorized employees will process your payment, and make certain that your information is handled with the highest level of security.

Week 2 Strategic Planning

Our Strategy is to grasp the minds of individuals that understand the sport for what it is and if they don't help our customers develop a sense of direction as far as automobile tuning is concerned. We have track lights, grids, and showcases in the store to provide great visual sighting.  We promote all of the products we sale with images and back round information online (www.b20vtec.com). We are very social with our community and very often set up events of union we like to call meets. In the meets we set up and attend we're able to have very elaborate conversations with all the people attending, usually previous customers and new comers. Each and every product we sale are extraordinary in quality, that being said the products sale themselves. We understand that the economy isn't at its best which is why we offer the best prices all around. Our store is very comfy and colorful which attracts alot of attention from people walking by to people driving. Even if your not interested in cars you'll want to have a look inside. We are open 363 days a year from 10am-8pm which makes very unique in schedule compared to many stores that close at 6pm and close on Sundays. We are very flexible and convenient to get to. Our future plans are to expand and provide the same great service thru out the New York City and hopefully the United States.  

Week 1 History and Mission statement

Started By Robert and Jismark V. in 2008, V Race Works hit the automotive scene with such intensity of power, kind of like when we learned how to manipulate electricity into light bulbs and other appliances. One thing lead to another and the stores foundation quickly emerged to greatness. V Race Works started at 4 Henshaw Place in Manhattan where the business was ran off of lower control arms, Suspension, Polyurethane lips, Rims, Tow Hooks, and Hid Lighting. The Business quickly evolved into a lifestyle, Where you had many of the younger crowd of individuals sticking the heads inside to see what exactly the store had to offer. Our Mission since day one has been to fulfill the needs of every and any customer that walks thru our doors. We are dedicated to acquire any automotive part that is asked of us. We are Automotive Enthusiast who offer large array of services such as acquiring turbo chargers and installing it with all necessary tunes for your set up to work properly under stress. We specialize in hardcore performance parts such as turbo chargers, super chargers, inter coolers, nitrous kits,cam shafts, crank shafts, pistons, rods, bearings, oil, spark plugs, etc. We also specialize in appearance and cosmetics.