RAW RANKED SITES ABOUT
#MARKET STUDY

The most comprehensive list of market study websites last updated on Jun 1 2021.
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Ipsos | Global Market Research and Public Opinion Specialist Global leader in market research, Ipsos delivers reliable information and true understanding of Society, Markets and People. Our solutions use data from surveys, polls, social media or qualitative, and provide actionable insights into the experience and opinions of citizens, consumers, patients, customers, employees.
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Prolific | Online participant recruitment for surveys and market research On-demand, self-service data collection. Prolific helps you recruit high quality research participants to take part in your study, survey or experiment.
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Ipsos | Global Market Research and Public Opinion Specialist Global leader in market research, Ipsos delivers reliable information and true understanding of Society, Markets and People. Our solutions use data from surveys, polls, social media or qualitative, and provide actionable insights into the experience and opinions of citizens, consumers, patients, customers, employees.
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Home | University of Cape Coast With over 210 programmes of study, modern facilities, and our accomplished lecturers, University of Cape Coast will equip you to enter a competitive job market.
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NIIR PROJECT CONSULTANCY SERVICES, NPCS, India - Business Consultant, Project Report, Technology Books, Directory NPCS Services are Project Report, Project Consultancy, Business Plan, Feasibility Report for Entrepreneurs, Startup Ideas, Business Directory and Books.
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নিরাপদ নিউজ | সত্য ও ন্যায় প্রকাশে প্রতিদিন, নিরাপদ সড়কে আপোষহীন 24/7 bangla online news portal সত্য ও ন্যায় প্রকাশে প্রতিদিন, নিরাপদ সড়কে আপোষহীন
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Market Research Reports | Consulting & Strategic Planning - Credible Markets Credible Markets is a new-age market research company with a firm grip on the pulse of global markets. Our research reports leverage predictive analytical models to study the performance of critical markets, helping businesses make strategic, informed decisions.
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Market Research Reports | Competitive Analysis | Industry Analysis - Market Study Report Market research reports for decision makers. The largest and most respected Market Research resource provider. Global industry analysis and competitive intelligence provider
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CBMS - Free CRM, HR, Accounting, Invoicing, Support Tickets and Project Management App | Free CRM, HR, Accounting Management Cloud Solutions - CBMS CBMS Free CRM, HR, Accounting, Invoicing, Support Tickets and Project Management App is a free SAAS software, an easy to use CRM, HR, Accounting software that is designed for Business Manager
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Ipsos | Global Market Research and Public Opinion Specialist Global leader in market research, Ipsos delivers reliable information and true understanding of Society, Markets and People. Our solutions use data from surveys, polls, social media or qualitative, and provide actionable insights into the experience and opinions of citizens, consumers, patients, customers, employees.
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WinterGreen Research | Market Research Reports WinterGreen Research: accurate market research reports and forecasts.
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Beverage Industry logo Beverage Industry Magazine is the information source for analyzing trends, formulation, technology and products shaping the beverage industry.
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Most in-Demand Global Market Research Study to Drives Growth A third-platform research firm Persistence Market Research provides actionable insights and global market study that addresses consumer behaviour, emerging trends, competitor intelligence, value chain analysis, segment forecasting, market growth, on-demand research and consulting services to offer more value addition.
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Home | Digital Health Digital Health: trusted health IT, digital health and NHS IT news - market intelligence data expert - organiser of CCIO and CIO Networks and Summer Schools
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PHD Capital | PHD CAPITAL provides you a great platform for Technical Analysis Study, from where you can learn the stock market.
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Investing in Indonesia | Indonesia Investments With its vast archipelago Indonesia has an enormous potential for durable economic growth. Indonesia-Investments follows this development closely and intends to participate, cooperating in projects with local entrepreneurs or the Indonesian government. One of our values is that the process of economic development should lead to increasing welfare and prosperity for the population as a whole. This will be given continuous consideration. Apart from focusing on Indonesia as an emerging market through its finance and business model, we also engage in the study of its cultures and history in order to gain inter-cultural understanding.Current events are projected in our news section.
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AMA: Get Advanced Market Study with History & Forecast Analysis Advance Market Analytics is one of the Global leaders of Market Research Report provides syndicate and customized analysis reports with history, trends and Forecast data. The reports covers market analysis on Products, applications, regional segmentations and Key profiles and stack holders. AMA delivers customized market research services that include business solutions.
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Foscore Development Center | Training Courses | Monitoring and Evaluation| Data Analysis | Data Management | Market Research |M&E Consultancy |ICT Services | Mobile Data Collection | ODK Course | KoboToolBox | GIS and Environment | Agricultural Services | Business Analytics specializing in short courses in GIS, Monitoring and Evaluation (M&E), Data Management, Data Analysis, Research, Social Development, Community Development, Finance Management, Finance Analysis, Humanitarian and Agriculture, Mobile data Collection, Mobile data Collection training, Mobile data Collection training Nairobi, Mobile data Collection training Kenya, ODK, ODK training, ODK training Nairobi, ODK training Kenya, Open Data Kit, Open Data Kit training, Open Data Kit Training, capacity building, consultancy and talent development solutions for individuals and organisations, through our highly customised courses and experienced consultants, in a wide array of disciplines Foscore Development Center | Training Courses | Monitoring and Evaluation| Data Analysis| Data Management | Market Research |M&E Consultancy |ICT Services |Mobile Data Collection | ODK Course | KoboToolBox | GIS and Environment |Agricultural Services |Business Analytics specializing in short courses in GIS, Monitoring and Evaluation (M&E), Data Management, Data Analysis, Research, Social Development, Community Development, Finance Management, Finance Analysis, Humanitarian and Agriculture, Mobile data Collection, Mobile data Collection training, Mobile data Collection training Nairobi, Mobile data Collection training Kenya, ODK, ODK training, ODK training Nairobi, ODK training Kenya, Open Data Kit, Open Data Kit training, Open Data Kit Training, capacity building, consultancy and talent development solutions for individuals and organisations, through our highly customised courses and experienced consultants, in a wide array of disciplines
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Pazarlama ve Kamuoyu Araştırmaları Global Uzmanı | Ipsos Pazar araştırmalarında lider olan Ipsos, güvenilir bilgi ve toplum, pazarlar ve insanlar hakkında doğru bir anlayış sunar. Araştırmalar, anketler, sosyal medya veya kalitatif teknikleri kullanarak sunduğumuz çözümlerimiz; vatandaşların, tüketicilerin, hastaların, müşterilerin ve çalışanların deneyimleri ve görüşleri hakkında aksiyona dönük içgörüler sağlar.
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Clinical Research and Drug Information | CenterWatch CenterWatch provides a variety of clinical research products and services: including clinical trials and results, drug approvals, study grants, news and analysis, career and training opportunities for patients and professionals.
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Latest South Jersey News - CourierPostOnline.com CourierPostOnline.com covers the latest news in South Jersey including Camden, Gloucester & Burlington Counties along with regional coverage of New Jersey.
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End-to-End ABM Software | Account-Based Marketing – Demandbase The Leading ABM Software for Mid-Market & Enterprise B2B Companies. Learn more about the true end-to-end account based marketing company.
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J. Pollock Incorporated J. Pollock assists clients and manage energy in both regulated and competitive markets. We also advise clients on energy and regulatory issues.
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Daily Ajkaler Khobor || Daily Newspaper in Bangladesh The most reliable online daily news portal. We provide latest news about various categories for 24/7 days.
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Forex MT4 Indicator | Forex Trading Strategies | Forex Indicator Download | Forex MT4 indicator & Strategies give you more Idea about trading in Metatrader 4 Brokers Chart for Buy or Sell Entery Point. Every Beginners Want to Download
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Market Research, Competitive Intelligence, Custom Reports, Consulting A fast-growing global market research and consulting firm with a proven track record of delivering high-quality market research studies to global Fortune 500 companies.
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hbnews24.com HBnews24.com is a Media, News & Publishing in Bangladesh. The largest new-generation online news portal in Bangladesh.
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Pakistan Travel & Tours | Let’s Travel Together| Airizo Get the best tours and travel packages deals at Airizo, Explore Pakistan with us at Airizo.com. Airizo is a neutral web platform for tourists and tour operators with all the latest features.
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Blogging Monster ✎ Universal Product Reviews, List & More Blogging Monster helps you find the right product for you and give you latest tech news updates
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Home - Cube Online Cube Online is a digital marketing and software company. We help small businesses with local seo, review software
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Bhorer Dak || Daily Newspaper in Bangladesh The most reliable online daily news portal. We provide latest news about various categories for 24/7 days.
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Case Studies|Business|Management|Economics|Strategy|Finance|Marketing|Case Study ICMR is involved in business research, management consulting, and the development of case studies and courseware in management. ICMR also provides knowledge process outsourcing services to international clients. Over 10 million copies of ICMR case studies have been printed in international and Indian textbooks, workbooks and case study volumes. More than 200,000 individual copies of our case studies have been purchased by many of the leading business schools and universities around the world
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ইনস্যুরেন্স বিডি নিউজ, বীমা বিকাশে আলোকিত দ্বার । Insurancebd.news বীমা সংবাদ বাংলাদেশ
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The Leading B2B/Industrial Research & Strategy Firm Market Research, Strategic Planning, Corporate Growth consulting for business-to-business, industrial and economic development clients.
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Фахівець з досліджень світових ринків та громадської думки | Ipsos Global leader in market research, Ipsos delivers reliable information and true understanding of Society, Markets and People. Our solutions use data from surveys, polls, social media or qualitative, and provide actionable insights into the experience and opinions of citizens, consumers, patients, customers, employees.
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Ipsos | Global Market Research and Public Opinion Specialist Global leader in market research, Ipsos delivers reliable information and true understanding of Society, Markets and People. Our solutions use data from surveys, polls, social media or qualitative, and provide actionable insights into the experience and opinions of citizens, consumers, patients, customers, employees.
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Ipsos | Global Market Research and Public Opinion Specialist Global leader in market research, Ipsos delivers reliable information and true understanding of Society, Markets and People. Our solutions use data from surveys, polls, social media or qualitative, and provide actionable insights into the experience and opinions of citizens, consumers, patients, customers, employees.
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Multi Care Business Solutions Our Company specialized in using Quick Books, MYOB, Sage, Saasu & all other software available in the market. We Provides Bookkeeping Services, Accounting and Payroll Services Also. We are specialized in GL maintenance, Inventory Management, Financial Reporting using Advance Excel features. We are specialized in Taxation whether it is Federal taxes, State taxes, GST tax or Payroll tax reconciliation.
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Ipsos | Global Market Research and Public Opinion Specialist Global leader in market research, Ipsos delivers reliable information and true understanding of Society, Markets and People. Our solutions use data from surveys, polls, social media or qualitative, and provide actionable insights into the experience and opinions of citizens, consumers, patients, customers, employees.
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hbnews24.com HBnews24.com is a Media, News & Publishing in Bangladesh. The largest new-generation online news portal in Bangladesh.
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JSFA:Theater Architects | Theater Consultants | John Sergio Fisher & Assoc. JSFA specializes in the design of theatres, visual arts, performing arts and entertainment facilities. We has designed over 275 performing arts venues for drama, musicals, dance, opera, orchestra, band, choral concerts and recitals throughout the U.S., Europe, Asia and South America.
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Legal Evolution | Bill Henderson | Legal Services Market Legal Evolution's mission is to provide high quality public education on the changing nature of the legal services market.
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We print everything but money! “Trust in the Lord with all your heart, And lean not on your own understanding; In all your ways acknowledge Him, And He shall direct your paths.” «Proverbs 3:5-6» Minuteman Press of West Chester is a family owned full-service design, print and marketing center serving the entire business community from small businesses to Fortune 500 companies. Our customers are wide-ranging and include local organizations, government groups, non-profits, professional sports teams, businesses, entrepreneurs, consumers, and more. At Minuteman Press, we can produce anything you can put a name, image, or logo on! We are perfectly suited to be your business and marketing services provider. We’re here to be your partner in business and help you market, advertise and promote your products and services to your target audiences and increase your sales. The power of print is stronger than ever before because printed marketing materials are tangible pieces that consumers hold in their hands, which means that print engages the senses and reinforces your brand on a more personal level than any other form of advertising. The same can be said for promotional products, which is experiencing booming growth thanks to their usefulness and staying power with customers. We can help you harness the power of both print and promotional products and bring your marketing strategy to a whole new level of success. When you choose to partner with us, you will receive the highest levels of quality, service, and personalized attention you will find anywhere. You may visit us at our shop conveniently located at 6070 West Chester Road in West Chester, Ohio. Please be aware that our online service is available 24/7, 365 days a year. Thank you and God Bless, West Chester Minuteman Press
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The Vivian Group The Vivian Group in The Bahamas implements innovative solutions by reviewing program management, corporate communications, business & economic research...
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BG CLINICAL S - your contract research organization in France Any laboraty or pharmaceutical company looking to expand on the french market needs a Contract Research Organization in clinical development for advice on administrative, technical and logistic organization
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Get paid to test products! Sign up for taste tests, focus groups, beverage studies & more. We pay you cash for your opinion. Need some extra cash, or want to save up for something, we can help. Companies are looking for your opinion on their products. If you are in Los Angeles, sign up! cash4youropinion.com
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Home | Deep International Consultancy best Study Abroad Agents and Experts in Overseas education. We help Ghanaian students gain admission to OVERSEAS schools with less effort
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Society for the Study of Emerging Markets Society for the Study of Emerging Markets was founded to promote research and publication about emerging market economies and to provide a way for academics, policy makers, and members of the business community to exchange views and share information and research about emerging markets.
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Shelby's Capstone | The ins and outs of Volkswagen as well as what I learn in my Senior Capstone class The ins and outs of Volkswagen as well as what I learn in my Senior Capstone class
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Pakistan Travel & Tours | Let’s Travel Together| Airizo Get the best tours and travel packages deals at Airizo, Explore Pakistan with us at Airizo.com. Airizo is a neutral web platform for tourists and tour operators with all the latest features.
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The Namby Pamby Blog | Covering All the Interesting Stuff in Life Juice cleanse is a type of detox diet that can make you consume vegetables and fruit juices for a few days. Some people also call this juice fast. Due to its popularity, there is a wide variety of juice cleanses available. Most of them are made with homemade juices of fresh fruits and vegetables. They can be made easily at home with the help of a blender or juicer. History of Juice Cleanse It's been ages that people are making fruit juices and herb juices for different health benefits. Since the invention of the very first juicing machine in the 1930s, many of the doctors and health practitioners have started recommending fruit and vegetable juices to fight off or a variety of ailments. There are bundles of vitamins and minerals in fruits and vegetables and their juice extracts can bring up all those nutrients in an easy to digest form. It is believed that juices can fill your body with nourishing minerals and can flush away all the toxins and waste material out of the body. Fresh juices do not only provide you with an adequate amount of minerals and vitamins but it also supports the body's natural detoxing process which can clear up excessive sugar and much more. Fresh juices can also clear caffeine, refined foods, and bad-to-health food substances. How Juice Cleanses Work If you are having a juice cleanse program or fast then it is recommended that you only drink fresh vegetable and fruit juices or smoothies throughout the duration. The duration of an average juice cleanses program is about 3 days. The process of jurisprudence involves three important steps. Preparation At least three to five days before the cleanse you must eliminate or curtail certain foods, for example, coffee, refined sugar, dairy products, alcohol, and nicotine. These foods should be avoided to reduce all the withdrawal symptoms like headaches and cravings. It would be great if you start taking fresh vegetables and fruit sufficiently before your cleansing program. Cleanse Cleansing period will last for about one to three days. About 32 ounces of fresh vegetable or fruit juice is recommended to have a proper cleanse. You can also replace your juice with any fresh vegetable smoothie. Going for green vegetables can be a good idea as well. After cleanse Once you're done with your cleansing program then it is recommended that you eat light and healthy food for a few days. You can also gradually add your previous diet after several days. Points To Consider While Juice Cleanse Although the process of juice cleanse is for the betterment of your health. However, you will not feel great during the process. To prevent yourself from giving up on this juice cleanse program you must follow a few things listed below. Practice Light Physical Activity It would be better if you do not exhaust your body by doing heavy exercise. However, you must practice normal activities like walking which can help in boosting your blood and lymphatic circulation. Book Massage Therapy Different massage therapies like Swedish massage can help in relaxing your body. There are various massages like lymphatic drainage, deep tissue massage, and Thai massage which can help and regain your body energy. Different practices like skin brushes and contrast showers can be made a part of your regular shower to pamper your body. Practice Body and Mind Wellness Stressing out during the process of detoxification can destroy the whole purpose. You should let your mind and body relax during the whole process of detoxification and restore all the energy. Progressive muscle relaxation and mindfulness can be great to elevate the results of your detoxification. It is very healthy if you take plenty of rest and go to bed early. Having sufficient naps can also let your body restore. Reduce the intake of caffeine While cleanse, it's best to increase the alkaline state of your body. This requires you to wean off the highly caffeinated beverages after the juice regime starts. Coffee-lovers, we know this can be hard to do, and the good news is that you don't have to completely forgo your favorite beverage. However, you should look for low-acid, cold-brew coffee as this coffee type won't disrupt your alkaline level. Prepare Your Mind to Handle Emotions That May Arise The most common effect of juice cleanse is it can trigger old emotions and they may arise during the process. Since the juice cleanse process will cleanse all the organs which is why different emotions linked to different organs will arise. 5 Benefits of Juice Cleanse for Your Health 1. Relieves Your Digestive System Most of us are experiencing different GI problems, for example bloating, irritated bowels, and a very sensitive stomach at times. To treat your digestive system it is the best way to reset it with the help of a juice cleanse. Drinking fresh and healthy vegetable or fruit juices can make your gut relieved for some time as the food load has decreased. Having a juice cleanse for 2 to 3 days can let your body relax and absorb all the vitamins and essential nutrients through the vegetable and fruit juices. 2. Boosts Your Energy Level When you start a juice cleanse program you can feel the wave of difference in your body's energy level in the very first 2 days. This way you can provide your body with a bunch of nutrients that can be absorbed easily and you are providing your body with clean energy without any sugar and caffeine. Around 15 to 20 minutes after taking up the juice cleanse you will feel the energy that it will provide you. 3. No More Inflammation According to the scientific study, it has been concluded that juice cleanse along with a plant-based diet can reduce inflammation of the body. Most of us are experiencing chronic inflammation due to various reasons. The body is responding to all the bad conditions and toxins by inflaming itself. However, juice cleanse can help the body to clean up and cut out all those toxins to absorb all the beneficial nutrients. You can also control allergies by having a completely plant-based diet. If you're not making a juice cleanse at your home then you can try a few of them available in the market. 4. Healthy weight loss If you want to achieve a more balanced diet, there's no healthier way to get more nutrients than do a juice clean. It also helps you eliminate processed food, refined carbs and unhealthy fats from your diet, replacing them with plant-based foods that help you lose weight naturally. A portion of this weight loss is related to water retention but maintaining a plant-based diet long enough after the cleanse can deliver a sustained weight loss. 5. Stay hydrated Did you know that the average American consumes less than the daily recommended five to six glasses of non-caffeinated fluids? Low-sugar, cold-pressed juices can help add to your fluid intake while improving energy, helping the body function efficiently, and removing free radicals. You can even add water to your juice cleanse regime. Hydration is essential for delivering healing nutrients to your cells, which can help you feel and look great. That's why there's a thing called juice cleanse glow. Product Visual Where to Buy LEMONKIND Purify and Debloat 1 Day Hybrid Cleanse for Healthy Weight Loss Jumpstart, Improved Digestion & Increased Energy – Vegan, Non-GMO & Gluten-Free (Juice + Chewy Superfruit Combo) - 8 Pack 3 Day Total Body Cleanser - Miracle OXY-Cleanse Amazing Grass Green Superfood Detox & Digest: Cleanse with Super Greens Powder, Digestive Enzymes & Probiotics, Clean Green, 30 Servings 3 Best Juice Cleanses to Try 1. LEMONKIND Purify and Debloat 1 Day Hybrid Cleanse This product by LEMONKIND is made with Aronia Berry, cucumber, lemon, Apple, and organic Acerola. However, there are different flavors of this product available including blueberry cinnamon chia, chlorella fused, healthy greens, etc. It comes in a pack of six functional juices. This juice can make your digestive system improved and more effective. 2. 3 Day Total Body Cleanser - Miracle OXY-Cleanse This body cleanser is available in capsule form. It requires a 3-day total body cleansing program. This body cleanser by The One Minute Miracle can eliminate about 5 pounds of waste in just 3 days. It is available in different sizes of bottles for different numbers of capsules. You can practice 3 days cleanse with 15 capsules or a 7 Day cleanse with 49 capsules. 3. Amazing Grass Green Superfood Detox & Digest This body cleanser by Amazing Grass is available in detox and digest flavor. The ingredient used in this body cleanser is silica. This body cleanser is gluten-free and is a certified organic product. It is made with 1 billion probiotics to nourish your body. You only have to add 1 scoop with 8 oz of liquid to make a juice or smoothie. Conclusion During this busy life taking out some healthy time for your body can be very essential and giving a two to three days rest to your digestive system can help it restore. A juice cleanse can be the best way to help your digestive system restore and absorb all the essential nutrients in an easy way.
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Financial Services | IHS Markit IHS Markit provides the financial services and intelligence you need to successfully navigate financial market complexities and achieve success across the enterprise.
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MyCentralJersey.com | Central New Jersey News The home page for Central Jersey, including Middlesex and Somerset counties: breaking and in-depth news, sports, obituaries, events, classifieds and more.
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NMIMS assignment help call us 87-55555-879 nmims assignment December 2020 nmims assignment help December 2020 nmims December 2020 nmims assignments nmims 2 sem December 2020 last date
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Notes Desk - Your Academic Encyclopedia Porter''s Model of Five Competitive Forces. Porters 5 forces model: Diamond Model: Threat of substitute products, Threat of new entrants, Intense rivalry,B argaining power of suppliers, Bargaining power of Buyers
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POKKT | Monetization | Advertising | Remarketing | Video POKKT enables consumers to discover new products and services by providing contextual and personalized ad experiences on mobile devices.
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Primary Information services:Trade, technology, projects What Projects have potential during current ? information for entrepreneurs, business, trade, ideas 2020, projects 2021 and beyond 2025
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Prolific | Online participant recruitment for surveys and market research On-demand, self-service data collection. Prolific helps you recruit high quality research participants to take part in your study, survey or experiment.
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Researchware - Qualitative Research Software for the Analysis of Qualitative Data Researchware software: HyperRESEARCH and HyperTranscribe, simply powerful tools for qualitative analysis.
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CSCMP's Supply Chain Quarterly Home Page CSCMP’s Supply Chain Quarterly provides the highest-value, must-have business intelligence available. Six times a year, the publication delivers fresh, cutting-edge ideas on all aspects of the global supply chain, from product design, procurement, transportation, and warehousing to human resources, information technology, and finance.
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The Conservative Income Investor | Aside from the usual recommendations to own companies with dominant market positions, strong balance sheets, and high earnings growth, what is something that investors should keep in mind over the next 20+ years of investing that maybe didn't matter as much in the past? My view is that investors should be taking to heart the 1970s recommendations of Peter Drucker who predicted that one of the endings of perpetual technological development is that friction will cease to exist between the original source of a product and the consumer. This means that you should be wary about investing in companies that act as middlemen. Take something like Dick's Sporting Goods (DKS). It's a $5.3 billion company that is divided into 114 million pieces that trade at $47 per share each. It earns a profit of $350 million, or $3.07 per share. The valuation of 15x earnings is pretty low for a company that has ten-year top-line growth of 11.5%, ten-year earnings per share growth of 16.5%, and a valuation of 19-23x earnings during that time. Since the $3 per share IPO in October 2002, the stock has grown a $10,000 investment into $151,000 in just fourteen years. That is especially impressive when you consider that the current valuation of the stock is competitive with the recession-level P/E ratio level and is otherwise the cheapest opportunity to buy Dick's Sporting Goods since the IPO. Yet, when I study Dick's Sporting Goods, there is a limitation on the type of way it should be considered. It's not something like General Electric, Coca-Cola, Colgate-Palmolive, Nestle, or Brown Forman where you can buy the shares, and then set it and collect the dividends for the rest of your life knowing with a high probability that something will be there decades from now. There will come an expiration date for the company because the original source goods--the Nike and Under Armour products that get customers through the door--are now beginning to contact customers directly without the need for a vendor middleman like Dick's Sporting Goods to act as an intermediary to connect Nike shoes and golf clubs to the consumer. At first, I noticed that Nike and Under Armour were beginning to sell their own products directly to consumers online. That was something that would compete with Dick's Sporting Goods, but not necessarily in a mutually exclusive way--it is conceivable to think of a world where Nike and Under Armour's online sales grow while Dick's Sporting Goods also earns a tidy growing profit selling those goods to customers as well. That's because shoes, jackets, shirts, pants, and so on are the type of good you like to see firsthand and get a feel for--it's distinguishable from buying a book on Amazon because there is a certain in-person customization that enough customers will require. But what has bothered me, from the perspective of someone studying the business model at Dick's Sporting Goods, is that Nike and Under Armour have successfully opened their open stores that sell their products directly to consumers. If there is a pair of Nike shoes that you want, why not just go to Nike instead of an intermediary that will have to raise the price enough to own their own keep as well? The coherence of the intermediary's business model takes on a substantial impairment when the end products that a customer desires can be purchased through the end company itself. There are three reasons why a business earns a profit over the long term. You may buy something because it is cheap, you may buy something because it is convenient, and you may buy something because you want the specific product itself. An example of the first category is airlines--unless you belong to a frequent flyer program, you will choose which airline to travel based on price. If Delta tickets cost $139, and Southwest tickets cost $129, you're going to choose Southwest unless there is some other externality weighing on your decision--e.g. maybe you had a bad experience flying Southwest before, maybe the Delta routes are more timely, etc. Absent an intervening externality, price wins out. Convenience is the second moat, and this is the weakest of them all. You might frequent a grocery store because it's by your house--you wouldn't actively choose it based on price, and you don't seek out the grocery store for it's own sake, but it's only a five minute drive away so you go there anyway. And the third type of business is the strongest--when you want the specific product itself. You don't just want shoes--you want Nike shoes. You don't just want soda--you want something sold through Coca-Cola, Pepsi, or Dr. Pepper. You don't just want acetaminophen--you want Johnson & Johnson's Tylenol. Using our Dick's Sporting Goods example, you can see that the profits are built on convenience. People don't want Nike shoes because they bought them at Dick's Sporting Goods; they buy them at Dick's Sporting Goods because that is the most convenient way to get Nike shoes with the immediate knowledge that they fit. This is the type of business model that is the most vulnerable to disruption. It doesn't mean that you shouldn't buy Dick's Sporting Goods--the current price around $47 per share does offer some protection, but it's the kind of company that you may not want to hold beyond five years. A quick 40% pop, or the spotting of a branded company with a similar valuation to Dick's, is enough justification to get out of the company because firms built on convenience exclusively are not inherently meant to be lifetime holdings. This observation usually leads to a follow-up like: So what do you do if you own Wal-Mart stock? There are three things that Wal-Mart has going for it that might distinguish from an investment in a firm like Dick's Sporting Goods. It sells products that don't face competition from the branded source; it has the additional benefit of cost advantages in addition to convenience advantages; and the firm is 50% owned by the Walton family which reduces the inherent conflict of self-interests that exists in a corporation where there is a disunity between management and shareholders. Although Wal-Mart faces convenient and price competition from Amazon, and in some instances, Aldi and Kroger, it still offers enough of a price advantage on a decent number of offerings that it may be the preferred choice of customers not only because it is close by but also because you want to see the oranges and bananas before you buy them and there's probably not a better price if you look elsewhere either. The Wal-Mart business model isn't just built on convenience; it's built on the mixture of cost and convenience. Also, anytime you buy stock in a company, you also face the disadvantage of not fully knowing what's going on inside the company. When you buy a few hundred or a few thousand shares of a billion-dollar corporation, you can't quite measure the management team's survivalist instinct and know the specifics of how that instinct (if it exists) translates into a sound strategy that will serve shareholders well. With the Walton family collectively owning over $100 billion of the company's $214 billion in market value, you can strongly presume that the survivalist instinct exists at the management level (because the Walton family's control of the board permits them to choose officers) so the only unknown is whether the survivalist instinct translates into a strategy that permits shareholders to prosper. It's one set of unknowns instead of a double set of unknowns. The most straightforward way to solve this problem--recognizing that Wal-Mart has a strong cost and convenience advantage but unsure whether it is built to withstand the decades--is to take your Wal-Mart dividends if Wal-Mart is a meaningful position you hold and then invest them in companies that more clearly have generational-holding characteristics. If the Wal-Mart business model is only meant to grow earnings for 23 more years, well, you get at least 92 dividend payments to mitigate that final outcome. But if you're trying to figure out what should be your investing north star for the next two decades, and have concerns about the rate of disruption brought about by technological change, then you should focus on companies where people seek it out to specifically acquire the products that they sell. Strong brands should be your first priority, and can easily fill two thirds of a portfolio. Then, you focus on the low-cost producers in an industry that have some type of cost advantage--companies with the GEICO, Wells Fargo, U.S. Bancorp, Exxon business model. That can take up anywhere from 10% to 30% of your selections. And lastly, you should aim to keep less than 10% of your wealth that is earmarked for long-term business ownership towards those companies that are exclusively about convenience. Those are the businesses most susceptible to shareholder wipeout, and therefore, should be a disfavored investment category.
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