Market need is uncertainly, to meet customer expectation, company have to learn what their want and provide it on time. Marketing research therefore can be called that is one of the factor that force company’s ability to supply expected goods or service to market by mean of learning about consumers and respond their need. (Trim et al 2006, pp205-206) Good research should be objective and provide precise information for companies because that influences to manager whose make decision and develops business plan or strategy from that data. Moreover, Trim et al(2006, p209) argue that ‘marketing strategists need to be able to use the findings of qualitative marketing research in order to influence board level thinking and actions.’ that necessary for manager to ta... ... middle of paper ... ...y want company to improve quality of similar product that company already got. This comment might come on extra comment in questionnaire that researchers give to respondents.
(Aaker, Kumar, & Day, 2001). Overall, market research provides a planned approach to achieving company goals and objectives. Understanding the differences in primary and secondary research when using qualitative and quantitative approaches will help any organization gain a better perspective of the various ways market research can be applied to meet company goals. Secondary Research It is important to assess the current situation prior to jumping straight into market research because it can be both timely and costly. The first step in market research is to use a cost-benefit analysis and decide if the cost of the research is worth more than the value of the data retrieved.
Differentiation advantage will allow the organization to create more superior products, while cost advantage focuses on reducing the costs in any activity of the chain. Moreover, Dynax must study the linkage of value activities and understand that a weakness in one activity will most likely affect the next activity in the chain. Dynax can minimize these occurrences by dedicating more attention and detail to higher valued activities. Lastly, Dynax can analyze and interpret other companies and economies that have previously implemented a value chain analysis through benchmarking techniques to gain a competitive advantage. They can ultimately gather insightful information on the secrets and
Finding out about what consumers want and need, and what makes them buy, is called “Market Research”. Businesses which are mainly product orientated risk spending a large amount of resources launching a product which proves to be a failure. Researching the market helps reduce this risk. It should focus research and design effort onto products which have a chance of success in the market place. When the product is launched, a carefully researched product stands less chance of failing.
Importance of setting the Right Fair Price Pricing strategies are important criteria which affects the overall success of the company. The price set is simply not a financial issue but a marketing issue that determines how the product is positioned and how the market (customers) perceives the product. Pricing is a challenge with different implications at any stage of the business cycle, whether you are setting the prices for the first time, raising or lowering existing prices, or determining how to react to an unsteady economic climate. Overprice and you will risk losing your business to your competitors. Under price and you may inadvertently devalue your offerings.
1.1 What are your strengths? Can you complement them? Can you afford to risk weakening them? • How good are your employees? • How good are your products, your market position and your market share?
We believe that competitive intelligence (CI) should have a single-minded objective -- to develop the strategies and tactics necessary to transfer market share profitably and consistently from specific competitors to our clients. CI can help position a business to maximize the value of the capabilities that distinguish it from its competitors. A company that does not monitor and analyze their primary competitors will be at a disadvantage leaving its markets vulnerable. One writer philosopher once said that in order for you to be competitive and even rise above the pack, you need to know your competition and what they 're doing to be different. When you do, you 'll surely be able to create tactics that will make you stand out and hence, make a difference in your market share.
In the business environment it is important for organisations to look at their competitors, and aim to be better than them. An Inside Out strategy examines what their strengths and weaknesses are, once they are identified the organisation will then produce the products and attempt to market it well (CMA, 2012). Whereas the Outside In strategy looks at customer value as its starting and end point, emphasising the outside environment when undertaking strategic thinking (Brandmatters, 2010). Strategy looks at issues that may concern the future of organisations, and to prepare for or overcome these issues as a number of strategies can used to identify them. This essay will define the Inside Out and Outside In of organisations.
Behavior Traits of Successful Businesses Business Innovation Opportunities Businesses are resource limited and must determine where and in what way to allocate resources to achieve business mission objectives. This translates to why it is so important for business to be creative and actively plan for innovation correctly. Innovation is a change of direction and it alters investment policy so it is essential from the onset for the business planner to be clear about the current state of product “portfolio”. The planner must recognize how to balance the current products against possible policies for future development and their likely implications in terms of cash flow, market share, return on capital employed and other key components of company objectives. A successful behavior trait taking hold for successful companies is to develop business models to assess a strategy.
Market information potentially covers a vast range of data, from global macro-trends and statistics, to very specific and detailed local or technical information, so it’s important to decide what is actually relevant and necessary to know. However there’s no point spending time researching global statistical economic and demographic data if you are developing a strategy for a relatively small or local business. It would be far more useful to carry out your own primary research about the local target market, buying patterns and preferences, local competitors, their prices and service offerings. First establish or confirm the aims of the business. Then state the objectives of the business unit you are planning to develop.