Marketing Research Tools Before launching or expanding a business venture, there needs to be an understanding of the industry, its competitors, and its customers. Market research is vital in assisting companies in the decision-making process and their marketing direction. Data from marketing research is important because it provides companies with ways to identify opportunities, identify market potential, minimize chances of loss, devise effective marketing strategies, gauge customer satisfaction, and serve as an evaluation tool. A wide-range of marketing research tools is available to market researchers and organizational decision makers. The following focuses specifically on data collection methods for conducting both primary and secondary research and provides an examination of the differences in primary and secondary research when using qualitative and quantitative approaches.
In Marketing strategy (4th ed.). Florence, KY: Cengage Learning. Retrieved from http://academic.cengage.com/resource_uploads/downloads/0324362722_79312.doc Ferrell, O. C., & Hartline, M. (2008). Lessons from chapter 11. In Marketing strategy (4th ed.).
Its environment has parties like competitors and customers, both internal and external; suppliers and government authorities that must be analyzed and addressed appropriately. Laying down the best strategy will involve assessing the needs of the market and the firm’s capabilities, formulating its mission and vision and communicating the goals and objectives set down to the employees. Once all this is done, managers have to assess the tasks to be done and allocate resources in a manner that will avoid wastage. The aim of strategic management is to enable a business to take advantage of opportunities and to act quickly in response to challenges in its environment. This in turn helps to meet the needs of the market effectively.
The planning phase consists of a SWOT analysis as well as organizing specific marketing strategies and tactics for each marketing mix element. The implementation phase puts the marketing plan into action by obtaining resources, designing the organization and executing the marketing program (Logman, 1997).The control phase compares implemented program with the plan's goals to decide if the plan is effectiveness or needs adjustment. The marketing mix helps a company define the marketing elements for successfully positioning a market offer. The four P’s model, one of the best-known models, helps a company define its product marketing options in terms, place, price and promotion (MindTools.com, 2010). To enhance their impact with their target market, companies often use this model when you are planning a new venture, or evaluating an existing offer.
Triangle Business Journal, (14) 2, 21. Retrieved October 28, 1999 from EBSCO business search on Galileo: http://www.galileo.gsu.edu Goldwasser, C. & Schneider D. ( 1998, March). Be a model leader of change. Management Review, (87) 3 , 41-46.. Retrieved October 28, 1999 from EBSCO business search on Galileo: http://www.galileo.gsu.edu Hofman, D. & Orlikowski, W. ( 1997, Winter). An improvisational model for change Management: The case of GroupWare technologies.
Along with managing the relationship the company has w... ... middle of paper ... ...to mastering the marketing mix. Business Strategy Series, 8(2), 122-131. Retrieved August 5, 2008, from ABI/INFORM Global database. (Document ID: 1374488541). Kerin, R.A., Hartley, S.W., & Berkowitz, E.N., Rudelius, W. (2006).
Sales Strategy A retail sales strategy must develop a thorough, well-integrated plan, in order to gain a competitive advantage in the market. A retail business develops a strategy to reach their target market and communicate their message in a meaningful way that consumers can relate too. (Gluck, S., 2014). Prior to communicating with consumers, retailers must assess market conditions and determine if their product or service will meet market needs. An analysis of the strength, weaknesses, opportunities and threats (S.W.O.T) gives a retailer perspective about the market and their own business allowing them to capitalize on the conditions.
Retrieved from http://www.thefreemanonline.org/columns/government-regulation-of -business-the-moral-arguments/ Milkin Institute Global Conference (2009). The new relationship between government and business. Retrieved from http://www.milkeninstitute.org/events/gcprogram.taf?function= detail&EvID=1957&eventid=gc09 National Center for Smart Growth Research and Education. (2008). Retrieved from http://www.
Authenticity consulting, LLC (2011). All about Strategic Planning. Retrieved from: http://managementhelp.org/plan_dec/str_plan/str_plan.htm Alan Chapman, (2009). Customer Service. Retrieved from: http//www.businessballs.com/customer_service.htm Blue Nile, Inc, (2011).
Marketing also involves analyzing customer needs, securing information needed to design and produce goods or services that match buyer expectations, and creating and maintaining relationships with customers and suppliers. Marketing is essential to the success of any business. Its primary aim is to enable businesses to meet the needs of their customers and potential customers, whether then it’s for profit or not. To make my strategy successful for business it must: Ø Understand customer needs Ø Understand and keep ahead of competition Ø Communicate effectively with its customers to satisfy customer expectations. Ø Coordinate its functions to achieve marketing aims Ø Be aware of constraints on marketing activities I will also be considering the importance of developing and maintaining a relationship with its customers, potential customers and other stakeholders.