explain the factors important in conducting a detailed marketing and customer an
ID: 459144 • Letter: E
Question
explain the factors important in conducting a detailed marketing and customer analysis, including:
Market potential
Evidence of customer interest
Relevant buying motives and customer requirements
Present and potential competitors and overall competitive intensity
Short- and long-term market influences
Market changes presently taking place
External regulations
Market history and traditions
Present and potential obstacles facing the market
Market gaps to be filled
Opportunities for partnerships with other firms in the industry
Explain the most viable market position for your new product, service, or business.
Submit your report in a 4- to 5-page Microsoft Word document.
Explanation / Answer
Marketing is simply the process of buying and selling. Steps in marketing research process
The steps are in accordance of marketing research process:
1. Designing of the project: company determines the goals and objectives of the project.
2. Designing research process: determines the process to collect and analyze the valuable information needed.
3.Data collection: Facts are collected to resolve the issues or problems arising in the project
4. Analyzing data: Once, data is collected, it is analyzed deliberately, it is understood appropriately to come upon desired results.
5. Presenting results: This is the last stage in marketing research process, where data collected is interpreted and the management team comes to a decision to make final conclusions in order to achieve desired results.
One of the most critical concern of entrepreneurs is to identify the target market and potential buyers. Every organization works to define its target market and its traits. One method to identify the potential or prospective buyers is to make a list of all the features of the product provides in the target market. Then, list all the benefits related to these features. To approach the prospective buyers, a business marketing plan must be made addressing the following key points after considering the target buyers:
1. Where do they live, work?
2. Where do they buy their goods & services?
3. Observe and analyze their purchasing decisions.
4. What the company can deliver to suit their purchasing needs and desires?
5. What are the buyer's needs, wants, desires, hobbies while shopping?
QFD(Quality function development) is an approach which describes all customer needs and finally translated these requirements to make strategic plans to produce commodities to meet the customer needs. Customer needs are gathered by various means or channels of communication, such as surveys, interviews, market research, data collection, questionnaire, reports, and many more. To meet these needs, the products are made keeping in mind the best quality. QFD is used to identify and analyze the customer requirements effectively and efficiently. It aims at prioritizing customer needs. It supplements the gap between producers and customers by linking to the requirements of the customer through systematic plans and procedures. These plans include various tools and techniques. QFD helps in facilitating design, development, manufacturing and service functions. It targets to maximize good quality that adds value to the products and services offered to the customers.
QFD provides a system to understand the needs of the customers, the value of these needs, how to make customer interested and choose the products offered in the market, considering performance level to attain that quality and standards, determining market strategy, and many more functions.
Another approach in businesses and firms is Total Quality Management (TQM), it looks critically at the products and services a company produces in relation to the processes it takes to create them and the people who do the work to make certain that output fully satisfies agreed customer requirements.
One of the main analysis we go through in marketing plan is relevant to the competitors present in the market. In market competitor analysis, we identify the strengths and weaknesses of the present competitors. It also helps to discover the potential future customers. It is the integral part of the marketing strategy. The market competitor analysis addresses the following key points:
1. Who are the competitors?
2. In which products they are dealing?
3. What are their marketing strategies?
4. How they promote and advertise their products & services?
Working upon the market competitor analysis, one can easily understand the way to operate the business.
Market changes occur due to shifts in demand and supply. Shifts in demand occur due to change in individual's income, change in customer's taste and preferences, changes in price of related goods & services. The shifts in supply occur due to changes in technology, changes in prices of factors of production, changes in price of substitute and complementary goods.
External regulations have affected on the running of any business. They address market failure factors and protect public interest. However, these days external rules and regulations have pressurized today's majority of businesses that it cost them a large amount of time and money. But, it has increased international trade. There are free trade bodies which reduce obstacles in operating internationally and promote free trade. Some of the trade bodies allow free movement of labor from one country to another.
Market history needs to be analyzed to come up to market future and future prospective buyers. Every firm faces marketing challenges. One of the main challenges that occur is to make a appropriate budget plan. Secondly, right technological needs to be assessed to promote the goods & services. Training the marketing team to work in coordination and to come to the desired results is the main agenda in the marketing plan.
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