If an organization has to achieve its business objectives, its marketing manager has to look into the market demand, to determine the feasibility of marketing strategies. The marketing manager is responsible for attuning the level, timing and composition of customer demands to achieve business objectives. On the whole, marketing management all about determining and implementing effective marketing strategies.
Marketing strategies are tactics by which an organization gains a competitive edge in the marketplace. Through these strategies an organization determines how to concentrate its resources to achieve, target business objectives. If a marketing strategy has to be effective, it must do research to find out if an organizational opportunity exists in the market in which they want to do business. The factors influencing organizational opportunity are environmental opportunity, distinctive competency and success requirements. Each of these factors is to be looked into during the process of market analysis.
Marking analysis is a process which includes the process of ccustomer analysis, company analysis, collaborator analysis, competitor analysis, and analysis of the industry context. These five types of analysis constitute the four C's of marketing analysis and help to answer the following questions:
In order to carry ou...
What are the steps to be taken to gain a competitive edge in the market
2.1 Marketing Research
In order to carry out marketing analysis, marketing research must be performed to collect the data required for analysis. Marketing research involved the employment of a variety of techniques. Some techniques of market research are:
Qualitative marketing research, such as focus groups - Through Qualitative research, data can be collected from a relatively small group of respondents. This data will not be analyzed using statistical techniques, but its purpose is to help to determine the elements which drive the market on a product, generate a hypothesis on such elements and enable an organization to develop quantitative research designs for determine the feasibility of entry into a particular market. The methods used in this research include in-Depth Interviews, Focus Groups and Projective Techniques.
Quantitative marketing research, such as statistical surveys - Quantitative marketing research applies quantitative research techniques, to understand the trends in the current market. The major steps involved in the research process include, definition of the problem of market to be studied, designing the search criteria, collecting data, analyzing the data collected and finally writing a report on what is understood from data gathered. The number of respondents from whom data is collected can range between something like a mere 10 in number to something like 10 million. This kind of marketing research may include a hypothesis on the trends found in the market. Random sampling methods can be used to draw inferences from people, who have provided information.
Experimental techniques such as test markets - Experimental research