Importance Of Marketing Research Report And Ismart Smartphone Company

Discuss about the Marketing Research Report of Ismart Smartphone Company.

Marketing research report is important in a business that wants to grow and attract the many customers. The report helps business managers get solutions about the firms’ problems easily and also help business managers attract other shareholders who can capitalize the business. The document assists in preparing for presentation for a significant client, preparation of a marketing plan, and recommendin`g some solutions to the company executive. The following are some of the importance of marketing research report one, it helps in collecting the company data easily, second, helps to authenticate internal study, third, getting the view of the business market, and lastly, making informed decisions.

Ismart Smartphone Company is a relatively young smartphone company that was founded by jones Smart. The company produces high-quality smartphones that are sold both in Africa and American markets Ismart Smartphone Company currently is dealing with high tech smartphones that has high definition camera 4G network. The target market for the company are people from both high class to low class level because the price of the phones vary and favors both the low standards and high standard people. The goal of Ismart Smartphone Company is to provide its customers with high quality products.

Vision   

The vision of Ismart Smartphone Company is to the dynamic and international organization that manufactures smartphones of the highest quality and trending technology. The company other vision is to make the world a great place by introducing the technological advancements in terms of communication handsets which fit both the people of low living standards and high living standards. 

Mission

The mission of Ismart Smartphone Company is to achieve superiority and excellence in generation, transmission and enhancement of communication gadgets.  We also have the mission to promote innovation of new smartphones that fit the current trends in the market.

Objectives

The first objective of Ismart Smartphone Company is to produce high tech smartphones that surpass the expectations of the customers. The second objective is to expand the market of Ismart Smartphone Company to fit international standards and lastly to make the Ismart products available to every customer in the market.

There are some factors that affect the current situations and trends of Ismart Smartphone Company which include competition and the microenvironment factors. The factors that affect the market competition include barriers to entry, bargaining power of buyers, bargaining power of suppliers, and a threat of substitutes (Pricop, 2012). Barriers to entry are competitive factors that prevent a new competitor from entering the market. The elements may include first, the incumbent companies using much money on advertising and branding and second the high cost of venturing into the market (Shkurkin et al., 2016). Bargaining power of buyers-when there are potent customers in the market, the profit of a business may reduce (van Wijngaarden, Scholten & van Wijk, 2012). Buyers intensify competition in the market by forcing the prices of products down, demanding for quality goods, and playing the firms against each other (Fleisher & Bensoussan, 2015). Bargaining power of suppliers, dominant suppliers in the market also reduces the potential for a business to make profits. The suppliers can increase market competition by lowering the quality of supplies and raising the prices. A threat of substitutes occurs when one corporation providing specific product is forced to compete with another firm offering the same products (van Wijngaarden, Scholten & van Wijk, 2012).

Mission

Market competition has affected the Ismart Smartphone Company in that; we are forced to allocate substantial capital for advertising and branding so that we can compete with other giants in the market equally. The market trends are changing due to competition hence, Ismart Smartphone Company should dispatch its employees to go and study the demographic changes of the consumers so that we can improve the quality of our products to their satisfaction. Microenvironment factors also determine the current situation and trends in the company’s market (van Wijngaarden, Scholten & van Wijk, 2012). As the Ismart Smartphone Company management, we must understand the primary microeconomic factors that affect the business, which in turn can help us plan our marketing strategies correctly. The microeconomic factors include customers, employees, suppliers, competitor, investors, media and the general public (Scherer, Palazzo & Matten, 2014). A business cannot run without the microeconomic factors (Fleisher & Bensoussan, 2015).

Ismart Smartphone Company has key issues and objectives that drive its daily activities. The SWOT analysis can be used to identify the key issues and objectives of Ismart Smartphone Company. A SWOT analysis is a tool that is used by a business to identify its strengths, weaknesses, opportunities and the threats that may occur in the firm (Yuan, 2013, Sevkli et al., 2012).

The strengths of Ismart Smartphone Company include affordable price of the smartphones, the phones offer 5G network, long battery life, extended warranty of two years and lastly the company has quality and affordable suppliers.

The weaknesses of Ismart Smartphone Company include poor brand visibility, operational problems in Ismart Smartphone Company branches, low android version of 4.2.2, weak present in the international market compared to the leading competitor, and lastly, poor advertising strategy compared to the opponents.

The opportunities of Ismart Smartphone Company are development of the business through acquisitions and alliances, developing markets like African countries, new technology to improve the android version, new software to improve the camera pixels, and lastly investors who are ready to invest in Ismart Smartphone Company.

The threats of Ismart Smartphone Company include increasing competition in the market for example, Samsung Company and Techno Mobile Company, saturation of market in India, new tax regulations, the Open Source Competitors and lastly virtualization.

Marketing strategies are part of a business plan that provides details on how a business will attract its customers to increase its profits (van Wijngaarden, Scholten & van Wijk, 2012). Marketing strategies focus on what the company what to achieve and the efforts the industry is willing to put in marketing. The best marketing strategy must incorporate 5ps which include price, place, product, promotion, and people (Ottman, 2017). The first strategy of Ismart Smartphone Company is advertising policy. The business is going to hire a professional advertising strategist to help in producing advertising plans which can persuade the customers better than those of the competitors. Another strategy is brand awareness strategy (Ryan, 2016). Branding a company is vital in gaining more clients (Ivers et al., 2014). For a business to compete favorably in the market, it must make its brand strong by creating brand awareness in the international and local market (van Wijngaarden, Scholten & van Wijk, 2012). Brand awareness makes the consumers keep coming back (Scherer, Palazzo & Matten, 2014). Brand awareness strategy is part of advertising which will help Ismart Smartphone Company rise to the top. Media attention is another strategy that can increase the company’s brand awareness (Taken Smith, 2012). If a company uses the local media to get the attention of the customers, they can thrive and have high profits (Scherer, Palazzo & Matten, 2014). The last marketing strategy that Ismart Smartphone Company has in place is the guerrilla marketing strategy. In the approach comprise using non-traditional methods to develop a high buzz and the brand of the business.Action Plans

Objectives

All good strategic plans must have some action plans that will help come into being (Den Elzen, Hof & Roelfsema, 2013). An action plan shows a business the road to follow so that it can attain its goals and objectives (Scherer, Palazzo & Matten, 2014). Action plans give the processes to use so that a company accomplice its goals and achieve its objectives (van Wijngaarden, Scholten & van Wijk, 2012). Action plans have a timetable and provide each member of the organization part to play when performing goals (Taken Smith, 2012). Similarly, Ismart Smartphone Company has some action plans that will lead it to achieve its objectives and goals. Ismart Smartphone Company will employ new technological workers who will provide their technical advice in coming up with the 5.2.2 android version smartphones. The tech experts will be able to improve the pixels of Ismart smartphones. The company will employ two strategic experts in advertising to aid the organization to advertise the products. The advertising personnel will also be given work to brand the company.  The sum of $45000000 will be allocated to the board of management to ensure that the action plan functions. Our marketing supervisor will be following the work of the new personnel to see their progress and report to management after every two weeks. Our digital team will be monitoring the impact of advertising on our products after we have employed the advertising managers. All the employees in the company have the responsibility of ensuring that the firm accomplishes its goals and achieves its objectives as the time allocated.

The marketing research report is important for companies because the document show the firms on how to make the marketing plans and actions plans on how they can meet their objectives. The document has SWOT analysis which can be helpful when a firm wants to understand its strengths, weakness, opportunities and threats and how to tackle them. Therefore, the report is vital to Ismart Smartphone Company

Conclusion

Marketing research report herein can assist Ismart Smartphone Company to identify its weaknesses and threats. If Ismart Smartphone Company wants to expand its market then the market research report can help the firm to solve the problems and show the company opportunities to run for.

References

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Fleisher, C. S., & Bensoussan, B. E. (2015). Business and competitive analysis: effective application of new and classic methods. FT Press.

Ivers, N. M., Sales, A., Colquhoun, H., Michie, S., Foy, R., Francis, J. J., & Grimshaw, J. M. (2014). No more ‘business as usual’with audit and feedback interventions: towards an agenda for a reinvigorated intervention. Implementation Science, 9(1), 14.

Ottman, J. (2017). The new rules of green marketing: Strategies, tools, and inspiration for sustainable branding. Routledge.

Pricop, O. C. (2012). Critical aspects in the strategic management theory. Procedia-Social and Behavioral Sciences, 58, 98-107.

Ryan, D. (2016). Understanding digital marketing: marketing strategies for engaging the digital generation. Kogan Page Publishers.

Scherer, A. G., Palazzo, G., & Matten, D. (2014). The business firm as a political actor: A new theory of the firm for a globalized world. Business & Society, 53(2), 143-156.

Sevkli, M., Oztekin, A., Uysal, O., Torlak, G., Turkyilmaz, A., & Delen, D. (2012). Development of a fuzzy ANP based SWOT analysis for the airline industry in Turkey. Expert systems with Applications, 39(1), 14-24.

Shkurkin, D. V., Sogacheva, O. V., Logvencheva, E. S., & Khramova, M. N. (2016). Modernization of the Sphere of Tourist and Hospitality Industry of the South of Russia as a Growth Factor of Socio-economic Stability of the Region. International Journal of Economics and Financial Issues, 6(1S).

Taken Smith, K. (2012). Longitudinal study of digital marketing strategies targeting Millennials. Journal of Consumer Marketing, 29(2), 86-92.

van Wijngaarden, J. D., Scholten, G. R., & van Wijk, K. P. (2012). Strategic analysis for health care organizations: the suitability of the SWOT?analysis. The International journal of health planning and management, 27(1), 34-49.

Yuan, H. (2013). A SWOT analysis of successful construction waste management. Journal of Cleaner Production, 39, 1-8.