Marketing research is the orderly meeting, documentation, and analysis of facts and figures pertaining to trouble in relation to product and services of marketing. It is the understanding of goods design, market, distributor and inventory keeping perspective, inventory and advertisement process. It is the survey to understand market forces i.e. demand and supply.
It plays a vital role in evaluating marketing plan. It improves efficiency, motivates innovation, and identifies problems with a brand and simplified brand expansion (Burrow, & Bosiljevac, 2012). Marketing research is business oriented it tries to provide right information of facts and figures that show the fact of the performance of the business.
For example, if the view and target of our enterprise are to aid our customers to be profitable in their enterprise then we have to think that our customers to be successful in their business and then we have to figure it out that in what ways we are going to aid them to achieve their goals. This might be the inclusion of things we are committing or not. And this is the way to make market research ambition and objective that will aid us to figure out the spirit of market progress and the sale of products to our potential buyers. If the customers are aware of their product how to utilize then they will use the product in the better way as they would understand the product (TIAN, & CHEN, 2016). This could be understood in a better way by taking an example of a software where the customers if they understood how to use the software then they will earn money for their work and would be in a position to pay the fee for that software.
To determine marketing strategies we should focus on our marketing strategy as for how we overcome obstacles to reach our company goals, but we need market research to develop effective strategies. For example, Samsung markets its smartphone by advertising and sales promotion.
It advertises its product on television and newspaper through commercials in which it evaluates the features of its products like its price, built quality, customer oriented products.
It also uses sales promotion activity to promote its goods.
My favorite product is Apple Inc. It was founded by Steve jobs in April 1976.It includes products like iPhone in smartphones, MacBook, iPod etc. It is my favorite because it gives value for my money, it is a premium in its class, its built quality is very good and offers virus free gadgets.
The main competition faced by Apple in its smartphones products is from Samsung and in computer products the main competitor of Apple is Microsoft.
There is a lot of competition for a company in the market for the sale of its goods and services and the company has to face tough competition in all arena of its enterprise.The company introduced consequently goods and fast changes in technology that have considerably enhanced the potential use of telecommunication social media advancement, PC and other devices of electronics(Solomon, Marshall, & Stuart, 2018). The company's rivals who sell smartphones and computers made on other operating system exploited every opportunity by lowering down prices and gaining less profit on a product to hold market share. Fundamental factors to compete are the related price of a product, quality of a product, the reliability strength of a product, the price of a product, innovative design, features of a product, service, support and corporate reputation.
The main objectives and strategies of Apple should continue to create groundbreaking products and for this, the company should create a good team which will focus on strong research and development. It should have an innovative objective and dictate the future aspect of the technology this means that the company should study the market to understand what are the requirements of the customers(Marmol, Feys, & Probert, 2015). The company should expand its products nationwide to get hold of the market share at maximum level this include placing stores in large markets. It should make its product available in all retail market like online, offline this will makes the goods available oriented. As Apple provides premium quality goods then the price is also high then it should sustain its high price by giving value for a product to its customers.
PESTLE is a device which is used for identification and analysis of the important factors of change in the strategic management.It includes governing, economy, social interaction, technology, law and regulations and environmental.
Let us take an example of Coca-Cola. It is a company which produces soft drink for its customers.
Political factor-Coca cola introduces its products in the market under FDA rules and regulations. They must follow the rules and regulation prescribed by the government(Jobber, & Ellis-Chadwick, 2016).It includes corporate tax, policy reforms, regulations, stability, and restrictions.
Economy factors- It is a globalized company as it produces goods for many countries but different countries have different customs, cultures, taste preferences so the company has to develop different strategies for different customers by creating new flavors(Chaffey, 2011).The company has equity worth of $80 billion and the majority of it comes from beverages.
The social factors-The majority of goods distributed by coca cola is in cultured countries.
Coca cola had introduced 30 flavors in Japan to drive customers to their product and also in China but in USA citizen are conscious about health people are more health oriented as they are substituting sugar contained drinks to tea and mineral water so the company should follow to make healthy drinks.
Technology factors- Advanced Machine have aided the company in producing good quality of the product. Social media also aided the company to connect with the audiences as the company launched name scheme i.e. the name of customer printed in bottles(Lovelock, & Wirtz, 2016). The customers took photos with the bottles and circulated in social media.
Legitimate factors- The company has all rights pertained to their enterprise having patent rights of past and future.
The surrounding factors-The company is simulated with water scarcity as they produce soft drinks and if they are affected by climate then they will suffer a loss so they should adhere to environmental laws and should focus on humid countries where their product would sell more.
SWOT analysis is making of strong business strategy by considering the strength, weakness, opportunities and threats of the organization in the marketplace. Strength and weakness are the internal factors of the organization whereas opportunities and threats are the external factors of the organization.
Swot analysis help company in taking decision-related to the marketing mix. As in the case of Samsung the company is the second largest in terms of revenue (Burrow, & Bosiljevac, 2012). It operates 3 business split into i.e. consumable electronic products, smartphones solutions.
The company Samsung has a very high research and development expenditure resulting in one of the strongest portfolios of technology companies so it has a skimming price where it values its product at high range initially and then drops its price (Dalgic, 2011). It also acts as a competitive pricing market in case of TV, air conditioners, refrigerators, washing machine where it is behind from certain brands so it keeps the price of appliances lower to be in competition.
The company is focused on product innovation and design capabilities as Samsung has received many awards for its eco-friendly goods thus improving company's reputation and brand awareness and sales (Kim, & Ko, 2010). So to increase its sales it is present in every market i.e. online, offline store, retail store, and distributors as it works on the channel marketing.
But there is weakness also in Samsung as Samsung is a hardware leader but has too much of dependence on other software companies but still, it offers best products.
There is a huge opportunity for Samsung in the electronic market as the sales of smartphones are forecast to increase because of lower rates and increase in population.
There are threats for Samsung also as it produces a wide range of goods so if a single product fails then the impact will be on other product also leading to brand dilution so the cost incurs in the promotion will be a loss.
Segmentation, Targeting, and Positioning (STP) is known plan advancement in modern marketing. It is the connection between the entire market force competing in the market. It is a process of segmenting the process first and then selecting a target market and then implementation of position. The goal is to achieve the organization development by implementing correct marketing mix.
The software industry focuses on developing and maintaining the business by including new technologies.
The current trend in the software industry as of 2016 are Data will drive decisions i.e. the decisions will be taken on data available it will contain analytical data machine learning thus improving the quality of taking decisions.
Automated testing becomes critical as it will improve the quality and if industry invests in this trend it will gain.
Mobile app testing grows in prominence as the approval process is becoming strict and getting customer feedback to resolve issues will become more difficult.
Improvement in security as technology is advancing at a brisk pace so the requirement of security has also increased to keep the work confidential so that hacking doesn't take place(Hair, Bush, Ortinau, & Eric, 2009).
STP could be used to take advantages of the trend in various ways as segmentation enables the company to make the advanced product by installing new technologies on the product.
The company knows the taste and choice of the consumers which focused on potential customers.
Product positioning is a major element of a thorough marketing plan and strategy to drive the trend. It involves developing and communicating the distinct attributes for products targeted to potential customers.
Brand management is the strategic planning on how the brand is received in the market. To develop a brand recognition the company should follow various business tactics like a good relationship with the customers and good quality of the product. The brand management should consider its price range, features, the performance of the product and feedback from its customers.
As in a case of Nike, the success stories lies in both its internal factor and external factor.
The company achieves consistency externally and encourage brand commitment and a possibility of brand championship among employees (Krafft, 2010). It also created brand loyalty among its customers by giving a value of money from its products. Nike excel in every aspect of its internal branding i.e. under headings of an organization, information, management, communication strategy, staff, and education.
Failure of brand management can be seen in the case of Nokia. Nokia was once regarded as the pioneer in mobile industry but with the advent of time, it did not upgrade itself by not accepting the android version. This led to Nokia losing out on its market share.
Burrow, J., & Bosiljevac, J. (2012). Marketing. Mason, Ohio: South-Western Cengage Learning.
Chaffey, D. (2011). Internet marketing. Harlow [u.a.]: Prentice Hall Financial Times.
Dalgic, T. (2011). Handbook of niche marketing. New York: Routledge.
Ferrell, O. (2016). Marketing strategy. [S.l.]: Cengage Learning.
Hair, J., Bush, R., Ortinau, D., & Eric, S. (2009). Marketing research (1st ed.). New York: McGraw-Hill Higher Education.
Jobber, D., & Ellis-Chadwick, F. (2016). Principles and practice of marketing. London: McGraw-Hill Education.
Kim, E., & Ko, E. (2010). Achieving Brand Power: Bean Pole of Samsung. Journal Of Global Fashion Marketing, 1(1), 61-70. https://dx.doi.org/10.1080/20932685.2010.10593058
Krafft, M. (2010). International direct marketing. Berlin [u.a.]: Springer.
Lovelock, C., & Wirtz, J. (2016). Services marketing. Hackensack (NJ): World Scientific.
Marmol, T., Feys, B., & Probert, C. (2015). PESTLE analysis. [Place of publication not identified]: 50Minutes.
Marmol, T., Feys, B., & Probert, C. (2015). PESTLE analysis. [Place of publication not identified]: 50Minutes.
Peter, J., & Olson, J. (2010). Consumer behavior & marketing strategy. New York: McGraw-Hill Irwin.
Solomon, M., Marshall, G., & Stuart, E. (2018). Marketing. Hoboken, NJ: Pearson.
TIAN, S., & CHEN, D. (2016). “Hunger Marketing” Strategy and Its Application Research—Based on Apple Products. Destech Transactions On Economics And Management, (icem). https://dx.doi.org/10.12783/dtem/icem2016/4062
Wang, M. (2015). Brief Analysis of Sports Marketing Strategy Adopted by Coca Cola Company. Asian Social Science, 11(23). https://dx.doi.org/10.5539/ass.v11n23p22
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