Should Long Term Shareholders Have Double Voting Rights ?
The long term success of a company depends on the decisions made by its management. The appointment of management is done by the shareholders. However, the problem is that shareholders are considered to be one homogenous group. This is not an accurate reflection of reality. Different kinds of shareholders invest in a company. Some shareholders […]
Integrating Marketing Communication to Build Brand Equity
Marketing programs play an important role in building up of brand equity. These marketing programs are related to product, price and distribution channels. And these programs are necessary to create brand image and also to build brand awareness. This task is done through medium of marketing communication, in its most form is advertising. Marketing communication […]
Personal Factors affecting Consumer Behaviour
Consumer Behaviour helps us understand the buying tendencies and spending patterns of consumers. Not all individuals would prefer to buy similar products. Consumer behaviour deals with as to why and why not an individual purchases particular products and services. Personal Factors play an important role in affecting consumer buying behaviour. Occupation The occupation of an […]
Unethical Practices and Sweatshops in Developing Countries
The Phenomenon of Sweatshops The global marketplace is driven by intense price competition as well as quality considerations. This means that those exporters who can offer quality at the lowest price often bag the orders from the global corporations like Nike, GAP, Apple, and other western multinationals who outsource their production to emerging markets. Since […]
Pre Sales Process in Multi Level Marketing
We are living in exciting times. For anyone and everyone, there are abundant opportunities to earn decent income and achieve economic wellbeing, provided one is ready to work hard and work smart. For people who are interested in earning a second income or are interested in making selling a career, Multi Level Marketing offers unlimited […]
In this dynamic market with the free flow of information and innovative marketing programs, needs and wants of consumers are always changing. As per capita income increases consumers are willing to explore more alternatives for purchase decision. Companies should be aware of changing situation all the time to take the right decision. This calls for development of sophisticated marketing information systems.
The information system consists of stakeholders, process and equipment to collect, analyze and proliferate information across relevant decision makers. The system is formulated using the internal company records, market research data and other intelligence gathering system. The internal system consists of analyzing information from product order to the delivery cycle and sales information systems.
In product order to the delivery system, companies analyze consumption of various brands and make sure inventory of raw materials as well as finished products are maintained at sufficient levels. This is to make sure that whole cycle is completed in the shortest time possible.
In the sales information systems, sales figure across different geographical centers are collected and analyzed to understand the consumption pattern. The data collected from the above process is analyzed to understand consumer behavior and develop products as well as programs to cater to consumer demand.
The marketing intelligence system requires a combination of people, system and procedure to gather market data. For the company, sales people are on the frontline to spot and report any trend prevailing in the market. The distribution channel also can provide companies with valuable information of the end user. However, sales people as well as distribution have to be train about spotting trends and then sending to the right people in the organization.
Sometimes companies send a decoy into to the supermarket as a potential customer to check customer service, another way of gathering intelligence. Companies also outsource intelligence gathering activities to agencies like A C Nielson.
If the marketing information system reports any issue or emerging trend then further analysis can be done through marketing research. The marketing research process consists of following; defining the problem, developing research plan, collecting data, analyzing data, presenting findings and implementing the decision. Each step has to be carefully planned and executed for market research to succeed. During problem defining process companies have to make sure that objective is not too vague, nor does it take researchers in the wrong direction.
Developing research plan consist of creating a blue print as to how the information collection is going to occur. Here particular focus has to be maintained on cost for not over shoot the benefits. The step includes reaching out to the target audience and collecting information.
Market researchers have various techniques and models at their disposal to analyze the collected data. Once market researchers are done with their analysis, findings have to be presented in a structure format as to answer the research objective questions. It is now for the top management to take the decision as the way forward from market research study.
In the world driven by technology, marketing managers are also making efforts to use the available resources. Marketing managers are routinely using the statistical tools like regression analysis, factor analysis, etc., models like markov process model, sales response models to support decision making process. Marketing managers are also using marketing and sales software, which helps in making day to day decision like pricing, budgeting, etc.
Once managers are able to finalize opportunities using marketing research and other technology backed models then next step forward is to calculate the market size, growth and other business model related attributes.
Managers estimate market demand for a given product by calculating total product sell per market segment, per defined customer set, in a finite time and under specific marketing strategy. From these managers calculate company’s market share vis-a-vis the competitor’s business plan.
Marketing managers have to admit it is the consumer’s market, which makes it important to gather information to understand their perception through available technology, market research and quantitative models. Understanding customers would help companies estimate total market demand for its products.
Your email address will not be published. Required fields are marked *
