Monitoring competitors sales check new patents.
Government agencies annual reports.
Trade shows exhibitions.
Internet etc.
Marketing Research.
In addition to information about competitors and environmental conditions, marketers frequently need formal studies of specific situations. For example Skyworth wants to know how many and what kind of people and companies will buy its new flat screen televisions.
Marketing research is the systematic design, collection and analysis and reporting of data relevant to a specific marketing situation facing the organisation.
Marketing researchers are involved in a wide range of activities: -.
Market potential studies market share studies.
Customer satisfaction purchase behaviour.
Pricing product.
Distribution promotion.
Marketing research is carried out either by the company itself through its marketing organisation, or externally using market research agencies. Large companies with their own marketing research departments frequently use external agencies to carry out special studies.
Information Analysis.
Information gathered by the company's marketing intelligence and marketing research systems often needs further analysis. Managers may need assistance in applying the information to their marketing problems and decisions.
Models, statistic analysis etc.
Distributing Information.
Marketing information is of no value unless it is distributed to the right people at the right time to enable marketing managers to make better marketing decisions.
Many companies have centralised marketing information systems providing regular reports, study results and intelligence updates to managers. Managers need routine information BUT may also require non-routine special information for quick decisions. .
The Marketing Research Process.
The marketing research process has four steps : -.
Step 1 - Defining the Problem and Research Objectives.
Defining the Problem.
Marketing managers and researchers work together to clearly define the problem and agree the research objectives.
Company Description The Nike Company is a global brand that produces gear used by athletes in the different sport categories. This company has been successful majorly because of its venture into the international market. Analysing this company, we get to see that there is a very distinct difference...