Marketing Intelligence

Assessing Market Opportunities

Assessing opportunities is basic to strategic planning In todays competitive world, making right strategic decisions is very important To make a right decision, it is important to know Customers customer/market potential/segments Competitors Internal forces External forces

It is therefore very important for the companies to gather these informations, analyse and then take necessary actions. Today you have so many ready to use tools as also can have customs made programmes for proper analysis The role of Marketing Research has become very important for taking strategic decisions

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Marketing Research
Design and collection of data Analysis of data and finding relevance to specific marketing situations The research is used for; Assessing market and sales potential Forecasting Surveys for getting informations on; Feedback on companys product as also at the time of introducing new products Attitudes and buying practices of the customers

The above data can be used for planning and controlling marketing efforts

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Difference between Institutional/Industrial and Consumer Marketing Research

Though the basic objectives of research are same but in the case of industrial products; As compared to consumer products, it is more technically oriented since the customers may be more knowledgeable and educated Since the demand is mainly derived, the secondary data plays a very important role Normally personal interviews are done since the number of buyers are small and the respondent may not have time to reply to questionnaire Since the buyers may be concentrated at some locations it is easy to make personal visits to get direct and first hand informations It is easy to get consultants for such surveys than consumer products and is more dependent and cheaper

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Marketing research
MR is a process for gathering reliable marketing informations for proper planning and control It provides available Opportunities and Threats and then how the companies react or act so as to be more effective

Process of MR; 1. Define a problem 2. Set objectives -

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Information Sources Secondary data sources

External published sources like; Newspapers Magazines Trade journals Web-sites Balance sheets and other press reports of the competitors and other related companies Government published data by ministries and planning commission

Agencies involved in research Consultancy & advisory bodies and agencies

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Primary data sources

Unstructured surveys Structured surveys Individual surveys (including competitors employees and customers) Customer surveys (including distributors and dealers) Experts survey Suppliers survey Salesmen reports