Types of Market Research to Undertake - Essay Example

Types of Market Research to Undertake Soccer Ball Football Ice Mold market is characterized by some unique needs that require research, in order to come up with appropriate marketing planning. There are three market environmental levels that must be understood for research to be carried out without many ambiguities. Internal environment’s factors to be used in research question formulation include; human resource availability and its specifications finance and capital availability, machinery required and availability as well as time available. The micro-environment’s factors involved include the consumers, suppliers and stakeholders. The macro-environment involves interactions with technological, socio-cultural, political and economic factors that emanate from without the company’s setting. For instance, since the market for ice ball moulds faces competition from other companies, the following types of research are suggested to be carried out (Loudon et al, 2006, p8). Research will be carried out to determine the level of market penetration by the company and the likelihood of reaching the most remote prospective customer. By facilitating research for market penetration by the company and its competitors, the company will be ensuring that the current market share is maintained and stretched if possible. Research recommendations would give such policies as competitive pricing as well as an aggressive sales promotion for the Soccer Ball Football Ice Mold. The company will ensure that the market dominance is secured by meeting customers’ demand and preferences. Increase in customer orders will be targeted for research to come with solutions some of which could include loyalty scheme introduction. The existing logistics and distribution networks can be assessed to provide alternative distribution techniques to enhance market development. Product development will be analyzed to determine if the name Soccer Ball Football Ice Mold is enough competitive as a brand name. Market diversification is also another channel to unravel market potential strategies. Soccer Ball Football Ice Mold could be introduced in countries where it has not been sold before to ensure enhanced potential. Specific requirements for each of the above will highlight the necessary requirements for market research regarding potential maximization (Cook, 2008, p29). Market Segmentation Demographic variables dictating preference of Soccer Ball Football Ice Mold among certain income earners will be assessed. The cost of the gadget is comfortably within the reach of middle income earners, who constitute the majority of the general population covered by the company. Age factors will reveal that the Soccer Ball Football Ice Mold will have a specific clientele bas in adults within the bracket of the age of the majority. Gender as a variable within demographics will reveal that males are a better market for Soccer Ball Football Ice Mold that females, largely due to social factors in the usage of the ice balls in the beverage industry (Alexander and Hill, 2006, p201). Geographic variables for the preference of the Soccer Ball Football Ice Mold will be assessed for the segmentation process to reveal market strongholds as well as weak areas. Rural areas will definitely have a lower preference for the Soccer Ball Football Ice Mold, positioning the urban areas as the best locations for prospective market. The climatic conditions of an area would necessitate the usage of the gadget in some areas while not in others. The size of the authorized geographical coverage could determine the marketing needs, where for instance extensive coverage would require more expenditure than a small coverage. Customers in hotter regions of the country are likely to develop a heavy usage pattern for Soccer Ball Football Ice Mold while another group in cooler areas will have considerably lower levels of usage(Cook, 2008, p38).. Psychographic variables determining the nature of the market for Soccer Ball Football Ice Mold will include personal traits on the part of the customers. Attitudes as well as personal values contribute to observed preference and marketing could perform better if such issues were taken care of. Lifestyles adopted by individual customers as well as their personalities contribute to certain preference traits. The best consumer profile for Soccer Ball Football Ice Mold optimum market would constitute of: middle to high income earners, adults and males, large geographic areas, urban and hot climatic areas, loyal customers as well as civilized communities. Influence of Consumer Behaviour Consumption behaviour by the customers for the ice cubes, perhaps their cold beverages preference, could determine their willingness to buy or search for the Soccer Ball Football Ice Mold. It is more likely that a customer, who likes to consume cold drinks or serves cold drinks to other clients, would be better to procure one Soccer Ball Football Ice Mold than those who prefer warm drinks. Alcoholic consumption could also be a factor of family values as well as religion (Loudon et al, 2006, p146). Soccer fans would be a better market for Soccer Ball Football Ice Mold than cricket fans. Regions of the world where soccer is the most popular game could have better markets than where any other game is the most popular game. For instance, maybe Soccer Ball Football Ice Mold could have a better market in Brazil and in the UK than it could have in India and Pakistan. These two sets of countries have different fan behaviour occasioned by the game preference. Buying status that a customer falls in influence the marketing decisions taken for a particular market segment. Soccer Ball Football Ice Mold customers can only be within the spending bracket that can afford US $ 120 for such a commodity. The customer buying status could classify the commodity as a necessity or a luxury, depending on the acquired spending behaviour largely dictated by lifestyle and income. Buying role exercised by the customer could affect the decision made for marketing. The customer could be procuring the commodity for business purposes or for home use purposes. Due to business demands, the customer procuring Soccer Ball Football Ice Mold for business purposes will be compelled by the clients to avail one or more of such commodities. For home usage, the demand would not be very compelling. Customer loyalty for certain brands of commodity such as ice moulds could influence the decision for marketing Soccer Ball Football Ice Mold. Loyal customers will avail a constant market for the company for a long time. On the other hand, unreliable customers would be unpredictable on their preference. Positioning Strategy Soccer Ball Football Ice Mold positioning will attempt to not only cater fro the product’s image in the market but also the company’s image to all the stakeholders. The company will aim at creation of a differential market advantage over all other ice mould producers. Soccer Ball Football Ice Mold company will create a unique position in the market after marketing strategies tackle its positioning (Loudon et al, 2006, p262). The company will have to define two principles of positioning, namely; what achievement the company targets at the end of positioning and what perception the consumers will have at the end of the exercise. In ensuring that these conditions are met, the Soccer Ball Football Ice Mold Company will facilitate the realization of the main positions of the company throughout the marketing strategy (Trout, 1969, p51). Firstly, functional positions will be facilitated by promoting solving product related problems and increase customer perception of benefiting from the product. The customers’ response must be sought, in favour of the company. Soccer Ball Football Ice Mold produced will have to be of exceptional quality at all times and customer sentiments expedited as a matter of urgency. Customer care at Soccer Ball Football Ice Mold will have to be the best in tackling customers’ grievances, if any. Secondly, symbolic positions will be enhanced by promotion of the company’s image in the entire market coverage (Trout and Rivkin, 1996, p102). The company will create extra platforms engaging the customers to build on identity. Thirdly, experiential positions will aim at arousing sensory and cognitive stimulation for the product at any moment. The customers’ perception will be enhanced to favour pleasant response when purchase decisions will be made. Throughout the process, clarity, consistency, credibility and competitiveness will be ensured and nurtured. Positioning idea designed will have to be free fro ambiguity, consistent, credible among the clients as well as ensure competitive edge at all instances. The company’s position must be sustained throughout the marketing process to maintain focus. References Alexander, J., & Hill, Nigel, (2006) The handbook of customer satisfaction and loyalty measurement. Hampshire, England: Gower Publishing Cook, Sarah, (2008) Customer care excellence: how to create as effective customer focus. London, UK: Kogan Page Publishers Loudon David, Loudon David L., Robert E. Stevens & Wrenn Bruce, (2006). Marketing research: text and cases. Binghamton, NY: Best Business Books Ries, A. & Trout, J. (1981) Positioning, The battle for your mind. New York, NY: Warner Books - McGraw-Hill Inc. Trout, J. & Rivkin, S. (1996) The new positioning: the latest on the world’s #1 business strategy. New York, NY: McGraw Hill Inc. Trout, J., (1969) "Positioning" is a Game People Play in Today’s me-too Market Place", Industrial Marketing, Vol.54, No.6, pp. 51–55. Read More