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Internet And Market Research - Essay Example

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The global spread of Internet has positively impacted market research. Due to the internet the world has become a global village and the target audience has increased.Therefore time taken in conducting market research by traditional methods has got reduced drastically…
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Week 2 Discussion Questions The global spread of Internet has positively impacted market research. Due to the internet the world has become a global village and the target audience has increased. Therefore time taken in conducting market research by traditional methods has got reduced drastically. Within a low span of time the researchers are able to reach to the masses, which is impossible otherwise. Internet has reduced the market research cost too. Day by day increase in the manpower cost is impacting the profits in every organization. Since, through internet feet on streets are not required, with a minimal manpower (technical backend staff only) market research can be conducted. In tele research the audience never revealed their identity but with net based survey they reveal their address as they expect gift or incentives in return. The audiences' open attitude helps in creating database for future surveys and market research too. The audiences are more open in the internet-based research because they feel that their lifestyle is technically upgraded by net-based activities. So they show genuine interest in filling up survey questions through internet. Since their interest is genuine and they decide on filling up the form on their own, unlike the coaxing done through face to face surveys or tele surveys the information provided by them is more valid as they are not obliging anyone or trying to get rid of anyone. As they are either paid or given some lucrative reward their approach towards this method is not callous. My company indulges in market research by taking help from specialized outside agencies dealing in internet based market research. This is why the research is effective because taking help of agencies whose main area of work is to conduct research on behalf of others can access more valid and accurate information. These agencies know exactly whom and where to get data from. If my company would have conducted market research on its own then I think the result might not have been so effective.
My company gathers competitive intelligence by collecting information about what new products the competitors are launching in the market and also the products that are being innovatively designed to capture increased market share. Apart from this it also gathers information about what marketing strategy and sales tools are being adopted by organizations in similar product lines, which ad agency was deployed for a successful product of the competitor and information on consumer response towards competitor's product. My company does not gather information by using any unethical way. If it starts either buying market research data from the market research organization deployed by the competitor, deploys agencies to collect laboratory research papers of the competitor or bribe the competitor's key employees to gather confidential information then it would be unethical in my view. According to Rue and Byars (1992, p. 538) "The range of illicit acts that may be performed are almost infinite." But I am happy that my company does not indulge in any illicit acts.
In order to identify newly emerging competitors in time to plan and execute an effective marketing strategy in response I suggest that regular interaction with the sales outlets where products of new competitors have been placed would help. The competitive product's sales figures and consumer response to those products, study of the pricing and quality, judging which segment of market the new competitor is targeting will also prove to be very helpful. It is also advisable to get the market feedback for the competitor's product and if the feedback seems threatening to the market share of the company in question, then product redesigning, introduction or revision of sales incentive to the distribution channel and sales promotion initiatives like free gifts with product or extra quantity at same price, new packaging etc. would be good strategies to remove the threats imposed by new competitors.

'References'
Rue, L.W., Byars, L.L. (1992). Management Skills And Applications. (6th ed.) USA:
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