2a) Explain the significance of marketing research for a FMCG company marketing hair care products for working women.
Owning a successful business is a difficult dream to realize for most business entrepreneurs. One needs to acquire talent and master numerous disciplines in order to make a profitable and reputable business. There are quite a few people who have a natural flair for commerce, but most of us seek a way to simply learn how to become proficient in business. The first thing to consider is the many sub-streams in business, such as marketing, sales, people management, planning, financial management, customer and client relationship management. The list is endless and furthermore, as a business owner, there is an expectation to deliver outstanding and qualitative services and products at competitive prices.
Failure in any of the above activities can result in the downfall of a business. However, the good news is that not all of the above skills need to be learned from scratch. Many of these attributes can be mastered from our past experiences or from our professional lives. Some are also learned from our educational careers, and many even come to us naturally. For example, maintaining good and fruitful relationships is the prime objective in business. Many people through their own personal relationship experiences acquire this skill naturally. No business is a "born" success; every businessperson makes it with hard work and expertise.
Before you can kick-start your business, you need to know the market. Very often a novice businessperson may be inclined to jump into a market with no competition. There is no business without competition. You need to understand that a market lacking any competition is probably not a good prospective market. It is not at all suggested to start things from scratch. Presumably, if you are targeting a non-competitive market, then you are saddled with the time-consuming task of identifying your customers, positioning your product and marketing it convincingly since the need has not previously been identified.
Your customers are the lifeline of your business, and you need to cater to their needs according to their requirements. It is always wise to study the market first, and identify the existing need of your prospective customers. A worthwhile and extensive study may often bring your attention to a need or want that exists but has not yet been identified -- and hence needs to be satisfied. Once you have recognized the need, the next step is to reach out to your customers. Ask for their input and design a product accordingly.
Marketing and selling a product to a well-identified group according to their prerequisites may prove to be a cakewalk. When we know who our potential target is, then it becomes much easier to sell them products or services. Knowing your customer group also helps in deciding on pricing and an effective marketing strategy. This in turn makes the said product or service more affordable and accessible for the future buyer. How do we satisfy the need without knowing what is needed? Clearly understanding your potential customer is the utmost important part of market research. The ultimate goal of the businessman in all of the above scenarios is to sell and make profits.
b) Taking the example of any 100 c.c motorcycle of your choice, discuss the various stages involved in the buyer decision process.
Consumer Decision Process
The decision-making process consists of a series of steps which the consumer undergoes. First of all, the decision is made to solve a problem of any kind. This may be the problem of creating a cool atmosphere in your home. For this, information search is carried out, to find how the cool atmosphere can be provided, e.g. by an air-conditioner or, by a water-cooler. This leads to the evaluation of alternatives and a cost benefit-analysis is made to decide which product and brand image will be suitable, and can take care of the problem suitably and adequately. Thereafter the purchase is made and the product is used by the consumer. The constant use of the product leads to the satisfaction or dissatisfaction of the consumer, which leads to repeat purchases, or to the rejection of the product. The marketing strategy is successful if consumers can see a need which a company’s product can solve and, offers the best solution to the problem. For a successful strategy, the marketer must lay emphasis on the product/brand image in the consumer’s mind. Position the product according to the customers likes and dislikes. The brand which matches the desired image of a target market sells well. Sales are important and sales are likely to occur if the initial consumer analysis was correct and matches the consumer decision process. Satisfaction of the consumer, after the sales have been effected, is important for repeat purchase. It is more profitable to retain existing customers, rather than looking for new ones. The figure below gives an idea of the above discussion.
No comments:
Post a Comment