In the recent last two years the company has faced static sales while the sales
ID: 378029 • Letter: I
Question
In the recent last two years the company has faced static sales while the sales of other firms have been rising and it would like to identify the factors causing this. As a first point of obtaining feedback the firm decides to conduct a sample survey of its more than 2700 dealers to obtain feedback from them-after all, dealers do get customer reactions and also stock the products of competing brands. ABC has three types of dealers: specialty stores, supermarket chains and ‘mom and pop’ outlets.
Question 3. If you were to consider the ‘sequence’ of the marketing research process what is the first “stage” of the process.
Question 4. Write in detail what the “design of study” stage of marketing research may involve in the specific context of the information provided in 2 above.
Explanation / Answer
Question 3: I will start with Data collect and analysis. It is given that the sales reps interact with the dealers so we need to make use of the data collected by them. We need to what percentage of people are in favour of our current product or service. Second, we need to know if they have some advice for the company to improve the current service offerings. Based on this analysis we can create the strategy including the suitable steps to reach the final objective.
Question 4: Design of Study stage consists of following elements to study:
The frequency of product or service used by the customer
What is the pricing strategy and whether its affordable to all?
What is our brand image of the company in the market?
Studying these factors is very important to know where we stand in the market. To study these factors we need to come up with a study plan which involved various methods like Customer Analysis, Competitor Analysis, SWOT Analysis, Market Assessment, Sales Data Analysis, Marketing Data Analysis, Social Media Interactions, and Internal Process Analysis. We need to choose some of these methods for each type of dealer based on the requirement.
These are important to create a strategy to acquire the market share and improve the sales. We need to know how the market is treating us and how we can improve the service offerings. The intention should be to become more customer-centric and gain the trust of customers.