Contemporary Marketing

Business

Quiz 8 :
Global Marketing

bookmark
Unbookmark

Quiz 8 :
Global Marketing

History of marketing research: The concept of marketing research started with NWA, and later significant development was made by CCP. CCP, an ad salesman, started as a marketing researcher by counting the total number of soup cans dumped at the garbage in order to identify the potential target market for C soup company. Development of market research: The advancement in technology has changed the nature of marketing research. The marketing research function majorly depends on the structure of the company. Some firms organize research units to gather information on different geographic areas, brands or product lines. Few other organizations organize their research function according to the types of research they require such as new-product development, sales analysis, sales forecasting or advertising analysis. Current status of market research: In recent times, several companies specializing in marketing research have been setup. These companies undertake marketing research functions for the companies that require it, thereby helping the companies to cut cost and manage its resources effectively.

Inception of O food company: O runs a food company, supplying meat snacks and sausage products to supermarkets and mass merchandisers. The company has seen double digit growth rate from the start; thus, this enables an accurate forecasting for the company. In order to fulfill this, the company hired a software from FP company. The program helps the company to determine the sales forecast which is later fed to the (ERP) Enterprise Resource Planning system that drives procurement, planning and execution of the company. Importance of computer-based forecasting program that could accept human input and overrides are given below: The computer-based forecasting software is very critical for the company, since it helps the firm to maintain a track over the changes and variations in the demand for the product throughout the year. This would assist the company to have a clear idea on the cycle of demand for the product in the market. The acceptance of human input is a necessary customization in the software, since it would help in meeting the demand that keeps fluctuating based on the trend, season or the preference of the customers. The computer software will only forecast the demand based on a set of rules or programs fed into it. It will not consider the external factors such as change in weather, improvement in technology used by rivals, and other factors that influence the demand in the market. These factors causes much variation in the demand. Hence, acceptance of human input in computer-based forecasting program will help the firms to feed inputs manually considering all such external factors. This will reduce the risk of over or under production caused due to automatic forecasting data generated by the software, thereby helping the company to meet the desired market demand in a cost effective way.

The following is the primary and secondary marketing information that would be obtained from the below mentioned categories: a. Household cleaner: Primary information: Personal research Secondary information : Friends, relatives and third party b. Moist packaged cat food: Primary information: Survey and focus group Secondary information : Online data source, newspaper, and magazine c. Spray starch: Primary information: Survey, focus group, experiments, and observations Secondary information : Peer reviewed journal, newspaper, and magazine d. Electrical appliances: Primary information : Experiments, survey, and focus groups Secondary information : Blog posting, newspaper, and magazine