Benefits of Having a Good Company Profile

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Welcome Towww.decisiondatabases.com
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Introduction toMarket Research
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Marketing Research Defined

• The systematic and objective process of
  generating information for aid in making
  marketing decisions.

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The Marketing Research Process

• Define the Problem
• Develop an Approach to the Problem
• Type of Study? Exploratory, Descriptive, Causal?
• Mgmt Research Questions, Hypotheses
• Formulate a Research Design
• Methodology
• Questionnaire Design
• Fieldwork
• Prepare Analyze the Data
• Prepare Present the Report

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Marketing Research Types
Basic research Applied research
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Basic Research

• Attempts to expand the limits of knowledge
• Not directly involved in the solution to a
  pragmatic problem

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Applied Research

• Conducted when a decision must be made about a
  specific real-life problem

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Using Marketing Research

• We can use Marketing Research to
• Identify Evaluate Opportunities
• Analyze Market Segments
• Select Target Markets
• Plan Implement Marketing Mixes
• Analyze Marketing Performance
• Performance Monitoring Research

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Determining When to Conduct Marketing Research
Time Constraints
Availability of Data
Nature of the Decision
Benefits vs. Costs
Is sufficient time available?
Information already on hand inadequate?
Is the decision of strategic or tactical
importance?
Does the information value exceed the research
cost?
Conduct Marketing Research
Yes
Yes
Yes
Yes
No
No
No
No
Do Not Conduct Marketing Research
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ALWAYS Remember

• Marketing Research is a tool.
• It assists marketing managers in their decision
  making.
• IT IS NOT A REPLACEMENT FOR MANAGERIAL JUDGEMENT!!

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Competitive Analysis
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Industry and Competitive Analysis

1. What are the boundaries of the industry?

2. What is the structure of the industry?
Questions involved
3. Which firms are our competitors?
4. What are the major determinants of
competition?
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Why a Definition of Industry Boundaries is
Important?

• Helps executives determine arena in which their
  firm competes
• Focuses attention on firms competitors
• Helps executives determine key factors for
  success
• Gives executives another basis on which to
  evaluate their firms goals

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Sources of Difficulty in DefiningIndustry
Boundaries
Evolution of industries over time creates new
opportunities and threats
Industry evolution creates industries within
industries
Industries are becoming global in scope
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Issues in Defining an Industry

• What part of the industry corresponds to our
  firms goals?
• What are the key ingredients of success in that
  part of the industry?
• Does our firm have the skills needed to compete
  in that part of the industry?
• Will the skills enable us to seize emerging
  opportunities and deal with future threats?
• Is our definition of the industry flexible enough
  to allow necessary adjustments to our business
  concept as the industry grows?

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Characteristics of Industry Structure

• Structural attributes Enduring characteristics
  giving an industry its distinctive character
• Variations among industries involves examining
• Concentration Extent to which industry sales
  are dominated by only a few firms
• Economies of Scale Savings firms within an
  industry achieve due to increased volume
• Product Differentiation Extent to which
  customers perceive products of firms in industry
  as different
• Barriers to Entry Obstacles a firm must
  overcome to enter an industry

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Variables in Identifying Competitors

• How do other firms define the scope of their
  market?
• The more similar the definitions of firms, the
  more likely the firms will view each other as
  competitors
• How similar are the benefits the customers derive
  from the products and services other firms offer?
• The more similar the benefits, the higher the
  level of substitutability between them
• How committed are other firms to the industry?
• To size up commitment of potential competitors to
  industry, reliable intelligence data are needed
  concerning potential resource commitments

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Common Mistakes in IdentifyingCompetitors

• Overemphasizing current and known competitors
  while ignoring potential entrants
• Overemphasizing large competitors while ignoring
  small ones
• Overlooking potential international competitors
• Assuming competitors will continue to behave in
  same way

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Forces Driving Industry Competition
New Entrants
Threat of new entrants
Bargaining power of suppliers
Bargaining power of buyers
Industry Competitors
Suppliers
Buyers
Rivalry Among Existing Firms
Threat of substitute products or services
Substitutes
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Conducting an Industry Analysis
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Seven Questions for Industry Analysis

• 1. What are the industry dominant economic
  traits?
• 2. What competitive forces are at work in the
  industry and how strong are they?
• 3. What are the forces of change in the industry
  and what impact will they have?
• 4. Which companies are in the strongest/weakest
  competitive position?
• 5. Whos likely to make what competitive moves
  next?
• 6. What key factors will determine success or
  failure?
• 7. How attractive is the industry in terms of its
  prospects for above average profitability?

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Q1. What are the industry dominant economic
traits?

• Market size (Small markets dont attract big
  fish)
• Scope of competitive rivalry
• Market/industry growth rate (life cycle)
• Fast growth breeds new entry slowdowns lead to
  increased competition.
• Number of rivals and their size
• Number of buyers and their size
• Level of backward and forward integration
• Technological change (rate and scope)
• Level of differentiation between firms products
• Opportunities for economies of scale
• Ease of entry and exit
• Capital requirements

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Q2. What competitive forces are at work in the
industry and how strong are they?

• Porters Five Forces. Forces influencing
  industry and competitive advantage
• Competitive Intensity (Rivalry Among Sellers)
• Barriers to Entry (Potential for New Entrants)
• Bargaining Power of Suppliers
• Bargaining Power of Customers
• Threat of Substitute Products

pg. 33 in Applegate
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Q3. What are the forces of change in the
industry and what impact will they have?

• The most dominant forces the cause the industry
  to change are called driving forces
• Task 1 - identify the driving forces
• Task 2 - assessing their impact on the industry
  (few are important, generally)

• Common Driving Forces
• Changes in long term industry growth rate
• Changes in who buy the products and for what
  reason
• Product innovation
• Technological change
• Marketing innovation
• Increasing globalization
• Regulatory changes
• Changing societal concerns, attitudes and
  lifestyles

Environmental scanning
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Q4. Which companies are in the strongest/weakest
competitive position?

• Using the strategic group mapping two
  dimensional representation according to the
  competitive characteristics of the competitors in
  the industry
• Axes should not be correlated
• Size of circles proportional to combined sales
• The closer the circles, the stronger the rivalry

Competitive characteristics
Product line/merchandise mix
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Q5. Whos likely to make what competitive moves
next?

• In order to outmaneuver your competition you have
  to evaluate the competitors future moves.

• Identify competitors strategies
• Evaluate who are the major players-- now
• Who will be the major players
• Evaluate what the major players are going to do

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Q6. What key factors will determine success or
failure?

• Key success factors (KSF) are crucial elements
  that lead to success.
• What are they now? What will they be?
• In beer production KSF can be brewing skills
• In retail apparel KSF can be low cost, superior
  service, superior design
• In your industry, KSF????

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Q7. How attractive is the industry in terms of
its prospects for above average profitability?

• Growth potential
• Driving forces
• Entry/exit
• Stability of demand
• Competitive forces
• Risk and uncertainty
• Competition and its impact on the industrys
  future

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Market Reports
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Effective Writing

• Clear, concise, direct
• Thoughts are complete
• Attention given to details such as grammar,
  spelling
• Flow of thoughts

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Quantitative Research Reporting

• Recall, the opening sections of the proposal
  should be the foundation of the section
  introduction
• Background
• Research Problem (w/ research concepts)
• Methodology Procedure
• Sample frame
• Research Instruments

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Reporting The Findings

• Frame a percentages and proportions in absolute
  numerical terms
• Sixty percent (n 18) of the sample either
  strongly agreed or agreed with the statement that
  the holiday season tends to cause a great deal of
  anxiety.

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The Use of Data In Reports

• Tables should support discussion points
• Third quarter performance peaked dramatically in
  the East relative to the West and North. Overall
  brand performance remained stagnant from region
  to region in the first, second, and fourth
  quarters.

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Discussion Interpretation

• Revisit the Research Problem Statement
• Organize discussion around concepts of interest,
  research concepts
• Dont just spout numbers tell the story behind
  the data
• Highlight, topline, and synthesize information

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The Conclusion Recommendations

• Make proactive recommendations for marketing the
  product based on the evidence uncovered in
  research
• Look for opportunities to appeal to the target
  market
• Are there benefits that should be addressed?
• Are there attributes that have unique appeal?

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Appendix References

• Cite Exhibit tables in a separate appendix
  section
• Each table labeled with a numerical identifier
• Columns are clearly labeled
• Reminder SPSS printouts should be not be bound
  with the report

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The Use of Data In Reports

• Bar charts are appropriate for category
  comparisons
• Pie charts visually represent portions of the
  whole

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Company Profile
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Business Information

• Business Name XYZ Corporation
• Business Address 153 ABC Street, Miami, USA
• Email Info_at_xyz.com
• Tel [phone]

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General Business Activities

• XYZ Corporation has been established as a Web
  development company in North America. Our
  traditional business model is based on the
  accomplishment of projects of web designing. The
  revenues of our company are expected to be nearly
  US50,000 per month. 

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Company Strategy

• Purpose
• Vision
• Mission statement
• Core values
• Goals

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Scope of Work

• XYZ Corporation conducts Web designing as well
  as web development. The company undertakes all
  duties for designing an eye catching website and
  conducts all the security checks for payment
  gateway integrations.

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Financial Considerations

• The company expects to reach the desired
  profits in the first year and does not anticipate
  serious cash flow problems. We have current
  borrowing from the Bank of America to be paid off
  in 2 years. Most of the companys liabilities
  come from management investment.

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Expected Activities of General Bank Account

• Initial Deposit of US1000 by Bank of Toronto
  Official check was made. Then wire funds of
  nearly US300,000 from securities account were
  made. To prove the origin of funds, account
  documentation will be provided. Required Banking
  Services include savings account, checking
  account, online banking, and secured credit card.

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