Market Process And Research Essentials Essay

Question:

Discuss about the Market Process and Research Essentials.

Answer:

Introduction: Background to Marketing

Marketing is a practice that dates back to the earlier 20th century even before the phase of industrial revolution wave that swept across the western nations of the world. Marketing as a process involves more than just one element. It is the systematic process of promoting goods and services for the potential buyers to access (Isoraite, 2009). Additionally, the process involves market research and mechanisms used for promotion, including advertising and other promotional activities. The ultimate goal of marketing is hitting the profit targets set by the organizations in their business activities (UnLtd n.d.). It is widely understood that firms that employ a comprehensive marketing strategy, with huge budgets set for promotional endeavors have a perfect track record of posting high profits from their business ventures.

In the modern day marketing, organizations are increasingly utilizing the marketing concept. It is a concept that proposes that for any organization or a firm to fulfill their objectives, then they should anticipate customers’ needs and wants and satisfy them more efficiently than the competitors (Ray & Ross, 2008), and there is a direct link between marketing and the marketing concept. The early 1960s saw Prof. Neil Borden of Harvard Business School suggest that all the company efforts to convince consumers to buy goods and services represented “marketing mix”, and this was further elaborated by Professor Jerome McCarthy of the Michigan State University that the marketing mix contains four elements: Product, Place, Price and Promotion (Ehmke, Fulton & Lusk n.d.). Marketing is operations are undertaken under environmental factors, and these include Micro environment of the external factors within the control of the organization such as suppliers (Procurement Leaders, 2013) and competitors; to Macro environment which consists of external factors beyond the control of the business such as the political and economic states of a country within which the business is set (Sammut-Bonnici, 2015).

Research Problem

The increased organizational competition is becoming a headache for the management of most business organizations a situation that results in scramble for market space and market share. The availability of the market does not guarantee success for the firm’s products, which means; only the clearly defined strategic marketing plan and positioning of the product within the market will earn you reputation that will generate sales for your products (Istrat, Jovicic, Arsovski, & Badjok, 2016). Most companies have had to shut down as a result of employing poor marketing strategies that eventually leads to low customer approval. Producing high quality products is one of greatest aspects of the successful organization, and having all the required resources is an added advantage; but having a poorly targeted marketing plan nullifies all the other great efforts undertaken by the company. Companies flourish with perfectly designed marketing plans and strategies; therefore this research will seek to elaborate the roles marketing plays for the success of biggest business enterprises, and the consequent impacts it has in the business sector.

The Objectives of the Research

This research seeks to debunk the marketing process as employed in various organizational set ups and eventual aftermath of its effects on the business as well as the marketing contexts in which these businesses are established. Therefore, with all comprehensiveness, this study seeks to:

  1. Identify what marketing techniques are undertaken by the large business enterprises.
  2. Establish when and where the marketing techniques are used by the organizations, and
  3. Elaborate how the marketing processes undertaken by the firm affects overall business performance and the market share.

Study Design

This study would be undertaken within three big Australian cities, Melbourne, Canberra and Sydney, targeting 7 managers of different large business enterprises in each city, which makes a total of 21 managers from 21 large-scale business enterprises across the three cities. This would involve one on one interview sessions and questionnaire survey to link up the analysis of the market. The selection of the three cities gives the study the much needed dimension and comparison of the marketing processes, and the common impacts they have within the business sector. This is because the cities’ varying characteristics would still bring out common characteristics of the marketing process, and create credible grounds of the validity of this study.

Areas of Questioning

Given the elaborate nature of the study and the extensiveness of the marketing processes this study seeks to achieve in bringing out the role of marketing in the business sector; this study would consider the study objectives in devising the questionnaire on the basis of the following questioning areas:

  1. The identification of the marketing techniques that organizations utilize in promoting their business, the marketing plan, marketing mix , market segmentation, targeting and positioning and any other important marketing techniques available.
  2. Secondly, the questionnaire would seek to establish the circumstances within which the marketing processes and techniques would be employed by the business enterprises, external and internal environmental factors among others.
  3. Finally, the subsequent impact the marketing processes and techniques would have on the performance of the business, the increased sales and increased revenue generation.

Research Methodology

This research would take different research methodologies into account. Firstly, the study population would comprise of the top managers of seven companies from each city, that is, Canberra, Melbourne and Sydney. The data collection methods would involve use of interviews, whereby there would be one on one interview sessions with each of the selected managers of the top companies. Then secondly, there would be administering of the questionnaire which would be a back up for the interviews to confirm the similarities of information regarding the marketing context within which these companies operate.

Furthermore, personal observation would also be one of the data collecting methods in this process, whereby important information about organizational processes that relate to marketing can easily be recognized by use of eyes, e.g. the company’s marketing objectives outlined in the brochures, their core values and the general operations which defines the organizational culture and marketing goals.

Cost: - The cost of this research proposal is estimated at $5 million, which will cater for the transportation of the personnel who will facilitate the administering and collection of the questionnaires, professional data analysts, and payment of all legal fees to the authorities before undertaking the process. Furthermore, all documentations and stationery, a computer machine, a printer and radio recorders would all be procured for the purposes of this research.

Timing: - Time factor is a significant matter for planning. Therefore, the whole research process would take a period of six months. This would involve 3 months of data collection that is, booking of the appointments with the managers in advance and sticking to the schedule. Each of the three cities would have a target of one month time duration for data collection process. Then one month for the sampling of the collected data, the fifth month would be about the professional analysis of the data by the hired qualified data professionals and finally, the sixth month compiling of the final research report and presenting the results of the findings.

Data Analysis

The data analysis would be based on the collected data in the questionnaires and interview sessions. The analysis would be based on the findings and the comparisons of the marketing trends between the three cities, varying factors, constant and variables of different marketing environments based on the findings (WSP n.d.). The common factor among all the seven business enterprises in each of the mentioned cities is that they both carry out marketing programmes and they all have marketing plans and strategies in their business plans (Frolova, 2014). The analysis would also determine the extent of promotion activities in the business performance of the current market (Cuellar-Healey, 2013).

Specifications

The cost estimates of this study are based on the following assumptions:

  1. Number of completed interviews: 18
  2. Average length of the interview: 30 minutes
  3. Average completion rate: 75%
  4. There would be open-minded questions
  5. Sampling techniques: Systematic random sampling
  6. There would be factor analysis, 3 perceptual maps with gap analysis.
  7. Report

Services

  1. Developing questionnaire in conjunction with managers of the top organizations within Melbourne, Sydney and Canberra.
  2. Generating the sample within the target area,
  3. Program the survey
  4. Oversee the administering of questionnaire and the whole process
  5. Prepare for the one on one interview sessions
  6. Processing of data, and compilation of the statistical tables
  7. Analyzing data, and preparing the report.

Proposed Outcomes

The study would generate a considerable amount of proposed outcomes and targets it aims at achieving. Some of the vital outcomes from the study would include:

  1. The establishment of major marketing techniques that the major organizations employ in their marketing strategy. They would include: The marketing mix, marketing concept, positioning, targeting and advertising among others.
  2. The outcomes of the exact time and place the organizations make use of the marketing techniques in their marketing strategy. This would be for example television ads during prime news hours.
  3. Then lastly, the outcomes on the ways the organization utilizes the marketing techniques. This may include the medium used such as social media marketing, electronic media and promotions, and their use

Conclusion

The complexity of marketing warrants deep analysis and understanding of the marketing concepts the marketing plan and the marketing techniques. The success of any organization depends on how successfully they devise a successful marketing strategy that would in the end generate higher sales for the organization. To productively understand what marketing plan suites your business a very detailed analysis and research of all the facilitating factors are required. Therefore, this proposal would present all the possible outcomes of a marketing process that most organizations can make use of in their establishment of big business ventures.

References

Cuellar-Healey, S 2013, 'Marketing Module 8: Promotion ', Marketing Modules Series.

Ehmke, C, Fulton, J & Lusk, J, 'Marketing’s Four P’s: First Steps for New Entrepreneurs', Purdue Extension.

Frolova, S 2014, 'The Role of Advertising In Promoting A Product', Thesis CENTRIA UNIVERSITY OF APPLIED SCIENCES Degree Programme in Industrial Management.

Isoraite, M 2009, 'Theoritical Aspetcs of Marketing Strategy', Ekonomika ir vadyba: aktualijos ir perspektyvos, pp. 114-125.

Istrat, Jovicic, Arsovski & Badjok 2016, 'Economic Factors Affecting Business Decision Making', International Conference on Applied Internet and Information Technologies.

Procurement Leaders 2013, 'Strategy Guide: Supplier Relationship Management'.

Ray, P & Ross, M 2008, 'Competitor Analysis ', Gateway Series Sries No 21.

Sammut-Bonnici, T 2015, Macroenvironment, Wiley Encyclopedia of Management.

UnLtd, 'Developing Your Marketing Strategy And Marketing Plan', Theme 6: Marketing, pp. 127-134.

WSP, 'Marketing Mix: Place', Introductory Guide to Sanitation Marketing.

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