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Marketing Management Essay Example

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Marketing Management

Data from academic institutions could also be chosen as a data source, particularly business schools, which publish research results from market research, as well as incorporating such research in other studies (Belk et al, 2013: p46). Finally, data from 3rd-party sources could be considered but at a fee.The third key step undertaken by the local distributor should be conducting their research. To begin with, use should be made of available data in order to determine the demand/supply situation for smart window films like Sonte Film. Using economic data from industry, academic, and government sources, the distributor can identify absence or presence of consumer needs for the Sonte Film (Aaker, 2013: p34). Generally, this will help in identifying markets with existing clientele for the product with both the means and desire to patronize the smart window shade business. For example, investigations market wealth using local government data sources could provide information on disposable income in various affluent neighbourhoods. Such information would enable the distributor to identify areas where people have large windows, compared to other areas where there are small windows that do not require the Sonte Film. Surveys can also be performed to identify attitudes of potential customers in areas with potential for sales of the Sonte Film. For instance, a survey could seek to ask potential customers about various aspects of other related business, such as recommended pricing and customer service (Aaker, 2013: p35).Finally, the key fourth step will be analyzing the results by answering initial questions that acted as the bases of the market research, such as whether to pursue distribution of the Sonte Film or how to price it. Typically, this will involve identifying predicted needs from the collected data to understand courses of action that will provide better outcomes for the proposed Sonte Film distribution business (Aaker, 2013: p35). For instance, data will tell the distributor whether the Sonte Film should be offered primarily as a window shade or as a convertible projection screen, after which the idea can be modified to fit the preferences identified from the data. A SWOT analysis would also be useful at this stage to assess the overall health of the business idea to distribute Sonte Film (Aaker, 2013: p36). For

References

Aaker, D. A. (2013). Marketing research. Hoboken, NJ: John Wiley & Sons.

Belk, R. W., Fischer, E., & Kozinets, R. V. (2013). Qualitative consumer & marketing research. London: SAGE.

Cahill, D. J. (2012). Lifestyle Market Segmentation. Hoboken: Routledge, Taylor and Francis.

McDonald, M., & Dunbar, I. (2012). Market segmentation: How to do it and how to profit from it. Chichester: John Wiley & Sons.

SONTE. (2014). SONTE: iPhone/iPad Android DIY WiFi Digital Shades. Retrieved October 4, 2014, from Kickstarter: https://www.kickstarter.com/projects/843725167/sonte-iphone-ipad-android-diy-wifi-digital-shades

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preview essay on Marketing Management
  • Pages: 4 (1000 words)
  • Document Type: Essay
  • Subject: Marketing
  • Level: Undergraduate
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