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What is SONIS SARL Market Research?
Undertake market research covering customer needs and wants, state of the industry in general and customer's reaction to your proposed product or service. Market research is a systematic, objective collection and analysis of data about your target market, competition, and/or environment with the goal being increased understanding. Through the market research process, you can take and create useful information to guide your business decisions. Market research is not an activity conducted only once; it is an ongoing study.
SONIS SARL PRIMARY RESEARCH is undertaken inside the foreign country through personal interviews, surveys, and other methods of direct contact with potential customers and representatives. A major advantage of primary research is that questions can be tailored to meet the specific needs of the seller. For that reason, it is often used by suppliers who intend to sell their products directly to local customers without using export sales representatives. However, collecting, compiling and interpreting the data requires a considerable amount of time and money. It can be too costly and time-consuming for smaller companies.
SONIS SARL SECONDARY RESEARCH involves collecting market information indirectly from outside sources, i.e., government reports, published trade statistics, academic studies, and private surveys. There is always a risk involved in secondary market research, i.e., collection methods may be flawed, the data may be incomplete, analysis procedures may be incorrect, or dates on the reports may be recent but the information itself is obsolete. Because it is less costly and quicker than primary market research, it is often used by smaller companies, especially those who plan to sell their products through export sales representatives within the foreign market.
SONIS SARL Benefits of Market Research
SONIS SARL Information gained through marketing research isn't just "nice to know." It's solid information that can guide your most important strategic business decisions. Market research is effective when the findings or conclusions you reach have a value that exceeds the cost of the research itself.
SONIS SARL Market research guides your communication with current and potential customers.
Once you have good research, you should be able to formulate more effective and targeted marketing campaigns that speak directly to the people you're trying to reach in a way that interests them.
SONIS SARL Market research helps you identify opportunities in the marketplace.
The opportunity for success increases if the location is in a highly populated area with residents who match your target market characteristics. The same might be true of a service you plan to offer in a specific geographic area or even globally, via the Internet.
SONIS SARL Market research minimizes the risk of doing business. Instead of identifying opportunities, the results of some market research may indicate that you should not pursue a planned course of action. For example, marketing information may indicate that a marketplace is saturated with the type of service you plan to offer. This may cause you to alter your product offering or choose another location.
SONIS SARL Market research creates benchmarks and helps you track your progress. It's important to know, for later comparisons, the position of your business at particular moments in time. Ongoing market research allows you to make comparisons against your benchmark measurements as well as chart your progress between research intervals (such as successive annual surveys).
Market research helps you evaluate your success.
What Market Research Can Tell You !
SONIS SARL Market segmentation studies provide information about the characteristics shared by your customers. This data provides answers to questions such as: Who are my customers? What is the size of their population? What percentage is female? What are their ages, races, income and education levels? What are their occupations, skills, interests and hobbies? How many children do they have? Do they have pets? Where do they live and work?
SONIS SARL Purchasing power and buying habits information uncovers the financial strength and economic attributes shared by your target market. Some questions to be answered include: What is the average dollar amount spent on purchases or products or services similar to mine? What are the financing needs of my target market? What is their current usage of my services? When do they purchase? Where do they shop? Why do they decide to buy? How often do they buy? How much do they buy at a time? Do they own or rent their homes? What types of cars do they drive? How often do they eat out? How do they typically spend their disposable income? What methods of payment do they use? How strong is their credit?
SONIS SARL Psychological aspects of the market is information regarding the perceived opinions and values held and shared by consumers in your market. Questions to be answered: What is the reaction of the market to my programs or services? How does the market compare my company to other businesses? What qualities and characteristics do my customers deem important? Who makes the decisions to buy in the family or company? What are the deciding factors in making a purchase? Do they only want the best for their family? Are they looking for convenience and time-saving devices? Are they concerned with how they're perceived by others? What are their unmet needs? Do they demand intensive customer service? Are they only concerned with the lowest price? What media (magazines, radio, TV, newspapers, Internet providers, etc.) are they exposed to? What confuses my customers and prospects?
SONIS SARL Marketplace competition is information about the other companies within your area of business. Research answers these questions: Who are my primary competitors in the market? How do they compete with me? In what ways do they not compete with me? What are their strengths and weaknesses? Are there profitable opportunities based upon their weaknesses? What is their market niche? What makes my business unique from the others? How do my competitors position themselves? How do they communicate their services to the market? Who are their customers? How are they perceived by the market? Who are the industry leaders? What is their sales volume? Where are they located? Are they profitable?
SONIS SARL Environmental factors information uncovers, economical and political circumstances that can influence your productivity and operations. Questions to be answered include: What are the current and future population trends? What are the current and future socio-economic trends? What effects do economic and political policies have on the your target market or my industry? What are the growth expectations for my market? What outside factors influence the industry's performance? What are the trends for this market and for the economy? Is the industry growing, at a plateau, or declining?
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SONIS SARL Definition:
In plain and simple terms, marketing activities and strategies result in making products available that satisfy customers while making profits for the companies that offer those products. That's it in a nutshell!
SONIS SARL Marketing produces a "win-win" because:
Customers have a product that meets their needs, and
Healthy profits are achieved for the company. (These profits allow the company to continue to do business in order to meet the needs of future customers.)
SONIS SARL Stated another way: A focus on what the customer wants is essential to successful marketing efforts. This customer-orientation must also be balanced with the company's objective of maintaining a profitable volume of sales in order for the company to continue to do business. SONIS SARL Marketing is a creative, ever-changing orchestration of all the activities needed to accomplish both of these objectives.
You see in the above definition that the process of marketing begins with discovering what product customers want to buy. Providing the features and quality customers want is a critical first step in marketing. You'll be facing an uphill battle if you provide something you want to produce and then try to convince someone to buy it.
The SONIS SARL marketing process then continues with setting a price letting potential customers know about your product and making it available to them.
What Activities Are Included In SONIS SARL Marketing?
SONIS SARL Marketing activities are numerous and varied because they basically include everything needed to get a product off the drawing board and into the hands of the customer. The broad field of marketing includes activities such as designing the product so it will be desirable to customers (using tools such as marketing research and pricing; promoting the product so people will know about it (using tools such as public relations, advertising, public relations, advertising, marketing communications and exchanging it with the customer (through sales and distribution) .
It is important to note that the field of SONIS SARL marketing includes sales, but it also includes many functions besides sales.
How Does SONIS SARL Marketing Fit into the Company?
Another way to describe marketing activities is to consider the big picture of how they fit in with the other business functions.
Through SONIS SARL marketing efforts, decisions are made and strategies are implemented concerning:
what products (goods, services or ideas) are to be offered
to whom (the target market), and how (how to inform potential customers of the offering, how to make the transaction, etc.)
SONIS SARL Products are created through production efforts. Capital and operating funds are managed and tracked in the accounting-finance area.
The focus of the SONIS SARL human resources area is employees and the policies concerning them. SONIS SARL Oftentimes, a marketing approach relies upon the coordination of several business areas to be successful. As a result, marketing usually crosses more departmental boundaries than other business functions do out of necessity. So, marketing requires the orchestration of everyone who plays a part in the common goal of pleasing the customer. For a small business owner who has no employees, this means that she needs to mentally tear down the walls between varied business functions and think holistically when it comes to marketing strategies.
In Summary.
