In many cases that we have seen or read, business investors are fond of investing into a venture without any research work or analysis prior to their venture. An entrepreneur who has done research or analysis does not include a good marketing research or marketing analysis which could be turn into a good marketing plan.
Marketing research or marketing analysis is a very crucial element in business. The component such as PEST analysis, Competitors pressures, Market competition are among the important analysis to be made prior to the real investment. In my research work with those successful companies, I realized that they even took an effort of testing the sensitivity test for each market that they have segmented. Hence their result on each market would be more accurate.
In my research too, I realize that mistakes were done where companies had a detail research and analysis on operation but leaving marketing not attended effectively. These happened more in production companies or some medium size business, resulting being in a business that they themselves are not clear in which market are they competing, what are the competitive pressure they are facing or even what type of environmental they would be. If competitive market analysis is not done, later it could contribute to a large grey area in product positioning despite a competitive pressure analysis is being made.
On a summary, I would say that marketing research and marketing analysis must be done properly before and in an ongoing business.
Marketing research or marketing analysis is a very crucial element in business. The component such as PEST analysis, Competitors pressures, Market competition are among the important analysis to be made prior to the real investment. In my research work with those successful companies, I realized that they even took an effort of testing the sensitivity test for each market that they have segmented. Hence their result on each market would be more accurate.
In my research too, I realize that mistakes were done where companies had a detail research and analysis on operation but leaving marketing not attended effectively. These happened more in production companies or some medium size business, resulting being in a business that they themselves are not clear in which market are they competing, what are the competitive pressure they are facing or even what type of environmental they would be. If competitive market analysis is not done, later it could contribute to a large grey area in product positioning despite a competitive pressure analysis is being made.
On a summary, I would say that marketing research and marketing analysis must be done properly before and in an ongoing business.
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