Hi,
Marketing research is basic foundation for every marketers to obtain the road map to success, requires extensive of deep research analysis and method of research itself. Great numbers marketing professional fail at end, the reasons behind this failure due to lack of in accuracy of marketing research, fail in this first step will definitely have impact on the analysis of Sales Potentials, market share and finally the market share analysis compare with the competitor analysis as we are talking on variety of specifications into segmented area.
The author currently is working offline, and involve in pumps sales and marketing for oil and gas industry on the downstream side, for 1 month gone, found that the sales potentials can not meet the requirements to match the pump specification and segmented market, hence were experience during tender stage it was run out of spec and failure to comply with market requirements.
Specifically, I have report to management that we should extract all the market analysis and redone the research to overcome this failure in the future.
Vice verse the management agreed upon to, and my task now is to recalculate the Identification Project List all over again, count prospective sales potentials and last but not least to justify the manufacturing Pumps specification whether it is in the market share specification, if the answer is yes, then it would be calculated as Sales Potentials.
In my several years experience in marketing, the basic research is the key success to measure our market progress, it doesn't matter whether at the end we will win the tender or lost it, what really matter now is to have the right guidelines to measure the right market viability to end results.If the 1st year, marketing plan has been implemented as mentioned above, the 2nd year is the turning point to determine how much market share we are interested to acquire, with an advantage of previous year maintaining the relationship with customer.
I do hope the above article on short note of market research is use full for readers to apply their marketing skill.
Marketing research is basic foundation for every marketers to obtain the road map to success, requires extensive of deep research analysis and method of research itself. Great numbers marketing professional fail at end, the reasons behind this failure due to lack of in accuracy of marketing research, fail in this first step will definitely have impact on the analysis of Sales Potentials, market share and finally the market share analysis compare with the competitor analysis as we are talking on variety of specifications into segmented area.
The author currently is working offline, and involve in pumps sales and marketing for oil and gas industry on the downstream side, for 1 month gone, found that the sales potentials can not meet the requirements to match the pump specification and segmented market, hence were experience during tender stage it was run out of spec and failure to comply with market requirements.
Specifically, I have report to management that we should extract all the market analysis and redone the research to overcome this failure in the future.
Vice verse the management agreed upon to, and my task now is to recalculate the Identification Project List all over again, count prospective sales potentials and last but not least to justify the manufacturing Pumps specification whether it is in the market share specification, if the answer is yes, then it would be calculated as Sales Potentials.
In my several years experience in marketing, the basic research is the key success to measure our market progress, it doesn't matter whether at the end we will win the tender or lost it, what really matter now is to have the right guidelines to measure the right market viability to end results.If the 1st year, marketing plan has been implemented as mentioned above, the 2nd year is the turning point to determine how much market share we are interested to acquire, with an advantage of previous year maintaining the relationship with customer.
I do hope the above article on short note of market research is use full for readers to apply their marketing skill.
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