Topic/Area for Discussion
“Marketing Research”
NOTE: There is no grace period in case of GDB
Learning objectives:
To familiarize the students with the importance of marketing research in entrepreneurship.
Learning outcomes:
The students will be able to have a knowledge base, necessary to formulate a marketing research strategy for small businesses.
Background:
Entrepreneurs face many difficulties during their course of new venture. Finance, labor, skills and above all proper marketing information are the factors which decide the health and wealth of any new business. Market and competitive analysis is the most critical of all these. In traditional business environment it becomes more difficult when business persons themselves start thinking that they themselves know about their customers (segmentation and target market), competitors and market. They do not conduct proper market survey and focus only on symptoms of the problem, and consider these symptoms as problems. This is not enough when it comes to this hyper competitive world. We are living in a knowledge based economy and the importance of data and information can never be overlooked. But the reliability of the data/information/knowledge engaged in formulating the business strategies is of the primary concern for small businesses. Entrepreneurs need to be on their toes and they should armor themselves with the marketing information and research.
Point of discussion:
How marketing research can help entrepreneurs to think beyond this myopic vision? (5 Marks)
Note:
(Provide at least five points to support it)
Student’s Guide
Keep your discussion with the mentioned scenario and irrelevant answers and material will not be graded.
Be careful from those blogs who are promoting cheating culture among our students and killing their creativity and critical thinking. Answers copied from such blogs will be straightaway marked as zero. Similarly any relevant or irrelevant material copied from internet sources will get the same treatment. It can seriously damage your grades.
Note:
For acquiring the relevant knowledge, do not rely only on handouts but also watch the course video lectures and read additional material available online or in any other mode.
Important Instructions:
Your discussion must be based on logical facts.
The GDB will open and close on above specified date and time. Please note that no grace day or extra time will be given for posting comments on GDB.
Use the font style “Times New Roman” and font size “12”.
Your answer should be relevant to the topic i.e. clear and concise.
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For planning your semester activities in an organized manner, you are advised to view schedule of upcoming Assignments, Quizzes and GDBs in the overview tab of the course website on VU-LMS.
Note related to load shedding: Please be proactive
Dear students!
As you know that Post Mid-Term semester activities have started and load shedding problem is also prevailing in our country. Keeping in view the fact, you all are advised to post your activities as early as possible without waiting for the due date. For your convenience; activity schedule has already been uploaded on VULMS for the current semester, therefore no excuse will be entertained after due date of assignments, quizzes or GDBs.
Information for developing the marketing plan may require some marketing research. Marketing research involves the gathering of data in order to determine such information as who will buy the product, what price should be charged, and what is the most effective promotion strategy. Marketing research may be conducted by the entrepreneur or by an external supplier or consultant. Market research begins with definition of objectives. Many entrepreneurs don’t know what they want to accomplish from a research study.
ReplyDeleteOne effective way to begin the marketing plan is to make a list of the information that will be needed to prepare the marketing plan.
Determine what people think of the product or service and if they would buy it.
Determine how much customers would be willing to pay for the product.
Determine where the customer would prefer to purchase the product.
Determine where the customer would expect to hear about such a product or service.
MARKETING RESCERCH:-
ReplyDeleteBusiness house owners and entrepreneurs acquire info through research that helps establish and outline promoting opportunities and problems; generate, refine and value promoting actions; monitor promoting performance; and improve the understanding of promoting as a method.
PURPOSE of promoting RESCERCH:-
One of the difficulties corporations face with promoting happens once the owner/manager thinks he or she is aware of what the client needs, however they require it, wherever need|they need|they require} it and after they want it. Not enough customers, short revenues and excessive inventories indicate that the customer's desires aren't being met. research will facilitate notice the matter and establish an answer. It helps managers to seem outside of themselves for solutions
Studies indicate that tiny businesses area unit less doubtless than giant businesses to use research in their deciding. Reasons cited embrace financial and time expenses, skepticism regarding potential advantages of promoting analysis, and also the owner/manager's self-perceived inability to hold out the study.Many little businesses avoid research as a result of they construe what it's and what it will accomplish. Following area unit sev eral queries ordinarily asked by little business managers and entrepreneurs regarding research.