Abstract
The purpose of paper is to develop a potential market proposal that Essential Monitors, Inc (EMI) can adopt. The company requires this proposal because it aims to expand its computer equipment market and is not satisfied with the existing marketing plan. EMI is a computer hardware manufacturing unit which produces LCD monitors. The paper explains the current marketing practices of the company and mutes a proposal that can be adopted to increase its market share in the industry.
Background
The objective of Essential Monitors, Inc (EMI) is to offer proficient-class, LCD monitors to the customers. The technical know-how used in the production process comes at reasonable cost but the prices of monitors are too high. Due to this constraint the company has not yet been able to fully penetrate market and one yet to taste big success. In this backdrop, the entrepreneur, Ronald Irwin, plans to develop a new marketing proposal through which he can pass on benefits to the customer and thus capture a larger share of the market. The company’s mission is to achieve growth through the sale of computer monitors and the entrepreneur’s vision is to use cost efficient technology in the manufacture of computers and pass the savings on to the customer.
Marketing research proposal and execution
The market of computer monitors is considered to be one of the greatest growing industries today due to quick technical changes and the demand for computers especially those with LCD monitors, in all the works. The market of the computer industry depends upon the national and international trade and industry environment. The presence of intense competition in the industry stimulates the buying behavior of people. To resist competition in the markets manufacturers should adopt proper pricing and differentiation strategies, which will enable them to outwit competition.
The opportunity for EMI is the new flat screens and other innovations in LCD monitors where it can use its cost-efficient technology to develop innovative designs and new models to attract more customers. The main issue with EMI is the high price of monitors where the customers’ affordability is less. The company mainly focuses on two primary channels of marketing. Marketing directly to the consumer eliminates the middlemen involved and thus nullifies element of the commissions and this saving can be passed on to consumers by reducing the price. Resellers are the one step middlemen between the producer and the consumer.
A competitive reseller program including the margins and levels should be established by the firm. The marketing strategy of the firm is dependent upon the factors of marketing mix namely product, price, promotion and distribution strategy. Data is first collected as to how many people are aware of the latest technology in monitors, people’s awareness regarding the use of computer peripherals, their main purpose of use of monitors etc. These are then collected and analysis is prepared as to how market share can be increased. Marketing research is an essential part of every organization. It helps to understand the particular marketing condition faced by the EMI. EMI possessed research department to carry out the research activities. “The marketing research process includes the systematic identification, collection, analysis and distribution of information for knowledge development and decision making” (Marketing research process: An overview, 2009, para.1).
Following steps used for the marketing research
Define the problem and research objectives
Marketing head of the EMI must define the problems in details, based on this researcher must develop the objective of the research undertaken. In this case sales level of the LCD monitor is not satisfactory this is the problem of the research study. On these basis objectives of the research is 1) to increase profit along with increasing the sale of the monitor2) expand the business globally.
Develop the research plan
Once the problem as well as the research objective is developed next task is to develop well-organized plan for collecting information for various aspects. It is necessary to plan cost estimation and to understand the environmental conditions prevailing in the global market.
Collect the information
It is the most important step in the marketing research process. Data’s are collected through both primary and secondary method. Survey method is also used to collect the information in domestic & international market. We use mainly secondary data source that helps to know the buying behavior and motivations of the consumers. The process data collection “involves a lot of field-related work activities such as outdoor interviews, survey campaigns and feedback sessions which are done by specially assigned data collection agents or field agents” (Joshi, 2009, para.5). Secondary data collection method helps us to reduce the time as well as the price need for the data collection. Information about the global Market helps the researcher to understand the buying behavior of the customer in that region.
Analyze the information
After the collection of information from the markets the next step is to analyze information to get relevant information. Once the data is analyzed researcher puts that data into tabular form. Cross tabulation is the widely used information analysis method.
Present the findings
The entire research process will become waste if finding of the data analysis is not correctly presented. Research report these finding that are appropriate to make marketing decision. All the steps in the marketing research process are related to each other so if any small mistake in any of these step will affect the entire marketing research process.
Reference List
Joshi, P. (2009). Basic steps of marketing research process. Buzzle. Web.
Marketing research process: An overview. (2005). Popular Marketing research. Web.