Marketing Research Performance of Competitors

Question: Describe about the Marketing Research for Performance of Competitors. Answer: Reason for successful business by Nivea: According to Hair et al. (2012), the success of the business of Nivea manufacturing company is mainly depending upon four basic principles. The principles are power of less, better performance from the competitors, obtaining of zero risk and the power of vision. Moreover, Nivea has focused and manufactured their products mainly for those consumers who are belonging from the age group of 18 years to 35 years. They are mainly conscious about their skin. As Nivea is trying to maintain the product quality, the buyers are willing to take their products. As per the power of less, the company aimed to increase their efficiencies, always tried to manufacture new products as per the consumers requirements, choices. Moreover, the Nivea Company used to provide better performance from the competitors in order to make the business fruitful. Therefore, Nivea has obtained lower rate of risk, which make a significant outcome among the industry. Power of vision reflects and motivates a business to ma nufacture new and greater quality of products. In addition, customer behaviour is the basic concept of a successful business. In this connection, he discussed that this behaviour has varied from business to business. In case of small business such as in case of coffee shop business, the organisation needs to follow some necessary steps. The business needs to estimate the future sales for a definite time. After that, the business needs to focus to the advertisement. An appropriate advertisement can makes a business make a business successful. The benefits of the advertisement can be discussed as it can increase the total sales volume of a company. The consumer can identify the features about the newly launching product in the market. This will also helpful to the consumer as they can identify whether the product is needed to purchase or not. On the other hand, advertisement can increase the opportunities of the employment. Through advertisement, the management of the company want to promote their products to the customers effectiv ely, that the consumers have a clear idea regarding the products. In this occasion, Nivea has tried to advertise their products to provide a clear idea to the users. In this respect, the business can take the help of global marketing strategies. Moreover, they can also take the help of social networking media or websites to inform the customers about the business. Next, pricing strategy is the vital issue for a business. All of the consumers are willing to get a product at lower rate. Hence, sometimes, the organisation needs to give discounts for the products to the consumers and Nivea provides this offer to their customers. This will positively enhance the buyers willingness to purchase the product. Pricing strategy is helpful to regulate the demand for a particular product. It is known that pricing strategy has a positive benefit for a business to raise the demand for a product. As a result, the marginal valuation of money within the country can be increased. In addition, pricing strategy can determine the companys profitability statement. Price of a product can lead to influence the business objectives and therefore, can implement the marketin g mix strategies. Instead of this, the management of a business require to utilise a suitable reference point, which will convey the valuation of the dealing products. One of the other important things is that, the communication with the consumers is needed to be short and precise; this will help to communicate with the customers easily. On the other hand, in order to discuss the ideal marketing strategy, Nivea needs to maintain a good relationship with the consumers can make a business successful. In addition, he also proposed that a lie could also reduce the sales of the business. Moreover, Steve also suggested that core valuation of a business is more important than the advertisement for a business. The manufacturing strategy, distribution strategies are also important to make a business fruitful. This will reflect the forecast of business demand and the capacity planning. In the words of Crouch and Housden (2012), theme of the business campaign is necessary to be differentiated. Reason behind the business failure by Coca Cola: It can be observed that due to the change of the taste and preferences, the total sales of Coca cola have been reduced. Therefore, in this context, it can be stated that all of the business needs to manufacture the products, which are demanded by the consumers. As a result, the company can arrange a survey to identify the buyers requirements. Buyers taste and preferences helps to increase the customers buyers decision. Moreover, there are a large number of competitors in the market, who focused more to the taste and preferences of the buyers compared to Coca Cola. Therefore, Coca cola has obtained from the higher rate of risk, which make the business insignificant. The concept about segmentation, target marketing, business positioning is needed to be developed to make a business successful. Target marketing is the pillar of a successful business. Target marketing is based upon the life style of the consumers. According to Crouch and Housden (2012), target marketing refers the group of consumers, who are willing to purchase the products or the services. In a nutshell, target market include the group of consumers, whose characteristics like age, income standard, location and based on this, the sales of the products by a particular company can be determined. Moreover, it is significant for an organisation to recognise and choose the target market that it will be possible to satisfy the consumers directly and can meet their all requirements. Nevertheless, it can be argued that Coca cola do not follow these strategies and the business tends to fail. On the other hand, market segmentation is the important approach of the market strategy, which is needed to follow to Coca cola. There are four types of market segmentation such as geographic segmentation, demographic segmentation, behavioural segmentation and psychographic segmentation. According to geographic segmentation, a small business target to the consumers who are from the local regions and avoid the customers from abroad. Demographic segmentation considered the demographic variables such as sex, religion, age, education level etc. In this purpose, Hair et al. (2012) opined that advantage can be evaluated based upon the customers stage of life cycle. Moreover, behavioural segmentation can be differentiated in terms of the customers knowledge or the attitude whereas psychographic segmentation can be estimated based on the taste and preferences of the consumers and the opinion as well. These will all build the sense of the marketing. Another key indicator of making of a business successful is Market positioning. It has depended upon the perception regarding the differentiation of the competitors products. In addition, Crouch and Housden (2012) suggested that if the brand positioning of the competitors is safety, then the business requires to choose different positioning. On the other hand, marketing positioning is beneficial to estimate the higher aspects of the manufacturing products and can relate them with the customers rather than the competitors. According to the production of new products in the market, the comparative advantage can be recognised as the prediction of the market (Crouch and Housden 2012). This will obtain the anticipation of the buyers. Hence, the good will as well as the loyalty of the customers can be evaluated. Instead of this, market positioning can influence the several types of buyers, whose taste and preference is different from the others. Market positioning can introduce a business in the market effectively and can enhance the strength of the competition. Therefore, it can be concluded that market positioning is an approach to cope up with its competitors. As a result, Coca cola needs to follow this strategy to make their business successful and can maintain better performance from the competitors. References Hair, J.F., Sarstedt, M., Ringle, C.M. and Mena, J.A., 2012. An assessment of the use of partial least squares structural equation modeling in marketing research.Journal of the academy of marketing science,40(3), pp.414-433. Crouch, S. and Housden, M., 2012.Marketing research for managers. Routledge.