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Market research - takes one's business to the next level!
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Bikky Khosla | 31 May, 2011
With incentives for exporters slowly being withdrawn, it is perhaps time for businesses to work out new strategies to succeed in a highly competitive global scenario. And the best way to succeed is to take up a thorough market research vis-a-vis one's products/ services.
Invariably, the ultimate goal of any company is to sell its products or services to its customers. To be able to achieve this primary goal one needs to understand one's customers and their buying behaviour. Businesses need to gather, analyze and interpret information on customers, market, market niches and competition. Undeniably, today, market research is an integral part of any business planning.
The first and foremost step in this direction would be to understand one's existing and potential customers. Try to find a suitable answer to the vital question: 'Why would he buy from me?' Moreover, a business must take into account the sensibilities of the end users while making their marketing strategies.
Any marketing guru will tell you that to do business without knowing the requirements of your customers is like shooting an arrow in the dark. Now, the question is: are you aware of what the end user sees or wants from your product or service? If not, you are missing out on a lot!
For an exporter, market research can go a long way in identifying several issues and help in discovering opportunities existing in the current markets or in the imminent future. Market research can help evaluate various decisions taken earlier by the management and subsequently to look for alternatives that best define the company's goals.
Exporting will always be mired in problems and issues which can be successfully negated thorough market research. Identifying the potential of a particular geographical market and to understand strategic control of that market by competitors is imperative for a business to succeed.
Market research can provide value accretions to businesses which provide both sustainability of business and viable returns based on accurate decision making mix. Market research can give a company the advantage of taking major decisions related to its product range, pricing, promotional measures and distribution channels.
So instead of crying over the decisions taken by the government to scrap schemes like DEPB, we need to see the positives and move on. Our success is in our own hands and to succeed, one needs to do a lot of planning! So are you ready?
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market survey
santosh | Thu Jun 2 14:37:14 2011
In today industrial environment where our govt doesnt have clear industrial policy so & inflation is on rise companies will face the problem in demand & supply.one should have dedicated survey ageny or survey team to find out the demand & new development required in supply good. One should ensure that whatever the survey finding about new development companies should chane their product or services acoordingly in advance to prepare for the change
about tea powder
N.Keerthy Reddy | Thu Jun 2 06:07:02 2011
If a production of quality tea is on target,then what can the expected price to be fixed for the product.The theme is to handle best quality directly to the customer but not to gain the lumpsum margin.
Your article
Arvind Kate | Thu Jun 2 03:47:35 2011
I too agree, one more important area is innovation where we can focus and avoid ourself to become a cheap conversion site
market research
Allan D'souza | Thu Jun 2 02:11:37 2011
very timely for me. thought provoking
thanks
allan
RESEARCH
SURESH ROHERA | Wed Jun 1 11:42:04 2011
Your views are apt,all businesses need these kind of research but sadly enough don't you agree that government is not being co-operative to exporters.
I really do not understand the withdrawal of various schemes from time to time
Our government is quite rich they need to loosen up the taxes and duties not only for exporters but for local market too.
Your article - Market Research
JIGNESH GHIYA | Wed Jun 1 05:07:30 2011
I agree that market research is a must to plan the requirement of the market & also understand the customer's requirement in particular.
But on other hand when every market research goes well, the last hurdle is PRICE. Given the cheaper exports from China, price has always remain as an issue for all International Marketing Managers.
Many a times, we deduct say 5% DEPB or 8% DEPB on our products to compete suppliers from China. Still we lag behind the prices quoted by Chinese suppliers. China has lot of support from Export Oriented Government. It starts from offering incentives by giving cheap land prices for opening up factories to the export incentives.
In contrast, if Government of India withdraws DEPB incentive then it will see massive reduction in Exports next year.
The export growth which our Government is saw recently is because of higher contribution from Service Sector & a bit more from Mfg sector. If they will not support Manufacturing Sector then the growth is bound to have negative effect.
Let's see & remain hopeful for exports growth.
Good Luck to ALL EXPORTERS.
Thanks,
JIGNESH GHIYA
Manager - International Marketing
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Re: Your article - Market Research
Suresh | Wed Jun 1 17:19:34 2011
Very well said. I agree with you 100 percent.
I've heard that China government gives free power to the manufacturers.(not sure).. Here our government is planning to withdraw DEPB. Result will be less business or no business for the indian exporters.
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