Conducting a Marketing Research - Coursework Example

Question 1 Companies while launching a new product either in a new market or a new product all together needs to look towards multiplying its efforts so that it reaps the benefit and the product finds acceptability with the public. Marketing Research has become a very integral part of business especially for companies looking to launch a product or services. Companies whether big or small perform a research as it validates the findings. It helps to evaluate the potential and identifies area which will help in development. Marketing Research is thus the systematic and objective analysis of information related to the product so that important decision can be taken which is related to marketing (Yoon & Jain, 2008). Conducting a research helps in marketing strategy. It helps to inculcate the changes the research shows thereby changing the policies and actions to be taken. Research thus is a vital aspect while launching a product or services because products or services which fail in the market is primarily due to inadequate market analysis. A research shows that when research is carried out it helps product manager to achieve better coordination within the department and the implementation of marketing strategy becomes better (Bristow & Frankwick, 1994). This helps to develop marketing strategies which takes care of the production unit as well. Market analysis thereby helps to develop the basic infrastructure which will ensure that the marketing efforts and the products find easy acceptability with the people. Organisations that have conducted a research are able to differentiate themselves. For example, “the research carried out by Apple’s iPad showed its acceptability among 73% respondents which enabled the company to launch the product” (Bureau of Labour Statistics 2010) which was not feasible otherwise. This made it easy for the company to come with the product as risk was reduced. Another reason which is attributed towards a failure of a product is the lack of timing while introducing the product. Companies launching a new product need to ensure that the product is launched at the correct time and place. For example, it is seen that “child proof enclosure on children medicine” (Bureau of Labour Statistics 2010) was developed due to research. Similarly ready to eat foods like different soups and meat products were developed due to the requirements of the customer. This helped to identify the market and brought about a change in the way marketing was carried out. This was an example where a product was launched at the correct time and was accepted by the public. This makes it important correct timing and market for the launching of a new product is identified clearly. Companies also face certain degree of problem related to the marketing aspect as positioning the product in the correct market becomes important. For example, when Jacuzzi brothers launched a whirlpool bath to treat people with arthritis failed as there were very few people who had that symptom (Bureau of Labour Statistics 2010). The company then conducted a research and based on that they marketed it as a luxury item. This brought about a change in the marketing strategy and the product became a success. Thus, the marketing strategy has a lot of relevance and being able to understand the manner in which the product needs to be marketed will ensure easy acceptability and ensure more customer satisfaction. A research conducted demonstrates that research influences the marketing strategy directly or indirectly through cost leadership, product differentiation or customer orientation while launching a new product (Frambach, Prabhu & Verhallen, 2003). This study demonstrates that research helps to identify areas which will help to identify the core value the product can be attributed to. This thereby helps to understand the marketing strategy that needs to be adopted so that the marketers ensure that the product is easily accepted by the public. A research carried shows that overcoming the limitations of the marketing strategy helps to find out areas which need to be worked at and this along with research provides an agenda and gives a path to follow (Wind & Robertson, 1983). This helps to bring about a change in the marketing strategy and focus on areas which will give maximum benefit. This thereby helps to provide the required direction and ensures that the efforts of the different departments provide the correct results. Another reason which has been attributed towards a failure of a product is the cost associated with the same. There are situations when the anticipated cost of the product is less but when the actual production takes place the cost increases. This makes it difficult to ensure that the product is accepted by the public as the increased cost is passed on to the consumer thereby making them to pay more or stay away from the product or services. This thereby has an effect on the market thereby making the product fail as few consumer look towards the product. A research conducted shows that companies are turning to market intelligence which has stressed the focus on quantitative research as it helps to find out the final results based on statistic and using them organisations can benefit greatly (Wee 2001). This is seen as a great help to companies. This is making companies to carry out more research as the finals results can be validated and companies after this look for qualitative research to find out the reasons for such a thing to happen. A research conducted shows that in a developing market like Nigeria companies use both the qualitative and quantitative research especially in the manufacturing sector as it helps to highlights various important areas the company needs to work on (Mustapha, Ku & Goh 2009). This highlights the importance both the research carries and for successful implementation and growth a company looks towards having a mix of it. This will thereby ensure that the cost is estimated properly and will ensure correct information being passed on. Thus, there are different reasons which attributes towards the failure of a product or services and a company which is able to understand the different aspect related to the product will find the product being accepted by the public. This makes it important that companies look towards extensive research and multiply their efforts so that they are able to reap better benefits which will ensure easy acceptability of the product. Question 2 Organizations in this competitive world needs to identify ways that ensures that their brand is safeguarded and at the same time provides them intellectual property rights. This has increased the importance of having the necessary documents and things that will ensure that the business is able to protect its brand so that it is able to market and create a niche market for the product based on the brand. The sole purpose to ensure that there is no duplicity is making companies look towards patents right which thereby confirms that the intellectual property right is not breached. This helps to define patent as a grant which is provided by the government that provides the owner a certain right over the make, use and sell of the innovation for a particular period of time (Patent, 2011). This is provided by the government to ensure that the user is able to market itself on the basis of it and helps the user to recover the research and development cost associated with it. Since, patent is provided for a fixed period of time which enables the user to recover all its cost by effective marketing and after that time the product or innovation is open to all for general use. This helps to identify the fact that patent has three basic parts. Firstly, is the grant which specify the patent? Secondly, is the description which provides all information about the new invention and finally is the claim which explains what the patent looks towards protecting (Patent, 2011). This thereby helps the user to understand the different aspect of product which is protected and helps the user to ensure that they are able to ensure no duplicity of the product or services. The following is the chart which will help to explain it better The above chart shows that IP protection helps companies to ensure exclusive right over the invention and by using it the companies can ensure to develop new product and services that will fetch higher revenues for the organization. This makes it important that the intellectual property right is protected. To ensure that the IP is protected it is important that companies look towards obtaining a patent for the product. While obtaining an IP it is important that companies obtain IP both for their local countries and abroad as more IP are territorial based i.e. applicable only in the local country. For example, a US patent provides protection only in US and if the company is willing to work in some other place it needs to obtain the IP of the country by finding whether the IP is available (Intellectual Property, 2011). This will help to ensure protection and ensure safety of the brand. It is also important that companies looking towards IP protection keep in mind that the IP protection in provided for a period of 20 years and after that it fails. This thereby creates the gap where others in the market can look towards obtaining the IP and companies need to take steps to ensure that the IP is renewed ad protected from duplicity (Patent & Trademark, 2011). It has also been witnessed that companies look towards IP patents by publishing their innovations. This provides them an advantage as in case the product is successful that it provides them protection as the invention in new. This thereby ensures that the cost and efforts that have been invested into pays reward (Colson, 2005). There is also a cost associated with the same. Applying for a patent in US costs between $12,000 and $15,000. In case the invention is not successful it results in a loss for the business as the money cannot be recovered (Colson, 2005). This makes it important that the companies weigh the cost and the benefits associated with the same and take decision based on it so that the final outcome is sound for the company. Companies that look towards IP protection have to ensure that the look towards obtaining patent protection. Along with it the companies should also look towards protecting trade secrets by obtaining confidential provisions for licensing, employment, distribution and so on so that the business is able to use the brand effectively and is able to ensure effective market coverage (IP, 2011). Companies that been looking towards protecting their IP needs to find out information that will help them to understand whether the trademark is registered or not. This is a vital step and will help to understand the companies whether looking towards using a particular trade mark is allowed by law or not. This will help to guide them and ensure that the IP protection applied by them is correct and matches their requirements (Intellectual Property, 2011). The critic of the patent law especially the US patent law requires that the universities or institutions that ensure invention requires that the money asociated with non profit and small organization receives the required support (Morgan, 2011). The US patent law is different for different inventions which differentiate between the advantages that other people look towards achieving. For example, it has been seen that US patent law looks towards providing invention rights to companies despite the government developing the intervention by itself. This has raised questions by the critics on the manner the government looks towards providing benefit of the patent law by having themselves involved in it as the benefit is passed on to the people working in the same field. This makes certain organization gain advantage at the cost of others thereby affecting the manner in which the US patent law looks towards providing the required leverage. Thus, intellectual property protection is a vital component for organizations that are looking towards safeguarding their innovation. It makes it important that companies look towards adopting the right step so that they are able to protect their brand and this will ensure that they are able to deal with innovation in a better way. This also makes it important that companies that are looking towards IP protection weighs the cost and the benefits associated with the same and after careful examination looks towards obtaining IP protection for their brand. References Bristow, D. and Frankwick, G. 1994. Product manager influences tactics in marketing strategy development and implementation, Journal of Strategic Marketing, 2 (3), pp. 39-47 Bureau of Labour Statistics. 2010. Occupational Outlook Handbook. Retrieved on November 9, 2011 from http://www.bls.gov/oco/ocos013.htm Colson, T. 2005. How to Protect your Intellectual Property? Retrieved on November 9, 2011 from http://www.securinginnovation.com/2010/01/articles/defensive-publishing/how-to-protect-your-intellectual-property/ Frambach, R., Prabhu, J. & Verhallen, T. 2003. The influence of business strategy on new product development: the role of market orientation, International Journal of Research in Marketing, 20 (4), pp. 89-103 Intellectual Property. 2011. How Can I Protect My Intellectual Property? Retrieved on November 9, 2011 from http://www.stopfakes.gov/sf_how.asp IP. 2011. Protecting Intellectual Property Rights Abroad. Retrieved on November 9, 2011 from http://export.gov/regulation/eg_main_018818.asp Mustapha, U., Ku, H. and Goh, S. 2009. Research Design for Investigation of Nigeria Manufacturing Management, Journal of Rough Sets and Knowledge Technology, 5589 (2), pp. 1078-1094 Morgan, S. 2011. Government Patent Policy. Retrieved on November 9, 2011 from http://www.ehow.com/about_6330080_government-patent-policy.html Patent. 2011. What is a Patent? Retrieved on November 9, 2011 from http://www.burdlaw.com/whtispat.htm Patent & Trademark. 2011. United States Patent & Trademark Office. Retrieved on November 9, 2011 from http://www.uspto.gov/ Wind, Y. and Robertson, T. 1983. Marketing Strategy: New Direction for Theory and Research, Journal of Marketing, 47 (2), pp. 329-333 Wee, T. 2001. The use of marketing research and intelligence in strategic planning: key issues and future trends, Marketing Intelligence and Planning, 19 (4), 139-157 Yoon, C. & Jain, A. 2008. How to conduct marketing research for information products and services. Retrieved on November 9, 2011 from http://www.ev-114859-201-1-DO_TOPIC.html Read More