Project Report - BBA Final Year. Project - WU Haoqi by WU Haoqi. FILE. TIME SUBMITTED. APR PM. SUBMISSION ID. Jun 12, BBA project report on Financial analysis of BSNL. A PROJECT REPORT ON BSNL, “Financial Overview of Telecom Sector in India”. MBA/BBA Project Reports | New Project Report, Free Sample Projects Topics MBA | Free Download Project Report MBA Research, HR, Finance, Marketing MBA.
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Project Synopsis and Project Report Guidelines Bachelor of Business Administration (BBA) Program Directorate of Distance Education SIKKIM MANIPAL. BBA Final Year Project - Free download as Word Doc .doc /.docx), PDF File Project Training Report Submitted to JDT Islam College of Arts and Science in. Project Report on marketing strategy for bba - Free download as Word Doc .doc) , PDF File .pdf), Text File .txt) or read online for free.
G 46 54 Iqraa has a panel of 41 doctors who have specialised in various fields. The focus here is largely on the management of a single purchase. We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. Who is actually going to market the product? The truth is that you likely get consumed in your day to day activities in running your business, overseeing operations, managing employees, and handling customers.
This is his own work and the project is fit for submission in partial fulfillment of degree of BBA. In this report I have put my best efforts to compile the data to the highest level of accuracy and give my views to the best of my judgment. Acknowledgement I wish to express my gratitude to University of Rajasthan for giving me an opportunity to be a part of such kind of learning experience, which will surely enhance my knowledge and skills.
I am grateful to Dr. Dileep Singh for their invaluable guidance and cooperation during the course of the project. He provided me with his assistance and support whenever needed that has been instrumental in completion of the project. The project has been a great experience, the learning and the exposure, I got though this project was immense and will surely help me in my future pursuits. I would like to give my heartful thanks to my Parents who always gave me Moral Support.
Mitesh Ghiya 5 6. Executive Summary The project is an extensive report on how the BSNL Company markets its strategies and how the company has been able in tackling the present tough competition and how it is cooping up by the allegations of the quality of its products.
This report also contains the basic marketing strategies that are used by the BSNL Company of manufacturing process, technology, production policy, advertising, collaboration, export scenario, future prospect and government policies. The report includes some of the key salient features of market trend issues. Hence forth, to survive in the market, the company not only needs to maximize its profit but also needs to satisfy its customers and should try to build upon there.
Financial Overview 7 8. Title Page No. Certificate from College 1 2. Declaration 2 3. Preface 3 4. Acknowledgement 4 5. Executive Summary 5 6. Financial Analysis 6. BSNL Profile 7. Research Methodology 8. SWOT Analysis 9. Conclusions 49 Suggestions 50 Annexure 53 Bibliography 56 9 Typically, financial analysis is used to analyze whether an entity is stable, solvent, liquid, or profitable enough to be invested in. When looking at a specific company, the financial analyst will often focus on the income statement, balance sheet, and cash flow statement.
In addition, one key area of financial analysis involves extrapolating the company's past performance into an estimate of the company's future performance. A financial analysis looks at many aspects of a business from its profitability and stability to its solvency and liquidity.
This is clearly an important factor to consider in evaluating alternatives, but not necessarily the only one. At first glance, you may think it should be fairly obvious that alternatives that generate the most money, after expenses, are the most profitable. Generally speaking, this is true; however, it can and does get a bit more complicated than that.
The primary factor that complicates financial analysis is the fact that the timing of a cost or revenue can have a large effect on the value of the cost or revenue. This function is generally found as a separate unit only in larger institutions.
By examining past and current financial statements -- balance sheets, income statements and cash flow statements -- potential investors can form opinions about investment value and expectations of future performance. Financial analysis can also assist small-business owners as they weigh the effect of certain decisions, such as borrowing, on their own companies.
It is performed by professionals who prepare reports using ratios that make use of information taken from financial statements and other reports. These reports are usually presented to top management as one of their bases in making business decisions. Note that most users will only have access to published Financial info. Interpretation and analysis of Financial Statement involves identifying the users of the accounts, examining the information, analyzing and reporting in a format which will give information for economic decision making.
Types of users: Creditors — are interested in the liquidity, as they just want to be paid in time. Banks — are interested in the performance and liquidity of organization for leading purposes. Government departments — have various uses. Other groups including he local community on green issues, jobs, etc.
Holding Of Share Shareholders are the owners of the company. Time and again, they may have to take decisions whether they have to continue with the holdings of the company's share or sell them out.
The financial statement analysis is important as it provides meaningful information to the shareholders in taking such decisions. Decisions And Plans The management of the company is responsible for taking decisions and formulating plans and policies for the future. They, therefore, always need to evaluate its performance and effectiveness of their action to realize the company's goal in the past. For that purpose, financial statement analysis is important to the company's management.
Extension Of Credit The creditors are the providers of loan capital to the company. Therefore they may have to take decisions as to whether they have to extend their loans to the company and demand for higher interest rates.
The financial statement analysis provides important information to them for their purpose. Investment Decision The prospective investors are those who have surplus capital to invest in some profitable opportunities.
Therefore, they often have to decide whether to invest their capital in the company's share. The financial statement analysis is important to them because they can obtain useful information for their investment decision making purpose. For example, return on assets is a common ratio used to determine how efficient a company is at using its assets and as a measure of profitability. This ratio could be calculated for several similar companies and compared as part of a larger analysis.
These elements are typically reviewed in a financial analysis: The business needs to review the levels of current and past profitability and decide what they need to do to increase profitability in the future. Businesses are also concerned with making sure that they do not fold because they are in debt. A financial analysis will highlight the debts they owe, and help create a pay-off plan.
A business needs to understand its cash position and make sure that it has the ability to maintain a positive cash flow, while still being able to pay for what they need immediately. The business also wants to make sure that it is financially stable, and does not have components that could cause it to fold. They are thinking long term about the future of the company. They want to make sure they do not get into financial trouble. Financial analysts often compare financial ratios of solvency, profitability, growth, etc.
Their insights about relative performance require a reference point from other time periods or similar firms. As indicators, ratios can be logically interpreted in at least two ways. One can partially overcome this problem by combining several related ratios to paint a more comprehensive picture of the firm's performance.
A ratio's values may be distorted as account balances change from the beginning to the end of an accounting period. Use average values for such accounts whenever possible.
Changes in accounting policies or choices can yield drastically different ratio values. Financial analysts can also use percentage analysis which involves reducing a series of figures as a percentage of some base amount.
For example, a group of items can be expressed as a percentage of net income. When proportionate changes in the same figure over a given time period expressed as a percentage is known as horizontal analysis. Another method is comparative analysis. This provides a better way to determine trends. Comparative analysis presents the same information for two or more time periods and is presented side-by-side to allow for easy analysis. The three main sources of data for financial analysis are a company's balance sheet, income statement, and cash flow statement.
Balance Sheet The balance sheet outlines the financial and physical resources that a company has available for business activities in the future.
It is important to note, however, that the balance sheet only lists these resources, and makes no judgment about how well they will be used by management. For this reason, the balance sheet is more useful in analyzing a company's current financial position than its expected performance.
The main elements of the balance sheet are assets and liabilities. Assets generally include both current assets cash or equivalents that will be converted to cash within one year, such as accounts receivable, inventory, and prepaid expenses and noncurrent assets assets that are held for more than one year and are used in running the business, including fixed assets like property, plant, and equipment; long-term investments; and intangible assets like patents, copyrights, and goodwill.
Both the total amount of assets and the makeup of asset accounts are of interest to financial analysts. The balance sheet also includes two categories of liabilities, current liabilities debts that will come due within one year, such as accounts payable, short-term loans, and taxes and long-term debts debts that are due more than one year from the date of the statement.
Liabilities are important to financial analysts because businesses have same obligation to pay their bills regularly as individuals, while business income tends to be less certain. Long-term liabilities are less important to analysts, since they lack the urgency of short-term debts, though their presence does indicate that a company is strong enough to be allowed to borrow money.
Income Statement In contrast to the balance sheet, the income statement provides information about a company's performance over a certain period of time. Although it does not reveal much about the company's current financial condition, it does provide indications of its future viability. The main elements of the income statement are revenues earned, expenses incurred, and net profit or loss.
Revenues consist mainly of sales, though financial analysts may also note the inclusion of royalties, interest, and extraordinary items. Likewise, operating expenses usually consists 18 Net income is the "bottom line" of the income statement. This figure is the main indicator of a company's accomplishments over the statement period. Cash Flow Statement The cash flow statement is similar to the income statement in that it records a company's performance over a specified period of time.
The difference between the two is that the income statement also takes into account some non-cash accounting items such as depreciation. The cash flow statement strips away all of this and shows exactly how much actual money the company has generated.
Cash flow statements show how companies have performed in managing inflows and outflows of cash. It provides a sharper picture of a company's ability to pay bills, creditors, and finance growth better than any other one financial statement.
An overall rating of the Financial Analysis function considers both its characteristics and the effectiveness of its performance in executing its mandate. Characteristics and examples of performance indicators that guide supervisory judgment in determining an appropriate rating in the context of the nature, scope, complexity, and risk profile of the institution are set out below.
Strong The mandate, organization structure, resources, methodologies and practices of the Financial Analysis function meet or exceed what is considered necessary, given the nature, scope, complexity, and risk profile of the institution. Financial Analysis has consistently demonstrated highly effective performance.
Financial Analysis characteristics and performance are superior to generally accepted industry practices. Acceptable The mandate, organization structure, resources, methodologies and practices of the Financial Analysis function meet what is considered necessary, given the nature, scope, complexity, and risk profile of the institution.
Financial Analysis performance has been effective. Financial Analysis characteristics and performance meet generally accepted industry practices. Needs Improvement The mandate, organization structure, resources, methodologies and practices of the Financial Analysis function generally meet what is considered necessary, given the nature, scope, complexity and risk profile of the institution, but there are some significant areas that require improvement. Financial Analysis performance has been 20 The areas needing improvement are not serious enough to cause prudential concerns if addressed in a timely manner.
Weak The mandate, organization structure, resources, methodologies and practices of the Financial Analysis function are not, in a material way, what is considered necessary, given the nature, scope, complexity, and risk profile of the institution.
Financial Analysis performance has demonstrated serious instances where effectiveness needs to be improved through immediate action. It was incorporated on 15 September and took over the business of providing of telecom services and network management from the erstwhile Central Government Departments of Telecom Services DTS and Telecom Operations DTO , with effect from 1 October on a going concern basis. However, in recent years the company's revenues and market share have plummeted into heavy losses due to intense competition in the Indian telecommunications sector.
It had a customer base of million as of January Bharat Sanchar Nigam Limited 23 Following are the main telecom services provided by BSNL: Also the DWDM network is one of the biggest in the world. Fixed wire line services and landline in local loop WLL using Technology called bfone and Tarang respectively.
It has BSNL offers the '3G' or the'3rd Generation' services which includes facilities like video calling, mobile broadband, live TV, 3G Video portal, streaming services like online full-length movies and video on demand etc.
BSNL also offers the 'Internet Protocol Television' facility which enables customers to watch television through internet.
Fiber to the Home facility that offers a higher bandwidth for data transfer. This idea was proposed on post-December This will allow making audio as well as video calls to any landline, mobile, or IP phone anywhere in the world, provided that the requisite video phone equipment is available at both ends.
The focus of this service is mainly rural customer where the wired broadband facility is not available. It has 24 telecom circles, 2 metro districts, 6 project circles, 4 maintenance 26 During this period, BSNL was the only telecom service provider in the country. During this period BSNL operated as a typical state-run organization, inefficient, slow, bureaucratic, and heavily unionized.
As a result subscribers had to wait for as long as five years to get a telephone connection. The corporation tasted competition for the first time after the liberalization of Indian economy in Faced with stiff competition from the private telecom service providers, BSNL has subsequently tried to increase efficiencies itself. Dot veterans, however, put the onus for the sorry state of affairs on the Government policies, where in all state-owned service providers were required to function as mediums for achieving egalitarian growth across all segments of the society.
The corporation then Dot , however, failed to achieve this and India languished among the most poorly connected countries in the world. BSNL was born in after the corporisation of Dot. The corporisation of BSNL was undertaken by an external international consulting team consisting of a consortium of A. Satish Mehta, who led the team later, confessed that one big mistake made by the consortium was to recommend the continuation of the state and circle based geographical units which may have killed the synergies across regions and may have actually made the organization less efficient than had it been a seamless national organization.
Vinod Vaish, then Chairman of the Telecom Commission made a very bold decision to promote younger talent from within the organization to take up a leadership role and promoted the older leaders to a role in licensing rather than in managing the operations of BSNL. The efficiency of the company has since improved; however, the performance level is nowhere near the private players.
The corporation remains heavily unionized and is comparatively slow in decision making and its implementation, which largely acts at the instances of unions without bothering about outcome. Management has been reactive to the schemes of private telecom players. Though it offers services at lowest tariffs, the private players continue to notch up better numbers in all areas, years after year. BSNL has been providing connections in both urban and rural areas. Pre-activated Mobile connections are available at many places across India.
BSNL has also unveiled cost-effective broadband internet access plans Data One targeted at homes and small businesses. Year of Broadband was declared as "Year of Broadband" in India and BSNL announced plans for providing 5 million broadband connectivity by the end of Further, BSNL is rolling out new broadband services such as triple play.
BSNL planned to increase its customer base to million customers by With the frantic activity in the communication sector in India, the target appears achievable. BSNL is a pioneer of rural telephony in India. The corporation has also launched 3G services in select cities across the country.
As of December , many other private operators have started rolling out their 3rd Generation aka 3G services alongside and are enjoying some success in their campaigns to get market share.
While BSNL still maintains its connectivity standard and expands to many more areas including rural areas with their 3G services. Also the network infrastructure has been upgraded from to provide 3. It is enjoying a slow but somewhat steady success in gaining market share in this regard. Marketing supports solution selling through methods like account-based marketingunderstanding a specific target organization's requirements as the foundation of a marketing program.
As research shows, sales success is heavily weighted towards suppliers who understand the customer. In UK research, 77 per cent of senior decisionmakers believe new suppliers' marketing From cannon fodder to preferred tenderer.
The term "cannon fodder" derives from the World Wars and refers to the massing of undertrained and recently recruited troops sent to the fronts to face the enemy. Such troops invariably had a poor survival rate but provided the tactical advantage of distracting the enemy while professional soldiers mounted more effective operations.
In adopting the term to Industrial Marketing it. The reader might be wondering why anybody would go to all of the work of submitting a tender when they had no chance of winning; for the same reason that troops were sent in to battle to die; they thought they had a real chance.
The key features of a successful industrial sales organisation In industrial marketing the personal selling is still very effective because many products must be customized to suit the requirements of the individual customer. Indicators such as the sales tunnel give information on the expected sales in the near future, the hit rate indicates whether the sales organization is busy with promising sales leads or it is spending too much effort on projects that are eventually lost to the competition or that are abandoned by the prospect.
Identify your target market. Which businesses need cleaning services? Which ones can afford it and will pay for it? In your case, I would think that small businesses may not be your ideal client. But then again, define "small business. I can tell you right now as a marketing consultant that has worked with a wide variety of businesses, including small companies: Go figure?
So before you randomly begin picking a target market, have a rational reason why. Continue to read below and you'll begin to see what I am talking about. Determine their wants and needs. It may be obvious to you, but ask yourself: They do not have customers visit them. So naturally, there is far less of a concern for a "clean office.
However, seek out the businesses that do deal with customers directly, especially professional services where they have very high end clients visit them. Now they NEED a very presentable office or they risk losing out on a lot of revenue. Determine the level and type of demand. If you have ever read any of my previous work, you will know that I am a very strong advocate of knowing whether the type of demand is "Primary Demand" or "Selective Demand.
Primary Demand: If a business does not already use your TYPE of service and is not currently considering doing so,. So for your cleaning business example, if you are approaching businesses that currently do not use a cleaning service, you will have to explain the time saving and productivity enhancing benefits of using one. Then explain why YOU are the one they need! Selective Demand: These businesses already use a service or product or are in the market for it and are actively looking. In these cases you do not need to spend much effort convincing them "why" they need it.
In this case, you must state your argument why your cleaning service should be the one they choose. This is what you will encounter when you call on or contact businesses already using a cleaning service.
They will either be satisfied or unsatisfied with their current service provider. Your emphasis will have to be on "conquest sales" -- meaning stealing customers from your competition. Now in your line of business and in many others, slashing prices always seems to be the first technique used to. This may work well for selling products. But if you are marketing services, let me tell you this Yes, I am fully aware of the fact that there will be businesses that will be open to talking to you if you offer them a better deal.
In some cases, they may feel they are legitimately getting "ripped off" or paying way. And they just might be right. In those cases, if you can give them a fair price that is a better deal for them AND still gives you healthy profit margins, then go for it. However, if you are slashing prices just to gain clients, aren't you really just hurting yourself in the long run?
First of all, you can easily get into the game of "How low will they go?
What will you do next, price so low that you lose money with every client? I didn't think so. Here's what you could do though After you know your target market, have defined their needs, and analyzed the competitive picture currently using or not currently using a service like mine go ahead and develop a clearly thought out hypothesis. For example, start with business NOT currently using a cleaning service, but that deal with customers or clients regularly at their location.
Develop a strong case for WHY they would be wise to invest in your cleaning services. Then state your case why it is more cost effective and saves them valuable time to outsource this to you rather than doing it themselves or paying an employee overtime to do it.
You can also emphasize that you are the "expert" at this, not someone's secretary so it is expected that you will do a far better job at it. For businesses that ARE already using a cleaning service or are currently "shopping" for one, state why you are unique and better. Determine the really compelling reasons why these businesses want a cleaning service to begin with.
Maybe it is a retail store that wants to create a better first impression for their customers. This will ultimately lead to a better customer experience and ultimately more instore purchases. A good example may be that unlike most competitors, you also clean windows. Well, as a marketing consultant to retail businesses, I can tell you that many "passerby's" will first look in a store window before deciding to walk in or not. Now for successful marketing, all retail businesses would perform better if they had more in-store traffic.
So therefore, if your cleaning service also cleans windows, you could rightfully justify that your services are more valuable to their retail business. You actually HELP them get more customers and sell more products. Maybe it is a professional service business that needs to impress prospective clients to choose their services over a similar competitor. Your cleaning service may dust chairs and polish wooden conference tables.
Many other cleaning services may not do this or do a poor job in doing so. Now, as marketing consultants to service businesses, I can also tell you that if a consultant, attorney, accountant, or any other business professional needs to meet with prospective clients in their office, they will appreciate a better appearance.
So if your cleaning. Whatever the case may be, establish what makes you different and have you are best suited to meet their needs. Do you see where I am going with this? Your initial marketing questions asked how you can get more business by passing out flyers or sending faxes to small offices. Truthfully, that is simply not going to work. You are not looking at the overall big picture of why anyone would either want to hire a cleaning service or to hire your particular cleaning service.
Here are some examples: If you are weary of trying new things, don't worry. Use us FREE for one month and if you are not completely satisfied with the results, if you are not completely confident that it makes a difference to your customers, if you are not completely aware of how it raises the morale of your employees, then you do not have to using us again. But if YOU DO see a great improvement, we'll make you a great deal on our services, simply because we want your long term business.
Now you may or may not be completely happy right now, but I want to make you a no-risk offer you can't refuse. The truth is that you likely get consumed in your day to day activities in running your business, overseeing operations, managing employees, and handling customers. Therefore, there may be little "imperfections" your cleaning service is making that goes unnoticed by you. But don't assume for one minute that your customers or potential customers won't notice. And remember, first impressions DO count!
So here's our offer. Have us come in the morning after. We will do a thorough inspection with you present and look for anything they may have done a less-than-satisfactory job on. Then we'll show you why you probably over looked it for so long, but why your customers will take notice and how they will think differently about you because of it.
That's right, use our services as a compliment to what you are already paying for. Compare the quality of work we do to what you are already paying for. If you can see the difference in what we do for you, compared to what you are already paying for, then consider us as your new cleaning service. Once you understand the true needs your potential clients have and the unique and competitive solutions you can offer, only then should you develop your marketing copy -- your sales pitch.
The two examples above incorporate great marketing copy with a strong, benefits related offer. You can then deliver this through direct mail, telemarketing, or a combination of both. I would only recommend distributing flyers if you are confident you can place there where they will get read by people who make the decision to hire a cleaning service.
So if there is an "Open Bulletin" board in an office building, then go for it. However, they are rare and you probably need permission anyway. I'd avoid the fax marketing altogether. It's quite annoying, ties up there fax line, and unless people have already heard of you, they are more likely to toss your message in the garbage.
Try sending direct mail to the decision makers of these target companies and describe the benefits they will experience from using your services. Follow up Even after identifying the businesses that are most likely to need your services, after you have identified a solution, and even after you contacted them with a compelling offer, you still have to follow up.
Chances are they loved the sound of it when they got it. They had every intention of following up with you. But then just got busy. So your follow up call can make all the difference in the world and get your foot in the door Market Analysis The goal of a market analysis is to determine the attractiveness of a market and to understand its evolving opportunities and threats as they relate to the strengths and weaknesses of the firm.
David A. Aaker outlined the following dimensions of a market analysis: Market size current and future Market growth rate Market profitability Industry cost structure Distribution channels Market trends Key success factors Market Size The size of the market can be evaluated based on present sales and on potential sales if the use of the product were expanded.
The following are some information sources for determining market size: A simple means of forecasting the market growth rate is to extrapolate historical data into the future. While this method may provide a firstorder estimate, it does not predict important turning points. A better method is to study growth drivers such as demographic information and sales growth in complementary products.
Such drivers serve as leading indicators that are more accurate than simply extrapolating historical data. Important inflection points in the market growth rate sometimes can be predicted by constructing a product diffusion curve. The shape of the curve can be estimated by studying the characteristics of the adoption rate of a similar product in the past. Ultimately, the maturity and decline stages of the product life cycle will be reached.
Some leading indicators of the decline phase include price pressure caused by competition, a decrease in brand loyalty, the emergence of substitute products, market saturation, and the lack of growth drivers. Market Profitability While different firms in a market will have different levels of profitability, the average profit potential for a market can be used as a guideline for knowing how difficult it is to make money in the market.
Michael Porter devised a useful framework for evaluating the attractiveness of an industry or market. This framework, known as Porter's five forces, identifies five factors that influence the market profitability:.
Buyer power Supplier power Barriers to entry Threat of substitute products Rivalry among firms in the industry. Industry Cost Structure The cost structure is important for identifying key factors for success. To this end, Porter's value chain model is useful for determining where value is added and for isolating the costs. The cost structure also is helpful for formulating strategies to develop a competitive advantage.
For example, in some environments the experience curve effect can be used to develop a cost advantage over competitors. Distribution Channels The following aspects of the distribution system are useful in a market analysis: Existing distribution channels - can be described by how direct they are to the customer. Trends and emerging channels - new channels can offer the opportunity to develop a competitive advantage.
Channel power structure - for example, in the case of a product having little brand equity, retailers have negotiating power over manufacturers and can capture more margin.
Market Trends Changes in the market are important because they often are the source of new opportunities and threats. The relevant trends are industrydependent, but some examples include changes in price sensitivity, demand for variety, and level of emphasis on service and support. Regional trends also may be relevant. Key Success Factors The key success factors are those elements that are necessary in order for the firm to achieve its marketing objectives.
A few examples of such factors include: Access to essential unique resources Ability to achieve economies of scale Access to distribution channels Technological progress It is important to consider that key success factors may change over time, especially as the product progresses through its life cycle.
Problem identification research is undertaken to help identify problems which are, perhaps, not apparent on the surface and yet exist or are likely to company image, market characteristics, sales analysis, short-range forecasting, long range forecasting, and business trends research. Research of this type provides information about the marketing environment and helps diagnose a problem. For example, The findings of problem solving research are used in making decisions which will solve specific marketing problems.
The Stanford Research Institute, on the other hand, conducts an annual survey of consumers that is used to classify persons into homogeneous groups for segmentation purposes. Standardized services are research studies conducted for different client firms but in a standard way. For example, procedures for measuring advertising effectiveness have been standardized so that the results can be compared across studies and evaluative norms can be established.
The Starch Readership Survey is the most widely used service for. These services are also sold on a syndicated basis. Customized services offer a wide variety of marketing research services customized to suit a client's specific needs. Each marketing research project is treated uniquely. Limited-service suppliers specialize in one or a few phases of the marketing research project.
Services offered by such suppliers are classified as field services, coding and data entry, data analysis, analytical services, and branded products. Field services collect data through mail, personal, or telephone interviewing, and firms that specialize in interviewing are called field service organizations. These organizations may range from small proprietary organizations which operate locally to large multinational organizations with WATS line interviewing facilities.
Some organizations maintain extensive interviewing facilities across the country for interviewing shoppers in malls. Coding and data entry services include editing completed questionnaires, developing a coding scheme, and transcribing the data on to diskettes or magnetic tapes for input into the computer. NRC Data Systems provides such services. Analytical services include designing and pretesting questionnaires, determining the best means of collecting data, designing sampling plans, and other aspects of the.
Some complex marketing research projects require knowledge of sophisticated procedures, including specialized experimental designs, and analytical techniques such as conjoint analysis and multidimensional scaling. This kind of expertise can be obtained from firms and consultants specializing in analytical services.
Data analysis services are offered by firms, also known as tab houses, that specialize in computer analysis of quantitative data such as those obtained in large surveys. Initially most data analysis firms supplied only tabulations frequency counts and cross tabulations frequency counts that describe two or more variables simultaneously.
With the proliferation of software, many firms now have the capability to analyze their own data, but, data analysis firms are still in demand. Branded marketing research products and services are specialized data collection and analysis procedures developed to address specific types of marketing research problems.
These procedures are patented, given brand names, and marketed like any other branded product. Types of marketing research Marketing research techniques come in many forms, including: Ad Tracking periodic or continuous in-market research to monitor a brands performance using measures such as brand awareness, brand preference, and product usage. Young, Advertising Research used to predict copy testing or track the efficacy of advertisements for any medium, measured by the ads ability to get attention measured with Attention Tracking , communicate the message, build the brands image, and motivate the consumer to purchase the product or service.
Young, Brand equity research - how favorably do consumers view the brand? Brand association research - what do consumers associate with the brand? Brand attribute research - what are the key traits that describe the brand promise? Brand name testing - what do consumers feel about the names of the products? Commercial eye tracking research - examine advertisements, package designs, websites, etc.
Cool hunting - to make observations and predictions in changes of new or existing cultural trends in areas such as fashion, music, films, television, youth culture and lifestyle Buyer decision processes research - to determine what motivates people to buy and what decision-making process they use. Copy testing predicts in-market performance of an ad before it airs by analyzing audience levels of attention, brand linkage, motivation, entertainment, and communication, as well as breaking down the ads flow of attention and flow of emotion.
Young, p Customer satisfaction research - quantitative or qualitative studies that yields an understanding of a customer's of satisfaction with a transaction Demand estimation - to determine the approximate level of demand for the product Distribution channel audits - to assess distributors and retailers attitudes toward a product, brand, or company Internet strategic intelligence - searching for customer opinions in the Internet: Marketing effectiveness and analytics - Building models and measuring results to determine the effectiveness of individual marketing activities.
Mystery Consumer or Mystery shopping - An employee or representative of the market research firm anonymously contacts a salesperson and indicates he or she is shopping for a product. The shopper then records the entire experience. This method is often used for quality control or for researching competitors' products. Positioning research - how does the target market see the brand relative to competitors? Price elasticity testing - to determine how sensitive customers are to price changes.
Sales forecasting - to determine the expected level of sales given the level of demand. With respect to other factors like Advertising expenditure, sales promotion etc. Segmentation research - to determine the demographic, psychographic, and behavioural characteristics of potential buyers Online panel - a group of individual who accepted to respond to marketing research online Store audit - to measure the sales of a product or product line at a statistically selected store sample in order to determine market share, or to determine whether a retail store provides adequate service Test marketing - a small-scale product launch used to determine the likely acceptance of the product when it is introduced into a wider market Viral Marketing Research - refers to marketing research designed to estimate the probability that specific communications will be transmitted throughout an individual's Social Network.
Estimates of Social Networking. Potential SNP are combined with estimates of selling effectiveness to estimate ROI on specific combinations of messages and media. All of these forms of marketing research can be classified as either problem-identification research or as problem-solving research. There are two main sources of data - primary and secondary. Primary research is conducted from scratch.
It is original and collected to solve the problem in hand.
Secondary research already exists since it has been collected for other purposes. It is conducted on data published previously and usually by someone else. Secondary research costs far less than primary research, but seldom comes in a form that exactly meets the needs of the researcher.
A similar distinction exists between exploratory research and conclusive research. Exploratory research provides insights into and comprehension of an issue or situation. It should draw definitive conclusions only with extreme caution. Conclusive research draws conclusions: Exploratory research is conducted to explore a problem to get some basic idea about the solution at the preliminary stages of research. It may serve as the input to conclusive research. Exploratory research information is collected by focus group interviews, reviewing literature.
This is unstructured and qualitative in nature. If a secondary source of data is unable to serve the purpose, a convenience sample of small size can be collected. Conclusive research is conducted to draw some conclusion about the problem. Marketing research methods Methodologically, marketing research uses the following types of research designs: Based on questioning: Qualitative marketing research - generally used for exploratory purposes - small number of respondents - not generalizable to the whole population - statistical significance and confidence not calculated - examples include focus groups, in-depth interviews, and projective techniques Quantitative marketing research - generally used to draw conclusions - tests a specific hypothesis - uses random sampling techniques so as to infer from the sample to the population - involves a large number of respondents - examples include surveys and questionnaires.
Based on observations: Ethnographic studies -, by nature qualitative, the researcher observes social phenomena in their natural setting - observations can occur crosssectionally observations made at one time or longitudinally observations occur over several timeperiods. See also Ethnography and Observational techniques. Experimental techniques -, by nature quantitative, the researcher creates a quasi-artificial environment to try to control spurious factors, then manipulates at least one of the variables - examples include purchase laboratories and test markets.
Questionnaires 1. What are the objectives of the marketing strategy? Are they clearly stated? Are they consistent with the objectives of the firm? Is the entire marketing mix structured to meet these objectives?
What marketing concepts are at issue in the current strategy? Is the marketing strategy well planned and laid out? Is the strategy consistent with sound marketing principles? If the strategy takes exception to marketing principles, is there a good reason for it?
To what target market is the strategy directed? Is it well defined? Is the market large enough to be profitably served?
Does the market have long-run potential? What competitive advantage does the marketing strategy offer? If none, what can be done to gain a competitive advantage in the marketplace? What products are being sold? What is the width, depth, and consistency of the firm's product lines?
Does the firm need new products to fill out its product line? What promotion mix is being used? Is promotion consistent with the products and product images? What could be done to improve the promotion mix? What channels of distribution are being used?
Do they deliver the product at the right time and right place to meet consumer needs? Are the channels typical of those used in the industry? Could channels be made more efficient? What pricing strategies are being used?
How do prices compare with similar products of other firms? How are prices determined? Are marketing research and information systematically integrated into the marketing strategy? Is the overall marketing strategy internally consistent? Flag for inappropriate content.
Related titles. Literature Review about Marketing Strategies and a Firms performance. Jump to Page.
Search inside document. Leader Challenger Follower Nicher Porter generic strategies - strategy on the dimensions of strategic scope and strategic strength. Product differentiation broad Cost leadership broad Market segmentation narrow Innovation strategies - This deals with the firm's rate of the new product development and business model innovation.
There are three types: Pioneers Close followers Late followers Growth strategies - In this scheme we ask the question, How should the firm grow?. There are a number of different ways of answering that question, but the most common gives four answers: Horizontal integration Vertical integration Diversification Intensification A more detailed scheme uses the categories: The discussion of strategic planning and marketing planning are divided into the following five areas Strategic Planning Getting to the Starting Line Strategic planning is the process of developing a vision of who you are as a firm and what your longterm goals are.
The key problems in marketing, according to that model, are: The overall market situation faced in France and in other European countries is as follows: A small number of major accounts are, however, handled directly from the UK.
Marketing Returns and Costs Calculate expected income and costs in marketing The Most Important Elements of Marketing There are four important elements in the marketing process: Supply Is what producers are willing to market at a certain price. Markets and Marketing Industrial or business to business B2B marketing An organization seeks to build a new warehouse. In UK research, 77 per cent of senior decisionmakers believe new suppliers' marketing From cannon fodder to preferred tenderer The term "cannon fodder" derives from the World Wars and refers to the massing of undertrained and recently recruited troops sent to the fronts to face the enemy.
The reader might be wondering why anybody would go to all of the work of submitting a tender when they had no chance of winning; for the same reason that troops were sent in to battle to die; they thought they had a real chance The key features of a successful industrial sales organisation In industrial marketing the personal selling is still very effective because many products must be customized to suit the requirements of the individual customer.
In some cases, they may feel they are legitimately getting "ripped off" or paying way too much right now. ANALYSIS Market Analysis The goal of a market analysis is to determine the attractiveness of a market and to understand its evolving opportunities and threats as they relate to the strengths and weaknesses of the firm. This framework, known as Porter's five forces, identifies five factors that influence the market profitability: Buyer power Supplier power Barriers to entry Threat of substitute products Rivalry among firms in the industry Industry Cost Structure The cost structure is important for identifying key factors for success.