How does market research support my organization’s objectives?
Before we started our market research for the new product Ford Films, we had to do a lot of internal communication. During our briefings, we discussed our budget, the economy and possible unforeseen changes. We also reviewed market dynamics, technology and how it all changes. We also talked about the target demographic and how we needed to handle that part of the research carefully (Tutor2U, N.D.). We needed to understand spending habits, the type of people that don’t mind splurging on luxury and how they think (Cision Conributor, 2017).
Based on these objectives, we reviewed books, articles, internal documents from the company and our company in regards to modern technology and how people have responded. We then put together focus groups, surveys, questionnaires on social media and we also did some testing via virtual landscapes as well as real time testing. This allowed the consumer to get a hands on experience with the product to see if they like it. We called this approach testing the market (Babin, B. p. 255).
By utilizing our market research through the above channels, we were able to secure our decision that Ford Films is a good choice and that it would do very well in the target market that we ran tests on. We were also able to secure financing for the new technology, and work with development teams to create and implement long term strategies for similar products that we are looking into for the future (Stewart, C., 2015).
Industry trends, possible future trends, possible implications of these trends for our organization
Based on our research, there are five trends sweeping the automotive industry in regards with technology integration. Internet of things (IoT), Cloud/hybrid computing models, In- Car apps, AI platforms/Analytics and Digital Factory. By taking these trends into consideration, it puts us at an advantage when marketing the product Ford Films (DXC on Analysis Blog, 2019).
As for the implications this will have on the organization, there is not anyone that can truly predict trends because just like they are not pre – determined such is the same as the market (Deener, W., 2016). However, based on the information shared above our plan seems to be supported in regards to our new product being successful.
How does your proposed marketing strategy align to legal, ethical, and industry standards?
Ford is one of the world’s most ethical companies according to The News Wheel. This makes the automotive company stand out among its competitors in the industry. By 2017 it was voted most ethical for seven years in a row (The News Wheel, 2017).
While putting together our proposed strategy the fact that Ford has such high standards ethically in the industry we wanted to make sure our ethical and legal strategy was as strong. We became members of the American Marketing Association (AMA) which is an essential community for marketers. The American Marketing Association commits itself to promoting the highest standard of professional ethical norms and values for its members (AMA, N.D.).
We also have a legal team in place for the what ifs. We will pay attention to the following:
The data we collect, invasion of privacy, how that information is distributed, and making sure information is not misleading (Goodyer, M., N.D.).
Limitations encountered in creating marketing proposal
The limitations we encountered was the idea of how to bring an old fashioned concept to a modern day and fast paced era. With all of the gadgets and devices out there, would our market slow down enough to enjoy Ford Films and how could we convey the excitement about this product on our proposal? What we decided to do was include a statistical result of our sample ages 20 to 65 from our survey results and include it in our proposal (Aging in place, 2019).
Our statistic yielded results of the probability of 95% this age group with earnings of 150k and up were more likely to purchase the vehicles with the new technology. This part of the presentation which included a chart and list of interested buyers from our demographic database closed any gaps there may have been in our research and put the Ford Motor company at ease that their cars with the new feature would sell (Statistic Solutions, N.D.).
Aging In Place (2019). Technology In Our Life Today and How it Has Changed. Aging In Place. Retrieved from https://www.aginginplace.org/technology-in-our-life-today-and-how-it-has-changed/.
AMA (N.D.). Ethics Archives. AMA. Retrieved from https://www.ama.org/topics/ethics/.
Babin, B. (2016 Copyright). Essentials of Marketing Research. [MBS Direct]. Retrieved from https://mbsdirect.vitalsource.com/#/books/9781305688094/.
Cision Contributor (2017). Consumers in the Age of Distraction. Cision Contributor.
Deemer, W. (2016). No one can predict the market, so why should we kep trying? Dallas News. Retrieved from https://www.dallasnews.com/business/personal-finance/2016/10/31/no-one-can-predict-the-market-so-why-do-we-keep-trying/.
DXC technology (2019). Five technology trends driving the automotive industry into the future. DXC technology. Retrieved from https://blogs.dxc.technology/2019/05/06/five-technology-trends-driving-the-automotive-industry-into-the-future/.
Statistic Solutions (N.D.). Market Research Statistic Solutions. Retrieved from https://www.statisticssolutions.com/market-research/.
Stewart, C. (2015). 4 Business Goals Market Research Can Help You Accomplish. Market Research. Retrieved from https://blog.marketresearch.com/4-business-goals-market-research-can-help-you-accomplish.
The News Wheel (2017). Ford Makes Ethisphere’s World’s Most Ethical Companies List for Eighth Straight Year. The News Wheel. Retrieved from https://thenewswheel.com/ford-makes-ethispheres-worlds-most-ethical-companies-list-for-eighth-straight-year/.
Tutor2U (N.D.). Internal and External Influences on Marketing Objectives. Tutor2U. Retrieved from https://www.tutor2u.net/business/reference/internal-and-external-influences-on-marketing-objectives.
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