MARKET RESEARCH PROCESS This process involves different stages of data collection, interpretation and organization.

However this stage depends on the various actions taken by different company to conduct their research. Some of the stages can be used repeatedly while others can be omitted depending on the company strategies of research. Some of this stages include:; 1. Defining the Problem - The starting phase is always identifying the reason or problem for which research is to be conducted. This includes collecting of relevant initial information and how this information will affect decision making process. It also includes defining problems after discussing with decision makers of the organization. Once the problem is defined precisely and the need of research is discussed, the further process could be conducted in an efficient manner. 1. Determining who will do the research- Once the initial stage of defining the problem and the need of research is done, it is important to determine who will do the research and what will be the approaches to resolve these problems. This involves creating a problem solving framework and analytical models after discussing it organization experts. In this sample case studies are created according to the defined framework by enforcing the relevant information and secondary data. 2. Picking out the appropriate methodology- A specific methodology is entailed by the research professional after identifying the specific needs and exploring the case studies. It may include a combination of specific approaches like telephone survey, web or email survey, one-to-one interviews, secondary research etc. This methodology acts as a blueprint of research process and following basic steps: Methods for collecting and preparing quantitative information. Determining the need of this information. Scaling and measuring procedures. Designing sample Questionnaire. Formulating case studies and sampling process. Planning information analysis. 3. Data Collection Process- This process includes field work and desk work for collecting all relevant data and information. Field work includes interviewing the personals by interacting them face to face by visiting them in home or offices or arranging group meetings at any preferred place. Desk work includes contacting personals over telephone or via series of emails and web meetings. This could take comparatively more time as compared to the field work. Involving experienced and trained executive for this helps in reducing data collection errors. 4. Data Preparation, tabulation and analysis of results- After the data collecting stage the collected data is edited, corrected if required and validated. This process is the most important process in the research as the results are generated on the basis of data preparation. So it is required for an organization to verify the authenticity of the collected data and edit or correct it if needed. The final data is then segmented according to the business standards and inserted into the CRM database in a more tabulated form so that search or combination could be made easily. 5. Presentation and report process- The entire process is properly documented with respect to organizational standards so that it can be referred in future for decision making process or to change or modify any specific process. This document contains overall architecture of the project depicting all the processes with the help of tables, graphs and figures to provoke impact and clarity. 1(B) Subsystems of industrial marketing research 1. Sales analysis system The system involves the systematic gathering and collection of the information, analyse historical and covers enquiries, quotation and orders by product type, sales area, customer and industrial market. The sales analysis should also cover profitability which is analysed in the same manner The system has merit of showing up structural weaknesses in terms of sales or profitability at an early stage which enables remedial action to be taken at an early opportunity.

2. Business intelligence system Due to the growth of economy and the need to replace the worn out capital continually there has been rapid growth in business planning which gives tremendous scope for industrial business intelligence system. For the business intelligence system to be effective it should be; centralised in the market department which should act both as a source and as a clearing house for business intelligence controlled by senior management to ensure all opportunities are followed up analysed by market research to identify areas where business is being lost 3. Customer contract system Customers and potential customers should be visited on a planned basis by the sales force and each visit should be reported. Also contacts made by latter and phone should also be reported in the system for the management to have easy time assimilating the information. 4. Market data system The system should reflect the nature of secondary data. The output from the market data system should be on a regular basic covering country and industry market reports which monitors and analyses trends and forecast business prospects QST 1(c) Market research tools

The most used tools in research process include; 1. Surveys This technique uses a number of ways i.e Questionnaires Interviews Telephone Mail Questionnaires Using concise, straightforward questionnaires, you can analyze a sample group that represents your target market. The larger the sample, the more reliable the results. Interviews In-person surveys are one-on-one interviews typically conducted in high-traffic locations such as shopping malls. They allow you to present people with samples of products, packaging, or advertising and gather immediate feedback. In-person surveys can generate response rates of more than 90 percent, but they are costly. Telephone Telephone surveys are less expensive than in-person surveys, but costlier than mail. However, due to consumer resistance to relentless telemarketing, getting people to participate in phone surveys is difficult. .

Mail Mail surveys are a relatively inexpensive way to reach a broad audience. They're much cheaper than in-person and phone surveys; however they only generate response rates of 3 percent to 15 percent. Despite the low return, mail surveys are still a cost-effective choice for small businesses. 2. Focus Groups In focus groups, a moderator or facilitator uses a discussion guideline to lead a discussion among a group of people. These sessions are usually conducted at neutral locations, using videotaping techniques or tape recorders to record the discussion session. A focus group usually lasts for one to two hours, and it takes at least three groups to get balanced results. 3. Personal Interviews Like focus groups, personal interviews include unstructured, open-ended questions. They usually last for about an hour and are typically recorded. These type of surveys provide more subjective information than surveys do. The results usually don't represent a large segment of the population; nevertheless provides valuable insights into customer attitudes and are excellent ways to uncover issues related to new products or service development. 4. Observation Individual responses to surveys and focus groups are sometimes at odds with people's actual behaviour. By observing consumers in action by videotaping them in stores, at work or at home, you can observe their actual buying behaviour. This gives you a more accurate picture of customers' usage habits and shopping pattern. 5. Field Trials Placing a new product in selected stores to test customer response under real-life selling conditions can help you with information regarding product modifications, price adjustments or package improvements. Building rapport with local store owners and Web sites can help Small business owners test their products. QST2 THREATS AND OPPORTUNITIES INK BUSINESS ENVIRONMENT

Business environment involves a lot of components some of which support the growth of the business while the others pose constraints making it hard for the business to achieve it goals on a smooth flow. this factors include threats and opportunities which are considered to be external factors meaning that the company has no control over them. 1. OPPORTUNITIES Technological advancement When the technology improves it enables the firm to smoothen its operation ,i.e if it depends largely on technology,thus reducing on cost and increasing competiton.

Market segmentation

The poses a great opportunity to the business when it come to segmentation.different consumers preffer different products and its therefore the role of the management to analyse the market to capture that specific market for particular product.

Government policies The government dictates the manner in which business will be conducted. Therefore if the passed rules favour your business then it poses a chance for your business to grow.i.e the recent lift of taxes on second hands cloths. Cheap labour The environment most is enable to feed business with employees thus facilitating good operation of the business. Threats Uncertain political climate Political stability is essential in business growth. if the political state of not stable many business find it hard to thrive through. Consumer preference Due to the perception that imported goods are better, some consumers may prefer the imported goods to the local ones thus making the local based company fall. Adverse climate change The weather condition around the business is also vital, i.e if your business deals with farm product and the is drought or luck of rain then your business will be affected.

Competition Businesses are faced with competition from the other related industries in the market. therefore if your business is not strong it will go out of business due to high level of competition. BUSINESS ENVIRONMENT OF INDUSTRIAL MARKETING Business environment is main composed of two factors. Micro- environment Macro- environment

1. MICROENVIRONMENT These are forces that are close to the company and affect its ability to serve its customers. It includes the company itself; its suppliers, marketing intermediaries, customer markets, competitors and publics there are forces that the business have control over them. This environment also includes all departments, such as

management, finance, research and development, purchasing, operations and accounting. Each of these departments has an impact on marketing decisions. For example, research and development have input as to the features a product can perform and accounting approves the financial side of marketing plans and budgets. Marketing intermediaries refers to resellers, physical distribution firms, marketing services agencies, and financial intermediaries. These are the people that help the company promote, sell, and distribute its products to final buyers. Resellers are those that hold and sell the companys product. Customers are also important in the internal environment. There are different types of customers including consumer markets, business markets, government markets, international markets, and reseller markets. Each of this market plays a vital role in determining the environment of the business. Competitors are also a factor in the microenvironment and include companies with similar offerings for goods and services. To remain competitive a company must consider who their biggest competitors are while considering its own size and position in the industry. The company should develop a strategic advantage over their competitors. Finally the public,which is any group that has an interest in or impact on the organizations ability to meet its goals. For example, financial publics can hinder a companys ability to obtain funds affecting the level of credit a company has. Media publics include newspapers and magazines that can publish articles of interest regarding the company and editorials that may influence customers opinions. Government publics can affect the company by passing legislation and laws that put restrictions on the companys actions. 2. Macro-Environment This are forces that are large than the business. The businesses have no ability to control them. This includes demography, economy, natural forces, technology, politics, and culture. Demography refers to studying human populations in terms of size, density, location, age, gender, race, and occupation. This is a very important factor to study for marketers and helps to divide the population into market segments and target markets. . Economic environment refers to the potential customers to purchase .Within this area are two different economies, subsistence and industrialized. Subsistence economies are based more in agriculture and consume their own industrial output. Industrial economies have markets that are diverse and carry many different types of goods. Each is important to the marketer because each has a highly different spending pattern as well as different distribution of wealth. Natural environment is also important it includes natural resources that a company uses as inputs and affects their marketing activities. The concern in this area is the increased pollution, shortages of raw materials and increased governmental intervention. As raw materials become increasingly scarcer, the ability to create a companys product gets much harder. Also, pollution can go as far as negatively affecting a companys reputation if they are known for damaging the environment. The technological environment is perhaps one of the fastest changing factors in the external environment. It also requires a company to stay ahead of others and update their own technology as it becomes outdated. They must stay informed of trends so they can be part of the next big thing, rather than becoming outdated and suffering the consequences financially. The political environment includes all laws, government agencies, and groups that influence or limit other organizations and individuals within a society. It is important for marketers to be aware of these restrictions as they can be complex. As laws and regulations change often, this is a very important aspect for a marketer to monitor. The cultural environment,which consists of institutions and basic values and beliefs of a group of people. The values can also be further categorized into core beliefs, which passed on from generation to generation and very difficult to change, and secondary beliefs, which tend to be easier to influence. As a marketer, it is important to know the difference between the two and to focus your marketing campaign to reflect the values of a target audience.

The study of industrial marketing environment important to the business because it brings the need to be proactive so as to create the best environment for your company that wil enhances effectiveness and efficiency of the company.