Question

List and describe in detail all of the activities included in a market-sensing process. What impacts do these activities have on core business processes?

Answer 1

Market sensing process helps an organization to collect Qualitative research based information so as to formulate more reliable and valid business operations. The indirect or construct related challenges can be addressed with marketing sensing process. This may include following specific data collection methods , 1) Interview with various stakeholders 2) Critical observation 3) Content and pattern analysis while seeing a number of instances in real life business situations

4) Feedback from Qualitative measures associated to end users in case products and services experience collection

5) Focus groups may be targeted to study and collect valuable insights

A typical sensing can be performed in the following steps:

1) Frame your objectives with sensing process

In this , emotional, psychological and other type of questions will be defined . In this way, specific segments will be required to investigate.

2) Define your population and appropriate sample which atleast generalize the findings

In this , target area of investigation and sample with purposive sampling technique may be utilized. Many times , one sample will be enough. It will depend upon what is objective of the sensing process.

3) Defining time frame:

It should be good if data of different time frames will be taken for analyzing the pattern and intelligence.

4) Try to include competitors Brand name;

Randomly or through latent techniques, users may be asked about their preferences and taste about available branded offerings in the marketplace.

5) Small incentives may enagage participants in the sensing study:

If, some incentives will be offered to participants then they might give very focused reply and active participation in research process.

Core business process like operations management, supply chain, technologies, human resources, marketing strategies and customer services may be designed as per the report developed after marketing sensing process. For example, Most of respondents submitted that services are not properly designed then company will redesign it as per the suggestions and intelligence provided by the customers or respondents of the business intelligence process.

A growth having company may change its stability strategy into more aggressive one. For example, If, online distribution has not been utilized then it may be launched if intelligence suggests the same.