Question

If a company want to know why the user of a competitive brand didn't prefer its brand, which type of data it may have to collect? On the other hand, if a company want to know the population size of the market, which type of data it may have to collect and how?

Answer with the suitable example.

Answer 1

If the company want to know why the user of competitive brand didn't choose it's brand. The following data should be collected

1) What are the other products that the company is offers other than the similar products which they both were offering.

2)Obtain Prices of the products of that brand in the market and compare those prices with your brand.

3) What are different products which is mostly bought in the market from that brand that data should be collected.

4) Check at what season the company is launching new products in the market from past few years.

5) Check the share price in the market and how the share price is moving in the market

6) Collect information about what are the advertising and marketing strategy that company is following.

7) Compare the quality of your product with that company product.

8) Conduct survey from those users of that brand and see what makes them choose that brand over yours.

If the company want to collect data on population size it should do the following.

1) Conduct survey or obtain data from government

2) Social media monitoring

3) Labour force in the market

4) Collect data depending on age groups

Ex:If we are launching a new product in a new market first we will find data from government how many people are in that region. Conducting survey to know their preferences. Advertising on social media by knowing how many users are there from that location.