Types of Market Research to Undertake Essay Example | Topics and Well Written Essays - 1250 words

Types of Market Research to Undertake - Essay Example The macro-environment involves interactions with technological, socio-cultural, political and economic factors that emanate from without the company’s setting. For instance, since the market for ice ball moulds faces competition from other companies, the following types of research are suggested to be carried out (Loudon et al, 2006, p8). Research will be carried out to determine the level of market penetration by the company and the likelihood of reaching the most remote prospective customer. By facilitating research for market penetration by the company and its competitors, the company will be ensuring that the current market share is maintained and stretched if possible. Research recommendations would give such policies as competitive pricing as well as an aggressive sales promotion for the Soccer Ball Football Ice Mold. The company will ensure that the market dominance is secured by meeting customers’ demand and preferences. Increase in customer orders will be targe ted for research to come with solutions some of which could include loyalty scheme introduction. The existing logistics and distribution networks can be assessed to provide alternative distribution techniques to enhance market development. Product development will be analyzed to determine if the name Soccer Ball Football Ice Mold is enough competitive as a brand name. Market diversification is also another channel to unravel market potential strategies. Research recommendations would give such policies as competitive pricing.