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The primary goal of doing market research is to ensure that the company is equipped with the information needed to make informed business decisions. The information affects the 4 Ps that are product, price, placement and promotion. Market sensing enables a company to improve the goods and services based on findings of what the customers wants. This market sensing technique allows companies to focus on things like market share tracking, sales territory performance as well as advertising models. Market research also enables the company to set prices based on profit margins and the competitors’ prices (Everett, 2014). Market research and analysis, being a market sensing strategy is also concerned with promotions. The study will allow companies to decide where they need to set up and how the procedures that will be used to distribute the products.

Sales territory performance

Market research assists companies to monitor sales territory as well as performance. Also, researching the market allows organizations to figure out how to reach a particular segment. Intuition and experiences are helpful sometimes. However, research is paramount because it offers a more accurate picture of the market. Conducting research on a regular basis can help the company to catch up with the dynamics of the economy and at the same time monitor performance.

Market share tracking

Before undertaking market research, it is imperative to establish clear goals for the research activities. If the research is aimed at market share tracking, then the marketing department ought to have defined what it intends to accomplish. Once the committee has identified market share tracking as one of the goals, developing the techniques to be used in gathering data is the next thing (Lin et al, 2015). Primary and secondary research is the two broad types of research utilized by most companies. The main goal of the primary research is to gather information by analyzing current sales. Besides, fundamental research takes into account competitors’ plans and gives information about them. The best method of collecting primary research includes surveys, questionnaires, and interviews. Questions answered during primary research include, what is the best price to sell the products. On the other hand, a company may seek to analyze consumer likes and dislikes with respect to the firm’s products and services.

Primary research has some setbacks. For example, it is time consuming and expensive. If the research is not done by experts, the results might be devastating. Even so, primary research is necessary because the desired group is targeted(Mason, 2012).

Contrariwise, the Secondary research seeks to exploit the existing resources such as company records, books, and research studies. Secondary research does not consume time like the primary research(Mason, 2012). It is inexpensive as well. Even if secondary research is less targeted than primary research, it yields valuable information and answers questions that cannot be addressed through fundamental research. Besides, secondary research address questions that may make customers uncomfortable when asked. Most of the businesses utilize existing company records such as sale invoices and formal complaints. Secondary research also exploits statistical data to come up with market profiles that can help in marketing. The other aim of the secondary research is to analyze information that has been published. Having secondary data helps a company to identify the competitors and also establish benchmarks in addition to the target segments. The segments are the individuals who fall in the target demographic.

Competitor monitoring

It is a market sensing based strategy that allows companies to find out what other companies are doing to achieve success. Competitive monitoring is aimed at finding out what the competitors are doing and using the information gathered to the corporation’s advantage. Observing the competitors’ marketing strategies is a useful technique for measuring their strengths as well as their weaknesses to gain an insight of the market. The first step in competitive monitoring is to determine the real competitors. After noting them down, the process of monitoring begins (Malik et al, 2012).

A firm can use different techniques to monitor the competitors. For example, a company can sign up to receive the competitors email and newsletters. The newsletters can be found on the competitor’s website. The marketing department can make a small purchase and then sign up to receive newsletters and email. However, if the opponent realizes, they can delete the emails. Receiving emails from the competitors can assist the company to analyze things from the customer’s perspective. It would allow the business to understand consumer desires.

The other way to monitor the competitors is by exploring their website. By visiting their website, a company can get to understand what the competitors are doing right and where they are going wrong. If their site is better than the company, it is important to upgrade it to match the competitors. Analyzing the competitors’ website also helps the company to get new products that the company wasn’t aware of. Looking at how the competitors hire staff can also increase the company’s efficiency (Malik et al, 2012). Linking with the competitors at social media sites such as Facebook and Twitter also allows the company to note down how the competitors are releasing special promotions. Giving the competitors a call is important if both companies sell their products and services over the phone. Also, a company can look for media advertisement and get an overview of how the competitors are advertising their products, the mode of advertisement and the features of the ad. If the publication is aimed at showcasing products, then the company should match their advertising to match those of competitors. Competitive monitoring is an important part of market sensing strategy.

Consumer research

It is marketing sensing based strategy where the marketing team describes the procedure used to acquire customer’s opinion with respect to a particular product or service.

Packaging preference

Under consumer research, customer feedback with respect to packaging preference provides marketers an insight of how to improve their companies or overall customer interaction. Customer feedback improves goods and services. Listening to the customers guarantees that the product created will be bought. Customer feedback is used throughout product development to ensure that the product under development would solve the client needs. Quite many innovative companies across the globe create products that meet customer needs. Apple and Dell are examples of such companies(O'Cass et al, 2011). In the current business world, the businesses that have strong customer feedback reap strong competitive advantages. They also have return customers.

When a company measures customer satisfaction, then that company can determine whether their products and services meet or surpass customer expectations. A customer feedback survey is ideal for measuring customer satisfaction. Surveys can be conducted via email or through the phone. Studies can help a company gauge customer satisfaction and assist the company track and monitor how happy or unhappy the customers are over time. Customer satisfaction also provides a company with valuable insight that represents customer perception over that particular company(O'Cass et al, 2011). That insight would assist the company to create products that would attract customers and make them want to purchase products from the company. Exceeding the customer’s expectation also ensures that the customers come back for more or even refer their friends to the company. Customer feedback should not be put at the bottom of the pile. Instead, the company should outsource to other firms. There is no boundary to customer feedback. In fact, more feedback allows companies to develop a product that fully satisfies customer desires(O'Cass et al, 2011).

Direct selling

This is another market sensing based strategy that is used by most of the companies to have an insight of their customers. In simple terms, direct selling is a method of marketing goods directly to the consumers in their residences situated away from the permanent retail premises. In most cases, direct selling is done on a face to face manner. Direct selling also ensures that a company representative interacts with the customers. Such a method enables direct feedback from the clients. As far as direct sales are concerned, products are marketed through independent sales representatives. These agents are referred to as consultants or distributors. However, direct sellers might not be employees of the company. Instead, they are independent contractors who market and sell the goods of a particular company. In return, the contractors get commissions on the sales. Orders are placed by the customer through the consultant’s web page. Mostly, the phone is used. However, less that twelve percent of the sales are generated using the phone. Placing an order through the consultant’s site is the best way to generate sales. Products can be sold through direct selling all over the world. Despite that, most people assume that only cosmetics and other small home appliances are the ones sold through direct sales. Other products such as jewelry, spa products, personal computers, automobiles can also be purchased under the direct sales platform. Goods are then shipped to the customer’s physical address. Direct selling as a market sensing strategy allows the company to interact with the customer and get immediate feedback from them. Dell Computer Company is one of the corporations that use direct selling as a market sensing strategy(O'Cass et al, 2011).

Marketing Plan

A market program is defined as a arrangement of how a company will put their marketing strategy into practice (Sigala, 2015). The market plan ensures that each and every individual within the business understands what the marketing department is trying to do to develop a market plan. The market plan described in this paper will link to market sensing strategies. A market plan passes a message to customers on the market value of goods as well as services. The marketing department evaluates the results of previous plans and how it affected the business. It can be positively or negatively. Companies such as Coca-Cola have penetrated the market due to its well-structured marketing plan(Tham et al, 2015). While developing a marketing plan, it is important to do a comprehensive market research. The research should involve the collection of information on all the aspects of a business environment. Information on customer needs, wishes, desires and wants are put under consideration. Market research is conducted to identify the customers. On top of that, market research also describes how the company intends to solve customer desires and needs. Once the market research has been fully done, the next thing would be to have an overview of the nature of customer needs. Utilizing marketing mix will help achieve that(Tham et al, 2015). It is comprised of products, price, promotion, and place. These four Ps are considered while marketing products to a particular market segment. If the company is intending to orient a product to a market segment where income is lower, a less premium product can be designed. A competent marketing plan needs to have clear objectives that will aid in developing long-term goals(Thanos et al, 2014, May).

Developing the Market Plan

Product identification

The first step in developing a marketing plan is to identify the product. The process of product identification involves the identification of a product from its source. Identification of a product should be controlled through electronic methods. Also, product decisions need to incorporate product brands name, scope as well as warranty. The virtual company seeks to improve on branding and packaging products in a unique manner will give a company competitive advantage over competitors with similar products(Thanos et al, 2014, May).

Marketing objective

Defining a business purpose is most company’s primary strategy. The non-financial market metric is usually used to analyze the success of an enterprise. Metric shows that some problems within a corporation cannot be addressed using financial methods. It can only be solved by other means. For example, in this marketing plan, the virtual company intends to meet its customer needs by penetrating the market with high-quality products. Also, the company aims to develop a high-quality market share. It can be achieved through the massive distribution of products across the globe.

Market

Market size is determined using the products sold in a company. Subsequently, it is also indicated by both the internal and external environments. As far as marketing is concerned, there needs to be a mission statement that determines the long-term goals and the products directed to the consumers. The marketing plan anticipates franchising the virtual company all over the world. That move will be aimed at increasing direct sales.

Competition

Competition is paramount when it comes to preparing a marketing plan. Some things should be put into consideration. For example, factors that make a customer prefer one product over the other should be noted. The competitive summary should be prepared in comparison to those of competitors. That would enable the preparation of a competent plan for a business. While developing this plan, we would analyze the competitor strength and weaknesses. A good way is to evaluate the competitors experience in the enterprise, their purchasing power as well as the freedom to abandon the market. In the marketing plan, the virtual company intends to produce different kinds of products. The products will increase the sales turnover and make the company gain a competitive advantage over the competitors. The company will give free samples as well as incentives to the customers. That is a move that is aimed at building customer confidence.

Price

Price is determined by income and approaches used by companies to market their products. The virtual group will arrive at the cost by evaluating the market and the economic condition of the customers(Wilson, 2011). The company intends to offer discounts and allow commodities to be purchased using hire purchase payment methods. The company also anticipates triumphing over the market by setting up pocket-friendly prices for the products.

Promotion

Products should be advertised on the market. That allows customers to know that the products exist in the market. Media advertisement is ideal because it reaches out to a broad audience at a go. The company intends to embark on massive visual and print media advertisement campaigns to inform customers of the products available at their disposal(Zhang et al, 2014).

In conclusion, the market plan should be reviewed annually. That would assist in gauging the performance of the business. Altogether, market sensing enables companies to produce goods that directly target their intended consumers.

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