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Organization Studies- Market Analysis Home work “Thorough market analysis is crucial for a business like Korean in order to attain its market objectives. ” Discuss (18marks) Market examination , The gathering, analyzing and interpreting information about a market, about a products or services to be offered for sale in that market, and about the past , present and potential customers pertaining to the product or perhaps service, study into the characteristics, spending practices, location and desires of your organisation�s target market, the industry all together, and the particular competitors the business may confront.

One reason market evaluation is essential for any company like Samsung to attain its advertising objectives, is the fact market research acts as a product sales booster, mainly because it builds immediate relations with consumers , therefore being aware of their demands, by The samsung company knowing what the purchasers want and need they are able to optimise their profit, that could be a marketing aim, if quality market analysis were to be taken away by Samsung then particular products could possibly be put on the marketplace, such as their particular new Smart Tv’s or perhaps their Galaxy S3 mobile phone, from these products it is clear Samsung have great attention in their user’s needs by means of creating slightly niche products, helping these to gain the competitive edge over opponent companies including pioneer, LG ELECTRONICS, or Apple in the telecoms industry.

In doing so Samsung might build a consumer bottom, and if sales were to boost more intense research could possibly be carried out concerning ascertain even more ideas by customers pertaining to future products. Furthermore it is crucial that Samsung meet their customer’s needs, this is in order that the company could become more efficient, by doing this, waste may be eradicated and inadequacy also. Therefore costs can be reduced within The samsung company, increasing the quantity of profit which can be made, while using eradication of waste this also reduces marketing costs, as the quantity of products would have to be marketed is lowered. In this article it is therefore evident market evaluation is essential as this allows The samsung company to save money, optimising their income.

The success of the organization in the case of appointment customer requires and becoming better, relies generally on those of market examination which contributes to objectives in these areas being met. In addition , on the other hand marketplace analysis is definitely not always important when obtaining market objectives, this is very clear as, when it comes to Samsung all their market and competitors are rapidly changing frequently, therefore market research would be unnecessary and time would be squandered, time sama dengan money, as a result meaning money would be dropped on research which more than likely be within the long term pertaining to Samsung but merely the short term. This will therefore generate it hard pertaining to Samsung to accomplish its goals.

Samsung’s marketplace is constantly changing and the with regard to new products is definitely constant. Not merely is the industry rapidly changing but rivals also – as stated, such as Samsung’s rivals mimic and undercut Samsung’s promotional presents and match their rates, thus which means market examination would not always be the best option to them in achieving objectives, this could not allow Samsung to gain the best possible competitive advantage over competitors, although simply help competitors in gaining the competitive advantage over themselves, the best way to get Samsung to complete a market objective associated with profit is always to copy the actions of competitors and also use penetrative pricing to undercut them.

Another reason why market evaluation may not actually be the most effective way in achieving marketing targets is that the moment retrieving research the retrieval of supplementary research proves to be high priced, although cheap it is often ineffective, and outdated, and in the case of Samsung’s rapidly changing market then this use of extra data would certainly not become an option for consideration, this therefore leads to Samsung basing their exploration solely upon Primary research via that of customer feedback or perhaps questionnaires, which can be the most costly from the two, nevertheless proves best when put into play and adding to marketing targets. In conclusion, for the short term I believe it’s prudent for The samsung company to use industry analysis to its total potential to gain the competitive advantage required, although costly it may pay off in the long run, yet, in the long run I really believe that it will turn into costly although, as market research would need to be carried out about frequent events in this case of Samsung and so would confirm too costly intended for the company, which money spent could be used in other places perhaps for the production of more goods.

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