MARKET SENSING AND LEARNING STRATEGY

MARKET SENSING AND LEARNING STRATEGY



MARKET SENSING AND LEARNING STRATEGY

Introduction

Chapter 6 of the book highlights the importance of the sensing and learning process to strengthen the marketing strategy of a firm. It encompasses the issues related to the competitive advantage by highlighting the new and novel ways to understand the customers better and to gain the advantage over the rivals in the industry.

In today's marketing environment it has become essential for the companies to identify the needs of the customers and to conduct marketing research. This will help the companies to identify the needs and wants of the customers. In addition to this, it is also necessary to build relationships with channel partners to get their support and favour. This will help the business to grow and flourish in the marketplace. The processes of marketing research and customer and partner relationship management are a complex task for all business sectors. As a consequence of enhanced competitive situation in the marketplace, it has become essential for the businesses to react timely and actively to these competitive challenges.

Critical Evaluation

The area of marketing information is surrounded by the misunderstandings and delusions. That is why the marketing information is assumed to be a difficult area in the field of marketing. Most of the marketers convince themselves by relying on the concept of doing more and more marketing research, collecting additional information and storing the data of the research. By doing so they are actually keep themselves stiff to the old trends that sound more like an academic and theoretical study than a practical one. Such part of the marketing is usually assigned to the junior marketers because the real managers do not take into account what the information says. The information of the marketing research is regarded as the trappings in this chapter of the book. According to the writer the marketing information is all about how the information is understood, how the environment is dealt and considered. In other words, how we understand and deal with the customers, the channel partners, and the rivals. This is the reason why the information is regarded as providing the leverage because if one can persuade the thinking of the decision makers and the staff about the marketplace, then there is a good opportunity to manipulate their actions. Due to this reason the market sensing and learning is regarded as the pathway towards the strategic management. Market knowledge is the foundation for more perceptive market choices, practical view of the relations, improved awareness of the customer value, and realistic vision of the networks that strengthen the strategy (Rust, 2004).

Understanding the customers and the markets is a crucial thing to do because most of the companies don't have the idea that why there customers react as they do. The management does not have the clear understanding of the consumers' assessment regarding the value proposition and decision making. The author has regarded the theory of consumers' rational decision making process a misconception as they ...