Discussion Questions Essay Example | Topics and Well Written Essays - 500 words - 10

Discussion Questions - Essay Example ncludes, but is not limited to, knowledge of the activities of competitors such as their sales and marketing strategies, price points, research and development, patents, mergers and acquisitions, hirings and firings, and so on. Besides this knowledge of what other competing companies are doing, it also includes knowing for example, relevant regulatory legislation such as deregulation and pollution standards, and awareness of new markets, emerging technologies, new competitors and public opinion etc. Knowledge of all the above-mentioned factors that impinge on the competitive environment contributes to a more complete understanding of multinational and global market research by providing the company already present or wishing to engage in this environment a profound insight into everything that can directly affect it. For example, legislation on safety standards would make it necessary for the company to conform to them; taking advantage of new technologies could help to improve the manufacture and assembly processes, communication systems, marketing and distribution networks etc. And, scarcity in the availability of raw materials could mean that the company would have to make alternative arrangements or seek new supply channels. Marketing fundamentals dictate that market knowledge should be used to increase sales but existing or returning customers help to perpetuate sales. So, in a highly competitive and especially shrinking market, customer satisfaction becomes all the more important. It is usually easier to try and keep current customers by keeping them satisfied that it is to seek out potential new customers. â€Å"Competitors that are prospering in the new global economy recognize that measuring customer satisfaction is key.† (Cacioppo, 2000) This way they can not only hold on to existing customers but also learn better to attract new ones. In the mobile phone industry for example, customers are normally subscribed to one cellular network. However, it is a