Automotive Strategy and Market Intelligence

Services

At Autobei Consulting Groups, we pride ourselves in catering best to your needs. By the utilization of primary and secondary research techniques, we (give) top notch business and market research and analysis solutions abiding the boundaries of global B2B and B2C space. By analysing the research trends and employing intensive quality and process control methodologies, we have been of significant importance to the strategic business and marketing decision makers across the hierarchical levels of the organization. We render a myriad of services including Telecommunications, Technology, Retail, Health care, Information Technolgy and Media.

Our quality of service is credited by expert interviewers who have the ability to see through and observe various statistics using the right surveys and interviews. Data capturing is an important part of any research analysis. Hence, extensive research design coupled with the appropriate questionnaires and interviews are designed to output maximum results. The experts at ACG ensure quality of data by conducting deep analysis and keeping an eye out to observe the trends and patterns that emerge from these findings. This phase precedes the next one, i.e, the final research output phase which mainly comprises of arranging the data in the format that best suits the customer’s need in the form of tables, graphs, charts and narratives.

This concludes the primary stage of our research work. The secondary stage works at a much deeper level which designs software and data collection tools that will help to provide customers with an easy and feasible way of data collection, analysis and finding.

1. Planning strategies for marketing is an inescapable process for an industry offering. Market Analysis services does just this. It gives a deeper understanding of the available strategies. To ensure success of the strategy in the market, we need the market strategy on the whole, but individual parts of the strategy can also help in making fundamental decisions. However, this analysis alone will not help to get the overall view of the market. Coupled with this, play several other factors which provide as significant a contribution. They are size of population, data, competitors and their strategies, demographics, etc. Apart from these factors, we also need to understand the needs of the customer at a more foundation level, we need to dwell deeper into their need, psychology and purchase trends too. This can be fulfilled by conducting a full-fledged research on models, buying trends, brands preferred, budget, preference and several others. Out of all these points, perhaps one might stand out as the most superior of them all. This ensures the best understanding and also accounts for corrections and improvement of the existing strategy based on already existing proofs and techniques. This is the Competitor research segment. It gives the best possible idea on how to make the best opportunity of the resources available, how to get an edge over existing services, what model can be upgraded to yield better services and so on. This sort of intelligence is what demarcates the ordinary from the extraordinary.

One of the major aspects of market research is perhaps the Customer research. The customer, is obviously the single handedly most important part of the industry. The failure or success ultimately falls into the customer’s hands. An industry cannot hope to thrive if they fail to understand and be flexible and most importantly be aware of what the customer needs. They need to be prepared with the right questions to excavate data which may not be obvious at a single glance. These questions need to answer why the customer is not interested in buying the supply anymore. A plethora of reasons could be unearthed, and the right market strategy will attack these and change accordingly. Various reasons such as delay in the delivery, inefficient customer support or simply that the product does not meet the customer’s need could be it. Deeper understanding could also expose the fact that the customer might have relocated and hence, is geographically unable to purchase the product. Apart from this, analysis on customer trends of competitor products also help with an even extensive understanding of the market.

Another major rung on the ladder of market analysis involves feasibility. No matter how good or perfect a product is, sometimes feasibility can play a major factor in deciding the market’s status. This is done by researching external factors first. These may be the other boons and threats in the market. These are listed down against the supplier’s pros and cons to provide the best possible estimate. Some of the areas that play a significant role in deciding the market analysis are Market size, Buyer demographics, Key players, the growth rate of the market, Industry cost structure, Market trends and Market profitability. Market size is calculated keeping mind the revenue from existing and potential customers. Market needs will give a base to how the product should exist for winning the customer’s favour. Demographics of the buyer involves the age, occupation and salary of the buyer and map them to the particular domains. The Market Growth Rate is another inaccurate means to obtain growth rates based on current and previous data. Market Profitability is another means of impacting profits. It is based mainly on the power of the buyer and the seller. This is also influenced by threat of substitute products, and rivalry among the existing firms in the industry. For more effective market analysis, the latest industry and market trends need to be studied thoroughly. The buyers’ preferences, the difference between the market leaders and the another upcoming industry’s techniques will help the company to better flow with the existing trend.

Marketing and Market analysis is thought to be a big iceberg. What may be visible from the surface of the sea might not be the big picture. By concentrating on what is seen, one should not be oblivious to the biggest part of the iceberg lying beneath the surface. Growth can be achieved only by looking farther and looking deeper. A company cannot hope to exist by only combating what is known and use it to go one step above. A great company focuses on what is not know and learns how to tackle that situation better. Critical analysis and various techniques are employed to see beyond the part of the iceberg sticking out from the ocean. Factors such as direct and indirect competitors, snapshots of competitor intelligence, pricing, Distribution and supply chain alanysis, marketing mix analysis , company and competitor product analysis, Competitor’s Seasonal discounting, sales cycle, precisioning, and TCO analysis and modelling are used.

All these techniques are employed and over time, the company identifies the best approach and strategy to be used, helping it maintain it’s position in the market. Apart from competitive intelligence, importance is also given to competitor intelligence where the trends of the rival organization can be used to evolve and use the rival’s weakness to their strength.

Here at ACG, we provide the best available methods for research and is a storeroom of trends and strategies that can be utilized to best suit your needs.

There are many things that go into establishing a well-founded, successful company. Prior to the creation of a plan for the business, the company should have a clear idea on the market needs. An in-depth analysis needs to be carried out to understand the need for the product in the particular market place. Furthermore, competitors and market trends need to be analyzed to create a product that will fulfil the needs. Probably one of the most important goals of the market is to identify the best market for the proposed idea and the best way to get profits early in a sustainable environment. Hence, the earning potential of a product needs to be figured even before launching the product. This is done using competitor research, analysis of trends and the present need for the product to be launched. Advantages over existing solutions are debated and potential share is calculated and consequentially, potential market share is defined.

During this phase, important questions are asked which answer the question of need and potential market share. At Autobei we provide solutions which have answered these critical questions.

1. What does the buyer need from the product?
2. How does the product overcome the buyer’s challenges?
3. Who are the direct and indirect competitors for the solution?
4. What does the customer require for the solution?
5. What is the feasibility of the product?
6. What are the various obstacles the product has to face while entering the market?
7. What are the various market distribution channels?
8. Identify Product Policy, Pricing and Promotion.

Market Demand is the total monetary value earned by a particular product or service along the boundaries of specific demographic at a specified time in a given location. Only through assessing the demand, can we hope for the succeeding processes to be less of a bottle neck. The analysis of market demand is vital and plays a crucial role in production and inventory. It helps to determine feasibility of the project before hand and provides a way to be well prepared for the budget. The process for Market Demand Analysis is listed as given below.

1. First, the demographics is ascertained.
2. Calculate the potential market size by checking if the population will buy the product
3. What is the value of the product?

The likelihood that a product will be purchased in a demographic is termed the Market demand. Based on various environmental, economical and geographical differences the Market demand will vary.

Concepts such as Market Minimum and Market Potential greatly help in calculating the market demand. Market Minimum is the value of the solution that can be generated even without any sales or marketing. It works under properly defined parameters. A very important part of finding the market minimum deals with a measure called ‘Leverage’. Leverage can be calculated based on brand, need of the market, and existing distribution channels.

Succeeding the sales and marketing strategies that are fully functioning, the amount of revenue generated is termed the Market Potential. Beyond the fulfilment of the Market Potential, there can be no upward inflation in sales.

The Current demand of a solution can be estimated by two methods. Beginning with identification of potential customers and their revenue in the market is a part of the Market Buildup Method. Multiple-Factor Index method is done by giving weightage to the variable values of sales, population and cost.

Future demand on the other hand can be estimated by recording various surveys and interviews for a selected sample group in the population. Previous trends and history are also studied thoroughly to estimate the same.

In some cases, information in the external environment of the company is relatively more difficult to obtain. This is referred to as Market Intelligence. Some hidden aspects of the research may be dug out through Market Intelligence. It provides a deeper understanding of the market place. We live in a time where a grandeur of data is stored on the internet. Research on Market Intelligence goes beyond that.

Unlike research for marketing, Market intelligence research involves in-depth understanding and a wide beaconed analysis into the industry. It helps us to get an amazing insight into the working of the market. Market Intelligence cannot be complete unless one has a profound knowledge and understanding of the status of the competitors, financial and economic factors, and the information at stake.

Five areas of information characterize the Market Intelligence research. Information about the competitor, market, product, customer and industry are vital for any Market Intelligence research. Each area has a significance with the other and one needs to understand how it’s coupled together.

Determining the size of the market greatly benefits the company, prior to market entry. It helps to increase the chances of profitability. At Autobei we have various techniques to assess the same.

So, one can call Market sizing a kind of forecast as it is done prior to product launching and determines how the market could change as we plunge into the future.

The full size of the product developed and the industry is first ascertained. We begin our Market sizing research by identifying both potential as well as existing customers who exist. This is followed by an understanding of the products the competitor has offer and how, if it does, impact your own sales. Next, we look out for the obstacles that may fall on the path of profitability.

To make any work or analysis easier, it is said to break them into small components and focus one each individually. This will ensure that all the needs are met and are given characteristic solutions and responses. This works the same Market research. The customers are compartmentalised into segments each with a different target. They are divided based on their need. The success of a company’s marketing and quality of it’s strategies are greatly impressed by the segmentation research method. The customers are targeted based on different categories. Some of them are Demographics, socioeconomic factors, Psychological graphics, geographical location, product use and brand loyalty.

For each case listed above, an appropriate method of target is formulated. Large, scattered, unorganized data is divided into segments of customers to make the work easier. This way buyers with similar needs are grouped into one and strategies are designed and implemented to cater to their specific requirements. There are certain guidelines to segment the market to benefit the industry this way.

The segments should be measurable, profitable, long lasting, addressable and reachable. Market segmentation in many cases gives the best possible solution for the launch of a product or service.

The stark contrast between size of market and potential of market is considered to be analogous to that between total market and the total available market. Prior to the advent of such potential research methods, we need to understand out product better. Promotions, Pricing, Policing and Positioning needs to be done on competitor products. Primary research is used for these purposes. It also helps us calculate the total amount being spent on these services. To further dwell into the difference between market size and potential market, we aim to define both. Market size, on one hand, gives the total of revenue made per compartment. Potential market refers to the total revenue whch could be generated if the company could get every prospective customer. Primary and secondary research stages are carried out to better understand the potential market and analysis. Some of the findings that we need to analyze as we drill through this mine are target population, their profile, their specific needs, pricing and comparison of strengths and weaknesses of the company and competitor.

Forecast refers to peep into the future, only having past trends and present analysis to understand from. It allows us to see the changes and obstacles before hand to combat them prior to them happening. It is a very significant part of market analysis. Based on the target customer segment, future values and trends are estimated and attributed. It is only an estimate, on the lines of prediction. Using annual growths of the previous years and research on population, forecasting can be carried out.

While completely based on predictions and estimates, one might question the accuracy of such a forecast. It’s accuracy can be verified by extending numbers to the segment size and address each by using the information from competitor sales. This forecasting, if done right, can influence Prcing, Policing and positioning.

Matket Mapping is another method to identify trends among the existing and potential customers by studying as many market conditions as possible. These market conditions are plotted on a graph and various values and attributes about the customers are examined and analysed. This type of analysis helps us to focus and mend the internal weakness and loopholes present in the company. The problems with the external environment of the company is also assessed using the plot. The best way to make use of the market gap can also be easily seen using this technique. The different levels in the organization chain will also be revealed in the market mapping. This includes the total number of suppliers, distributors and retailers. It gives an indepth analysis on each of the market segment.

One cannot however get the overall picture by just following the above mentioned techniques which work mainly with trends observed in the past and assessing market forecasts. One needs to get into the market and research and get more realistic data. This can be achieved by means of group discussions focussing on particular segments, interviewing in malls, in-person interviews, advertising, media research, mystery shopping, eye track studies, In-depth interviews, conferences, Field Data Collections and Field Audits.

It may just be a herculean task to not only ascertain the best price to a product as to reaping the safe profit margin but to also gain a considerable percentage of the market share. It is highly risky to price a new product or service, or to even change the price of an existing one. On one hand, it may be too high with respect to demand of the product and profits end up never seeing the light of day. On the other hand, if it’s too low, it may illusionise a lack in quality.

To decide on the right price of a product or service, one needs to take a lot of factors into account . These include data from previous launches, competitive pricing, and discussions with buyers. One needs to truly understand what sensitivity means and how it could translate onto pricing. These are the tiny building blocks to come together and make the best pricing decision.

We at Autobei offer numerous approaches to arrive at the best pricing conclusion. Conjoint Analysis is one such technique that is employed mainly to absorb the balance between prices and the features the product has to offer. Assessing people’s need for the service and their priorities, one can strike that pristine balance between the product’s value to the customer and the cost incurred.

The Price Sensitivity Meter introduced in 1970 by Peter van Westendorp is used to decide the price of a product. It does so by asking four significant questions.

1. What price would you set the bar at, as being too expensive to buy?
2. What price would you set the bar at, as being too cheap to buy?
3. What price would you set the bar at, as being expensive but you would buy if found worthy of the price?
4. What price would you set the bar at as being a bargain?

Another type of pricing, commonly referred to as Concept Testing involves questioning customers as to whether they would buy that product at that price. The customers are asked in a random order. This is done to understand price elasticity and the balance between demand and cost.