Using market research in your strategic planning process ensures that you have a 360-degree evaluation of all the factors that influence a strategic plan. Even the result and report of your market research can serve as a fundamental element for your strategy. Knorr Marketing offers a comprehensive study of current customer characteristics and demographic and geographical data. In addition, we use our patented analysis system to identify the most effective and efficient strategies for reaching current and potential customers in order to maximize customer return on investment.
Specializing in the home furniture market, our industry experts offer in-depth knowledge of your brands, consumers and market. Whether evaluating market potential and interpreting market trends, developing and creating brands, helping customers establish long-term customer relationships, testing advertising and audience response to media, or measuring public opinion, Knorr is committed to working with customers to identify the right solutions for their specific challenges. Whether your company needs to determine its specific market segments by segmenting the market or eliminating survey fraud and erroneous answers with artificial intelligence, Pollfish offers both options and much more. Because the Pollfish online survey platform offers tireless and proven quality, your company should look no further and use Pollfish for all its strategic planning needs.
By collecting and analyzing market research, your company can gain a competitive advantage, allowing you to increase sales by 10 percent and increase margins. This is because, in today's demanding business world, market research tools must offer relentless quality in order to maintain a strategic plan. In the strategic planning process, your company must encompass as many of the bases that surround it as possible, including its current situation, where it is going, where it intends to go and what it is striving to achieve. It helps your company gain information about virtually every aspect of the company related to its customers and employees, helping to establish reasonable objectives and a market research budget for a strategic planning process.
This process includes all the activities your company carries out as part of strategic planning, the organizational management activity that is used to identify priorities, set goals, chart a direction, develop strategies, allocate resources and make decisions to achieve objectives. As for the programming of the process, it will vary depending on the needs and experiences of your company and your external environments, such as your niche, target market or competitors. Basically, the strategic planning process focuses on a catalog of steps that managers must follow to develop and implement a strategy within a company. Unfortunately, many companies do not pay enough attention to their market research data, or to any type of data, since more than half of the data they obtain is not used.
In addition to startups, every company must carry out strategic planning when embarking on any new venture, whether it's an acquisition, a new department, a product, or a rebrand. A solid market research tool can help your company obtain the most up-to-date data about its target market, along with specific market segments. However, companies will not need to complete every step of the process every year, as the entire strategic planning process must take place at least once every three years. If your company has existed for a long time and is in a slow market, you can carry out a strategic planning process less frequently per year.
The strategic planning process also includes measuring the effect of your activities and determining if your company has achieved the type of results you were looking for...