It is necessary to understand the business aspects that are required for the success of a business. In most cases, the size of the business does not matter. In fact, the most crucial aspect is to address market sizing issues so that they do not cause problems. This is one of the many steps and precautions that are taken to avert failure in the business. This paper highlights a marketing problem that will adversely affect an organization if it is not addressed by the marketing department.
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Large scale and small scale businesses have problems that can facilitate the failure of the business. This can affect the established businesses as well as new businesses in the market. One of the marketing problems that affect most businesses is poor market sizing. Proper market sizing facilitates good market plans and leads to the success of businesses (Moutinho & Chien, 2007).
Therefore, knowing the right market size cannot be ignored by entrepreneurs. Proper market sizing will also ensure that the right products are provided to consumers.
Recently, experts in market research have confirmed that our company has a problem in market sizing. The company cannot determine the right size of the market that should be addressed. Besides, the company does not have full information on the products that can be developed to address the needs of the market.
One of the causes of this problem has been determined to be from within the company. The marketing team does not have the required experience to address issues of market sizing. This has led to improper market size estimates (Ferrell & Hartline, 2011). This is misleading to the company because it has made it difficult for the company to address the market sizing challenges. Besides, this is shown by inadequate allocation of time for planning marketing activities.
The other aspects encompass the macro environment. Here, the company is not objective in relation to the products it provides to customers. Aspects of pessimism have contributed to the problems of market sizing. Sometimes the marketing department is not sure of the performance of the products of the company. Further, the company has had unrealistic forecasts. They are meant to attain or integrate optimism in business.
The solution to the problem of poor market sizing is to recruit experts to do research that relates to the size of the market. Besides, there is the need to have realistic forecast. Furthermore, adequate market research needs to be done to ensure that goals are achieved within the organization. Adequate time should also be allocated to the design and forecast of marketing activities.
Analysis of the current marketing environment
A SWOT analysis of the current market environment of our company shows many perspectives. One of the strength of the company is the availability of resources (Böhm, 2009).
Precisely, enough capital is available for all activities that encompass market sizing. For instance, there are funds to facilitate electronic and print media advertising. The other strength is the capability of the firm to do an updated research in marketing. There are adequate facilities regarding the same issue. Thus, they can solve the problem if used in an appropriate manner.
The trend in the environment involves recruiting qualified staff in the field of marketing. Experts are being sought to conduct marketing activities. Our company has a weakness when it comes to experts in the department of marketing. The current employees do not meet the requirements of the firm regarding market sizing.
Incompetency in designing a proper market size for the company has led to poor performance in the company (Wied & Ebers, 2007). Unlike our company, our competitors are doing well in terms of market sizing. This gives them a competitive advantage over our company.
The trends in most companies encompass research and development activities. In fact, most companies have established research and development departments to oversee activities that can benefit the company. The environment provides the company with an opportunity to do research and address the requirements of the customers.
There are also investors and other stakeholders that are willing to invest in the company (Pahl & Richter, 2009). Thus, this is an area that needs to be exploited. For instance, the company can seek the help of investors to enable it to acquire experts to work in the marketing department. This is likely to address the problem of poor market sizing.
Equally, there are threats in the environment. Our company faces many threats from other competitors. Research indicates that most of our competitors have been in the market for long. Thus, they have sufficient and effective ways of conducting marketing activities. Also, they have no problems regarding market sizing.
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This is a threat to our company because, while others are efficiently doing their activities, we are struggling with the same issue. This can also be confirmed by the reaction of the stakeholders of the company. Whereas other stakeholders are contented with the performance of their companies, our stakeholders are constantly complaining.
Böhm, A. (2009). The SWOT Analysis. München: GRIN Verlag.
Ferrell, O. C., & Hartline, M. D. (2011). Marketing strategy. Australia: South-Western Cengage Learning.
Moutinho, L. A. M., & Chien, C. S. (2007). Problems in Marketing. London: Sage Publications.
Pahl, N., & Richter, A. (2009). SWOT Analysis – Idea, Methodology And A Practical Approach. München: GRIN Verlag GmbH.
Wied, S., & Ebers, M. (2007). SWOT Analysis Robert Mondavi and the Wine Industry. München: GRIN Verlag GmbH.