Know Thy Competitor

Case Study 16: Know Thy Competitor

Question: What should Cereal Farm have done more extensively before entering the UK market?

Nowadays, tempo of life is very fast so it hard to tell what can happen in future, business and marketplace is a part of life and they are also having a rapid change so companies shouldn't always relying on the knowledge that they already have and making decision without knowing and understanding what happening in marketplace that will lead them to failure. Most of the time that impossible to make a sound marketing decision without marketing research, it such as a student go to the exam and don't know what he/she should study or don't study for the exam. Marketing research consider to play a important role in success of companies, marketing research use as a tool to acquire information about consumer, customer and the marketplace help companies such as to identify the opportunities, problem, generate, refine and evaluate marketing actions, marketing research provide specify and accurate information that surround and help make effective decision according to Zikmund, W.G and Ward, S and Lowe, B and Winzar, H and Babin, B.J (2011).

Marketing research will be the company eyes and ears, when the research conduct will collecting information in the marketplace, that information will help the companies understand about the current situation and help them answer all the questions they are wondering such as 'what we can do to improve our brand image?' or 'why our latest product in market was a failure?' or those questions that the right answer will help you to be the head of the competition such as 'for today situation, what is the needs of the consumer?' according to Zikmund, W.G and Ward, S and Lowe, B and Winzar, H and Babin, B.J (2011). To get the right answers for the questions, the companies need to conduct the research in the right ways with caution in order to acquire the accurate information that help to reduce uncertainty of a decision, the information also use for developing and implementing marketing plans and strategies. Cereal farm can explosive their opportunity for new product in UK market, and get better than other established competitors in the market.