The Issue of Market Ambiguity

The daily human activities are built around businesses. Business is the basic source of income for most individuals and with it comes the issue of a market. No business will thrive without a deep understanding of the market and the problems associated with it. It is therefore very crucial that one understands what services one is offering and what market in specific targets. The following literature review is based on this issue:

Ambiguity effect is a cognitive bias where decision making is affected by a lack of information, the effect applies that people tend to select options for which the probability of a favorable outcome is known, over an option for which the probability of a favorable outcome is unknown. On the other hand market simply means a prospective  buyer to a certain product or service , combining the two words we find that an ambiguous market is the one that is not fully defined or a market that lacks full specificity, either in the  type of product or service provided to the market, or by the type of the market. This is a current issue in the modern business. For a business to thrive, a specific market should be determined. However, this issue comes with some drawbacks since the producers will only be forced to focus on only the production of a specific product, therefore, blocking rooms for innovation by the company and also it blocks the company from spreading its borders and conquering wider markets. However on checking, the positive sides, the company is able to fully satisfy the needs of its market by this approach, and therefore the company protects its market against alternative outside the market. By studying the market ambiguity and finding the solution to it, the company gets a full picture for its markets and knows what to supply at a specific time in a specific area. In conclusion market ambiguity is an emerging issue, a prior solution to this will open niches within the market, and a producer or manufacturer will know what to produce and supply without any confusions.

 

In view of the problem, the following are the set of possible solutions: firstly we need to do a deep analysis on the market to determine where our customers are. This process can be achieved by sending employees out with the goods, for instance, female outfits. The employees would visit the market and thereby see the exact location of the customers; this alternative would solve the problem of market ambiguity, whereby the exact location of the customers is not known. Secondly, a business questionnaire is also a possible alternative, where guys are sent to the field and administer questionnaires concerning the company and the goods offered by the company. The questions should be relevant and show a connection between our products and the market. In our case, for instance, the questions should evoke the female customers to tell their preferred the taste of outfits and their exact locations at different times of the year. Alternatively, sampling procedures can be approached. However, this approach would most likely work with edible products. The company approaches the market and displays their product on an open field, this would attract the destined market, this approach comes with double profit in that the producers get a chance to display their products to the market giving the market a chance to interact with then product, on the other hand, the producers get a chance to see how the market reacts to the product and gets a picture of whether the market is or is not interested in their products. Moreover, roadshows and exhibitions can organize by the producing company .the road shows are one of the best ways as it is interactive and informative at the same time.

With all these suggestions a discrete procedure should be approached in order to determine the best alternative to solve the market problem. The following criteria should be followed, First and foremost the alternative approach should be economical, the alternative with the least monetary expense to the company should be a favorite, as this would foster on the overall profits of the company since advertisements and market approach are all inputs to be approached during a business venture. Time is money as it is said; therefore time should be considered while approaching an alternative. The best alternative is the one that would require the company the least time possible but still have a strong effect on the customers at large. Besides, the social impact of the alternative is one of the biggest factors that cannot be overlooked, the market is a social arena and the goal of the alternative approach is to push the social market towards acting according to our desired ways, therefore a strong alternative with a strong social impact should be a huge option for our approach. Finally the lasting effect or impact of the alternative is a factor to consider also, it would be so satisfying to know that the whole procedure was successful and the desired effect to our market is achieved accordingly, with this in mind, while considering the approach to select, the effect left to our customers, should be foreseen and considered before hitting the road.

With the criteria in mind, the alternatives should be analyzed on these grounds to see what alternatives would best suit our situation. Beginning with the deep analysis of the market , we find that it is a very social activity to venture in, since it requires direct relations with the market , it is also a very economic activity since its activities only require minimal monetary inputs may be on the resources needed for the analysis , however this procedure would really need the company to invest a lot of time, since it requires direct contact with the market , this adds up to the other drawback, since  an infringement on time leads to a final small impact to the market, therefore not a favorites procedure. On the other hand , considering questionnaires as an alternative , we see that it is not economically indulging compared to the other alternatives since all one needs is a set of questionnaire papers and the personnel to supply the papers around the market , however it has a myriad of disadvantages, since it is really time-consuming supplying the questionnaire papers , also this procedure does not include direct relations between the company and the market, therefore  reducing the social impact of it, with all this in consideration , questionnaire is not our favorite approach. Sampling is another alternative in our list, considering it we see that it is a very social activity, since the advertising company has to interact with the market and convince the market into having a sample of their product, with this we see also that the company is able to leave a strong and long lasting effect to the market, obviously from the interaction .This procedure is moderately expensive due to the free samples offered to the market , however is  a sacrifice worth taking  considering the very strong effect this procedure leaves to the market, to add on to this, this procedure only requires little time to undertake, since only a day of open-air sampling is required to convince a market, therefore this is one of our favorite approaches. Considering our last procedure , road shows and exhibitions , it is evident that it is the most socially indulging procedure since it requires moving around and talking to the vast market , this factor automatically qualifies it as a very effective procedure , however it is the most expensive, due to the huge list of expensive resources needed for a road show, but considering also the little time involved in just talking to the masses and moving on to another market , it qualifies as one of the favourites .

With the full analysis in the bag, a conclusion is arrived at, road shows and exhibition and offering samples are our favorite and most influential procedures in our list. With this, an implementation procedure should be defined as follows: beginning with sampling , the company should first organize desired samples that , is to be displayed to the market , after which a suitable  market destination  is chosen, a specific date of implementation is also decided upon,  without forgetting the enough ground personnel needed to  aid in the overall procedures. On the arrival of the sampling day, a suitable time should be chosen, at time that is most convenient to the market, this should be a time that will capture most people in the market, for instance, a midday day time should be chosen since most people are busy and out doing daily chores, this way a wider market may be covered. Also during the sampling procedure, important data should be collected to enable the company to makes important and reasonable conclusions afterward. On the other hand, the road show and exhibitions approach need huge preparations, first, a suitable area of market destination should be decided since a road show should cover a large area, also all the available resources should be made available, without forgetting a road show truck, this is the most important resource. A suitable range of days should be decided upon since this venture takes a couple of days. On the day of the exhibition, suitable timing should be considered also, a range of activities should be chosen, activities that should entertain and attract the audience market. All this should be accompanied by keen data collection since this is the epitome of the exhibition, this collected data will soon be used for drawing conclusions and making important decisions afterward by the company.

Afterward, an evaluation process follows, this is direct since data was collected. Both data from the exhibition and the sampling is compared and contrasted. For instance, a certain commodity can be preferred by a huge percentage of the market in both approaches whereas a certain commodity can vary depending on the market approached. With these important variations and similarities, graphs can be drawn and get analyzed and afterward important conclusions made. After all these, specific markets will be attained and different commodities will be supplied to the market according to what the statistics picked says. This will eventually solve the issue of market ambiguity and specific

 

 

 

References

Bowen, W. G., & Sosa, J. A. (2014). Prospects for faculty in the arts and sciences: A study of        factors affecting demand and supply, 1987 to 2012. Princeton University Press.

Cravens, D. W., & Piercy, N. (2006). Strategic marketing (Vol. 7). New York: McGraw-Hill.

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