This is your opportunity to put your own marketing under the microscope – do you know as much about your own situation as you should? This internal audit takes a close examination of your current business situation, how profitable is your company and how this may affect your marketing effectiveness and marketing mix. Also, what are your marketing objectives? Are these clearly identified and stated, and if so, are they consistent with your overall company objectives and appropriate for the company’s competitive position, resources, and opportunities?
The results of exploratory research can’t be used for marketing decisions in most cases at least not directly. Then the question arises why to do exploratory research in the first place? Well the answer is the core goal of exploratory research is to equip marketers with enough information to facilitate marketers plan a format research design correctly. For example by conducting exploratory research the marketer can find out that the competition is using popular social media channels like Facebook, Twitter, LinkedIn and YouTube to reach target consumers effectively and successfully engaging customers with the brand directly. Now with this information he can plan a formal research design to test his hypothesis.
From the annual general meeting that the corporation held in 2010, the CEO revealed that the Nokia Corporation has been able to keep its leading position in the manufacture of mobile phones industry for twelve years straight (Nokia’s Comeback Plan, 2010). In the year 2009 alone, the corporation was able to sell four hundred and thirty two million products more than the figures that its three topmost competitors sold in total. Estimates have shown that the Nokia mobile phone gadgets are used by at least billion individuals in the world on a daily basis. This of course makes the Nokia Corporation the biggest market holder in the mobile phone industry. The profits and profitability index acquired by such numerous sales has been accounted to the maintenance that the corporation has had on its customers. With the application of the market concept, the corporation has been able to meet its customer needs that have resulted in the long-term profitability based on the healthy customer relationships that have been upheld as a significant component of the organization’s culture.