Case study Essay Example | Topics and Well Written Essays - 1000 words - 4

Case study - Essay Example Management and control of the economy got remodeled, monetary financial systems were introduced, private banking and hard currency system came into existance, customs regulations were relaxed and there were also attempts to promote foreign trade. All these became part of the new economy. The Revdan enterprise was no more functioning within governmental planning that ensured supply of raw materials and provided marketing facilities. Owing to the collapse of the industrial base of the Commonwealth of Independent States, demand for the products manufactured by Revda declined by upto 80 percent. When Ivan tried to introduce new products using new technologies to get over this, one hurdle he faced was that some technologies could not be handled by the visually disabled. ... 2. Information on the opportunities provided by the changes in the economy can help carry out planning at production and marketing levels. 3. Information on the scope of foreign investment in Revda can help decide upon new avenues of growth 4. Information gathered from an extensive evaluation of the company can help the future planning process. 5. Information on the most successful advertising mix in the new economy will enable effective utilization of money set aside for promotion 6. Information on new technologies and cost-reduction techniques will help redesign the product range and reduce the cost. Q3 Explain (in detail) how you would go about obtaining the information you have identified in q2 Market research is the method by which the data listed in question 2 can be gathered. The research problem will be centered on the marketing failures and challenges faced by the company. A cost-benefit analysis will determine the value of the research as against the cost that goes into it. The value will depend on the degree of newness and hence uncertainty in the environment, the degree of complexity of environment, strategic importance and cost of making wrong decisions, the degree of importance the company attaches to the decisions that have to be made and the caution that cost of research project should never rise above the value of the results. The focus of the research will be to find out consumer demand pattern, new market-savvy technologies, opportunities presented by the changed socio-politico-economic environment, and new and effective marketing strategies for Revda Enterprise. Through obtaining authentic data on these aspects, the objectives of this