UAE Company Producing Savoury Snacks Entering the Market in Oman

Venturing into Oman
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Venturing into Oman
Expansion into foreign markets is one of the growth strategies that businesses explore to increase their coverage and maximize their profitability. In addition, businesses seek to venture into new markets to spread out their risks and improve survival chances in the event of a problem. Therefore, out company’s decision to venture into the Oman market is driven by the desire to utilize the opportunity available in the target market and reduce the risks associated with our operations. However, before moving into the new market, it is imperative that we undertake a proper market research to identify the challenges that we face and the opportunities that we can capitalize on to improve our productivity.
The Market Research Process that the Company will Use
While marketing research is an expensive and time-consuming process, it is an essential process that organizations should utilize before venturing into the new markets. In our case, the business will conduct a market research process by following five major steps of the research procedure. The first step will be identification and definition of the problem or opportunity. As Tomasetti (2019) posits, the business will develop questions to facilitate problem or opportunity definition and explore all the potential causes that the research can focus on. The second step would be developing a marketing research plan. In this process, the organization will interview customers, conduct surveys, and run user tests on its website concerning the products. The interview would help the organization to obtain the best feedback because it will have gone directly to the source. A survey will help the organization to note the market trends before committing its services. Finally, the user tests will help the organization understand the potential customer behavior and how they respond to something.
The third step that the organization will undertake in conducting the market research is to collect relevant data and information. Most of the data that the organization will be collecting will be quantitative rather than qualitative, since such information provides a better view of how the organization is likely to perform. The organization will also conduct a few qualitative research studies to collect information that cannot be quantified, such as consumer perception regarding the company products. The fourth step will be to analyze the data and report the findings. The analysis process will involve monitoring the trend rather than specific pieces of information. For example, the analysis will assess the pricing trends, purchases, among other major information that can inform key organizational decisions. As TechnologyHG (2021) notes, data analytics helps businesses and industries to make sense of the extensive volumes of information available for further growth and development.
The final step will be to put the research into action. After the organization has obtained the trends and other relevant information, it will then develop appropriate strategies and campaigns that align to its goals. However, it is also important to note that the research process will be continues because the trends, problems, and business environment are continuously changing. Therefore, while implementing the recommendations from the research, the business will also focus on being as flexible as possible. High flexibility levels will allow it to adjust more appropriately to the dynamic environment.
Considerations for Segmentation
Market segmentation is an important process for any business as it helps the organization classify its target customers and evaluate their needs and expectations more efficiently. According to Gavett (2014), segmenting refers to the separation of groups of customers with different needs into various subgroups of customers with similar needs. Companies undertake this process to better tailor and target its products and services to satisfy the customer’s needs at the various segments. In segmenting the markets for the savoury snacks in Oman, our organization will utilize some five considerations. The first will be the consumer behavior. According to Vilna (2019), effective segmentation entails a comprehensive research, which includes analysis of the customer behavior, rather than simply focusing on the customer details. Therefore, the organization will consider questions such as the actions that customers are taking in response to our product, whether their actions resemble those of other customers, and whether there appears to be a trend. The organization will not only focus on shallow information to segment the customers, but will also narrow further down to obtain more specific details.
The segmentation process will also be accompanied by automation and machine learning processes. This initiative will help fasten the analysis processes and enable the organization to better understand all its customer needs and expectations. Therefore, the organization will assess the available tools that will facilitate the automation process before engaging in the procedure. The third factor that the business will consider will be the need to conduct micro-segmentation. Customers love brands that understand them. For this reason, it will be important to use the customer responses obtained during the data collection process to prepare snacks that suit their tastes. The micro-segmentation process will help the business to sort the customers into more specific categories based on their tastes and preferences. The Infosys survey established that 78% of the custom...