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Report - Marketing research and competitive analysis

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Report
Market research and competitor analysis. Mini project

Contents
1. Introduction
2. Aims, objectives and research questions
3. Secondary research – mini literature reappraisal
• Threats to ECD Consulting’s ability to result productive clients.
• Factors affecting the growth of company in the UK market.
• Factors affecting the growth of company in the UK market.
4. Primary research
5. Evaluation
6. Conclusion/recommendation
7. References
8. Appendices

1. Introduction: The militant approach plays an important role in the

growth of a company. On the basis of Udriyah, Tham, and Azam (2019) ,
a company’s strategic stance, it can be said, aids its development within
its potential market. If you want to succeed in a competitive industry,
you must do to competitor review. Because of the increased in every
industry, it is becoming increasingly necessary. Whether it’s
smartphones, cars, or fast food, today’s market is rife with fierce
competition, which has a negative impact on margins and sales. As a
result, analysing the environment in which a business operates as well as
its rivals has the potential to provide an accurate picture of the
company’s situation. The business ECD consulting is headquartered in
the United Kingdom. It is clear that the organisation offers HR and other
recruitment services to its clients. The business was founded in 2018, as
can be seen. It can be shown that one of the most effective problems
that business faces is attracting effective clients and developing the
revenue stream. It has been estimated that there are nearly 40,000
recruiting firms in the United Kingdom, making it a tough market to
break into for newcomers. As a result, it is necessary to investigate how
the United kingdom’s economy functions for entrants to this sector. The
assignment will concentrate on the listed company’s situation in the UK
market and provide successful solutions to alleviate its problem in the
future. In addition, the assignment would use both secondary and
primary data to analyse the importance of the company’s problem, as
well as methods and tactics that can help reduce the company’s risk
factors.
2. Aims, objectives and research question: The aim of this study is to
investigate the issues that ECD consulting faces. It has been observed
that competition in the recruitment agency market in the United
Kingdom is becoming like ECD consulting face a number of serious
threats. On the other hand, the high level of major rivals makes it
impossible for companies like ECD consulting to obtain successful clients.
This ultimately places the company’s revenue stream in jeopardy. As a
result, making constructive advice that could improve the company’s
situation is also part of this assignment’s goal.
• Objectives:
 ➢ To assess the company’s possible risks to its major competitors.
➢ To make appropriate recommendations that will improve the company’s
condition.
➢ Determine the degree to which rivalry is impacting the company’s long-term
viability.
➢ To run the company’s administration properly.

• Research question:
➢ To this difficult for ECD consulting to obtain clients to this degree.
➢ How will issue with obtaining successful clients be resolved?

3. Secondary research
Threats to ECD Consulting’s ability to result productive clients: As
previously stated, the United Kingdom has over 40,000 recruiting consultancies
(Recruitment-international.co.uk., 2021). In addition, it has been noticed that a large
number of new entrants have entered this industry. Based on the strategy of
Falahatet al. (2020), the fear of new entrants plays a significant influence in the
decision-making process. Existing businesses in the market are being developed.
When you examine this strategy, you'll notice that it's claimed that because ECD
consulting is a new firm, it would ultimately run into issues with its old clients. High
recruitment firms with a large number of clients pose a challenge. On the other
hand, because the firm has already begun operations, new entrants pose a threat.
However, it cannot be claimed that the prospective market for such businesses is
unprofitable. The United Kingdom of Great Britain it can be observed that there are
almost 2.67 million businesses worldwide. United Kingdom is a country in Europe.
This implies that if the firms are evenly distributed across the industry, each of the
recruiting companies can have a minimum of 67 clients. It has, nevertheless, it has
been noted that not all businesses are the same. Internal rivalry that is effective the
lack of clientele for firms like ECD limited is due to the UK market. Companies like
Venturi Group and Adecco are among the most effective participants in the United
Kingdom's market. Adecco UK, for example, has a revenue of $26.2 billion, implying a
large client base (Forbes, 2021). As a result, it can be observed that the majority of
the market's clientele are concentrated in huge corporations. Owing to the Similarly,
businesses such as ECD Consulting struggle to find effective consumers. Along in
addition, it has been noted that ECD consulting lacks an internet presence, which
eventually, this has an impact on the company's growth in both the local and
national markets. It can be shown from Alkahtani, Nordin, and Khan's (2020) method
that digital marketing finally aids businesses in obtaining successful clientele. On the
other hand, it may be observed that Adecco has a strong social media and other
internet presence it becomes easier for the firm to attract effective clientele in the
long run. According to Anwar et al. (2018), the industry is becoming more
competitive as new businesses enter the market. It is becoming more challenging for
businesses to pick effective human resources. As a result, ECD consulting has a lot of
room for growth in the future.
Factors affecting the growth of company in the UK market: In many ways,
business development is like to running a marathon: at some point, the energy gels
start to wear off, the course's renowned difficult stretch looms on the horizon, and
everything feels a little uphill.
In the same manner, the techniques that got your business started and where it is
today will start to lose their effectiveness at some time, and it will be up to you as
the business owner to discover new ways to come closer to those 5-minute miles
again.
This is a lot more difficult than it appears. Just ask Blockbuster, the once-dominant
video and DVD rental chain that leaned too much on the old ways, failing to adapt to
Internet streaming and ultimately closing its doors.
Every company wants to be successful, but there are a lot of ups and downs,
sacrifices, and stumbling blocks that come with attempting to expand your company.
1. No coordination between your departments: You must find a
means to coordinate your divisions, notably sales and
marketing, in order to accomplish real corporate growth.
Many people ignore the need of aligning sales and marketing,
yet it's critical if you want to expand your firm. As corny as it
may sound, cooperation truly does make the dream work; in
order to be as effective as possible, each department should
have common aims and goals in place. It's not simply the
responsibility of the salesman to close a deal; marketers, via
the way they convey your company's values, have a significant
effect on the sale long before the lead arrives in your sales
team's email. Because leads are what make the business world
go round, the more high-quality leads you have coming in, the
higher your profitability and growth rate will be. Because sales
and marketing are equally essential, it's critical for business
development that both departments' goals and functions be
aligned in order for your company to get a fresh breeze of
expansion.
2. Unknown about new instrument: Technology advances at an
astounding rate, making it impossible for the average
individual, let alone a business owner, to stay up. Businesses
are being forced to include Google Analytics and Marketing
Automation into their daily operations in order to avoid falling
behind. You can schedule articles, track your working hours,
segment information and data, organise your meetings, calls,
and much more utilising smart technologies that perform the
majority of the job for you these days. There's always a better
way to handle virtually every problem, and as a company
leader, it's up to you to find it. It's time to move forward, leave
your old tools in the past where they belong, and replace them
 with new ones that will help your business thrive in today's
world.
3. Poor access on online: Nowadays, your internet presence may
have a significant influence on how your company grows.
We're talking about a lot more than just the way your website
looks here; we're talking about how much traffic it gets from
search engines, whether or not your prospects can find what
they're looking for once they get there, and, perhaps most
importantly, whether or not your site is built to capture leads.
As time goes on, it becomes increasingly vital for organisations and enterprises to maximise
their potential by adhering to and adjusting to changes in the environment. The use of
technology to enhance productivity is one of the most significant shifts that has occurred in
recent years. Their ability to do business and how well they do it According to Haseeb et al.
(2019), technological advancements are transforming the world. Adoption, or the use of
technology, is a factor that influences a company's growth. It necessitates a significant
number of resources and also has significant commercial difficulties. According to the
author, the implementation of those technological adoptions results in changes in the
workplace. Sustained business performance, which necessitates a shift in the overall
company's approach company. ECD Consulting has been reported to struggle with
technology adoption since it lacks the necessary resources, adequate internet and social
media presence Based on CORBO et al study. .'s (2019), In today's world, social media and
an online presence are critical for business success. As the company's social media presence
influences its potential reach to more customers and target their wants, performance is a
factor. This enables the firm to gain a competitive advantage rivalry with other businesses

Effective techniques for improving the company's condition: Consultants do more

than conduct workshops to help clients successfully execute change. Effective consultants
assist in defining a leadership agenda by offering unbiased perspectives and fostering
common understandings of a change vision. They may offer continuous professional
development, coaching, and mentoring to programme administrators who will lead the
transition and staff members who will be learning new skills. Outside consultants' "one-and-
done" professional development presentations for staff typically give only a glimpse of
important new ideas and a sample of the techniques needed to apply new practises. They
are seldom sufficient for long-term transformation (Dixon et al. 2014). Furthermore,
administrators who do not attend these seminars with their employees are unable to assist
the execution of the techniques given, resulting in even less successful results. Centre
leaders that have an overarching vision of where they want their programme to go,
understand what is required to execute change, and are actively involved in the change
process are effective in bringing about change. Consultants may help build that leadership
agenda by assisting with strategic planning, defining the purpose and vision, rectifying
regulatory noncompliance, and updating programmes, as well as addressing more narrowly
defined requirements. Once the stage is set, the programme is served by the same
consultants, or other SMEs, who provide continuing formal and informal professional
development, coaching, and mentorship.
With effective obstacles confronting a business throughout their potential to expand inside
a market, a firm is likely to build specific strategies in order to overcome the hurdles and
establish a solid foundation for growth. According to the Mutembie and Njuguna (2019),
Steering the organisational focus on market penetration method is one of the effective
tactics that ECD consulting may use to stargaze its firm growth. The author emphasises the
importance of market penetration allow the business to join a new market, which might
imply entering a new sector in order to influence the brand name of ECD Consulting in the
United Kingdom, customers are aware of the product, which is being developed further.
Market penetration is beneficial to a business because it allows it to get a competitive edge
in the market, which is important for the firm to stand out among rivals (Alkasim et al.
2018).
Finally, Likhitkar and Verma (2017) contrast a method that may be implemented by
businesses in order to continue growth. HRM, according to Likhitkar and Verma (2017),
activities that are centred on keeping a green approach to such routines can assist in
increasing the effectiveness of business performance and corporate growth in the United
Kingdom. The following green HRM practises has an impact on actions of promotion,
according to the author. Possibilities for staff retention, allowing the company to develop in
a sustainable manner approach.

4. Primary research: This is a crucial part of company strategy since it entails

obtaining knowledge about the target market and clients. The information obtained
during market research is crucial since it is suited to the needs of the company. The
approach of primary research entails gathering a large amount of data. This research
delivers highly verified data in a short amount of time, straight from publicly
available data sources (Learning, 2020). There are a few main research approaches
that are both successful and efficient. Interviews are often used by businesses and
researchers (face-to-face or telephonic), Online polls, focus groups, and direct
observations are some of the methods used. Data collection through interviews. The
process of data collecting entails asking the people you've chosen to answer a series
of open-ended questions connected to the study's subject (LaDonna, Taylor and
Lingard, 2018). Conducting surveys entails utilising a collection of questions (both
open-ended and closed-ended) to collect data from participants who provide their
honest thoughts on the study issue (Wagner et al.).2020). Observation, on the other
hand, is a scenario in which the researchers become a part of the scene. The
technique of conducting an online or offline survey by observing certain scenarios or
occurrences to determine. Before coming to any judgments, consider how various
situations unfold. The findings of this study are as follows: To better understand the
workers of ECD consulting, primary data was collected. Threats that may arise, as
well as market rivalry. The participants were asked a series of open-ended questions
on their company competitors, possible threats, the role of successful tactics, and
commercial possibilities in the UK market. The major source of information. It also
decreased the amount of time it took to get reliable, up-to-date material about the
research issue total hours spent on research (Sherif, 2018). The interviewees were
chosen using the following criteria: To keep everything in order, the full interview
was conducted online with the aid of social networking sites. COVID-19 protocols are
a set of protocols developed by the Centre for Disease Control and Prevention (CDC).
 The interviewees were able to participate from the comfort of their own homes. The
content analysis approach was used to critically examine the interview data.

Methods of data collection: The interview is a data gathering procedure that involves
two sets of people: the interviewer (the researcher(s) who asks the questions and collects
the data) and the interviewee (the subject or respondent that is being asked questions).
During an interview, questions and replies may be oral or spoken, depending on the
situation. In-person interviews and telephonic interviews are the two types of interviews
that can be conducted. An in-person interview involves a single interviewer or a group of
interviewers asking the interviewee questions face to face.
It might be explicit or oblique, organised or unstructured, concentrated or unfocused, and
so on. A notepad or recording device are some of the tools used in in-person interviews to
keep track of the conversation—which is critical owing to the human tendency to forget. In-
person interviews and telephonic interviews are the two types of interviews that can be
conducted. An in-person interview involves a single interviewer or a group of interviewers
asking the interviewee questions face to face.
I asked open ended question to know about the depth knowledge about the research topic.
The semi-structured interview took place online, and it was completed in a short amount of
time. Purposive sampling was used to choose the interview participants. (Also known as
judgemental sampling (Etikan and Bala, 2017), which is a method of doing research.)
Participants were picked based on their ability to make smart decisions. Only those who are
working are allowed to attend. The semi-structured interview was chosen at ECD
consultancy. The rationale for selecting Purposive sampling was chosen because it is both
time and cost-effective (Sharma, 2004),2017). One of the issues posed to the attendees was
on the possibility of analysing your competitors. The purpose of asking this question was to
learn how recruiting firms in the United Kingdom are constantly threatened by new
company entries. The major reason for asking this question was to find out how far the
recruiting agency had progressed. In this nation, I was performing market research. This
interview provided me with valuable information. Grasp the most important aspects of ECD
consulting and the techniques that have been created to address them surmount the
difficulties It was discovered, based on the opinions of the interview participants, that green
technology deployment has been a priority of ECD consultancy in different HRM areas. It has
aided in the enhancement of their brand's expansion.

Pros of using interview method of collection: It allows interviewers to be more

flexible. The interview receives a higher response rate than sent questions, and those who
are unable to read or write can also participate. The interviewer can assess the respondent's
nonverbal conduct. Unlike interviews done through email, which might take place in an
entirely different setting, the interviewer can choose a private and quiet location for the
interview. As with a questionnaire, the interviewer has control over the order of the
questions and may assess the respondent's spontaneity.
Through the semi-structured interview procedure, a wide range of information was
gathered from the three employees. According to Kallio et al. (2016), a semi-structured
interview is primarily performed with an open, fair framework that allows participants to
freely express themselves. Two-way communication that is conversational and focused. The
semi-structured interview was used in this study. The structured interview was carried out
with careful planning, which included defining the target audience. Interviewing
participants, creating interview questions, and analysing interview data are all tasks that
must be completed. If the interviewer only has a limited amount of time to perform the
interview, the interviewer might also prioritise the questions based on their relevance
before starting the interview. Because it directs the interviewers, the interview method is
utilised quickly to obtain primary data. Depending on the context of the study subject or
issue, to seek required explanations (Szombatová, 2016).

Cons of data collection method: Limitations in data collection refer to all of the
challenges that researchers face in collecting data. The research sample size, data collecting
technique, and time constraints can all contribute to these limitations. The primary data in
this study was collected from a variety of sources. The time allotted to interview the
personnel hindered the data collecting procedure. ECD consulting is a specialty. This
company's staff are always busy assisting customers. As a result, scheduling time with them
was quite tough. There are two workers. The interruptions in the interview were caused by
their top executives' phone calls. Despite the fact that I was able to do this online interview,
the total interview time was quite constrained. This might lead to biases in the interview
results, and I didn't have time to get more information. Furthermore, the sample size of this
interview was quite small. Three ECD consulting workers were questioned. If I had the
chance to talk to the executives, I would It would be feasible to obtain additional
information if ECD consulting was used throughout the interview process regarding the
study subject.

5. Evaluation: Planning, management, estimating, survey, contracts, and audits are

all areas where ECD Consulting can help. Its goal is to provide clients with cost-
cutting results. It specialises in feasibility studies, design, and commissioning. For
optimal performance, risk minimization is necessary. Three ECD Consulting
supervisors were interviewed, and that interview was recorded. The script has been
revaluated in preparation for future research. It is now, based on the managers'
replies, Market research is an essential viewpoint for marketing issues, it may be
claimed. Understanding the market is critical for a firm to maintain its competitive
advantage (Pretorius and Malik, 2019). The first manager to answer explains why
market research is so important to the company. According to him, market research
aids in the gathering, analysis, and interpretation of data. Resolving issues relating to
market challenges It aids in the making of critical decisions such as before addressing
the time and money associated with a new product, it is necessary to determine its
viability. A fresh start According to him, market research is required to develop
market strategies and inform them make judgments based on the market. They were
all thinking about the same sort of market research strategy: brand research,
usability testing, consumer research, customer segmentation research, competition
research, and product development research. In addition, there are two sorts of
markets. Primary market research is offered, which is based on field research and
entails fresh data collected first-hand that had never been gathered previously the
 second category is known as Secondary research entails using data that already
exists in the system, such as historical data statistics and other records (Johnston,
2017). It is obvious from their remarks that market research is critical for establishing
market strategy. It provides in-depth business insights and aids in the management
of a large market. It not only recognises consumers, but also their future customers.
Customers who can be involved or targeted throughout the development of a
certain strategy company operations, and the goods meet their demands. The three
managers conclude that this identification is the most critical piece of information
for strategizing. They have utilised the term ‘market intelligence,' which aids in
reducing the danger of any issue while making critical business decisions.

6. Conclusion: Market research and competitive analysis, in conclusion, help an

organisation to make decisions. It aids in the development of plans and the
identification of service gaps. With the aid of technology, ECD can improve its
services and stay ahead of the competition. Market research may be used to develop
effective marketing strategies. Market consumer research allows a brand to
understand its position and preferences. On the other side, competitor analysis
serves as a source of knowledge on rivals. This is critical since it allows the firm to
analyse the strategies of its competitors.

7. Recommendation: It is suggested that ECD enhance the frequency with

which it does market research so that it can always have the most up-to-date
information. Market research conducted on a regular basis allows you to keep pace
of shifting consumer preferences. It allows you to maintain tabs on the market. In
addition, the firm it must undertake frequent competitive analysis in order to
improve its offerings. After it must discover gaps between its offerings and those of
competitors when performing competition analysis of the contestants.

8. References:
Https://:wwwformpl.us/blog.primary-data
Https://:www.naeyc.org/resources/pubs/yc/may2015/working-with-consultants

Alkahtani, A., Nordin, N. and khan,R.U., 2020 Does government support enhance the
relation between networking structure and sustainable competitive performance among
SMES?, Journal of Innovation and Enterpreneurship,9(1),
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Anwar, M., 2018. Business model innovation and SMEs performance –does competitive
advantage mediate? International journal innovation management, 22(07),
Https://www.researchgate.net/profile/Muhammad-Anwar-
8/publication323187997_business_model_innovation_and_SMEs_perforllmance
Korstjens, I. and Moser, A., 2018. Series: Practical guidance to qualitative research. Part 4:
Trustworthiness and publishing. European Journal of General Practice, 24(1), pp.120-124.
Laakso, J., 2017. A Competitor Analysis Tool for a Small to Medium Sized Company. Available
at
https://www.theseus.fi/bitstream/handle/10024/137590/Laakso_Jussi.pdf?sequence=1&a
mp;isAllowed=y
Etikan, I. and Bala, K., 2017. Sampling and sampling methods. Biometrics & Biostatistics
International Journal, 5(6), p.00149.Available at:
http://www.hmvelms.org/placement/admin/HUMANITIES/PSYCHOLOGY_1919.pdf

Https://:wwwsociologygroup.com/advantages-disadvantages-interviews-research.

Https://:www.ecdconsulting.co.uk
Https://:www.find-and-update-company.information.services.gov.uk.

LaDonna, K.A., Taylor, T. and Lingard, L., 2018. Why open-ended survey questions are
unlikely to support rigorous qualitative insights. Academic Medicine, 93(3), pp.347-349.
https://cfrps.unistra.fr/fileadmin/uploads/websites/cfrps/Analyse_d_articles/Why_Open_E
nded_Survey_Questions_Are_Unlikely_to.98031.pdf

Learning, L., 2020. Reading: Primary Marketing Research Methods. Introduction to

Marketing I (MKTG 1010). Available at:
https://pressbooks.nscc.ca/nsccprinciplesofmarketing/chapter/reading-primary-market-
research-methods/

Likhitkar, P. and Verma, P., 2017. Impact of green HRM practices on organisation
sustainability and employee retention. International Journal for Innovative Research in
Multidisciplinary Field, 3(5), pp.152-157.
https://www.academia.edu/download/53730263/201705043.pdf

Pretorius, JHC and Malik, H., 2019. The importance of understanding the market before
introducing a new product: A case study.
https://ujcontent.uj.ac.za/vital/access/services/Download/uj:37997/SOURCE1
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Appendices:
Interview questionnaire

• Does market research help a company?

• Does your company conduct market research time and again?
• Do you think that conducting market research and competitor analysis is beneficial
for the company?
• Is market research and competitor analysis help your company, If yes how?

Response
• Does market research help a company?
➢ Yes, Market research is critical for a firm since it aids in business
strategy. We can comprehend customer thinking and buying habits by
doing market research.
• Does your company conduct market research time and again?
➢ Yes, we do market research at regular periods or as needed. We
concentrate on analysing market developments as well as consumer
preferences.
• Do you think that conducting market research and competitor analysis is
beneficial for the company?
➢ Competitor analysis allows you to learn about your competitors'
positions and tactics. It aids in the development of corporate strategy.
Competition has an impact on a company's long-term viability.
• Is market research and competitor analysis help your company, If yes how?
➢ Yes, it has aided our business. We may learn more about a product or
service by conducting market research. We can assess our market
position and competitors through competition analysis tactics used by
competitors. These aids in the development of our marketing strategy.

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