The purpose of the marketing researcher is to produce insight to support the marketing manager’s decision-making. In order to discover and identify marketing challenges and opportunities as well as to create, enhance, and evaluate marketing activities, marketers do marketing research (Kotler & Keller, 2016). This activity establishes a connection between them and their customers, users, and the general public. With diagnostic knowledge of the particular market that could influence the product and what it implies for the firm, this paper will provide actionable insights on adapting to adversity and changes and review the possible options.
Businesses are more prone to changing their business models when faced with the potential threat than possibilities. A strategy orientation focused on market expansion is more favorable to economic model adaptation than one focused on maintaining a dominant market position (Saebi et al., 2017). The level of resilience is also crucial for the company’s ability to deal with difficulties. In addition, resilience goes further than the well-known capacity to endure hardship or adapt to it and incorporates a strategic quality that can aid organizations in capturing change-related chances to create novel approaches to operating under pressure (Miceli et al., 2021). Strategic resilience usually appears through a crucial collection of digitally enabled, strategically agile procedures that also involve a proactive, opportunity-focused mindset in the face of change. Strategic resilience must be viewed as a multi-domain concept to achieve organizational sustainability, much like the holistic perspective of sustainability: the environment, economy, and society. The research also provides a theoretical foundation and a set of hypotheses that is possible to practically test.
As an option that would help to adapt to adversity and changes, while testing the London, Ontario market, Tim Hortons would be able to regulate the advertising efforts by measuring the advertisement’s exposure to a particular geographic group using internet promotions. In order to evaluate the effectiveness of the advertising campaigns, it is necessary to track local exposure and compare it to the rise in sales of soft serve ice cream products. Therefore, Tim Horton’s would be able to assess the message customers took away from the campaigns with a survey for a discount promotion. Tim Horton’s will be able to alter the approach before shifting the emphasis from London’s test market to other regions using Prizm, as mentioned in the project, by evaluating the messaging and efficacy. That would allow the company to act fast and adapt to the occurring circumstances and conditions.
Given that the market is mostly impulsive and there is fierce competition, which might cause several complications and emergencies that would be important to handle, there should also be initially right strategies. For example, Tim Horton’s would employ push and pull methods as a tool that could help to adapt to the changing environment easily and not get stuck. Moreover, this decision is reasonable because a pull approach that ignites consumer demand should be using in conjunction with a push strategy to maximize effectiveness (Kotler & Keller, 2016). The product will need promotion through several campaigns and billboards. Combining its internal store control with its franchise locations, Tim Hortons could immediately adopt a push strategy to increase sales when demand rises due to the pull initiatives.
Overall, in order to handle the changes and adapt to adversity, it is necessary to develop specific strategies. The most effective would be to implement them in the beginning so that in case of an emergency, they would be easy to use. Marketing research plays a crucial role in it, and if it is done right, it is possible to find the solutions to the identified threats shortly. Finally, resilience is a strategic ability that may help a company seize change-related opportunities to develop new methods of working under duress. This goes beyond the well-known capacity to withstand suffering or adapt to it.
References
Kotler, P., & Keller, K. L. (2016). Marketing management (15th Ed.). Pearson.
Miceli, A., Hagen, B., Riccardi, M. P., Sotti, F., & Settembre-Blundo, D. (2021). Thriving, not just surviving in changing times: How sustainability, agility and digitalization intertwine with organizational resilience. Sustainability, 13(4), 2052. Web.
Saebi, T., Lien, L., & Foss, N. J. (2017). What drives business model adaptation? The impact of opportunities, threats and strategic orientation. Long range planning, 50(5), 567-581. Web.