The MRS which we have fairly discussed on this learning platform does affect a business strategy. Business Dictionary (n. d) defines marketing strategy in part as the foundation of a market plan. It further expands that it should be drawn from a market research and focuses on the right product mix in order to achieve the maximum profit potential for sustaining the business.
At the stage of market research in my organization some companies want non-disclosure statements be signed before commencing the research work whilst others are done verbal. It is also a requirement in my organization to use a competent marketer to carry out the market research who will subsequently interpret findings. The Mining Regulation (1990) also requires for a competent person to be appointed by a Mine Manager at every mine.
At operational stage shareholders expect transparency and honesty in all management dealings and policies such as ones for tendering, recruitment and selecting are in place. My organisation engages in contract mining and a contract with confidential information such as various rates and terms of payment are detailed. A confidentiality statement is signed by both the Contractor and the organisation.
In the mining industry that I work for consumer behaviour is characterised by profitability sensitivity and quality. They can comprise quality if the bottom line is favourable. The Chinese are also good at this they can offer any product at your price but they will determine the quality in line with the profit they want.
All above demonstrates how the Market Research Society regulations and rules affects the marketing strategy of an organisation. Would welcome how others does this in their organisations or what they will like to see in the organisation they will work for.
