The document provides a scenario where teams of 4-5 students take on the role of newly appointed market research managers for various companies. Their task is to define the scope of market research needed to support competitive advantage, including critical data to collect and potential sources. They should classify each data requirement by nature, accessibility, and cost. Teams are assigned to research budget hotels, airlines, tourist destinations, and guidebook producers. Models of STEEP/5F analysis may help identify relevant environmental factors and competitive forces.

1. Task 2b. STEEP/ 5F & Market Research What Data to Target??? In teams of 4 or 5... consider the following. In each situation you are the newly appointed Market Research Manager to the company concerned. Coming in from outside the organisation, you decide to revisit and re-define the scope of the Market Research being undertaken by the organisation. Draw up a specification for the market research that needs to be undertaken in order to produce the necessary organisational learning to support and enhance competitive advantage in both existing and potentially viable markets. Exactly what IS it that it is critical that the company should know? Identify where you believe such data may be sourced. Identify existing secondary sources where such information is likely already to be accessible and also the remaining primary research requirement. Classify each data requirement in terms of the following: Nature: Absolutely critical / V important / important / lesser I / low I Accessibility to data: very easy / easy/ OK / difficult / very difficult Cost of access to data: free / low-cost / OK / rather expensive / v exp. Speed of access to data: immediate / quick / OK / slow / v slow Team 1. Lonely Planet - producer of Tourist guide books (or other guidebook producer) Team 2.easyJet (or other low-cost airline) Team 3.Campanile (or other budget hotel brand) Team 4.Badenweiler (or other spa or tourist destination) NB. You may find that the two models on the page hereunder may help you. The STEEP model (introduced last year) enables you to think through the various elements of the business environment which might impinge upon the company and its markets and the 5F model pictures another way of looking at the same things: how do the STEEP factors ‘add up’ in terms of the competitive position. Tony Jolley 1991 Above. Michael Porter’s 5 Forces below