Is Market Research a Saviour of Business kind

Marketing research is the base of the product that is going to be launched. A good marketing strategy and its proper execution is needed.

 

marketing-research

Source: (Dudovskiy, 2015)

Marketing is not a recent activity performed by people. Whereas, in the past people used to do barter system for exchange of goods. Thus, this exchange of goods needs marketing and strategic implementation (Kolb, 2008).

Marketing research results in eruption of information that links customer, consumer and public to the marketer. This information is then utilized in identifying market opportunities, minimising problems and improving and checking marketing performance (Kolb, 2008).

ldj-instagram-success-560

Source: (Jenkins, 2016)

HOW MARKET RESEARCH MADE INSTAGRAM BECOME A HIT???

Market research helped the application Instagram become a hit as Kevin Systrom and Mike Krieger analysed the market. They researched competitors and looked at their strengths after the app was released and then they found that app had extra features that made it boring (Washington, 2016).

Thus, they removed other features and left the app with liking and commenting on photos. After this research the Burbn app changed to Instagram and after that it got so hit that Facebook bought it for $ 1 billion (Washington, 2016).

Marketing research can be done through various ways as it depends on the need of the moment that which way is to be opted to market research. Moreover, now the need for market research has elevated as mistakes have very expensive now (Kolb, 2008).

RESEARCH METHODS

Market research can be conducted by two different methods which are qualitative and quantitative. Qualitative method helps in knowing the opinion, beliefs and attitude of the consumer rather than the facts. Whereas, quantitative studies reveal the answers to the questions such as ‘how many?’ which tells about the numbers. This method is mostly used when a company is going to launch is new product (Kolb, 2008).

There are many tools under both qualitative and quantitative methods to carry out the research. The most used method for quantitative studies is survey. Surveys are a set of predetermined questions which are prepared for the participants. These questions are to be answered in selected number responses such as yes/no or frequently/sometimes/never (Kolb, 2008).

Surveys can be conducted in various ways such as in person, over the phone, by mail or online. This has a benefit that a researcher can compare the answers of same questions of the participants (Kolb, 2008).

Now the technology has changed the way of conducting surveys as mostly surveys nowadays are conducted online. Moreover, for in-person surveys now hand -held devices are used rather than paper forms (Kolb, 2008). On the other side, surveys also have drawbacks as it consumes a hell lot of time to make a good survey that removes all ambiguities. It is very difficult to make participants complete survey as it is very boring (Kolb, 2008).

The decisions like launching a new product in the market requires a detailed market research as it carries a great risk. The research can be done by combining various methods to get the best results. The level of marketing research required increases with the amount of risk associated with it.

IS IGNORANCE A WAY TO DISASTER??????

A survey was conducted by consumer advocate group choice showed that Harvey Norman had the worst customer service out of the 10 biggest retailers (Wells, 2016).

As choice stated that the majority of Harvey Norman stores gave a madden shopping experience and the staff lacked basic knowledge of products and ignored the customers. Some of the main problems that customers reported were of assistants conversing with each other and they had to wait (Wells, 2016).

harve norman

Source: (Fraser, 2012)

Ingrid the spokeswoman of choice said that bricks and mortar stores have competitive advantage over online stores. This is due to the face-to-face product knowledge and customer service they provide. But, unfortunately this does not happens all the time (Wells, 2016).

As nowadays trend has changed and due to competition in the market. Companies that earlier provided bad customer service are now changing. Ingrid also said that retailers that blame online stores for bad service and are not improving their customer service. These companies are giving away opportunities to other competitors (Wells, 2016).

On the other hand, the chairman of Harvey Norman, Gerry Harvey has recently failed in his campaign to reduce the Goods and Services tax for overseas online purchases. He said that according to the feedback he got from the customers is different from the feedback of Choice (Wells, 2016).

He said that the level of service they are providing is excellent. However, it is not same at every store. He also added to his statement that no retailer can declare that they have good service at every store. This statement proves that he is not planning to do anything with that existing services provided which can result in disaster for the organisation.

 

REFRENCES

Dudovskiy, J. (2015). Role of marketing research in impacting consumer behaviour. [image] Available at: http://research-methodology.net/role-of-marketing-research-in-impacting-consumer-behaviour/ [Accessed 22 Aug. 2016].

Fraser, G. (2012). Hot stock: Harvey Norman. [image] Available at: http://www.smh.com.au/money/investing/hot-stock-harvey-norman-20120313-1uxmd.html [Accessed 22 Aug. 2016].

Jenkins, L. (2016). Instagram Marketing. [image] Available at: http://www.socialmediaexaminer.com/wp-content/uploads/2015/01/ldj-instagram-success-560.png [Accessed 22 Aug. 2016].

Kolb, B. (2008). Marketing research. Los Angeles: SAGE.

Washington, R. (2016). How 3 Companies Used Market Research to Pivot their Businesses. [online] Blog.marketresearch.com. Available at: http://blog.marketresearch.com/blog-home-page/bid/334826/How-3-Companies-Used-Market-Research-to-Pivot-their-Businesses [Accessed 21 Aug. 2016].

Wells, R. (2016). Customer service: who is the worst. [online] The Sydney Morning Herald. Available at: http://www.smh.com.au/business/customer-service-who-is-the-worst-20120925-26jfj.html [Accessed 21 Aug. 2016].

 

Name: Arjit Bhalla

Student Id: 216178845

 

 

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