In a speech made in South Africa on the year 1890 Mahatma Gandhi quoted customers are the people who rule the market, they are the purpose of any business and that they are doing the business a favor by letting them serve the customers.
Customers are always important to run a business, unless and until we reach their expectation we cannot run our business successfully. In order know the customer requirements and to reach their expectation we have t
o collect data from them, which could be defined as market research. We conduct market research to understand the consumer’s preferences and to identify the options which increases the sales. Market research is essential to launch or expand a firm, it reduces the risks in forecasting the business.
It is always better to have a set of specific goal before we start market researching so that we can concentrate on the task in hand. After setting these goal to reach these set of objectives, A strategy and a technique should be developed through which we can collect some potential information to reach our goal among the all other competitors. This research can be a primary research or a secondary research. In primary research we collect data from our potential customers and in secondary we use demographic data to creating our own plan of action. In order to conduct this research we have focus our concentration on some of the important factors like who are our customers, what they really expect from us, is there an adequate demand for our products and also the competitors and their output. This also includes their expenditure on research & development, their level of innovation and their marketing stratagems. If the market research team can concentrate on these, it makes the job easier for a company to take a calculated decision on launching or expanding their products.
In a world where almost every business is customer centric today, Dell wanted to improve the customer satisfaction. Especially their own customers and other potential buyers. Dell started its reign with customizing the computer components. Michael Dell owner of the Dell Inc. started his business with the idea of delivering product directly to customer than making it available in retail markets. He started up business by stocking IBM computer components and making PCs available in various configurations rather than the IBM provides to the customers. This in turn expanded their reach in penetrating the market and scooping up new customers To do this effectively Dell always showed interest to do market research. In starting days Dell used to send a feedback form with the component to the customer and asked them to resend it back to him. As the days went by, the technology took a step ahead, The Company started collecting these responses and feedback through the internet. But nowadays Dell Inc. is giving this opportunity to some individuals, institutions and some organisations to do the market research to know the customer needs. These researches are solely focussed on a fixed timeline. Dell Inc. collaborates with them on a timely basis to aim some specific target groups globally. These targets are set geographically, demographically and/or based on the various age groups present in one particular region.
These institutions, organizations or individuals filters such potential information from the customers, local business owners by conducting in depth interviews and surveys. Some will be interested in making some focus groups with the other competitors and also with the small enterprises where they also discuss on the same topics. As it is an international company who depend on their brand value and goodwill, they should concentrate on consumer issues on a global scale. For most products available in the market, the measurement of customer satisfaction is noted by some parameters, for example price, product quality and service. Dell Inc. has always laid emphasis upon the quality and service of their products and company. In fact Michael Dell has started his company with customer satisfaction as a foundation.
Through market research collected from almost all regions of the world, Dell had come to know that the customers are not satisfied with the shape and the configurations which Dell Inc. are providing. Consumers prefer something small, lightweight and better fitted products than bulkier ones. As to obtain higher consumer satisfaction from the existing markets, now the company has started taking the orders from customers directly rather than the retail business people. So the company can provide the customer the preferred shape and size they want and what configuration they want. By doing this now Dell Inc. is trying to lead the already fiercely competitive customer satisfaction index and also the market.
Bus.wisc.edu (2016). Dell Marketing Research Project.
Available at: //bus.wisc.edu/mba/current-students/mba-specializations/marketing-reseach/blog/2012/05/17/dell-marketing-research-project [Accessed on 19 Aug. 2016].
Available at: http://www.dell.com/downloads/global/corporate/iar/20040618_tbr.pdf [Accessed on 20 Aug. 2016]
Marketing91.com (2016). SWOT analysis of DELL.
Available at: http://www.marketing91.com/swot-analysis-of-dell [Accessed on 20 Aug. 2016]
Sri Mahesh Jonnalagadda (215405163)