The objective of research,
according to Tuckman (1978) in Thomas et al. (2005:3), is to distinguish how
things really are compared to how they might appear. He also believes that in
order to achieve this, research suggests a careful and systematic means of
problem solving.
Business
learning’s
From a business perspective it has become very evident that
trends play a very important role when choosing a product to introduce to the
market. Using a questionnaire is a very valuable market research tool a
business can use to establish whether there is a need for the intended product
and whether consumers will actually pay to have it. It has been very insightful
to learn that a business should establish what customers need and want and
satisfy this need as opposed to selling a product there is no real need for. It
is important for a business to realise that it is much easier and more
profitable to satisfy an existing need as opposed to creating a new need and
trying to change the mind-set of consumers. Our business established that we
will be solving the problem around closet space as opposed to adding yet
another clothing item to an already over-full closet. As a business we were
also challenged with the problem of selling a predominantly female product to
male consumers. As a business we have adopted the approach that males can buy
our product for their loved ones (i.e. girlfriend, sister, etc.) and even
suggest ways that males can wear our product. We have learnt not to exclude
certain customer segments just because they are not the emphasised target
market as this would result in the loss of potential sales.
It is evident that from conducting market research many
valuable lessons have been learnt as an individual, group and as a business.
Market research should be taken very seriously as the voice of the consumer
speaks very loudly and should be heard. In the end it is all about giving the
customer what they want and satisfying their specific needs.
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