Our group recently tackled the daunting
task of conducting market research. Thus, this week of blog submissions will be
dedicated to some of the aspects that I have learnt around market research.
The Reader’s Digest Pocket Dictionary
(1969:456) defines research as a “careful search or inquiry”; an “endeavour to
discover facts by study or investigation”; or a “course of critical investigation”.
The above definition of research may be interpreted in different ways,
depending on the experience and background of the individual.
Individual
learning’s
Being an individual with a shy and reserved nature,
approaching people in public to complete our market research questionnaire was
a very daunting task. However, keeping in mind the bigger picture of why I
needed this valuable research information was enough motivation to bite the
bullet and get the questionnaires completed. This was yet another activity that
has required me to improve my interpersonal skills and to refrain from staying
in my comfort zone. Compiling and conducting a questionnaire has been very
useful in the development and improvement of my research skills. Conducting a
questionnaire taught me to engage with all types of people and to gather
research in a non-intrusive and friendly manner.
Establishing exactly what I want and expect from our brand
before attempting to create and introduce it to the market has been a very
important lesson. The process of changing our product various times has caused
me to feel despondent and unmotivated. It also created high levels of tension
and frustration amongst the group members. I have learnt that by establishing
what I expect from our brand will result in the motivation to persevere with a
specific product and not change to yet another product just because things seem
too challenging and not rewarding enough. You will not be able to convince or
excite people about your product if you don’t have certainty of or the
confidence in the product or brand yourself.
Being a developing entrepreneur I have learnt to fail fast,
adapt and innovate when hitting the wall. When planned activities do not pan
out the way they were expected to it is more valuable to learn from my
mistakes, persevere, innovate and improve than to dwell on failure. The way in
which entrepreneurs are able to use their creativity and innovation to take a
problem and turn it to their advantage while solving the problem at hand, is a
valuable skill I am developing this year. I have learnt that it is important to
use my available resources and tap into my personal network when trying to
solve any problem. Keeping my options open and not setting my mind to only one
version or idea of how things have to occur will prevent disappointment and
allow me to more easily appreciate the point of view of others. I have learnt
to anticipate and plan ahead as things may not always go my way. This will
ensure that I am prepared when things do go wrong.
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