Market Research is the systematic examination of potential markets or products and the market-related attributes that a company needs to develop or maintain in order to compete effectively. Market Research is an organized attempt to collect information on potential clients and target markets: understand them, beginning with who they are; what they do, how they do it and how you can match up against them. It’s a key element of business strategy and an important factor in sustaining competitive advantage. Market Research is not just important for product development but for any large-scale investment decisions too: for example, a new plant or equipment, buying land, purchasing a building or station, or opening a new educational facility. All of these decisions affect the organizational capital budget, the line of credit available from suppliers, the availability of skilled labour and the internal environment of the organisation.
Market Research is necessary for product development and any change in marketing strategy or product portfolio management must be based on good solid market research. Market Research helps organisations define their customer, the targeted group they wish to serve and the appropriate mix of products that will best address their needs. This enables decision makers to build a solid foundation on which to build marketing strategies and programs. Market Research is one of the most important elements of a successful enterprise and the necessity for a lean approach is no exception. A well conducted and carefully monitored market research process provides valuable data on the existing and potential market conditions and can help develop a more encompassing understanding of the processes, structure and control of any organisation.
A market research example may involve determining whether the introduction of a new product would be economically productive, whether existing users of a product are willing to experience a change and whether any new user experience could be profitable. A product development company would conduct surveys of existing customers and target companies that have a proven track record for providing satisfaction and helping customers use new products successfully. These companies might also be invited by the client for a free market research example and for assessment of proposed product developments.
Lean Marketing Process – Data Collection Step One: Market Research companies would conduct a series of focus group interviews that would provide valuable information on what existing users think about the product, its design and functionality. The interviews would also enable an objective and detailed assessment of each of the product’s key attributes and the challenges that it faces in trying to achieve and sustain market share. This initial market research process is critical to the formulation of product requirements and for developing a more complete and actionable plan for solving problems.
Steps Two and Three: Conducting a second interview Depending on the needs of the clients, a marketing research study could involve interviews with key users. Interviews are conducted either by telephone or over the internet and this step involves detailed explanations of why the client wants to conduct a particular survey and what they want to gain from it. Interviews will also provide insight into how companies can make changes to their current processes and structures to make them more productive. Companies are also encouraged to develop frameworks that help define and measure success and failure in the process of decision making.
Learning Objectives: The third step involves the formulation of learning objectives and other important stakeholders’ perspective. Learning objectives describe the key takeaways from the research process and entail how to improve company products and services and how to overcome obstacles that companies face in the design and development of new products. Learning objectives also help companies determine the appropriate level of involvement for employees, as well as what resources are needed to make the project successful.