MARKET RESEARCH

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May 15, 00

Market Research

Business people know that marketing is fundamental in all companies; if someone is working in the marketing department, he or she need to offer the customers a product or service as the best in the market. Nowadays there are new ways to help our companies to get needed information about the customer, know customers expectations and the market behavior.The people respond in different ways according to promotions, communications, and advertising; for this reason we select the segment to be targeted by different marketing strategies. However, how do the business know that are offering the right product with the right price in the best place, and with the best market promotion? That is why companies need to invest in market research to answer all the questions, save money, time, and guarantee the success in the market.

There are many companies dedicated to conducting market research, such as DSS Research, a full service market research and information provider. On this web page, market research is defined as "the collection and analysis of data for the purpose of decision making" (para 1).

With all the analysis presented, the researcher can describe the market conditions, know about the market behavior, and make a forecast of how consumers can respond to new products and changes. Some reasons to believe in market researches are also explained by DSS. For instance, when the costs of making a wrong decision could be worse than investing on market research and losing market share; a good strategy could avoid this situation. If the market is highly competitive, or the last marketing plans failed for some unknown reason, then, the market research is one of the best solutions to avoid losing customers faster than gaining new ones. For all these reasons, one of the goals is that business need to be customer focused and know exactly what they want.

To reach this and other goals, business can find many tools utilized to make market researches. Traditionally the companies used questionnaires, mail surveys or phone calls. That was a good strategy because they always had the final customer and asked in real time the prepared questions.

Nowadays, technology is helping the companies to make them easier with online researches, but not all is good about technology. Business can find some properties in these electronic analyses. For example, online surveys have several advantages over traditional forms, they are less expensive, can reach people that are difficult to find easily, such as high income and high tech professionals, and get the answers in less time for the instantaneous electronic distribution. The companies can apply interactive surveys and, based on the responses, new related questions can be constructed.

On the other hand, every survey as online ones has its weaknesses. Companies are not sure who is answering the survey; there is nothing that ensures the desired person actually answers the survey. Another disadvantage is that the group is not representative, because Internet population is based on men and young people. Another important factor is that companies have to pay some incentive to the interviewees, therefore is difficult and the people can reject the survey.

The worst case happens if the survey is made by e-mail. It is more difficult to get a good analysis because the survey can be modified in its questions, words or content. For all of these reasons, one question whether technology helps or hinders organizations. Those questions can make organization fail or succeed, depending on the strategy and good use of resources. Companies can see that even if there are problems with online researches, they have more positive aspects than disadvantages.

I believe that with the use of technology, the companies can be more competitive searching the customer needs and offering good products or services with quality and high demands, and increase their sales and market around the world. Daily, I can see that it is essential to be in contact with the customer. In my workplace, all the employees can reach customers and work together with all the competencies involved. All in real time and worldwide with online surveys and interactive chats, sharing information that allows us to get the information needed in less time and cost, developing new devices to offer what really expect quicker and with best quality.

DSS Research. Creative Research and Information Solutions. Online Research. Fort Worth TX. Retrieved May 1, 00. From

http//www.dssresearch.com/liary/segment/understanding.asp

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