203 Outcome: Market Research
What you’ll learn to do: describe the process for and purpose of market research
Where do companies come up with the ideas for their new products, goods, and services? How do they determine whether they need to change the packaging of their product, reduce the price, or add new features? They could use their knowledge or experience of the industry, but no matter how insightful they are, it’s still very possible to miss something or get it wrong. These errors can be expensive and do irreparable damage to the company’s market position and financial well-being. Rather than operating with a “best guess” approach, companies use market research to determine what consumers want. In this next section you will learn about the process for market research, how companies use the information gained, and how technology is influencing this process.
LEARNING ACTIVITIES
The learning activities for this section include:
- Reading: Using Market Research to Understand Consumers
- Reading: The Market Research Process
- Video: Market Research in “Real Time”
- Self Check: Market Research
Take time to review and reflect on each of these activities in order to improve your performance on the assessment for this section.