How do we determine the customer’s needs and wants?
Focus groups can be used to aid in the identification of customers’ needs and wants. This will be workable by a joint interview of a small group of people that act as a representation of the whole population. Connecting with the customers directly is an effective way to know their needs (Sheth, 1973). A focus group will enable an open dialogue that will allow a deeper understanding of how they respond to the goods and services offered. Also, social listening will allow the identification of needs and wants (Wilder, Collier, & Barne, (2014) and Sheth, (1973). The process entails tracking and analyzing what people say about a company through social channels. Further, keyword research plays an essential role in enabling business investors to find what consumers like and prefers.
The study by Green (1975) suggests that conjoint measurements can aid in the determination of the kind of products and services desired by the consumers. This is an effective way of identification of customers’ needs and wants. The study suggests that when creating new products, investors ought to conduct these measurements. A company does this by considering five aspects encompassing consumer preferences including price, brand name, and design Sheth (1973) and Little (1979).
How do companies analyze and distribute information?
Analysis of information by companies is done using methods such as advanced statistical analysis by applying analytical models. The report enables investors to understand marketing and make informed decisions (Sheth, 1973). Some companies make use of unique software and analysis methods such as customer relationship management. The techniques integrate, analyze, and use customer data that is contained in the databases (Fan, Li, Sun, & Cheng, 2017). After the information is examined, it is then distributed to the managers and to any other persons involved in making marketing decisions. Also, the data is made available to those who deal with customers. Intranets and extranets are used in facilitating the distribution process. Advancement in technology has enabled easy access to this information by the people involved.
Are there ethical issues related to marketing research?
There exist several moral principles that are considered when conducting market research. Ethics are applied in research on marketing because there are chances that the activities related to the investigation are conducted unethically. For instance, a data collector could change the information gathered (Sheth, 1973). The issues include privacy and confidentiality. These ethical issues concern with the right of the research participants to decide whether they agree to whatever they are told by the researchers (Miller, & Skinner, 2015). Also, the question concerns the extent to which personal information is given and disclosed. Additionally, considering the retention of personal information is essential as well as adherence to the codes of conduct and regulations that indicate how to manage the privacy of the participants.
There are ethical issues on honesty in collecting, analyzing, and presenting data. Marketing researchers are required to collect, analyze, and display the results honestly. The report should be submitted logically and persuasively (Miller, & Skinner, 2015). Additionally, there are moral concerns about the responsibility of the researchers. The researchers should ensure that they attain the goals of the research responsibly (Sheth, 1973). Being responsible will enable them to yield effective results (Little, 1979). All the activities carried out during the processes of data collection, analyzing and reporting should be done bearing the consequences in mind.
Fan, H., Li, G., Sun, H., & Cheng, T. C. E. (2017). An information processing perspective on supply chain risk management: Antecedents, mechanism, and consequences. International Journal of Production Economics, 185, 63-75.
Green, P. E., & Wind, Y. (1975). Consumers’ judgements. Business Review.
Little, J. D. (1979). Decision support systems for marketing managers. The journal of marketing, 9-26.
Miller, G. S. & Skinner, D. J. (2015). The evolving disclosure landscape: How changes in technology, the media, and capital markets are affecting disclosure. Journal of Accounting Research, 53(2), 221-239.
Sheth, J. N. (1973). A model of industrial buyer behavior. The Journal of marketing, 50-56.
Wilder, K. M., Collier, J. E., & Barnes, D. C. (2014). Tailoring to customers’ needs: Understanding how to promote an adaptive service experience with frontline employees. Journal of Service Research, 17(4), 446-456.