Research has always played an important role in determining
the needs and wants of the consumers. Any business that wants success must know
what its customers want. Instead of producing the goods which the organisation
thinks are demanded by consumers, it must focus to learn what actually the
customer demands. All organisations must have an Outside-In approach rather
than an Inside-Out approach of looking at things.
The
customers are the back bone of all business. Every organisation must do its
homework before deciding to produce a product. Electrical goods are risky to
produce. They have stake of failing, not being performing well or not being
compatible for the target market. These risks are always associated with
electrical products. The technology changes rapidly and constant innovation is
a must for organisation to keep their share in market. The Research and Development cost of these
products is very high and they are not easy to produce. If a product goes wrong
and fails in the market, it can add up to the costs of the organisation. To
avoid such implications, marketers and production managers play safe and
conduct wide spread research to not only acquire the customers’ opinions, but
also to improve the product quality.
Research
can be done in two ways. It can be either primary research or secondary
research. Primary research as the name suggests is about collecting first hand
data. This first haNd data can be collected through:
Surveys
Questionnaires
Focus Groups
Secondary research method is related with gathering second
hand data. It is about using the previously done research work. It is an
inexpensive method of conducting research. These kinds of data can be internal
sources or external sources of data. Sales data can be used as the secondary
data and the sales can be of the territory, which can give information about
the trend in sales. External sources of data can be the Statistics given by the
Government and that could include the census, demographic statistics, income
statistics etc.
It is advisable to do secondary research first and then to
move on by doing primary research. Secondary data gives an idea of what type of
information to look for and what type of information is already available.
Primary data is highly reliable, but if it is collected in non controlled
environment it might be contaminated with other factors that would destroy the
reliability of the data.
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