Question

Company “A” puts new products on the market and uses market research to find ways of...

Company “A” puts new products on the market and uses market research to find ways of improving the product to increase customer satisfaction. Company “B” uses Market Research to determine if consumers are receptive to a new product, then develops the product based on its research to meet customer satisfaction before placing it on the market. Which of the two approaches to using marketing research might be most effective? Why or why not?

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Answer #1

The 2nd approach (B) is most effective.

A’s policy is to make product first and then tries to sell the product in the market forcefully. Such product may not have adequate demand in the market but still the company does so. It creates unnecessary spending for improving the product so that it could be sold. This approach is not at all cost efficient.

In today’s world marketing should be effective if it is customer oriented but not product oriented. It means products should be made as per the customers’ need, which is done by B. The company develops items which are wanted by customers. Therefore, they don’t require any further improvement in future; it saves cost and becomes effective.

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