Post by account_disabled on Jan 4, 2024 10:31:10 GMT 1
The first step to business success is understanding and applying market research. For example, the data from a survey that says, ‘The reason people order milkshakes in the morning is mostly to relieve morning hunger while driving’ serves as an important basis for determining the direction of product development. Understanding these market reactions and responding appropriately is the key to success. Effective market research identifies customer needs and enables a 'pull approach' strategy rather than a 'push approach' to selling to customers. 2. Market research success story: CJ ‘Bibigo Dumplings’ Tyrrell Hatton (left) and Adam Scott making food using dumplings at the Bibigo Korean Food Experience event held ahead of the U.S. PGA Tour's The CJ Cup. Photo = CJ CheilJedang CJ's 'Bibigo Dumplings' posted overseas sales of KRW 820 billion last year, a 59% increase. In particular, in the United States, we achieved such remarkable results that a 'K-Mandu' syndrome was created, centered around 'Bibigo Mandu'. CJ CheilJedang's bibigo dumplings, which turned the market upside down, beat Japan's Lingling to take first place in 2016, five years after entering the U.S., and have remained in first place ever since.
The secret to this success lies in thoroughly researching the tastes and trends of the local market and developing locally customized dumplings that differ from the preferences of Korean consumers. A consumer purchasing bibigo dumplings at a Woolworths Special Data store in Australia. Photo = CJ CheilJedang In this way, organizations and companies can use data obtained through market research to make practical and realistic decisions based on actual consumer needs and preferences rather than relying on unfounded intuition or emotions. Through this, you can establish more effective and reliable business strategies and accurately identify market changes and consumer needs to achieve successful results. 3. How to conduct market research Market research can be conducted in-house or outsourced, and is an important activity that requires time and money.
It is also essential for launching new products or innovating existing products because it is the basis of a customer-oriented marketing strategy to gain an advantage over competitors. In addition, through accurate market research, companies can predict production and sales and minimize inventory management risks. In other words, market research plays an important role in reducing risk by accumulating data that serves as the basis for determining optimal production volume. Types of Effective Market Research Common types of market research include surveys, interviews, focus groups, and observations. Each method provides insight into the market and potential customers, and has the advantage that observation is conducted without the intervention of the host, resulting in more reliable information. However, now it is possible to easily understand the market situation in real time while reducing resource consumption. A representative example is Listening Mind Hubble 's search word analysis. Concept and importance of search word analysis Market research is generally divided into direct research and indirect research.
The secret to this success lies in thoroughly researching the tastes and trends of the local market and developing locally customized dumplings that differ from the preferences of Korean consumers. A consumer purchasing bibigo dumplings at a Woolworths Special Data store in Australia. Photo = CJ CheilJedang In this way, organizations and companies can use data obtained through market research to make practical and realistic decisions based on actual consumer needs and preferences rather than relying on unfounded intuition or emotions. Through this, you can establish more effective and reliable business strategies and accurately identify market changes and consumer needs to achieve successful results. 3. How to conduct market research Market research can be conducted in-house or outsourced, and is an important activity that requires time and money.
It is also essential for launching new products or innovating existing products because it is the basis of a customer-oriented marketing strategy to gain an advantage over competitors. In addition, through accurate market research, companies can predict production and sales and minimize inventory management risks. In other words, market research plays an important role in reducing risk by accumulating data that serves as the basis for determining optimal production volume. Types of Effective Market Research Common types of market research include surveys, interviews, focus groups, and observations. Each method provides insight into the market and potential customers, and has the advantage that observation is conducted without the intervention of the host, resulting in more reliable information. However, now it is possible to easily understand the market situation in real time while reducing resource consumption. A representative example is Listening Mind Hubble 's search word analysis. Concept and importance of search word analysis Market research is generally divided into direct research and indirect research.