Market research is the process of collecting, analyzing, and interpreting information about a market, including customer preferences, competitors, and industry trends. This function helps businesses make data-driven decisions and identify opportunities.
Example:
A smartphone manufacturer physician database like Apple conducts extensive market research before launching a new iPhone model. They gather data on:
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Customer expectations
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Competitor pricing
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Popular design features
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Emerging technology trends
Through surveys, focus groups, and competitive analysis, Apple ensures its products meet consumer demands.
Why It’s Important:
Without accurate market research, businesses risk launching products that don’t resonate with customers. Research reduces risk and helps companies stay competitive.
2. Product and Service Management: Developing the Right Offering
Definition:
This function involves designing, improving, and managing products or services to meet customer needs and maintain accessing the current user’s own phone number: a competitive edge. It includes product development, lifecycle management, and quality control.
Example:
Nike’s shoe design team constantly updates its product lines based on market feedback and athletic performance needs. When athletes requested lighter shoes, Nike developed Flyknit technology to provide a more comfortable, lightweight product.
Why It’s Important:
Product and service management mobile list ensures that businesses continuously offer solutions that satisfy evolving customer preferences and stand out in the market.