My first exposure to market research was as a Commerce student in U.C.G. in 1980. Jim Ward, Professor of Marketing, put it succinctly when he said “In order to make good decisions, you need good information”. That, in a nutshell, is the purpose of market research – to provide objective information to inform good decisions that will drive profitability.
As a practicing marketer, I observed at first hand how Feargal Quinn built a Supermarket Dynasty on the back of great practical market information. His day, for the most part, consisted of packing customer bags; and chairing stand – up meetings with his staff.
The reason why, in all three cases, was to elicit and respond to market information.
The result was to create a business of 16 profitable shops, where customers loved to shop and employees loved to work.
You too, can avail real and objective information from your customers, your employees, your suppliers and other stakeholders at a very cost effective investment.