Market research process is a way for a business to understand a problem, determine research design, prepare and design research instrument, sample and collect data, and then communicate and visualize results. It is a clear way to plan, collect, and analyze data for the assessment of product quality and customer satisfaction. Apple Inc., is a company that has been seen as a company that does not perform market research, has been revealed in recent times to submit to the need for market research in order to increase customer satisfaction for their most popular products, the iPHONE. Market research enables effective undertaking of marketing and assists a business in handling market demand, changes in technology and consumer tastes, and changes in the competitor's product ranges.
Competitor's like Samsung have and continue to release phones like the Samsung Galaxy series in order to pull customers from Apple to Samsung. While Apple Inc. reigns supreme in the smart phone market, the company needs to continue to perform market research in order to stay ahead of its competitors year after year. One of the main purposes of market research is to help forecast future trends. This is very important as future trends will dictate consumer buying patterns. There are various kinds of market research.
These kinds relate to a business' marketing decision. Target markets require the type of research that deals with purchase behavior, website traffic, and customer satisfaction (Kotler, 2013). Pricing requires optimal price setting, price elasticity analysis, and discount options. Because Apple requires market research to help with customer satisfaction, the marketing decision connected to the type of research is target markets. Research target markets reduce risk, uncertainty, and helps create, refine, and assess potential marketing actions. By taking the first step and defining the problem, Apple Inc. is recognizing and identifying the problem/opportunity.
The problem/opportunity is how to provide a better overall consumer experience so customers will continue to buy iPhone's versus go to their competitors. Apple iPhone 6 and 6 Plus have assumed the position as the bestselling smart phone for ten consecutive months claiming the top spot in the United States, China, and the international market. While the 2015-year has brought a slowdown since March and April, market research suggests the iPhone 6 retained its position as bestseller internationally through May and June. It's main rival, the Samsung Galaxy S6 smartphones, lost steam quickly as their sales dropped steadily.
Overall, there is a consistent pattern of the iPhone topping lists during the first and fourth quarters of each year with Galaxy S topping the second and third quarters respectively (). However, since September of 2014, the list remained fronted by Apple and the iPhone for months. One of the reasons for Apple's success could be China's love for large screen devices, proving to be the iPhone 6 Plus' largest market. While Steve Jobs explained in the past that a company like Apple never performs market research, they merely create great products, there evidence that suggests they gather consumer data from monthly surveys frequently.
In fact, Apple's VP, Greg Joswiak attempted to seal information regarding Apple's market strategy and research. That is because each month iPhone buyers are surveyed by Apple and their answers are then translated to tracking studies. Joswiak wished to keep this information private to keep competitors from understanding which demographics receive the most satisfaction from Apple products. The market research process that seems to work the most for Apple, and has been working for years, is the monthly customer surveys. These surveys not only give feedback on what aspects of the iPhone users love, but also provides the company as to which demographics like the iPhone the most and buy the iPhone the most.
The market research process that would best serve Apple Inc., and increase sales of the iPhone 6 as well as the upcoming release of the iPhone 7 is target market research. By defining the research objective, which is the iPhone 6 or 6 plus selling more in China, the market, competitors, and customers can be identified. China is one of the biggest markets for the iPhone 6 Plus. This would be the market and customer base with Samsung Galaxy series being the competitors. In a survey, to be given to current iPhone customers, various questions would be asked such as age, gender, and so forth. Identifying the location of the majority of the customers is an important way to determine an ideal customer profile for the iPhone. Identifying the strengths and weaknesses of the competitor will also provide...
Market Research Discuss: "Market research is probably the greatest single deterrent to excellence in modern business. It's crutch for manager with no vision and no conviction." One of the most famous corporate success stories of recent memory, the Apple Corporation, did almost no market research. Instead it relied upon the vision of its CEO and founder Steve Jobs. "Apple as a company follows its instincts. They're less interested in giving the market
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