Reflection Of Market Research

Good Essays
Market Research
- Concept: Market research is the process of gathering, analyzing and interpreting information about a market. Managers from different firms can use consumer behaviour data to further develop and improve existing products to make it more attractive to the consumers or redevelop the products to increase revenue.
- Reflection: As a firm, it is always important to gather information about what the market needs or want. The feedback loop is important for firms because a positive word of mouth can further promote the awareness of the firm with credibility. A marketing research was done in class. As a group of 4, we all brought different shampoos. It is important to note that in my opinion, shampoos have many substitutes yet what
…show more content…
A BMC can help a firm produce strategy planning where company can look at its customer segment and produce marketing strategies to better attract the audiences.
- Reflection- All nine blocks within the BMC are interconnected. For example, the value preposition is the benefit, value or marketing statement that will be delivered to the customers. Based on this, specific customers are targeted therefore, linking to customer segments. Customer relationship is also important depending on who the specific targeted audience is.
- Connection- The BMC was used throughout the course. In group assignment one, a BMC was created for one specific firm, the RYC early childhood program. It was until after the presentation that I realized the BMC was more than just summarizing a firm, the BMC can also act as a guidance to existing firm. The firm can reflect the need in the market and develop new strategies to further improve the firm or to generate more revenue. The BMC can also help firms analyze every single key component of the business. It is also interconnected with the SWOT analysis where the strengths and the weaknesses of the firm can be targeted to further improve. By looking at the BMC as a whole, instead of looking at individual component like cost structure, the firm can have a macro view of the business and adjust according to the larger
Get Access