subject: EXPLORING MARKET RESEARCH ANALYSIS OF A PRODUCT; A Nigerian market study [print this page] EXPLORING MARKET RESEARCH ANALYSIS OF A PRODUCT; A Nigerian market study
EXPLORING MARKET RESEARCH ANALYSIS OF A PRODUCT; A Nigerian market study
Market research is an intelligent investigation or study of potential buyers; in essence, it deals with research on customer demand, behaviour and attitude of buyers and dealers, market share.
When promasaidor introduced its popular brand, Cowbell in N10 sachet a few years ago, it turned the milk market upside down. Today, such is paramount just like the case of the "Ariel" which we suddenly move to and forget about other brands of detergents because they showed us they care about us when we asked for a more affordable pack. They did not reduce the real price or quality of the product, but they put it within our reach with the mini packs. We did not have to accepts suspicious looking blue detergents tied in nylon as "Omo" or "Elephant". They both proved to us that we were listening, using market research analysis proactively in their key decisions.
Market research analysis, is the systematic process of collecting, recording and analyzing fact about customer competition and market characteristics in relation to a particular product brand periodically. Market research analysis is a multifaceted tool, it can help create a current business analysis, make improvement on product or service, exploit latent demand market before competition those, it can help in analyzing the various segmentation of the market.
To a large extend market research analysis is the voice of market (customers' daily relationship with the global marketplace); market research is therefore needed to identify and assess the changing elements of market fundamentals. The "Green branding" evolution in the market place now can beautifully be described as the strength of market research analysis.
When Unilever makers of Lipton Yellow label Tea, introduced their Lipton brands new campaign you observe it now has on the pack a literature saying 100% Natural Tea. This new campaign which the customers are now eccentric about, the green branding philosophy, economically it only market research analysis that can reveal where the traffic are heading towards. No longer than other Tea makers in the market have jumped to join the newly embraced idea.
The tooth paste market also had it own share of the green branding syndrome when Dabur came into the market to serve the latent market for Herbal Toothpaste, but in the long run it largely look as if the whole market share was moving towards their favour eventually. Some of the competitors proactively did their market research analysis and quickly came up with their own version or brand of Herbal toothpaste to cushion the effect of such fierce competition. While the promasaidor's (cowbell) case and other innovation may be a classical example of a successful market research analysis, the same cannot be said of the likes of Fanta-Chapma, Nasco Wafers Biscuit, Okin biscuit, Ovatine tea, Ragolis water, Elf filling station, Chocomilo e.t.c. all these brand have been made to bleed day after day by their Custodian myopia market research analysis based decisions. Today they have joined archive of Brand Demise.
