Market Intelligence:
In recent years, world growth has slowed and
markets have matured or become more protective. It is evident that the only way
for many small & big companies to grow is at the expense of their
competitors. Many large companies in Asia are turning to market intelligence
for input into their strategic management system and decision making.
Conventional marketing research is increasingly viewed as being too narrowly
focused on tactical and operational issues. The large retail & export companies
around world are now looking up to role of the Internet in market intelligence
for inputs into their strategic management system and decision making. It
helps them determine their product acceptance in market; if acceptance is there
market is there as world renowned designer Karl Lagerfeld remarked, Theres no
fashion if nobody buys it. Acceptance by large no of people makes market
important.
The marketing intelligence cycle whether its
apparel or other business houses typically consists of directing, collecting,
compiling, cataloguing, analyzing and form filled up data by consumers
therefore making it easier for industry to create product which is market based.
Consumer Research:
The agencies & Manufacturers may ask consumers directly about their buying preferences or can look in to their buying habits over a period of time. Consumer reactions are recorded
and documented to find preferences for certain garments or accessories, sizes
or colors and so on ,or products to fit specific consumer tastes. Surveys, by phones,
mail or customer feedback forms are conducted by publication and market
research companies for manufacturers and retailers. These surveys include
questions about life-style, fashion preference, income, and shopping habits.
Customers are usually selected by the research firm to meet with manufacturers
or retailers. Informal interview with consumer can help researchers obtain
information by simply asking customers, what they would like to buy, what
styles they prefer that are currently available and what changes in merchandise
they want, but cannot find. Owners of small stores can often do this most
effectively, because of their close contact with their customers.
The industry overall has one purpose, i.e. to provide a desirable and appealing
product to satisfy customer needs, demands or aspire to have. When successful,
this chain results in a sale, because this chain is the integral part of entire
process. Every forecast begins with the consumer, by observing the consumer's needs
to the marketplace and in the unexpected ways the consumer adjusts the market place
to his lifestyle and preferences. Consumer research figures are critical &
of utmost importance in decisions about product development, marketing and
retailing.
About the Author:
Deepak Singh is working as national designer for
various prestigious government projects since the last nine years. He has
coordinated major export promotion activities nationally & internationally
for Indias North and North eastern region for Eco friendly products. He is a graduate of design from NIFT & has traveled for various design missions
& exhibitions in Germany, Hong Kong, Thailand and China. He has worked on several projects with various international designers from Germany, USA & Japan and has provided design services to UNDP Cane & Bamboo India Project.
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