Pitfalls of Market Research

Pitfalls of Market Research

The examples used by Malcolm are essential especially in showing how market research can be used to ensure a product performs well in the market place. The chair example proves that asking potential customers is the first step to creating a commercially successful product.  Enquiring from people about a particular product shows that there is a problem. Most ideas are good, but then it takes asking others to understand the best way to design such products (YouTube, 2019).

The commercial success of the chairs was as a result of enquiring. The chair example proves that people will at times say that they are uninterested in new ideas, but in the real sense, they are excited to experience the ideas. The example of new coke and Pepsi proved that preferences and feelings about something are extraordinarily unstable (YouTube, 2019). It is interesting to understand that a single sip cannot be used to determine which product is superior or inferior compared to the other one. It took coke to understand this approach in marketing to undo the damage that Pepsi had done to its product (YouTube, 2019).

The triangle test shows that with three options to choose from it is difficult to differentiate two products. In a survey, 30% of individuals would not differentiate. In essence, this shows the instability of peoples preferences (YouTube, 2019). The example of the ropes in the room indicates that consumers telling about how a product is excellent are only making up a story even if they have the inspiration in their face. According to Malcolm Gladwell, it becomes clear to me that asking people to explain what they want, only changes their opinion on the negative side and not justifying their choices (YouTube, 2019). The examples are vivid as they present a clear image of what it entails to bring a new product into the market by getting inspiration and views from the people. Gladwell is out to prove to use that during the process of marketing it is crucial for us to be keen to avoid falling into marketing research pitfalls (YouTube, 2019).

Gladwell justifies his positions by presenting real-life case scenarios of successful brands and companies in the world. I strongly agree with the viewpoints of Gladwell in regards to marketing. It is thus more evident to me that an elaborate marketing plan will require to observe the actions of competitors (YouTube, 2019). In real life experience, it would be prudent to adopt the example of the office chair maker as it not only reduces errors, but it also presents one with an opportunity to design an acceptable product that customers are willing to pay for. It turns out that listening is an essential aspect of the success of a marketing plan.

 

Reference

YouTube. (2019). Malcolm Gladwell on the Pitfalls of Market Research. [online] Available at: https://www.youtube.com/watch?v=964va3YwPms [Accessed 12 Feb. 2019].

 

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