Question:
In your individual Assignment for this week, you will take a learning journey to understand the role of market research by learning from Market Research Subject Matter Experts (SME) and incorporating the results of this interview into the learning goals you have set for yourself on this topic. By talking with those who do market research work as their primary occupation or as part of their daily business responsibilities, you will learn about the methods they use, how they measure success and other important information that you can apply in the marketplace simulation.
Sharing what you have learned from the interview with the expert contributes to team learning, which is one of the five disciplines that contribute to a learning organization (Senge, 1990). For the Discussion post, contribute to the team learning by presenting the highlights of your paper and discussing with your peers the results of this journey. Please post the results of your individual Assignment in final draft form to the Discussion Board by Saturday night (attached in a Microsoft Word doc) to give others the chance to read your entire work if they would like more information in addition to your highlights.
Here are some ideas that you can include in your post that others can learn from and incorporate into future learning journeys. Click here for some ideas on how you can identify a market research professional or company.
How did you find your Subject Matter Expert (SME)? Discuss any difficulties and how you overcame them.
As you asked your SME questions about the areas that you wanted to learn more about, what were the important points or areas of greatest learning for you? Were there any surprises?
Did the interview results provide any new ideas for you to explore?
What links were you able to see between the information you gathered and the marketing research information provided for you in the simulation?
Here is example of my classmate assignment:
I chose to interview my friend's father-in-law, Bob Jacobson, who happens to be the owner of Sweet and Saucy in my hometown. He sells candy and condiments, among other odds and ends. Most recently, he jumped on the fidget spinner bandwagon. I asked him how he made decisions on what the store would carry and said that, at first, it was a lot of trial and error. He had an idea of what he liked and did not see enough of in the stores in our hometown. He had many friends who suggested he carry some of their favorite candies from when they were children. In addition to vintage candies he also carries local brands of sauces and snacks and some newer, fad-type candies. (B. Jacobson, personal communication, June 21, 2017)
I asked him about his location. Why did he not consider opening his store in downtown Greenville, versus downtown Fountain Inn? He said that the rent was just too much and there were too many other stores to compete with. In recent years, downtown Fountain Inn has been made over, bringing back the old southern charm it once had in Mr. Jacobson's childhood. And while Fountain Inn is a quiet town, he has found success using bright and colorful lights, signs, and props in his storefront and store. His shop is known for the giant Minion stuffed character in his window. It definitely attracts attention. (B. Jacobson, personal communication, June 21, 2017)
I asked Mr. Jacobson how he keeps the public's interest in his store. He said that through a great network of friends and family and social networking, advertising costs are low. The store has a Facebook page that he regularly updates with sales and new products, which are quickly shared by his friends and family. He tries to keep his inventory fresh and exciting for his customers, hence the sale of fidget spinners. He researches current trends to keep up with how fast customer tastes change. He stocks candy and toys related to the various holidays as well. Mr. Jacobson is also willing to listen to suggestions and requests. (B. Jacobson, personal communication, June 21, 2017)
The interview made me realize how powerful listening to your customers can be. Without customers, a business cannot survive. Mr. Jacobson's customer base is almost entirely local so he makes the effort to get to know his customers and make friends with everyone. I feel that this is helpful to his business because it helps to bring others in. Finally, I learned that keeping up with current and future trends is a must. Mr. Jacobson understands that his inventory is not going to be wildly popular forever, so changing it up to include new and popular items helps keep public interest.
The marketing research information from the simulation and Mr. Jacobson's observations relate to each other very well. While he does not have a research team to help him gather information, he does use the information he received to make decisions about the products he will carry in his store. In the advertising portion of the market research information from the simulation, our group was able to make decisions about how to reach the most people with our advertisement. I feel that that Mr. Jacobson chooses his methods of advertisement that best suit his finances. Social media and word-of-mouth are free and seem to be very effective at getting the word out about his store.