Market research and product management-

ASSIGNMENT
MS. Harmandeep kaur

SUBMITTED BY:
ARJUN VERMA
MBA A
ROL NO. 7
From national or international newspapers, track down stories
of successful entrepreneurial ventures. Evaluate the extent to
which marketing research is attributed to their success and/or
an awareness of their market(s).

Here are a few famous examples of successful pivots, and the market research that
helped make the decision.

Twitter
In 2005, Evan Williams and Biz Stone designed a platform to create, browse, and
share podcasts. They were making a bet that podcasting would become a mainstream
medium for sharing news and broadcasting opinion. They would eventually be proven
correct, but not before Apple launched podcast support for iTunes in June. Williams
and Stone took a step back and researched the new market, exploring user adoption
rates, technology, and customer acquisition costs. They concluded that they had no
real chance of competing against Apple.

Crucially, however, they didn't simply give up. They realized that the platform they had
built had tremendous scalability and potential. Suppose they doubled-down on
simplicity, and just made a portal where people could share what they were up to. They
looked at existing social networks like Facebook, and researched customer
dissatisfaction. Users loved Facebook for photo-sharing and friend-snooping, but often
found the News Feed to be overwhelming and cluttered. Their new venture, Twitter,
would provide a back-to-the-basics feed of information, with a focus on news and
 celebrity. It seemed crazy, but they pulled it off, accomplishing one of the most
successful pivots of the 21st century.

Instagram
Kevin Systrom and Mike Krieger put a full year of work into a new location-based,
check-in app called Burbn, even developing a full-fledged iPhone app. After releasing
the app, the team wisely chose to reevaluate the market. "If felt cluttered, and overrun
with features," Systrom said. He and Krieger also faced reality: they were late to the
game in a trendy space already dominated by Foursquare. They removed almost all of
their features, leaving only photos, commenting, and liking. They rebranded their
business as Instagram. By looking closely at the market, understanding their strengths,
and researching competitors, they were able to make the right call.

The rest is history. Facebook bought Instagram in late 2012 for nearly three quarters of
$1 billion in cash and stock.

YouTube
YouTube began as a video dating site called "Tune In Hook Up." Founders Chad Hurley,
Steve Chen, and Jawed Karim were disappointed with limited traction, but then they
had another idea. After the Janet Jackson Super Bowl fiasco, they realized that finding
proper videos online was surprisingly difficult. In addition, even when you could find
one, the sites were buggy and unreliable. Plus, sharing was a chore: video email
attachments were unreliable, and most sites failed to provide dedicated video links.

The trio set out to solve these problems, instead of trying to compete in an already-
crowded space. They researched the market, and determined that they had a great
 shot at solving online video better than anyone else. In 2006, Google bought YouTube
for $1.65 billion.

Before you decide to shut down your business for good—or worse, spend years trying
to make a dying business work—remember to step back, take stock of the market, do
more research, and determine whether a pivot can save your company. It just might be
the smartest decision you'll ever make.

For information on the purpose of market research and the value it brings to

organizations today, download our free white paper.

What began to drastically change the marketing research

industry in the 1990s? Why?

No history of market research would be complete without considering the impact the
arrival of the World Wide Web had on the industry. The first website went live on the
internet in 1991 and it soon became possible to start tracking consumer behaviour online.
More specifically, the first website was available in 1991. This invention revolutionized
how individuals acquired information. 

Analog, launched in 1995, was billed as the first web log analysis software to show
website owners the usage patterns on their web server. The software counted website
visitors and page views and could even show where in the world website hits originated
from. 

Previously, access to this type of data was restricted to computer scientists but now
marketing teams could join in on the action too.

In 2000, The Net Promoter Score (NPS) was invented. It is a measurement commonly

used by brands to quantify how satisfied their customers are. It also allows brands to
benchmark their performance against competitors. 

Launched in the same year as Amazon, Craigslist and eBay, Dr. Stephen Turner’s software
paved the way for more advanced web analytics systems like Google Analytics, which
debuted in 2005. 

2010s has seen perhaps the most exciting development in the history of market research.
Thanks to the rise in smartphones, access to consumers has been transformed. Attest
was built to capitalise on this by opening up an audience of 100 million people in 80
markets to brands in need of consumer data. Today, marketers can get answers to their
burning questions in a matter of hours, not weeks or months, meaning important
decisions can be always be grounded in reliable data.

Today, with dozens of tools and methodologies at our disposal, market research agencies
pull from a large ecosystem of methodologies and tools to provide a much more
comprehensive view of the consumer. Integrated qualitative and quantitative approaches
enable marketers to understand consumers at both the individual and group level. We
can now use semiotics, social listening, and communications to understand how
consumers interact with media and brand messages.
The Internet has had the biggest impact in this era, allowing us to conduct surveys on
much more massive scales; research news, communications, and culture with ease; and
create hyper-segmentations on the minutest scales.

Perhaps the most important evolution in present day thought is the recognition that
consumers don’t exist in a vacuum. It’s just as important to understand the context
surrounding consumers as it is to study their choices and behaviours. Techniques such as
Cultural Insights have emerged to assist researchers in constructing a comprehensive
analysis of the ecosystem in which the consumer operates.

Go to the Internet and look up big data analytics. Report how a

specific company is effectively using big data to improve their
marketing efficiency.

These examples show how three companies improved their marketing success using big
data.

1. Elsevier uses big data to streamline a marketing calendar

Elsevier is the world’s largest provider of scientific, technical, and medical

information, publishing 430,000 peer-reviewed research articles annually.

Big data and a multi-cloud environment provide an efficient way to closely track
journals and books throughout their lifecycle and more effectively schedule
resources to streamline production and support marketing. Those articles come
from a wide variety of resources across the global organization. Combining big
 data from multiple clouds and sources across the globe merges many regional
marketing efforts into a single global marketing message strategy.

2. DMD Marketing Corp. outperforms competition 3x with big data

DMD Marketing Corp. offers the only authenticated database available that can
reach, report, and respond to the dynamic digital behavior of more than six million
fully opted-in U.S. healthcare professionals. To date, DMD has deployed more than
300 million emails and 30,000 email marketing campaigns.
Given that marketing emails to healthcare professionals is a very competitive
commodity business, big data gives DMD a way to differentiate. Using cloud-based
big data integration tools, DMD refreshes email data every day, rather than every
three days, which helps the company outpace the competition with 95% email
deliverability.

3. Big data Gives Beachbody near Real-time user behaviour to reduce customer
churn

Beachbody provides world-class fitness, nutrition, motivation, and support to

over 23 million customers. Their business is all about the customer experience;
keeping people motivated and matching them with the content that keeps them
coming back for more.

You may be familiar with Beachbody’s on-demand videos, but they also offer live
sessions at gyms. Big data has enabled the company to acquire near real-time
consumer behavior in fitness centers. Combined with analysis from online data
sources, Beachbody’s big data allows the brand to create more personalized offers
for customers and decreased customer churn.

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