{"id":39471,"date":"2023-04-07T05:23:19","date_gmt":"2023-04-07T05:23:19","guid":{"rendered":"https:\/\/tps-blog20.azurewebsites.net\/blog\/?p=39471"},"modified":"2026-10-16T12:51:32","modified_gmt":"2026-10-16T12:51:32","slug":"use-of-market-research","status":"publish","type":"post","link":"https:\/\/www.thepanelstation.com\/blog\/use-of-market-research\/","title":{"rendered":"Use of Market Research: How it Can Shape The Products and Services You Use"},"content":{"rendered":"\t\t
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What Exactly is Market Research?<\/strong><\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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Before we delve into the depth of\u00a0market research, knowing what it is all about is essential. Say you are into the business of baking cakes. You want to launch a new, unusual flavor of cake (maybe a sweet potato cake or a coke-flavored cake). You dive right in and you see that the quirky flavor is not received well by your customers. This will lead to you either discontinuing the product or losing money.\u00a0 Now imagine the loss on a much bigger scale. Market research plays the role of a safety net for businesses. In simple terms, with the use of market research brands can collect and analyze information or data about a particular market, their business prospect, their product or services. Surveys, focus groups, in-depth interviews, and online paid surveys\u00a0are just some of the methods that are used in market research. Market research helps in understanding the actions, opinions and preferences of consumers like you.\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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How Market Research Shapes Products and Services<\/strong><\/h2>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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Now that you know why market research is important, let us see how it (i.e. the opinion shared by consumers like you) shapes products and services.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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Identifying Your Needs:<\/strong><\/h2>\t\t\t\t<\/div>\n\t\t
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For a business to better serve you, they need to learn about your wants and requirements. For example, if you love coffee, a coffee manufacturer might want to know your preferences. The research might show whether there is a liking for cold brew or hot coffee, or a new flavor of coffee. The analysis of these data can help the coffee brand to introduce a new addition to its menu that will be best accepted by many.<\/p>

Speaking of coffee, Starbucks is the world\u2019s largest coffee chain, and the secret of its success lies in the extensive market research they have been conducting for the past 14 years. Starbucks gathers consumer feedback through My Starbucks Idea platform. Customers, prospective customers, and staff members can all use this website as a central hub to share their original concepts. Ideas can be anything from entirely new products to tweaks to existing ones. When planning future business and advertising initiatives, Starbucks takes all these inputs into account. So, next time you drink a coffee, don\u2019t forget to leave your opinion about it. With the use of market research brands will get to know your preference as they pay special attention to your likes and dislikes and will work to fulfill them.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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Improving Product Design:<\/strong><\/div>\t\t\t\t<\/div>\n\t\t
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Market research plays a significant role when it comes to enhancing product design. When businesses actively seek out your input, they are better able to pinpoint problem areas and implement solutions. A laptop manufacturer, for instance, would need your input in knowing whether you want more storage space, extended battery lives, or higher resolution displays in their upgraded version. With this data in hand, it can better tailor its offerings to you.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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Be a Co-creator<\/strong>
Help shape products you love<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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When we think of design, there is only one brand that comes to our mind \u2013 Apple Inc. Apple is among the most successful tech companies in the world, thanks to its dedication to product innovation and market research.<\/p>

Apple Customer Pulse is an online community dedicated to understanding the wants and requirements of tech consumers through data analysis and market research conducted through a number of customer satisfaction surveys. These polls have allowed Apple to refine and improve its products in response to customer feedback.\u00a0<\/p>

And just like Apple Inc., other brands too do regular surveys to get your feedback on their existing products. So, say if you are not satisfied with your mobile screen or the battery life of your laptop, do let them know about it. There could be many like you facing the same issue and looking for a solution. Ensuring the brands listen to you will help in enhancing the product quality.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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Pricing Strategies:<\/strong><\/h2>\t\t\t\t<\/div>\n\t\t
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Use of market research data is also helpful for businesses when trying to set prices for their goods and services. Companies can more successfully compete and turn a profit by charging prices that are in line with what you are ready to pay.\u00a0<\/p>

To help you understand this better, we will take you through how Netflix had to change its pricing structure to suit its audience. Netflix stated in 2011 that it would be offering two separate plans for its streaming and DVD-by-mail services, with the latter costing up to 60% more for customers who wanted both. Consumers reacted strongly to the news on social media. As a result, Netflix had to go back to its old pricing structure.<\/p>

Another such example is Uber. Uber surveyed its users and discovered that many of them were dissatisfied with the company\u2019s surge pricing strategy. In light of this criticism, Uber stated that it would modify its surge pricing model and would lower the maximum surge multiplier in some markets. Uber\u2019s pricing model was refined in response to customer feedback, allowing the company to better serve its clientele. This shows the value of customer feedback in guiding company strategy.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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Final Thoughts<\/strong><\/h2>\t\t\t\t<\/div>\n\t\t
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Market research plays a critical role in shaping the products and services that we use in our daily life. With the use of market research data, brands and companies understand our needs and preferences and develop products and services that meet those needs. They can also use market research to connect with consumers, identify new customers, test new markets and develop effective services. So, what are you waiting for? If you haven\u2019t registered with The Panel Station,\u00a0do it now. Your opinion is valuable and can help brands make better products and services. And you can win exciting rewards and gift vouchers when you share your opinion and\u00a0 complete surveys on The Panel Station. Celebrate the power of your voice.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

What Exactly is Market Research? Before we delve into the depth of\u00a0market research, knowing what it is all about is […]<\/p>\n","protected":false},"author":26,"featured_media":39475,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[224],"tags":[],"class_list":["post-39471","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-survey"],"yoast_head":"\nUse of Market Research: How Consumer Insights Drive Decisions<\/title>\n<meta name=\"description\" content=\"Market research plays a critical role in shaping the products and services that we use in our daily life. 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