Unit 4 Assignment

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Purdue Global University *

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512

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Marketing

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Feb 20, 2024

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docx

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Uploaded by ProfessorGoldfishMaster968

Market Research Analysis and Areas of Interest In order to best serve the needs of consumers, market research is critical in guiding production and manufacturing. To maintain a steady state of supply and demand, both types of market research are to be implemented. According to Rau (2016), primary research is the result or obtaining data directly from the consumer. Secondary research is based on data being published. In interviewing the head of the planning department at my company, she explains that how in the field of diagnostics, both forms of research are imperative to our business. In terms of primary market research, data can be gathered through the use of surveys, interviews and questionnaires. Secondary research is used to support the findings of primary research most often as it is a starting point in understanding the bigger picture (Rau, 2016). Market research analysis is then directly correlated to sales, production and manufacturing thus increasing the value of a company (Mittal, 2017). Analyzing the surveys, interviews and questionnaires empowers the consumer by showing their importance and impact to the company. According to an article by Crawford (2022), market research is also useful in decreasing risk obtained by a company, a feat that is always looked at positively. Understanding the consumer, leverages the company’s knowledge to succeed in their own market. In a book titled Market Research by Birn and Forsyth (2022), there are five different uses for market research, the one which applies closest to my interview and work is the use of market research to test product ideas which define the most effective strategies. In other words, we use market research to identify new product ideas based on market research. In working for a diagnostics company, we do not have commercials or billboards on the highways advertising our test kits, we manufacture based on the needs of patients,

understanding how we prioritize production is my first main area of focus. Additionally, understanding the production side based on market research is the primary focus of my interview. I wanted to understand where we get our information from and how quickly do we implement that research into our production schedule. Identification of a Subject Matter Expert (SME) Finding an SME for this assignment was not the difficult part. My company has an extensive project management office, many of whom I have spoken to in the past. The difficult part arose when trying to come up with generalized questions without threatening proprietary information and having the actual time to sit down and talk with her. I chose to interview one of the project management leads for our newest family of diagnostic tests. She has been with the company for 17 years and has worked in almost all areas of our site including manufacturing, testing, technical transfer, release and now the PM office. When asked why she has stayed with the company so long and has worked with so many different hats, she stated that, in her opinion, we are one of the few companies in our industry to care more about our patients than the sales of our products. Q : How do we prioritize the production or launch of new testing kits and what information do we gather to figure that out? Do we advertise our latest launches? A: Our production is based on the needs of the patient. Based on hospital rates, CDC findings and the emergence of diseases and testable capabilities we launch and prioritize what is needed in the field. Our latest launch, which has just recently been brought over from

research, is neonatal testing. Prior to this launch, tests were getting a lot of false positives, and it was extremely dangerous for the fetus and mother. This new testing is a form of blood collection that has a 97% accuracy rating with a less than 3% invalid rate. Launching this on one of our established platforms kind of does the marketing for us. Our customers are used to our machines and know their capabilities and outputs, adding on to them only makes sense. We don’t necessarily advertise, but being a well-known company allows for us to reach bigger markets. We find what we need and then tell the customer they need that for their patients. Q: Where is the research obtained from and how quickly do we begin the process of launching a new kit once we’ve received that information? A: The majority of our new product launches are based on the information we receive from the CDC. When COVID-19 first became a threat to the United States we knew that our primary niche would not be in the race to form a vaccine, but it would be creating the most effective diagnostic test. Our site is the global lead in manufacturing and testing diagnostic kits and we knew we could use that to our advantage. We took that information and ran! Within a week from finalizing the decision to join the effort in fighting the virus our procedures were written and testing began. That process in total between writing the procedure and beginning to implement it into manufacturing for release took about 4 months. Just to put it into perspective, this is a process that typically takes over a year. We initiated 2 additional shifts in order to launch this on a timeline of this magnitude. We were literally working around the clock. The timeline for how long we can get kits released is primarily focused on how quickly our patients need to be tested for the disease. Although I hope to never have an experience

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like the one we faced at the start of the pandemic again, it’s comforting to know that we can push through and persevere and accomplish something like that. Q: Has the consumer or customer changed at all? How do we identify our customers? A: In the hopes of not sounding like a broken record, it’s all based on the CDC. When Zika broke out our focus was on Africa, when COVID hit our focus was the United States. With our new neonatal testing we have a global consumer. It’s truly a worldwide market that we cater to. Our main focus is we should never get too comfortable. We work in an industry that is changing by the minute and we have to be ready to adapt and change to whatever biology throws at us. Application to the Simulation Although our team did well in the simulation, our primary area of concern was our advertisements. We were instructed by the simulation to modify them as we were not reaching our potential consumer. We went back in and changed our advertisements in order to cater to the customers who were most likely to buy our computers. We have yet to get results on how our new flyers performed however just as the project manager I interviewed stated, we must always be ready to adapt to our consumer in order to serve them as best we can. Conclusion In conclusion, market research is essential in identifying a target audience and catering the output and production to their needs. Prioritizing the needs or concerns of customers puts the power in their hands, thus increasing trust among the company and its consumers.

References Birn, R., & Forsyth , P. (2002). Market Research . John Wiley and Sons, Inc Crawford, R. (2022). Seeing the Bigger Picture: Why Market Research History Matters? International Journal of Market Research, 64(2), 187–199. https://doi- org.libauth.purdueglobal.edu/10.1177/14707853211067701 Mittal, V. (2017). Rethinking market research’s place in the business. Marketing News, 51(9), 18–19. Rau, J. G. (2016). The 3 'M' stages. Inventors' Digest, 32(11), 14–15.

Unit 4 Assignment

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