Gold’s Market Research Methods & Diamond’s Stakeholders
Market Research Strategies for Gold
Gold can utilize quantitative and qualitative research to gather market information, using it to identify and maintain customer focus.
Qualitative Research Methods
Qualitative research involves gathering information that can be interpreted in various ways; it is useful for analyzing individuals’ opinions, beliefs, and attitudes. Key qualitative research techniques include:
- Focus group interviews
- Depth interviews
- Observational research
- Projective research
For Gold, a suitable qualitative research method is focus group interviews. Gold can assemble groups of people to test and evaluate its concepts, products, or services. This method can yield significant insights. Given Gold’s continuous new product development, focus groups can inform this process and aid in problem-solving. They help Gold understand customer preferences regarding convenience, desired new functions, key focus areas, and potential improvements.
Quantitative Research Methods
Quantitative research, on the other hand, seeks to establish statistical information about the subject. This type of research typically requires a larger sample size to be considered valid. Common quantitative techniques include:
- Experimental research
- Telephone surveys
- Internet surveys
- Postal surveys
Previously, Gold might have used postal surveys for quantitative research; now, internet surveys or questionnaires are more likely. Internet surveys allow Gold to sample a broader audience cost-effectively. As Gold plans expansion, these surveys can reveal customer preferences for services and products. Additionally, questionnaires offer a quick, inexpensive, and effective way to collect statistical data or gauge opinions. Gold can use them to gather suggestions and data to anticipate customer needs and maintain customer focus.
Key Stakeholder Interests for Diamond
Employees
Employees are typically interested in compensation, working conditions, expansion plans, and the company’s reward and disciplinary policies. Their efficiency and performance directly impact the company’s overall performance, development, sales, and finances.
Shareholders
Shareholders, as owners, primarily focus on dividends and profits. Their investment is fundamental to the company’s establishment and growth. They possess voting rights, granting them decision-making power that influences the company’s direction and development.
Government
The Government monitors the company’s economic activities and its compliance with laws and regulations. Government policies and regulations can either encourage or restrain Diamond’s development and expansion. For example, deregulation allowed Diamond to capitalize on opportunities, and reduced tax rates can lower costs and increase profits.
Consumers
Crucially, Consumers are concerned with the quality, price, and value of products and services. As central figures in Diamond’s operations, consumer choices and feedback significantly impact sales, decision-making, and potentially the company’s survival. Diamond recognizes this, paying close attention to customer experience by establishing service development and customer care departments to enhance satisfaction and consistently meet expectations.
Co-operators (Business Partners)
Co-operators, such as Siemens, Nokia, and Huawei, monitor Diamond’s sales, market share, and technological advancements. These factors facilitate information and technology sharing, strengthening competitiveness. These partners provide access to local knowledge, lend credibility to Diamond, and their experience helps tailor product development and customer service to meet local needs and demands.