Organisations that use market research to gather feedback from consumers regarding product design and product/ service bundles tend to be more successful that those who do not use market research as a business tool. Data received from the market research records that have been collected from any market research including surveys, questionnaires, focus groups or simply speaking with customers, are drawn upon to ensure the organisation achieves quality, time and cost specifications as per the customer’s requirements.
For example, the Mining Village I currently work at have designed a total accommodation bundle for its clients. Each room is equipped with Wi-Fi, a Smart TV, air conditioning, refrigerator and advanced security systems. After a hard day’s work guests can unwind around the fireplace, watch a movie in the cinema, socialise in the Tavern and recreational room or work out at the gymnasium, pool or tennis court before sitting down to a meal in the restaurant. The cost of the bundles includes 3 meals a day plus use of the facilities as mentioned above. The Owner of the Village, has done market research with Companies who would require accommodation in the area with the Coal Steam and Gas development in the
Area. They drew down on the information received and purposely built the accommodation to house those working in the area. The market research provided a edge to the company over the Hotels in the area, as the Village supplied everything the market were after.
2. What monitoring and evaluation procedures might be followed to ensure that the organisation keeps up with changes in customer needs and