FEI Tribe Discovers the Value of Market Research
“Market research only provides guidance, not solutions. Right?” Lucy asked. “How FEI uses this information is up to our marketing team.”
“Yes,” Marka said. “Market research will help us identify opportunities and intelligently plan marketing initiatives in response. Ultimately, once we fully understand the implications of our research, we can accomplish key marketing activities and grow our brand. Market research is an integral part of any successful marketing program.”
“Market research is a several step process that must be carefully planned to ensure best use of time and resources,” Marka added. “We’ll go over Step I next week.”
Today’s FIRE! Point
Market research helps companies intelligently allocate resources in order to grow their market share and gain advantages against competitors. It should be focused on discovering opportunities that are already properly aligned with your company’s core competencies. Market research can help printing companies identify market opportunities and intelligently plan marketing initiatives in response.
FIRE! in Action
Norwegian Targets Those Feeling ‘Singled-Out’
Adjusting to a rise in the average age at which people first marry in America, the cruise line now offers single-occupancy rooms sold without supplement fees. Singles, who account for 35 percent of consumer spending, comprise a fertile market previously ignored by the cruise line industry.
Next week: Marka expounds on Step I of FEI’s market research process.