THE POWER OF MARKET RESEARCH – AN MBA STUDENT STORY
Yvonne Wang’s story is a great example for all of us out there preparing to get an MBA degree. We can learn from her perspective how market research and Packaged Facts helped her succeed in her MBA program and accelerated her career. It is very important for each student to have access to the right market research that can dramatically impact the trajectory of a student’s career — this provides the student with resources to ace projects, impress prospective employers, and land new job opportunities at highly sought-after companies. MBA stands for masters of business administration, a very highly valued degree that provides a student with developmental skills for a career in business and management. Getting an MBA degree teaches you to successfully manage, lead, organize and adapt to a variety of business environments. The skills learned through an MBA program prepare you with practical skills as well as the theoretical knowledge that will help you in the industry and also if you want to set up your own business. WHAT IS MARKET RESEARCH? Market research may be viewed as a strategy to stay a step ahead of the competition as it provides data in the form of market size, the activities of the competition and changing market needs. For this we use analytical and statistical methods to collect and disseminate data, market research is an important business activity. In today’s complex and dynamic business environment, no business can afford to depend on instinct to drive its operations. ADVANTAGES OF MARKET RESEARCH Some of the benefits of market research are listed below: The first and for the mostimportantthing is to uncover opportunities in different markets so that they can be tapped. If an existing product is not doing well in the market, market research helps the business to find the right one. Understanding customers better by profiling their consumer behavior. Customer and client relationship is very important to make any product a success. Shaping the marketing plan and strategy to align with customer wants and needs. Promoting communication with consumers and connecting the business with its market. Minimizing and mitigating risks by taking timely action so that its products and services are successful in the market. Identifying likely issues through interaction with consumers, enabling the businessto fine-tune its products before it reaches the market. Identifying and monitoring the competition and learn how customers compare. WHAT DOES A MARKETING RESEARCH REPORT CONTAIN? Market research helps a business get information about the following: It gives us the historic and future market trends of the companies. It provides us with market segments in relation to demographics, preferences, genders,and personalities It gives us the pricing information SWOT analysis It also provides us with the information about the company’s marketing effectiveness. Yvonne Wang says “I unequivocally owe my career and my business school successes to Packaged Facts and MarketResearch.com Academic. It becomes incredibly easy to access through the latest marketplace trends, consumer insights, and emerging opportunities detailed in these great resources, I was able to develop sound business strategies and drive executive decisions as an industry insider for a wide range of industries. She also adds “When I led a team of colleagues for an MBA capstone project, we extensively relied on the U.S. Pet Market Outlook reports for relevant and timely industry insights to unlock new opportunities in branding, advertising, distribution, and product design when evaluating niche pet food and treats in markets. Our proactive follow-up research also allowed us to deliver a final marketing plan with exceptional quality, which was reflected in the unanimously positive feedback that we received from our client. As a result of our project, the client’s company was able to expand its companion animal probiotic portfolio by implementing key recommendations, which were in full alignment with market intelligence provided by Packaged Facts”. She talks about how having an understanding and experience with a particular field helped her in becoming successful “My understanding of the pet food industry eventually gave me a unique edge for starting a career in pet food product development. It was extremely helpful to be well versed in industry jargon and cite key market and consumer trends during the job search process. I was able to work at one of the biggest players in the pet food industry, which I would not have considered working for if it weren’t for conducting thorough research using resources provided by Packaged Facts”. She adds “During work, there were incidences where I accessed other market reports due to company subscription policies. It did not take me long before I realized that other market reports are often not as comprehensive in data collection and analyses when providing a top-level overview of markets. They also tend not to be as easy to navigate and scan through. There is no doubt that Packaged Facts will continue to help me to stay current in the industry I love and uncover new opportunities and knowledge areas for me to succeed in my current role”. In the end, she concludes by saying “I would highly recommend anyone looking for expert industry knowledge to experience the complete benefits of Packaged Fact services, and I am convinced that it will continue to remain as my preferred source for market intelligence.” — Yvonne Wang, is an MBA in Innovation and Entrepreneurship, hasa Ph.D. in Food Science & Technology from the University of Alberta. How MarketResearch.com Academic Benefits Students? When you share a feedback on the market research reports they read, students expressed a tangible sense of excitement. Students remarked on “a large amount of raw data from all over the world” and “the vast amount of information that can be studied from.” One student commented, “The depth and breadth of the reports far exceeded my expectations. Not only do the reports cover the economic factors of issues, but they also look at the bigger picture and address social, political and cultural factors as well.” Students get a sheer amount of research material available on MarketResearch.com Academic, they can be pleasantly surprised that they could easily comprehend the material. The reports “are very easy to understand with the level of education they currently have,” Others commented that the reports were “well written and very interesting” and were “all formatted in a very professional, yet easy-to-read style.” Having access to a variety of publishers through MarketResearch.com Academic provides students with a wide variety of content. It also allows students to dig deeply into one topic of their interest and analyze data from different sources. Students get an opportunity to Search multiple sources in a single platform that provides another key benefit — it saves time and simplifies the research process. “It’s always easier to have everything all in one place to save both time and energy searching.” “You can find multiple viewpoints/research about a single topic without having to look all over the Internet.” “These reports are very useful and super beneficial to have access to because they are a quick way to look up all to the professional information on whatever topic you are trying to learn about,” another student concluded. “If I were to become a researcher or just a scientist that worked in a lab and needed to educate myself on a new product, then MarketResearch.com would most definitely be my go-to site.”