A market is a place wherein all the buyers and sellers assemble together for buying and selling their products or services. The marketers usually use the term ‘market’ for dealing with different types of customers. The consumer markets are the markets wherein, the firms sell large consumer goods and services like, soft drinks, cosmetics, air travel, athletic shoes and equipments. These companies spend a significant amount of time for building a superior brand image. The strength of these brands depend upon developing a superior product and packaging, which assures their availability and are supported by communications and effective services.
Analyzing Customer Market
Most of the companies used three different methods to analyze consumer market and requirement of consumers. They are as follows,
1. Customer Panels
Few companies make use of customer panels to grab information regarding customer attitude and customer satisfaction. Customer panels are the group of customers who are ready to share their experience with the product through questionnaire, investigator or via telephone.
2. Customer Surveys
Customer surveys is a traditional method of analyzing customer satisfaction. Questionnaire is usually used in surveys.
3. Customer Feedback, Complaints and Suggestion System
The feedback received from the customers assists the company in making further improvements. Customer driven companies often invite feedback, complaints and suggestions from their customers.