Week one questions Essay Example | Topics and Well Written Essays - 750 words

Week one questions - Essay Example â€Å"Though Nokia invested a large amount on its new version called "Nokia Lumia 920", it did not meet the expectations of Nokia’s customers†(Giri, 2012). Nokia promised much and delivered less whereas its competitors like Samsung and Apple promised less and delivered more. Apple is using its own iOS operating system in iPhones whereas Samsung is using Google’s Android OS in its smartphones. Even though Windows is the leading OS in the computer world, it is not so in the mobile phone world. Moreover, the features and designs of Lumia are comparatively inferior to that of iPhone or Galaxy S3. All these factors contributed heavily to Lumia’s failure in the market despite the fact that smartphone market is growing rapidly. Google trends and marketresearch.com are the two websites I would like to use for market research. Present trends in the market with respect to any product are displayed in Google trends. It provides graphical illustrations also about the present trends in the market. Market research.com is another website which helps entrepreneurs to check the current trends in the market. It provides market intelligence required to make sound business decisions. I would like to search these websites to know the demand and supply of the product or service which I am going to offer to the consumers. Moreover, I will look for the competition and price factors also. Market research is a costly act. It is often done with the help of primary as well as secondary research. Modern technologies like computers and internet helps even small scale industries to conduct effective and less costly market research. Survey and focus groups are the two cheapest options available for small scale industries to learn the market trends. Surveys are primary market research method aimed to collect primary data from specific group of people or consumers. It can be administered easily with the help of email or