Contemporarythinking on research
Contemporarythinking on research
Theselected article for this essay is “To Find Hot Holiday Toys,Walmart Turns to Kid Testers” written by Susan Berfield andpublished in the Bloomberg. The author of the article providesinsight as to the benefits of research to modern organizations. In asociety where information has become the most variable asset to abusiness entity, it is easy to assume that the information availablecan be used to write-off the need for market research. However, thearticle establishes that having an adequate amount of data is notenough to become a market leader as shown through the example ofWalmart, the largest retail venture globally. An organization thatcan reconcile sales data and market research findings is able to havean upper hand over completion. Additionally, acquiring primary dataabout market trends allows a business organization to plan adequatelyin order to capitalize on the opportunity (Berfield, 2014). Theplanning involves ensuring that there is enough inventory to caterfor the demand of the market. According to the article, using marketresearch enables business entities to pre-empt the future trends ofthe market and align resources to ensure that they can cope with thechanges that occur.
Thearticle provides vital insight about contemporary thinking aboutresearch. Traditional methods allowed organizations to use historicaldata to predict future trends and use it as a basis for planning.However, times have changed, and contemporary thinking has shown thatthis is no longer applicable. Contemporary thinking dictates thatwhen conducting research, the participant should be given a moreactive role as this ensures that they give better insight toresearchers (Garner & Scott, 2013). For instance, allowingchildren to play with toys that they want as opposed to asking themthe toys they would prefer provides better insight on what is moreattractive to customers. The policy also shows that intermediatereports should be used to make business decisions as opposed towaiting for the process to be completed and relying on the finalreport. This is important as it ensures that information is used whenit is most viable, especially in today’s ever-changing marketneeds.
Thirdly,the article contributes to contemporary thinking in that it showsthat methodologies of research adopted should be able to capturefragmented consumer information. It is then the collectedresearch-based data that are used to come up with an actionable planboth in the short term and in the long run (Shiraev & Levy,2015). Unlike opinions, research based evidence have been tested andare thus credible and if utilized effectively, there is morelikelihood of success. Additionally, the article discusses a researchmethodology where participants are allowed to mingle and interactwhile in the survey. This is a vital step as contemporary thinkinghas shown that an entity can derive more accurate information ifthere is a bond of trust between the participants of research. Thebenefit of this approach is that, when the consumer is allowed tointeract with the product, the manufacture can investigate on his orher attitude. Additionally, it allows the seller to here feedback andcritics. All the information processed at this stage can later beused to modify the product so that it can meet the specific needs ofthe client. Modern successful companies have been able to retaintheir position because of their ability to meet the client demands(Cormier & Hagman, 2014). Customer based or oriented businessesalways ensure that the customer gets the final say because this has adirect effect on sales levels. It is therefore, evident from theabove case that firm should not only rely on previous sales recordsto determine market trends. Instead, they should engage the customersperiodically to have up to date information about the products beingsold.
Anorganization that makes decisions based on research findings willalways have an upper hand over its competitors. Using research withinthe organization has the following benefits. Firstly, it allows anentity to accurately determine the future market trends and use theknowledge to position themselves as the entity of choice forcustomers. Research information also enables the management to comeup with a campaign strategy for its advertising that will capture theattention of customers. Thirdly, it enables the business to base itsdecisions on research findings, as a result, the firm is able toadopt and implement strategies that favorsthe current market demands. For instance, in the Walmart case, theresearch data enabled the entity to advice stores about what toys tostock up and where they should be placed (Berfield, 2014). Lastly,research information based decisions enable the refocus resources onareas that are more beneficial and also cut on costs that areassociated with redundant ventures within the entity.
Asa business major, information in the article provides a wealth ofknowledge that will be helpful in future ventures. Businessorganizations in today’s world operate in an information-driven,customer based global economy. As such, it is important for an entityto gather relevant information about the needs of the customer and beable to come up with products that not only satisfies the needs ofthe customer but products that provide value to users. The articleprovides awareness about the needs to dissociate from the traditionalapproaches to decision making and market research and adoptprogressive policies that are still considered contemporary as theypromise to deliver better results that an organization can use toattain its desired outcome (Cormier & Hagman, 2014). Moreover,the article is relevant as it shows the benefits that the entityacquires by basing business decisions on research generatedinformation. This is a skill that will play a vital role in my futurepractice, especially because of the growing influence of economicintelligence on the success of a business entity. Lastly, the topicof this article has been set in a manner that it captures theattentions of the reader. It is evident that for a product to sell,it needs to capture the attention of its target customers (Shiraev &Levy, 2015). Kid testers is a policy that is foreign and evokesinterest. Many people will likely be interested to find out what kidtesters are and how the world largest retailer is using the tools tofind hot holiday toys.
Berfield,S. (2014, Sep). To find hot holiday toys, Walmart turns to kidtesters. Business Week, 1. Retrieved fromhttps://libraryresources.columbiasouthern.edu/login?url=http://search.proquest.com.libraryresources.columbiasouthern.edu/docview/1566649856?accountid=33337
Cormier,S. M., & Hagman, J. D. (Eds.). (2014). Transfer of learning:Contemporary research and applications. Academic Press.
Garner,R., & Scott, G. M. (2013). Doing qualitative research: designs,methods, and techniques. Pearson Education.
Shiraev,E. B., & Levy, D. (2015). Cross-cultural psychology: Criticalthinking and contemporary applications. Routledge.