In class, we talked about how good/accurate/effective market research, along with consumer behaviour are of great significance to companies. In the case of The Nielsen Company, a highly reputed market researching firm, it shows the degree to which various companies sizing from Coca-Cola to a small business reach and look into such firms and market research to better calculate the way in which their respective operations should take place.

Usefulness of market research to a company is determined by:

– the degree to which it reduces risk
– cost
– accuracy
– finally, the willingness to work/act on the data provided

The high, reputable position of The Nielsen Company, is judged so positively because it conducts and highlights the above points strongly when it performs research. In the case of consumer behaviour, there are 3 factors that need to be taken into account. They are cultural, social, and personal factors.

However, it is important to always keep in mind (this was particularly stressed upon in class) that while big/small companies like Coca-Cola and Yelp may find it useful to feed of the data that The Nielsen Company provides, it important to only look at it as an aid and as a guide, NOT as the decision itself. In other words, market research helps and guides with the decision making but does not replace it. So, market researching companies like The Nielsen Company, should only be looked at, from this perspective.

Images

“The Nielsen Company Logo.” The Social Media MGR. Web. 30 Nov 2010.

“Coca-Cola Logo.” 4-H Legacy. Web. 30 Nov 2010.

“Yelp Logo.” The Wall Street Journal. Web. 30 Nov 2010.