How Does Your Company Conduct Market Research? What Is An Ex

How does your company conduct market research? What is an example of their findings?

Ford Motor Company, as one of the leading automobile manufacturers globally, employs a comprehensive and multifaceted approach to market research to understand consumer needs, monitor industry trends, and evaluate its competitive position. The company's market research strategy integrates primary and secondary data collection methods, utilizing advanced information systems, consumer insights, and trend analyses to inform its decision-making processes.

Fundamentally, Ford conducts market research through an integrated Market Information System (MIS) which encompasses internal data, marketing intelligence, and targeted research projects. Internal data includes sales figures, customer feedback, warranty claims, and service reports. These internal sources provide valuable insights into product performance, consumer preferences, and operational efficiencies. Ford combines this with marketing intelligence gathered through continuous environmental scanning, competitor analysis, and monitoring technological innovations. This intelligence is obtained from a variety of sources such as industry reports, trade publications, consumer reviews, and sales data from dealership networks.

Additionally, Ford employs structured primary research methods such as surveys, focus groups, and observational studies. Surveys are deployed both online and through direct customer interactions at dealerships, providing quantitative data about customer preferences, brand perception, and service satisfaction. Focus groups are utilized to delve deeper into consumer attitudes toward new models, features, and marketing campaigns. For example, Ford has conducted focus group sessions to evaluate consumer reactions to advanced technologies like electric vehicles (EVs) and driver-assist features, gaining qualitative insights that influence product development and marketing strategies.

Market research at Ford also emphasizes the importance of secondary data sources, including industry reports from organizations like the International Energy Agency (IEA), automotive industry analyses, and government transportation data. These sources help Ford understand broader macroeconomic and technological trends affecting the automotive sector, such as shifts toward electric vehicles and sustainable transportation solutions.

An example of Ford's findings from market research underscores its strategic shift toward electric vehicles. Based on consumer surveys and environmental trend analyses, Ford recognized a growing consumer interest in sustainability and EV technology. Market research revealed that younger consumers, particularly Millennials and Generation Z, highly prioritize eco-friendly transportation options. Ford's analysis indicated that electric vehicle sales were expected to increase exponentially over the next decade, driven by technological advancements, regulatory incentives, and changing consumer preferences.

This research prompted Ford to intensify its investment in electric vehicle technology and to develop models such as the Ford Mustang Mach-E and the upcoming electric versions of the F-150 pickup. These insights also influenced Ford’s marketing strategies, emphasizing environmental benefits, cost savings, and innovative features in their advertising campaigns. Furthermore, Ford's market research uncovered regional differences in EV adoption—higher interest in urban centers with better charging infrastructure—guiding their strategic distribution and marketing efforts globally.

In conclusion, Ford Motor Company conducts market research through a combination of sophisticated marketing information systems, primary and secondary data collection methods, and continuous analysis of industry trends. Its capacity to adapt to evolving consumer preferences and technological advancements exemplifies the importance of comprehensive market research in maintaining industry leadership and fostering innovation.

References

• Kotler, P., & Keller, K. L. (2016). Marketing Management (15th ed.). Pearson.
• Fitzgerald, K. W. (2012). The Global Marketing Environment. Charter Oak State College.
• Ford Motor Company. (2023). Annual Report. Ford Motor Company.
• International Energy Agency. (2022). Global EV Outlook 2022. IEA Publications.
• McKinsey & Company. (2021). Electrification of Vehicles: A Strategic Outlook. McKinsey Reports.
• Nielsen. (2020). Automotive Industry Consumer Trends. Nielsen.
• Statista. (2023). Electric Vehicle Market Revenue and Forecasts. Statista.
• PwC. (2022). Future of Automotive: Trends and Consumer Preferences. PwC Reports.
• Jato Dynamics. (2022). Global Automotive Market Analysis. Jato Reports.
• U.S. Department of Energy. (2022). Vehicle Technologies Office Annual Progress Report. DOE.