In: Operations Management
Consider how the Walt Disney Company uses market research to continually segment and modify its products, and in three to four well-constructed sentences, describe how a small to mid-sized business might learn from those practices.
Walt Disney is one of the world's largest multimedia and mass communication company. Since its inception, the company has been a pioneer in animation and cartoon characters and movies. It has also been a wonderful company in terms of the marketing as well. They have well understood their target audience and designed the products according to their customers only. This all modification has been done because of strong market research was done by the company to know the demands of the customer and present a diversified portfolio of products for their customers as well. They have created content for their different set of target audience, like the movies in the recent path like frozen mostly focussed towards the younger generation while adaption to star wars was to lure both younger and older generation. And like they understood the audience so frozen marketing was revolved with the toys and children lovable products while star wars promotion was done on the Instagram account which has more than 6 million followers.
This way they have segmented their audience need, designed content according to their audience and also marketed their product according to the audience and this happened because they have done effective market research about their audience. They have developed the portfolio for all age group people and marketed their content accordingly as well.
Small to mid-sized business can learn a lot from these practices, they need to understand three things from Walt Disney, First is the understanding of their target audience as what exactly their audience wants, second is the creation of content having the audience in the mind and then marketing that product with relevant channels. These practices require intense research as they understanding of their audience, how to create products for them and then where are the touch points of this audience where the company can attack. The small companies need to conduct lots of qualitative analysis by having interviews, QA sessions with the audience and then translate this into quantitative numbers to easily understand and communicate things to everyone.