Listening to the customer

Stars made regular use of market research to source new product ideas. Market research enables the company to understand a marketing problem better because customers spark off innovative ideas faster than any other resource. New product ideas are likely to emerge from the marketplace during research. This is because changing fashions and improved communication networks are creating new aspirations among customers. This information has to be solicited, as it will not flow or be recognized in the hustle and bustle of chasing bottomlines. Careful observation, interpretation of information, and recognition of opportunities is the key to success. Stars alone had a method of systematically measuring the levels of customer satisfaction and incorporating the customer’s voice into product development. In addition to market research, Stars also utilize methods like Tapping Customer Creativity (TCC). Understanding customers and measuring customer satisfaction levels are extremely important for success in the market place. When we study innovation across the globe, we find that rich countries are on top of the list. But poor countries need innovation for their survival. Innovation is crucial to Indian companies because of the chronic lack of resources. Unctad’s Innovation Capability Index puts China at 72 and India at 83. The World Bank has India at 26 and China at 57.