David G. Jorgensen joined the Silicon Valley-based market research firm Dataquest, Inc., in 1972. Having been the Executive Vice President of Computer Synectics and worked for Stanford Research Institute and The Boeing Company, Jorgensen benefited Dataquest with his knowledge in business and technology. Dataquest was founded in 1971 by David Norman and had a professional staff of Stanford MBAs and engineers with advanced degrees. The company provided high tech companies and institutional investors with market research services. Mr. Jorgensen has a MSIE from Stanford University, an MBA from the University of Washington, and a BSEE from the University of Utah. He was a co-founder and Chairman of Katun Corporation.
Market research companies have performed crucial roles for businesses for many decades. The term “market research” encompasses many activities, and firms such as Dataquest often act in a consultancy role for corporations by analyzing the local competition, consumer bases, and trends. By studying others in the industry, marketing research firms can teach clients about what has worked for similar entities as well as what has failed. When seeking to understand consumers, market researchers utilize a number of tactics such as focus groups and questionnaires.
In focus groups, guides present a cross-section of potential buyers with a product, such as a physical device or something intangible like an advertisement, and gather their thoughts on the item. These instructors also ask pointed questions depending on what the firm or the client wants to learn. Finally, trends play a crucial function in the success of any business. Externals such as politics, the economy, and social norms all affect a customer’s buying decisions while remaining outside of a company’s control. An awareness of current situations and potential future developments allows businesses to keep up-to-date and prepare accordingly.