Our Shape the Future series on cogs will soon come to an end. In our previous post we outlined the attitude of persisting and profiled Robert Kearns. This week, in our penultimate cog post we look at the attitude of market investigating which forms part of the learning mindset under the pillar of Achievement Excellence.
The learning mindset centres on committing in an ongoing way to growing your personal frontier of knowledge, skill and ability. We define the attitude of market investigating as asking probing questions from different angles and finding relevant information sources to get to grips with the extent, diversity, trends and complexities of any market.
Where would we be without market research? We wouldn’t have products and services that meet our needs and wants and they would probably never be tweaked and developed to be more efficient and easier to use. Without it, many more businesses would end up failing through not consistently providing the market with sufficient value.
Arthur Charles Nielsen was born in Chicago on 5th September 1897. He completed his studies at the University of Wisconsin and started his working life as an electrical engineer.
As early as 1923, Nielsen began pioneering market research techniques and founded his company, ACNielsen. His techniques involved test marketing new products before they were massed produced, and measuring sales to work out a product’s market share. Before long, his company became extremely successful thanks to the valuable service it was providing.
Initially working in the arena of developing measures in the print media, Nielsen then turned his focus to radio and television broadcasts, resulting in the establishment of Nielsen Ratings. The Nielsen Ratings measure the composition and size of audiences watching and listening to specific programmes. This not only provides vital information about the demographics of audiences watching or listening to specific shows, it also helps producers to target specific products to specific customers. The value-add of the Nielsen Ratings is that it helps product sellers target specific market segments during the times at which they are at their peak in terms of media consumption.
From its earliest years as a pioneer in a new industry, the company originally founded by Nielsen still remains a leader in the measurement of consumer behaviour and trends. The company currently studies consumers in more than 100 countries and to this day, long after his death in 1980, the Nielsen ratings remain the primary source of measuring audiences throughout the world.