Wednesday, 5 October 2016

Methods and Benefits of Market Research

Benefits of Market Research

With the ever changing market, responsibility of marketing is increasing. In today’s business, market research needs to utilize limited resources into effective strategies. But a market research report contains variety of parameters to be covered such as – company’s strategic position, detailed reports on the industry, challenges, new opportunities, competitors and internal enterprise problems etc.

Market research is always evolving - customer preferences change, demographics change, new competitors and opportunities are always incoming. Therefore, if this huge responsibility falls on few marketing personnel, it becomes difficult to gain more productivity, efficiency and successful results.

As large the enterprise is, the research is just as extensive. It has become not only an advantage but a necessity as well. Therefore learning how to do a basic market research is important.

  • Investigating
There are two basic methods of investigating the market, through primary and secondary research.

1. Primary method
 – The goal in this is find effectiveness of current service/product, analyzing present sales and investigating if/how competitors’ services are cutting into the company’s share. 
It can be done through surveys, telephonic interviews, feedback forms, Questionnaires (online or paper) etc.

2. Secondary method  – The goal of this is to study the data that has already been collected by different agencies. This involves analyzing statistics, news and online market research reports by specialized marketing agencies, trade associations and government bodies etc.

    •   Collecting data

Understanding customers, company’ product/service and the environment of the business, collecting data is the key step of constructing a competitive strategy. There are two types of collecting data- qualitative and quantitative.

1. Quantitative method
 means collecting statistics and employing mathematical analysis on them. It helps in gaining and converting information about your target customers/potential customer (demographics) among other things into hard numerical stats for better understanding

2. Qualitative method helps improving your Quantitative investigative results by accounting in customer preferences, businesses’ internal problems etc.

Every individual involved in launching of a product/service has an idea about marketing it. While this is important, you will find different opinions and perceptions of consumers that are not as financially/emotionally attached to the product/service. Therefore Global market research reports gives you a new angle of understanding and helps you compromise for the betterment of brand repositioning and marketing.  

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