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.