Market Research

The following are some key scenarios in which marketing research might contribute to your company's success: 1. Assessing the viability of a new market for your business to enter Estimate market size, share, and adoption rate for investment or company planning. 2. Identifying new product/service opportunities and value-added offers Risk management is identifying which hazards offer the greatest threat to your firm. 3. Understanding what clients anticipate from you and how effectively you provide. 4. Root cause analysis for lost business or consumer defection. 5. Identify your most profitable consumer segments and how to protect them 6. Developing the correct price points and identifying bundle opportunities SWOT analysis of competitors can help develop corporate strategies and find M&A opportunities. 7. Understanding how clients perceive your market position relative to competition. 8.Determine the most successful marketing/advertising channels to assist your firm.

Here are some instances and factors that indicate the ideal moment for marketing research: 1. You have zero, limited, contradicting, or even suspicious knowledge regarding a business issue that needs to be addressed immediately. 2. You know or sense that things aren't right with your consumers, distributors, suppliers, partners, or investors. 3. You are losing ground to competition and don't know why. 4. You must undertake due diligence for M&A or divestment planning. 5. Groups or individuals within your company do not acknowledge the existence or size of a problem, and you require independent validation.

Primary and Secondary Research This is the most fundamental divide among research practices. Primary research is defined as original or bespoke research, which involves acquiring information from original sources. It is typically proprietary to a customer and not made available to the market. Secondary research is the collection of information from existing or published sources. These sources may be internal or external. Internal resources include customer databases, historical files, and so forth. External would include looking for published information. Typical sources include newspapers, trade magazines, associations, industry reports, and, of course, the Internet. Qualitative and Quantitative Research Primary research usually divides into two groups. In essence, qualitative research focuses on emotional themes, whereas quantitative research is more rational or logical. Qualitative research approaches seek to comprehend people's emotions or to stimulate their creative abilities. Quantitative techniques are used to provide meaningful measures that accurately define the size of a reaction. For example, qualitative research would reveal how people feel about a topic, whereas quantitative research would determine how strongly they feel about it. When planning a study or outlining its objectives, the consultant must first decide whether a qualitative or quantitative technique is most appropriate. Sometimes one will suffice, while other times both are required. Once determined, the most appropriate methodology must be adopted.