“Market keeps moving forward leaving behind an invisible trace. The most challenging task in Market Analysis is to pick up those clues to predict where the market is heading.”
Market research is the collection and analysis of information about the marketplace, target consumers & competition. Understanding industry shifts, changing consumer needs and preferences, and trends, among other things, can shape where a business chooses to focus its efforts and resources. Market research is an effective tool to assist your business planning.
Primary research is the research you conduct yourself. It involves going directly to a source – usually customers and prospective customers in your target market – to ask questions and gather information.
The Qualitative Market Research deals with the feelings, attitudes, opinions, and thoughts of an individual to ascertain their underlying reasons for behavior. Various methods of qualitative research include computer assisted telephonic interviews (CATI), computer assisted personal interviews (CAPI), computer assisted web interviews (CAWI)
The Quantitative Market Research deals with the hard facts and statistical data which are quantified to draw inferences about the customer’s behavior, attitude and preferences in numerical terms that can be easily interpreted and compared with other data facts. Various methods of quantitative research include focus group discussions, depth interviews, ethnography.
Secondary research (also known as desk research) looks at data that has already been published by others. It includes reports and studies from other companies, government organizations & trade associations (Public and Commercial Sources).
Determining the size and relative market share of the market and to identify who the customers are, who are not, and why they are or are not your customers.
Understanding the attitudes of customers and to know if the product meets customer expectations.
Understanding the depth of consumer attitudes formed about the product and/or company.
Understanding the likes and dislikes about the product concept.
Understanding the view of the market relative to the competition.
Getting a 360-degree understanding on the sales activities, performance and effectiveness in producing the desired and measurable effect or goal.
Estimating the demand for new products and to evaluate its acceptability and likelihood of purchase.
Mapping the hierarchical attributes, benefits, and values that are associated with and portrayed by an advertisement and to analyze the effectiveness of the message conveyed in an advertisement.
Knowing the psychological value that a brand holds in the marketplace.
Developing market share estimates of market potential and to estimate optimal price points.
Giving an expert opinion on market estimation and to predict the course for future purchases.
Focusing in detail on the actual customer service that was received, the process involved in receiving that service, and the evaluation of the participants in the service process.