market research process

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eConcero is a global market research and customer strategy company offering full range of end to end services for our customers and market research agencies. - PowerPoint PPT Presentation

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Page 1: Market Research Process

http://econcero.com/

Market Research

Market research exists to guide your

business decisions by giving you insight into

your market, your competitors, your

products, your marketing and your

customers. By enabling you to make

informed choices, It will help you to develop

a successful marketing strategy.

Market research helps you to reduce risks

by getting product, price and promotion

right from the outset. It also helps you focus

your resources where they will be most

effective.

Market and marketing research

There are two main types of market research - quantitative research and qualitative research.

Quantitative research focuses on coming up with numbers: for example, what percentage of

the population buys a particular product. It is gathered using surveys and questionnaires. You

can do simple quantitative research yourself by talking to your customers. More in-depth

quantitative research can be used to identify markets and understand customer profiles - vital if

you're launching a new product.

Qualitative research gets behind the facts and figures to find out how people feel about

products and what prompts them to spend. Researchers use questionnaires and focus

groups to gather this intelligence, while interpreting the results is a skilled job.

You can also do desk research with existing surveys and business reports. Much information is

available online and from industry organizations, and some of it is free. This information

provides data on market size, sales trends, customer profiles and competitor activity. Your

customer records also provide a wealth of information, such as purchasing trends.

For forecasting, it can help you assess key trends to anticipate how the market may change.

This is a vital step towards identifying new market segments, developing new products and

choosing your target market.

Market research needs to be a regular planned part of your marketing. Even if you are an

established business, you need to stay in touch with your customers' needs as well as market

trends and your competitors. It measures the effectiveness of your own marketing, giving you

Page 2: Market Research Process

http://econcero.com/

information about attitudes to everything from packaging and advertising to brand name

awareness.

Planning your market research

Effective market research starts with knowing what you are trying to achieve and what

information you need - whether you do your own research or brief a professional.

On a tight budget, you can take a do-it-yourself approach to market research. For example, if

you are considering taking on a shop, you can check the levels of passing traffic at different

times. Taking time to talk to your customers or potential customers is invaluable, too - this free

market research can be very revealing.

However, to get the intelligence to make sound commercial decisions, you'll need a more

sophisticated approach. For instance, if you carry out a market research survey, you'll need to

plan the best way to conduct it and how to interpret the results. What customers tell you to

your face may not be what they do, while your ability to interpret results is likely to be

compromised by your own feelings.

For a truly balanced approach, you should work with a professional market researcher, such as

an agency or a freelance consultant. If you are looking for detailed quantitative work, you will

probably need to work with a company. However, a freelance market researcher can be cost-

effective for a survey or focus group. Professional market researchers are skilled in asking the

right questions and interpreting the results, producing objective results that you can act on with

confidence.