Market research: maintaining an edge over competitors
Market research is an organized effort to gather information about target markets or customers. It is a very important component of business strategy.
Market research is one of the main tools used to maintain an edge over competitors. Market research provides important information which helps to identify and analyze the needs of the market, the market size and the competition. Market-research techniques encompass both qualitative techniques such as focus groups, in-depth interviews, and ethnography, as well as quantitative techniques such as customer surveys, and analysis of secondary data.
Gain insight or support decision making strategically
Market research, which includes social and opinion research, is the systematic gathering and interpretation of information about individuals or organizations using statistical and analytical methods and techniques of the applied social sciences to gain insight or support decision making.
What consumers want, need and believe
Market research is a way of getting an overview of consumers’ wants, needs and beliefs. It can also involve discovering how they act. This research can be used to determine how a product could be marketed. Generally, market research is a way that producers can study consumers and gather information about the consumers’ needs. There are two major types of market research: primary research, which is sub-divided into quantitative and qualitative research, and secondary research.
Factors that can be investigated through market research
Factors that can be investigated through market research include:
Market information: Through the analysis of market information we can get to know the prices of different commodities in the market, as well as the supply and demand situation. Nowadays, market researchers have a wider role than they used to because they help their clients to understand the social, technical, and even legal aspects of markets.
Market segmentation: Market segmentation is the division of the market or population into subgroups with similar motivations. It is widely used to segment geographic differences, demographic differences (age, gender, ethnicity, etc.), technographic differences, psychographic differences, and differences in product use. For B2B segmentation, firmographics is commonly used.
Market trends: Market trends are the upward or downward movement of a market, during a period of time. Determining the market size may be more difficult if one is starting with a new innovation. In this case, you will have to derive the figures from the number of potential customers, or customer segments.
SWOT analysis: SWOT is a written analysis of the Strengths, Weaknesses, Opportunities and Threats to a business entity. A SWOT analysis may also be written up for the competition to understand how to develop the marketing and product strategy.
PEST analysis: PEST is an analysis of the external environment. It includes a complete examination of any Political, Economic, Social or Technological external factors which might impact a firm’s objectives or profitability. We would examine whether these external factors would benefit the firm or harm its productivity.
Brand health tracker: Brand tracking is way of continuously measuring the health of a brand, both in terms of consumers’ usage of it (i.e. Brand Funnel) and what they think about it. Brand health can be measured in a number of ways, such as brand awareness, brand equity, brand usage and brand loyalty.
Contact Oneiric Search today for a free consultation.