Market research is an ordered effort to gather data about target markets or clients. It is a significant part of business methodology.
Ø “Research is creating new
knowledge”
Market research provides
important information that recognizes and breaks down the requirements of the
market, the market size, and the challenge. There are two major types of market
research: primary research, which is sub-divided into qualitative and
quantitative research, and secondary research. Primary research is based on raw
data carried by the researcher himself to gather first-hand information, for
the current problem. Secondary research is based on analyzed and interpreted
information that involves the use of information gathered originally by primary
research. Market research techniques include both qualitative methods such as
focus groups, in-depth interviews, and ethnography, as well as quantitative
methods such as customer reviews, and analysis of secondary data.
·
How
it started:
By the 1930s, Ernest Dichter
was involved in the focus group technique of qualitative research. For this, he
is often described as the 'father of market research’. Dichter applied his
strategies on campaigns for significant brands like Chrysler, Exxon/Esso where
he used methods from psychology and cultural anthropology to gain customer
point of view. Marketing historians refer to this period as the
"Foundation Age" of market research.
·
Internet
role:
The accessibility of research
through the mode of the Internet has influenced a huge number of consumers for
gaining facts relating to almost every type of available product and service.
It has been added to by the growth factor of emerging global markets, such as
China, Indonesia, and Russia, which is significantly exceeding that of the established
and more advanced B2B e-commerce markets.
Ø “The Internet has had the biggest impact in this era”
The main task of a marketer is to get the precise product with the true price at
the correct place to the exact person. Also, it is needed to go back to the
customer and check whether the product is satisfactory or not, so that the
customer remains faithful. These aspects made it crucial for marketers to
perform marketing research.
The main use of market research is monitoring performance, for example, ad
tracking, brand awareness, viewing figures, usage, customer satisfaction,
market opportunities, helping to create new products, ideas, campaigns, etc and
estimate the turnover of the future organization. Finally, this will also help
the consumer to decide whether to launch the business or not.
·
Future
Insights:
In
the future, DIY market research will come into the point compared to the present
and democratize the sector. Agile research, market research in which the
requirements and solutions evolve through collaboration between researcher and
sponsor will become mainstream and will be facilitated by online communities.
Adjacent marketing services like customer engagement, enterprise feedback
management, customer advocacy, will become solutions offered by the market
research companies of the future.
The
future of market research is full of new challenges and golden opportunities.
The latest technologies like machine learning and artificial intelligence will
enable faster analytics and report design. The researcher, who wants to be
successful should learn and hold new technologies available for streamlining
and automating data collection and analysis, freeing time for higher-level
problem-solving. However, new technology means mastering new tools and
developing skill sets outside of the traditional researcher’s background.
Finally, market research helps
in providing information that reduces threats and insecurity and increases the
probability of business success. The present decisions you make should reflect
your future success. The final conclusions should meet your primary objectives;
think about what options you have exposed in your study to best meet your
larger business objectives.
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