Before starting any online activity be it website or application it is very important to understand your end user. What their likes and preferences are, how are their online habits, the ongoing market trends etc. Our expert team of business analysts generates all such reports for you to understand your customer better. We help you establish and promote your business online.
Market Research is the action or activity of gathering information about consumers needs and preferences. It is an important component of Business Strategy. It provides important information to identify and analyse the market need, market size and competition. It provides accurate information of market and helps to target market appropriately.
Market research is a way of getting an overview of consumers wants, needs and beliefs. It can also involve discovering how they act. The research can be used to determine how a product could be marketed. Peter Drucker believed market research to be the quintessence of marketing.
The exchange between sellers (supply) and buyers (demand) for particular goods or services is called a Market. A market does not necessarily exist in a single location nor need it be a real location products can be bought and sold online. Markets change constantly and businesses need to have a clear understanding of both the supply and demand. The principal role of market research, therefore, is to provide a business with a comprehensive view of consumers in order to develop products and services that satisfy their needs better than the competition. Also, given the increased complexity of the business environment, it is no longer enough to make key decisions using a gut-feel approach alone. Decisions need to be informed and market research helps to support this process, significantly reducing the level of financial risk attached with investment decisions.
For example if one wanted to start a new business or launch a new product in the market, then they first conduct market research. The research gives them the data or information to make the right decision. If the market does not favour business or product they can make changes accordingly. Though market research can be expensive and time consuming, it should be less expensive and time consuming than fully developing and bringing to market a new product or service that will generate little or no interest from potential customers.
Market Research involves two types of data:
1. Primary information- It can be understood as the information gathered for the purpose of research project. Primary data is that it is specifically tailored to your research needs; the only disadvantage is that it is expensive to obtain. The data can either be in a quantitative or qualitative format. Quantitative research- Here the data is collected in a structured format to produce hard facts and statics to give accurate results.
Examples of quantitative market research at QURIOUS DIGITAL include:
Exit surveys carried out face-to-face with consumers as they leave the store. This is a simple survey covering a cross-section of stores to gather the views of consumers in different locations and regions. It is conducted with an individual who is separating from an organization or relationship.
Fieldwork dedicated Site Research team invests significant time researching new locations. This involves defining the extent of a locations catchment area, reviewing the presence and quality of the competition and assessing the pitch and visibility (i.e. how busy the area is) of a unit. This helps build a detailed SWOT analysis of each new site.
2. Secondary information- It can be understood as the data collected for a purpose other than your current research project but has some relevance and utility for your research. In secondary research sources of secondary data are classified into internal sources and external sources. Internal sources include data that exists and is stored inside your organization. External data is data that is collected by other people or organizations from your organization's external environment.
Internal sources- include the following: