Tumblelog by Soup.io
Newer posts are loading.
You are at the newest post.
Click here to check if anything new just came in.

December 15 2015


Market Research: Common Business Issues as well as their Respective Research Methods

Market research company in india
Sizing a Market - This type of survey is designed to create an estimate of the market size (measured by units or dollar volume) that the new product is expected to garner out there. In general this is usually done for entirely new product category or anticipating the roll-out of a new product that substantially changes the competitive landscape through which customers are already familiar (for instance, I would suspect the new premium chewing-gum category containing emerged in the last 1 . 5 years might have upset the typical wisdom of analysts because industry). Conducting this sort of market research can be expensive, and so the best place to start is generally by evaluating the off-the-shelf syndicated survey reports that are available for almost any market of a reasonable size. Sizing market is almost always a quantitative survey study, although based on the market specifics possibly that there might be a qualitative lead-in activity or even a qualitative follow-up to get more details on a specific portion of the market.

market research companies in india
Product Concept Development - Product concept researching the market is typically designed to provide customer input to help you product-marketing managers develop products that more directly meet the needs of the target customer. Typically you'll find tradeoffs involving ease of use, price, industrial design decisions and bundling options. For that product marketing manager, conducting general market trends allows them an opportunity to get feedback from your group who is going to decide whether they'll settle the debts or not, the customer. Product concept market research can be done either qualitatively or quantitatively. Generally the direction hinges on the shoppers familiarity with the product or changes being considered, and a terminology that is very well understood by the potential respondents to ensure that clear communication is taken place without significant uncertainty that the definitions match what we should believe them to mean. In the event the product category is thought, and the terminology is well enough defined, quantitative research is possibly the best bet. Otherwise it's prone to fall to qualitative ways to ensure a complete idea of the concepts and also to the respective reactions.

Customer Profiling - The intent of customer profiling survey is to create a profile of the customer who purchases a specific product or service. Having a complete profile of the customer can be very helpful when defining a design center to formulate the next generation of a product category and to ensure that the engineers and marketers possess the right person in mind because they make those decisions. Creating a customer profile often includes collecting these:

 Demographics (age, title, physical capital of scotland- location),
 Firmographics (company industry, quantity of employees, decision making structure around the product category being studies) and
 A quantity of questions about the particular product was purchased, the actual way it was being used, what product it replaced, the amount of people using it...

On many occasions, customer-profiling research becomes the "bible" like a product development team makes decisions by what features or capabilities can be desired and which others would be passed over. For smaller companies conducting profiling survey is often the first kind of research that a company does because it's straightforward and it's hard to argue with "who are our customers?".

Positioning Research - Positioning scientific studies are often closely linked to branding market research, as its function is to comprehend the positioning of one product compared to another. Much larger companies actually conduct positioning research merely to understand whether or not their "line logic" is obvious or understandable by their customers - and doesn't even end up in the complexity of how customers relate their manufacturer product line with other company's products. This could be very interesting research because it is often the case that the positioning developed by marketing managers may also be different than the way customers view strengths and weaknesses of different products relative one to another. Sometimes, on the chagrin of marketing managers, the words 'perception is reality' comes up again and again in this type of research, as marketing managers realize that it takes more than words on a brochure to change customers' perceptions of the products positioning. Consider whether a Jaguar holds greater status than does a Mercedes. Which car would you expect to be more comfortable? Which car could you expect to be faster? Using a portfolio buy-up strategy, which calls your benefits of the next product, without saying derogoratory about the product just in the future, is a challenging task, that is where positioning research really shines.

Messaging Research - Messaging research is very closely related to advertising research, eventhough it tests the most basic concepts of the advertising campaign - the most basic idea that is believed to be the primary motivator to get a product. As an example, what do you see when you experience a Rolex advertisement? Can they tout the increased accuracy of an Rolex watch over others? Do they talk about how much more shock resistant a Rolex is than another watch? Will they talk about how much deeper in the ocean a SCUBA diver can be with a Rolex than another watch? No, they do not message on these points, instead when you visit their website they show handsome people directing their million dollar yachts through rough seas, they reveal close-ups of the meticulously detailed watches, making brave men, obviously risking their lives, climbing to the top level of a snowy, distant peak. Their messaging is all about living the good life and being ready for any adventure - you may be made of that stuff you aren't - as though having a watch that costs tens of thousands of dollars puts you just a little bit closer to intrepid. On the crux of messaging market research is, what are the few issues that we should emphasize if we're fortunate enough to get a few seconds of consideration from the potential customer? Messaging market research is about finding the combination of unique capabilities or parts of our product and framing that in a fashion that makes sense to the people who will be somewhat inclined to acquire our product. Messaging research is commonly qualitative because non-verbal communication is an enormous part of communication and a lot of people want to be capable to "read" the respondents since they first try to digest our schpeel.

Industrial Design - Industrial Design (or ID as it is more typically called) typically means shape, feel and texture of a product. You could claim that the ID in the RAZR phone is a big hit, big enough that other companies are quickly copying it. ID studies focused on understanding what effect the commercial design may play in the purchase of a certain sounding product, and how to optimize a product's industrial the appearance of the target audience. Whenever we all own the identical products, it appears that ID is now one of the fundamental ways in which companies are trying to differentiate items that are otherwise quite similar. ID researching the market has generally considered best handled in face-to-face qualitative research (often in-depth-interviews with one person at a time). However online capabilities have raised significantly in the last many years and there is a reasonable case for conducting ID research with a web site. If you're looking for among how strong online capabilities have fallen take a look at the Audi website - where you can view their cars, pull back, zoom in, view the car on the angle just by positioning a button. The capabilities can be purchased from some of the more advanced online research houses. Normally the one caveat is that people often need to feel the heft of an product to understand whether it's plastic, metal or wood, know the way quality the finish looks, glance at the quality of moving parts. In many cases online research is capable of supplementing face-to-face methodologies and for some product categories could possibly replace it entirely.

Customer Segmentation - Segmentation market research studies attempts to determine what groups of customers happens to a product category in order to more precisely target their needs or to target the needs of the more attractive group (maybe the high quality group, rather than value driven customers). While these customers may be purchasing the same products, because they have different perspectives, they're responses to product changes might be entirely different, therefore it is a good idea to understand how large your groups, or segments are, and how they'll likely respond to modifications that you're company is considering. It is a type of market research that generally ends using a large quantitative bang. Segmentation research could be very simple - understanding how customers in the Eastern part of the country dress compared to those down South, or it may involve very high-end statistical analytics that can be very costly. However, good customer segmentation can greatly improve a companies product development and target customer efforts.

Channel Research - These studies can take a number of forms based on the critical business issue. Channel research could be conducted to understand how a company's channel partners have been behaving, as opposed to what it is believed that they're behaving. Channel research can be conducted to understand what is motivating channel partners, or understand whether a brand new channel partner that's being considered will be an appropriate choice for some product category. It is a very broad sounding possible research techniques that can span from efforts like "mystery shoppers" - who walk through a typical customer process and report back on the experience, to price checks or product offering reports.

Don't be the product, buy the product!