An organized effort to gather information about the target markets or customers is called as market research.
We at TMRC our Market research team provide important information to identify and analyse the market need, market size and competition. It also includes Social and Opinion research which 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.
TMRC’s Market research for Business/Planning?? Yes! That’s correct.
We can help your business by informing about where to start? How to start? Which is best? Where can you find market? What your customers really want? Yes!! That’s right. Just like how your thinking Market research is a backbone of successful business – Basically our research can inform you about everything that you need to know to run your business or to plan and execute it successfully.
Now let’s understand the general types of market research-
There are 2 types of Market Research
- Primary Research – Which is sub-divided into
- Quantitative Research
- Qualitative research
- Secondary Research
Primary research consists of a collection of original primary data collected by the researcher. It is often undertaken after the researcher has gained some insight into the issue by reviewing secondary research or by analysing previously collected primary data It can be accomplished through various methods, including questionnaires and telephone interviews in market research, or experiments and direct observations in the physical sciences, amongst others.
Of Course, the Sub-Divisions;
Yes! As it sounds quantitative research is when the research has to be made in large scale. It’s about asking people for their opinions in a structured way so that you can produce hard facts and statistics to guide you. To get reliable statistical results, it’s important to survey people in fairly large numbers and to make sure they are a representative sample of your target market.
Qualitative research is about finding out not just what people think your business but also why. It’s about getting people to talk about their opinions so you can understand their motivations and feelings.
Face-to-face interviews and group discussions are the best way to get this kind of in-depth feedback. Qualitative research can be valuable when you are developing new products or coming up with new marketing initiatives and you want to test reactions and refine your approach.
Secondary research (also known as desk research) involves the summary, collation and/or synthesis of existing research rather than primary research, where data is collected from, for example, research subjects or experiments.
Now you have a clear understanding about Market research – But there is more.
Let’s understand our factors that can be investigated through Market research:
Through Market information you can know the prices of different commodities in the market, as well as the supply and demand situation. Market researchers have a wider role than previously recognized by helping their clients to understand social, technical, and even legal aspects of markets.
Market segmentation is the division of the market or population into subgroups with similar motivations. It is widely used for segmenting on geographic differences, personality differences, demographic differences, technographic differences, use of product differences, psychographic differences and gender differences. For B2B segmentation firmographics is commonly used.
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 is a written analysis of the Strengths, Weaknesses, Opportunities and Threats to a business entity. Not only should a SWOT be used in the creation stage of the company but could also be used throughout the life of the company. A SWOT may also be written up for the competition to understand how to develop the marketing and product mixes.
Another factor that can be measured is marketing effectiveness. This includes
- Customer analysis
- Choice modelling
- Competitor analysis
- Risk analysis
- Product research
- Advertising the research
- Marketing mix modelling
- Simulated Test Marketing
Well.. That’s all for now… See you next week with interesting information from TMRC.
Thank you for reading.