Market scope

What is market Research?

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:

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;

Quantitative Research-

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-

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-

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:

Market information

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

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

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. 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.

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Website Testing

Website Testing

TMRC helps test your Websites with users across the globe, websites adds to the presence of a company. It’s not just about having a good looking website, it’s about making it user friendly, in order to drive more business. We focus on understanding the overall user experiences of websites and highlight usability issues, navigation issues and overall experience of your websites.

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Remote Usability Testing

Remote Usability Testing

TMRC conducts Remote Usability Testing with user base spread across the globe from one location, most often it is not possible to test users based in different countries with the allocated budgets hence we use online conferencing technologies to conduct remote usability studies. These studies are mostly conducted test websites, application design concepts, prototypes and mobile and tablet-based applications.

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Localization and Internationalization

Localization and Internationalization

Localization not in terms of language but in terms of understandability is what companies require when they go web. Websites are passé. Human-centric websites are in. The whole point in having a web presence goes defunct if the user/visitor is unable to traverse through the site in search of what is being looked for. The old web adage ‘WYSIWYG’ still promises value for the companies, as the basic principle underlined in it is associated with the user benefit.

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Understanding Your Users

Understanding Your Users

User-friendly, visually appealing, easy to navigate, and easy to locate…are our major criteria before we start building your presence online. Our web design capabilities are powered by our team’s extensive knowledge on Human factors, usability, information architecture, etc. This authority on the technical aspects of website building sets us apart from the competition. Precisely, the reason why companies- new or established make TMRC team their preferred choice.

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Its All About Usability

Its All About Usability

In today’s competitive market, when products have the same technology, price, performance and features; design becomes the differentiator. Every design needs to be tested to see how it fits in the users environment, and it could be anywhere home, outside or work place. Understanding user perspective of any product design is vital to achieve user friendly, accessible, and comfortable designs. Research and usability testing is a part of design innovation, the more you focus on users the more your product sells in the market.

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Focus Group

Focus Group

The Market Research Company (TMRC) has conducted focus groups around the globe for over a decade now. We are well-equipped with our own Focus Group Labs and have been executing Focus Group studies in China, Singapore, UK, Europe and Australia; we can handle all of your focus group needs, including:

  • Recruiting Participant as per persona
  • Providing well experienced Moderators
  • Project management and Coordination with your teams from start to finish
  • Handle translation needs if needed
  • Provide Fast Turnaround/Results

TMRC conducts moderated discussion amongst a group of opinionated individuals who are brought together to discuss and share their opinions on anything that requires design, development and success. This provides and evokes rich qualitative data on market and consumer perceptions and is a resourceful method for tasks like brand image, product design, development and testing, consumer surveys, advertising testing, movie or feature film ideas, quality of food at restaurants etc.

TMRC’s unique methodology in conducting classical focus group discussions has paved a path towards successful outcomes in understanding consumer’s desires, beliefs, attitudes, reactions to ideas and concepts.

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In-Depth Interviews

In-Depth Interviews (IDI)

The Market Research Company’s (TMRC) In-Depth Interviews embodies proficiency in direction and execution, having conducted them in a number of Countries it is carried out with ease and in a seamless process. TMRC uses this powerful tool to draw deeply embedded information from people and for a variety of purposes and projects.

What we do:

  • Acute exploration into audience’s perspectives, opinions and feelings
  • Retrieve insights from a target audience
  • Elicit a vivid picture of collected qualitative data

We recommend this technique for tasks such as:

  • Content Analysis,
  • Intensive Usability Tests,
  • Elaborate Tests on Services/Products/Experiences.

TMRC is flexible in employing tools to conduct In-Depth Interviews, One-on-one being the most common. We even alter our methods and style it to suit the research elements.

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