Editor’s Note: This post is part of our Big Ideas series, a column highlighting the innovative thinking and thought leadership at IIeX events around the world. Per Håkansson will be speaking at IIeX North America (June 11-13 in Atlanta). If you liked this article, you’ll LOVE IIeX North America. Click here to learn more. In 1995, Nicholas Negroponte, the founder of MIT’s Media Lab, wrote the book Being Digital, where he envisioned a future where atoms were replaced by bits, creating a new world without borders or boundaries. One quote really grabbed me: “Computing is not about computers any more. It is about living.” I let that statement slowly sink in and realized that I was going to wor…
“Everybody lies. All the time. We’ve always known it. It’s about time we took more initiative to address it directly. – wrote Tony Costella, Director Central CMI, Global Commerce, Heineken at the end of his IIeX Europe Big Ideas series post. I couldn’t agree more. We know very well about System 1 and System 2 and how important emotions are in the decision making process. We are aware that people’s declarations can be misleading and that even merging a couple of traditional data sources is often not enough to overcome this issue. Yet, merely a half of the researchers (according to GRIT 2017 Q3-Q4 Report) are trying to avoid this bias by implementing non-conscious measures which are mo…Read More
After three successful conferences stateside, we’re bringing IIeX Behaviour to London on May 10th. A celebratory milestone, and not just because we’re placing the “u” firmly back in behaviour. While putting together this conference, it struck me how far we’ve come, as an industry, applying the insights of Daniel Kahneman and others like him, to understand how people really make decisions. Everyone working in this field has much to be proud of. Certainly, the degree to which Kahneman’s language has entered the industry vocabulary vindicates all we’ve done at System1 Research over 15+ years. You can track the uptake of behavioural science [again with a “u”!] by the changing arguments used b…Read More
When I think about traditional market research, I picture 10 people sitting around a table answering questions, eating M&M’s, and being watched through a one-way mirror. I also picture two expert physicians being interviewed about how they care for patients, write (or at least follow) treatment guidelines, and teach fellows in their hospital to practice data-driven medicine. But that is the traditional approach, and while there will always be value in those methods, we have a responsibility to innovate. We can no longer extrapolate from the opinions of a few to determine the truth. It just doesn’t make sense to use small sample sizes to derive the size of a market, understand how medicine is pract…Read More
Editor’s Note: Sometimes we are graced to be exposed to brilliance, and this is one of those times. I asked Nelson to write this up because I thought he would do a good job, but he blew me away. This is the single best distillation of the issues involved in the larger Facebook/CA imbroglio I have read anywhere by anyone. That it is through the lens of the potential implications for the MR industry makes it twice as relevant for us all. GreenBook and The ARF are teaming up to do a “pop-up” event on this topic on April 26th (register here!); Nelson does an incredible job of outlining why our industry needs to get ahead of this controversy and start advocating for new frameworks on the use of…Read More
As researchers, we depend on the cooperation of respondents. Whether we’re trying to field a telephone survey, recruit for a biometric study, or conduct any other kind of primary research, if people won’t cooperate with us we don’t get the research done. Yet I can’t count the number of times over the years when I’ve had a research client comment to me, “I never take surveys.” Sometimes this type of comment is made by a graphic designer or copywriter, but frequently it comes from a research director or marketing manager who is in charge of the project. Worst of all, too often the comment is made in a condescending manner. The attitude essentially is, “Imagine those people sitting at home and…Read More
One of the biggest news stories this week has been Cambridge Analytica, a political consulting firm focusing on data collection, data mining, data analysis, and strategic communications, and their questionable data collection practices with Facebook during the 2016 US presidential election. Don’t get me wrong, Facebook has a lot of questions to answer, and CEO Mark Zuckerberg is already being called to testify in Congress, but that is not the focus of this blog. The bigger question that this news has brought up is around data collection in general, and for firms that collect data – with private information or not –and how this will affect our industry. There is already some activity to give users mor…Read More
The world is in turmoil, politically, economically, socially, technically. While change and turmoil are universal, the difference now is that the gaps between the current and the new are extreme and opposite. This spread has not spared the marketing insights industry either. We have moved from a business reality characterized by linearity, craftmanship and scarcity to one defined by acceleration (e.g. of decision making), automation (e.g. of services) and abundance (e.g. of data). This leads to a commoditization of marketing insights as we know it and has put the power with data technologists, data scientists and data engineers. Marketers and insight professionals have failed to keep pace. Market research…Read More
QRCA is broadening its membership to include researchers that work on the client side as well as those that work at agencies, and I am looking forward to this expansion. What is QRCA? Officially, QRCA (the Qualitative Research Consultant Association) is a global association of the most innovative, collaborative and passionate market research professionals and is dedicated to maximizing the power of qualitative. In my opinion QRCA is an organization that makes qualitative researchers better at what they do. QRCA does this with wide-ranging programming that shares best practices, new techniques, and innovative learning. But what makes it particularly special is that it does this in a warm, welcoming and…Read More
The controversy surrounding Cambridge Analytica’s role in utilizing Facebook’s data – OUR data – to direct the outcome of the 2016 election has caused quite a firestorm of misunderstanding and dissemination of misguided information. We are still learning all the specific details regarding the tactics Cambridge Analytica deployed, so to keep us focused, I want to concentrate on the use of personal data and how it is leveraged to influence or manipulate people and the impact this could have on our society and the industries that drive our economy. As headline after headline rolls out of the media industrial complex, the world is finally learning what “big data” really mean…Read More
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.
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