The market research industry, like many industries, is going through dramatic changes. But the main goal remains the same – gaining insights from consumers and business professionals. How fast those insights can be turned into money-making endeavors are what many organizations are striving for every day. This imperative has, and continues to, disrupt the market research industry and very company in it. From CATI to online surveys and panels, to DIY and now to AI-driven automation the pace of change has only increased. Few companies have weathered that change unscathed and fewer still have thrived. One of the exceptions is Survey Sampling International; through it all SSI has adapted and grown. …
KG: Starting from the beginning, what is statistics and how did it come about? Could you give us a short definition and history of the discipline? FH: That’s a loaded question and best answered by referring readers to the many writings of one of the greatest of our statistician historians Stephen Stigler (see for example https://en.wikipedia.org/wiki/History_of_statistics). In a brief nutshell statistics began as a way to understand the workings of states, productivity, life expectancy, agricultural yields, etc., and to make estimates of things from samples (an statistical example of the latter dates back to the 5th century BCE in Athens). Roughly speaking, statistics has developed into a few…Read More
Prologue This blog represents the kickoff of a new series. This series explores the opposite side of my Transformation IQ eBook and blog series. While the Transformation IQ series focused on CEOs of research supplier-side firms tackling disruption in the industry, this new series focuses on individuals within client-side organizations that help make innovation happen. These are individuals who have that coveted ‘seat at the table’ with executives. In this first article, Sion Agami, a Research Fellow at P&G shares his thoughts on innovation and how to be a catalyst that makes it happen. Empathy2 – An Innovation Catalyst Sion brings the experience of 25+ years in research at P&G. His…Read More
Qualitative research is now undergoing the same tech-driven transformation that quantitative research started years ago. Building on trends such as communities, crowdsourcing and automation many platforms have emerged in recent years to deliver the cost, speed, and impact improvements to the traditionally slower and more expensive qual category. Delvv.io is the latest example of how entrepreneurs are getting creative in reverse engineering some of the pain points of qual research, applying tech to change the game and aligning the new solutions with specific business issues. Their approach is to use a global panel of creatives to rapidly test concepts with and/or to engage for ideation on new products or…Read More
This post is by Kevin Gray and Tyler VanderWeele A lot of marketing research is aimed at uncovering why consumers do what they do and not just predicting what they’ll do next. Marketing scientist Kevin Gray asks Harvard Professor Tyler VanderWeele about causal analysis, arguably the next frontier in analytics. Kevin Gray: If we think about it, most of our daily conversations invoke causation, at least informally. We often say things like “I dropped by this store instead of my usual place because I needed to go to the laundry and it was on the way” or “I always buy chocolate ice cream because that’s what my kids like.” First, to get started, can you give…Read More
Though it doesn’t get a lot of buzz, sampling is fundamental to any field of science. Marketing scientist Kevin Gray asks Dr. Stas Kolenikov, Senior Scientist at Abt Associates, what marketing researchers and data scientists most need to know about it. Kevin Gray: Sampling theory and methods are part of any introductory statistics or marketing research course. However, few study it in depth except those majoring in statistics and a handful of other fields. Just as a review, can you give us a layperson’s definition of sampling and tell us what it’s used for? Stas Kolenikov: Sampling is used when you cannot reach every member of your target population. It’s used in virtu…Read More
Missed IIeX North America (or want to re-live it)? Catch up on all the buzz with this roundup of our favorite pieces from the event. We hope to see you there next year for the most future-focused event in insights! Key Takeaways From IIeX North America By Susan Petoyan, Imagine If Research & Insights Were you able to make it out to Atlanta for IIeX 2017? If you did, I’m sorry I didn’t have a chance to catch up with you. Like you, I was busy listening, absorbing, and processing everything that was happening all day and night throughout the entire conference. Here, I want to share some general observations, things that ‘hit’ me or “hit home” with me. Will you share yo…Read More
In every industry, there’s a pivotal, innovative, company that forges new paths to do something that’s never been done before. In 1998, PayPal created the consumer-friendly, money transfer solution that you know today. The early founders and group of leaders within PayPal have been referred to as the PayPal Mafia because of the influence they wield around Silicon Valley. After the sale of PayPal to eBay, this team went on to create many incredible businesses that you use today. Elon Musk, founder of Tesla and SpaceX, was a co-founder of PayPal. Reid Hoffman, also a co-founder, created LinkedIn. A web designer and engineer from PayPal created YouTube and a few PayPal engineers created Yelp. Three of the Pa…Read More
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. Shawn Nason will be speaking at IIeX North America (June 12-14 in Atlanta). If you liked this article, you’ll LOVE IIeX NA. Click here to learn more. The Story If you have worked in innovation or consumer experience for any length of time, you have more than likely made the same mistake so many of us have. You have a brilliant idea that you believe will shift the strategic direction of an organization. You envision being able to transform the culture or alter their mindset. And then it happens, you FAIL! This happens eve…Read More
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. Keri Vermaak will be speaking at IIeX North America (June 12-14 in Atlanta). If you liked this article, you’ll LOVE IIeX NA. Click here to learn more. Silos, you might say, run in my blood. In fact, back in the day, my grandfather built concrete slab silos in South Dakota for their original use – storing grain. Believed to be around since ancient Greece, the term “silo” has evolved from being a purely agricultural term, to a metaphor used today to describe the isolation of functions or systems in an organization, particularly when it come…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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