By Tim Bock American supporters of Donald Trump believe that financial skills are more important in a president than decency and ethics, a new survey shows. Data science app Displayr and survey company Research Now questioned 1,015 adult Americans in July 2017 on their preferences among 16 different characteristics and capabilities relevant to judging the performance of a president. Supporters of Mr. Trump consider an understanding of economics, success in business, and Christianity to be important. People not approving of Mr. Trump place a much greater store in decency, ethics, and concern for the poor and global warning. What type of President do most American’s want?
Jeffrey Henning’s #MRX Top 10: Best Practices for Information Security, Digital Marketing, Incentives, and Predictions
Of the 2,831 unique links shared on the Twitter #MRX hashtag over the past two weeks, here are 10 of the most retweeted… The Future Consumer: Households in 2030 – Euromonitor expects 120 million new single-person households to be added over the next 14 years, driven by delayed relationships and the elderly outliving their spouses. Couples with children will be the slowest-growing segment. Beyond Cyber Security: How to Create an Information Security Culture – Louisa Thistlethwaite of FlexMR offers five tips for market researchers to create an “information security culture”: 1) have senior execs take the lead; 2) include security in corporate objectives;…Read More
It’s been three years since WIRe released the results of our first global survey on gender and diversity in the MR industry. In order to track against our baseline data, and measure progress in our industry, we need your help once again. Please help us out by taking 10-15 minutes to participate in our 2017 Gender Diversity Study. Your feedback is truly invaluable to WIRe and our industry! This survey is mobile optimized and can also be stopped and restarted if more time is needed to submit your feedback. Take The Survey In this update to the 2014 study, we’ll once again be digging into understanding the diversity of work and people in our field—with the ability to mea…Read More
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 us nont…Read More
By Brian Lamar I’ve been fortunate to work in research for over 20 years and have seen the industry evolve in so many ways. I started at a small market research company in Lexington Kentucky as telephone interviewer while I was an undergrad at the University of Kentucky. Each day I came in for work, my manager would brief me on the studies that I was going to work on that day ensuring I knew the questionnaire as well as possible. We’d go through the questionnaire thoroughly, we’d role play, and she’d point out areas that the client wanted additional focus. The amount of preparation seemed like overkill to me, but I played along and occasionally would have my feed…Read More
For many years the AMA Gold Top 50 Report (formerly the Honomichl Report) and the variation of it used in the ESOMAR Global Market Research Report have been the default view of the size of the research industry. These reports have evolved over the years to encompass an ever expanding definition of what constitutes market research, but have left some critical gaps by not including sample companies, technology platforms, and organizations such as Google, Facebook, Equifax, etc… companies that fit within other categories but yet have active research divisions that are players in the market. So although incredibly useful and important, I think they are incomplete views of the industry. Over the pas…Read More
By Tim Bock The table above is what I call an old-school crosstab. If you squint, and have seen one of these before, then you can probably read it. The basic design of these has been around since the 1960s. Originally, these old-school crosstabs were printed on funny green and white paper with a landscape orientation, shown to the right. The printers were surprisingly slow. The ink and paper expensive. The data processing experts responsible for creating them tended to be very busy. So, these crosstabs were designed with the goal of fitting as much information on each sheet as possible, with multiple questions shown across the top. Advances in computing have led t…Read More
By Nicole Burford Digital marketing is an ever-changing puzzle that marketers are constantly trying to solve. Following the latest trends, trying to figure out the newest apps and social platforms, and keeping up with their evolution can be a full time job in itself. In my years in digital marketing, I’ve seen my share of both successful campaigns and ones I’ve at least learned from, and I’ve developed some tried and true best practices that stretch across multiple areas of digital marketing. My recent shift to marketing within the market research space has allowed me to apply techniques I’ve learned in the past as well as test numerous new strategies. Here are some learnings and tips I’v…Read More
By Jeffrey Henning Of the 3,039 unique links shared on the Twitter #MRX hashtag over the past two weeks, here are 10 of the most retweeted… Using MR Automation to Keep Up with the Speed of Business – Roddy Knowles of Research Now argues that automation must be applied to the front end of research. “It’s common to approach every research project as its own unique creation, essentially building it from scratch … researchers will redesign whole questionnaires as standard practice … will re-create new audiences with custom screeners. There has been … resistance to automating the front end of the research project – specifically design – as to some it feels like…Read More
By Kevin Gray and Stas Kolenikov 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…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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