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Market Research – Benefits, Methods and Analysis

Posted on January 10, 2019 in Uncategorized

Market Research is an exhaustive organized process where informative and relevant data is collected for a market/ product or a service. This data is used to study and analyse current market scenario and build future projections which can be used for business planning and strategic moves.

Market Research: Benefits

– Assists in future planning of the business. E.g.

  • Should the company expand its product line
  • Will the product be profitable

– Makes Decision Process easier

– Gives factual information (thus breaking business myths/ and individual perceptions)

– Reduces risks

– Assists in identifying competitive edge

Small or big all enterprises can and should take strategic decisions after conducting a market research in the related field.

Market Research: Methods

There are broadly two types of research

1. Quantitative Research

In this process numerical data is generated which measures the market’s phenomena and demands. This is used for statistical analysis using various mathematical and computational techniques. It quantifies attitudes/opinions/behaviour on a sample and is then extrapolated for the full sample. This is usually conducted through surveys and questionnaire.

2. Qualitative Research

In this more insights and understanding is measured for the topic. It explores various options and gathers opinions. This kind of data is collected through interviews, group discussions etc. The insights are then used to explore various business decisions.

Market Research: Analysis

This is the trickiest part as data collected has to be strategically used in gaining intellectual analysis. Business experts and market research analysts are very well acquainted to do this work.

It is very exhaustive work and various techniques & tools are used to get useful conclusions. Interestingly the same data can be used to make different inferences depending on the research needs and goals. Some common data analysis types are briefed –

Data mining – this technique focuses on modeling and discovery of knowledge discovery for predictive purposes. This method is not useful for descriptive purposes.

Business Intelligence – this technique focuses on business related information covering data analysis that relies on data aggregation.

Statistical applications – it can be

  • Descriptive statistics
  • Exploratory data analysis also called EDA (discover new features)
  • Confirmatory data analysis also known as CDA (confirms the existing hypotheses about the data)
  • Predictive analytics focuses on application of statistical models for predictive forecasting or classification e.g. market growth in 2022- with data available for 2015
  • Text analytics uses statistical, linguistic, & other methods to pull out data and classify the information received from text sources.

This analysis is then constructively used in the business planning bringing a profitable inclination towards the decisions taken. Business planning plays a major role which reflects the survival of the business.

Market Researchers – Are You Interested in a Job As a Survey Researcher?

Posted on December 24, 2018 in Uncategorized

Market research analysts are responsible for determining what products people like to buy and at what price point they will purchase them. They will also gather data on the most effective means of marketing a particular product, and they will analyze past sales in order to predict the future.

Market research analysts will frequently use the Internet, the telephone, and mail, as well as personal interviews, in order to obtain information about consumers. After putting this information together, a survey researcher will then present this information in the form of charts and graphs to a company, so that they can then utilize this information in order to increase their sales.

Survey researchers will typically spend all day conducting surveys that will help corporations make positive fiscal decisions, and their methods of test taking will mirror those of the market research analyst.

The working conditions for these professionals typically involve strict deadlines and overtime may be needed. Survey researchers may also have to travel in order to conduct interviews in focus groups and face to face. A bachelors degree is usually sufficient in order to gain entry into a position in this field, although positions are fairly competitive.

It is also helpful for those hoping to enter the field to obtain internship experience working for companies and learning how to collect data, and most survey researchers are good at working with other people in order to conduct surveys and to identify the needs of potential customers.

In 2006, these professionals had over 250,000 jobs in America, with research analysts holding the overwhelming majority of these positions. Company management are the most frequent employers of these individuals, and professional firms are the entities which will usually hire survey researchers. The job outlook for these persons is expected to grow at a rapid pace over the next 10 years, as companies become increasingly competitive in order to increase market share.

In 2006, the middle 50th percentile of market research analysts made between $42,190 and $84,070, with survey researchers earning between $22,150 and $50,960.

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Profiles About Jobs – Marketing Research

Posted on December 9, 2018 in Uncategorized

Before proceeding into this article, you must understand the concept of marketing research first. In marketing, whenever there is a new product launched or a service is being offered, you must know that there has gone a lot of research work behind them. There has been collection of data, analysis of those data to judge and predict the benefits of both public and the company at the launch of the new product or service. Marketing research is the collective term given to all these marketing processes. It can be divided into two distinct categories. They are the consumer marketing research category and the business to business marketing research category.

The work of an employee in marketing research can be quite tedious but then at the same time can be fun and challenging. The profile of a marketing research analyst can be thrilling. He or she should hold a formal master degree in the field of business administration with specialization in marketing. There are certain things that are expected of an employee working for such a post. They have been given below precisely.

Understanding the market based economy

One has to apply his knowledge of sociology to understand the pattern and trends of market based economy. He or she should be able to interpret the behaviors of target consumers in the market. With his knowledge of statistics the employee must analyze the success of any new product or service launched for this target group. It is important to understand the elements that comprise a marketing mix can have a huge impact on the way a customer would react or respond to any new product.

Should be in a position to take strategic decisions

The employees engaged in analysis market analysis reports should be in a position to take quick and appropriate decisions when required. The decision may concern the potential chances and opportunities in these fields, market segmentation and segregation, marketing performance, implementation of marketing programs and many such fields.

Should be updated with the current scenario

A good decision can not be taken by just a good student. He or she must be in a position to evaluate current situation. He or she should be aware of all the government policies concerning the field of work at that moment. The public policies and technology developments that are taking place which can deeply affect his marketing research work are something about which he or she should be updated.

An important link has to be established by a marketing research analyst between environment and the marketing variable in order to understand the behavior of customers.

There are new challenges always waiting for the marketing research employees for their betterment and to help them grow as responsible workers. They are high paying jobs and there are many opportunities in this field.

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