Market Research

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Executive summary

Market Research – History

In history, the mission of market research was to run a business with a plan. The purpose was to capture the attention of consumers where the people bought desired goods or services (from a company). Evidently, market research is gathering information about a target market for products or services. Companies were attempting to serve customers when they did not know of any market segments for potential clients: at the start. Market research was utilized to create a strategy for companies (big or small). The number of consumers varied for different industries. In the past, the research was developed in the 1920s. It assisted companies on making a determination on what to do with their old or start-up businesses: by understanding the needs of consumers. Therefore, customers bought the quantity of items desired. It created opportunities for companies to sell even more. Fortunately, market research would always be considered where it was a vital process to creating an effective strategy. Therefore, it can be a requirement for many businesses. This is agreeable when a company cannot take the wrong path for its business venture. Otherwise, advertisements were created to attract people and gain their interest. It can be stated that the focus was to get them to understand the products and services (offered). Eventually, the goal was to win their purchases through sales. Market research companies grew; they understood the benefit in conducting the research. They were done (somewhat) differently from competing companies. This connects to doing various techniques where market research companies wanted to make a profit on their findings: and sell them to other companies or consumers. It is understandable for the amount of work and research done. At times, consumers were not buying anything that they did not want. The way to solve this was to put products (or services) in publications or newspapers. As a result, consumers were asked about their thoughts: on the items or services presented. More techniques emerged. Even so, companies wanted to see if consumers would understand them. The benefit was about beginning production if people could remember something about the products and services. It was a good approach for the effectiveness of market research. It can be added that the largest marketing research company, at the time, was Western Watts. In 2009, the company had 53 million dollars of revenue. Before this time, the companies began to notice that market research can be done with telephones in the 1980s. People were interviewed less in public for this reason. However, future businesses have returned to this method with new technologies. It has proven to be great for customer feedback on smart phones or other devices. Unfortunately, companies would find the common telephone surveys less preferable: which was effective during its time. It is evident that the data collected by phone surveys were adequate and acceptable. Today, they are not convenient for impatient or busy consumers. They are, usually done online. Customers can wait and do them at a convenient time: which helps market research.

 

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Market Research – Current Position

The current success of market research, for consumer demand, can be broken down to success stories of proactive companies using technology. However, part of the benefit was through consumer feedback online. The transition, for these companies, is the change from doing them by phones (from call centers). The internet, social media and mobile (smart) devices continue to be better options for conducting surveys about clients (on products and services). In retrospect, businesses continue to collect data from market research companies (from older methods). However, it is not the preferred choice for decision making. New market research companies collect information on consumers using technologies. It can be added that corporate executives would like to know the behaviors and attitudes of consumers: towards products and services. Then, employ the services of consultants for insight. Even though an organization may know the demographic information of clients and produce reports. Continual insight will be the answer to knowing the behavior and attitudes of consumers. Therefore, it is not for psychographics; they are looking for a thorough understanding of why consumers want to purchase, which connects better to companies. The reasonable explanation is the corporation, in an industry, looking to get a competitive advantage and making creative breakthroughs. These are key parts for any company that has competitors: or wants to develop a new service or product by creativity. Customer feedback seems to be a motivation for them. It was important to solve current issues through market research. The fact is the daily proliferation of it available for companies, which comes from sources new and old. This includes quantitative or qualitative information, reports, target groups and classified data. Some companies have held on to past traditions that started 24 years ago. They made usual reports, which gave some insight to an extent. In addition, they were collected in mounds of data without total benefit to the company. Some market research companies are aware of their demise: as other organizations progress in their scope of business. Nonetheless, there are some leading companies in market research. These companies have current knowledge using technology, which drove success for their businesses. They are known as Nielsen Holdings N.V, Kantar Group and IBM. Nielsen Holdings is headquartered in New York City. It does consumer and market research. Nielson provides companies about the habits and trends of consumers. Its revenue for 2015 resulted in $1.6 billion dollars. Nielsen Holdings is the top market research firm in the world. Also, Kantar Group is the second largest firm for 2014. It specializes in research and data information. It is based in the United Kingdom. The company’s revenue for 2014 amounted to $4002.5m. IBM is third and its revenue was estimated to be $3,000.0 m. IBM has approximately 435,000 employees worldwide. A few of its benefits are business intelligence, data analytics and business continuity. The organization can compete in providing market research to potential clients worldwide.

 

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Market Research – Future Outlook

The direction of market research businesses, for the future, is technology continuing to be a tool for research. The reason is mobile market research companies increasing over time. Ideally, companies will need to adapt to new trends in the market, which will continually be the environment for research. There are some top mobile market research companies to consider: such as SEO brand, Customer Magnetism and VJG Interactive. SEO brand has only 70 employees. It has revenues reaching over 10 million dollars (for the third quarter of 2016). The second competitor achieved $5 million dollars. Customer Magnetism has 35 employees. Its major clients are Volvo and Sallie Mae. The third is VJG Interactive. It has 150 employees. They will also need good databases in collecting important information: especially maintaining them during risky power outages. Smart technology will proceed on winning consumers for established or successful businesses. They will provide enough information for companies and fellow consumers to enjoy. Due to their continued success, many people are accustomed to using them. Social media sites are magnets that will result in potential clients for businesses (as well). The reason is the analysis from companies on the information (directly or indirectly) provided by consumers. Not all proposed companies will be effective at this; it may be necessary (for them) to reinvent their business. However, there will be trends among consumers influenced by social media. Companies will need to adapt to a continuing pressure. Feedback from these sources can result in the success or rupture of a business. It can be added that consumer surveys will be transmitted tactfully to consumers to win their dollar votes in the market. Some businesses will be excellent at this. Other companies will last maybe 15 years or less if they are not tuned to better options. The truth is the transformation that will be happening. These will be evident for the future. It is agreeable that consumers will have online communities. Then, market research companies will have collected behavioral data concerning their needs and wants on products and services. These changes will not be the same as the 1930s or before the new millennium. Technology is the driving factor for them in successful organizations. The thought is a business having the edge over other companies. However, more will be accomplished from companies listening: to vendors, clients or the competition. This can have the effect of leaving other businesses behind. This is taking place when a company chooses to accept it or not. Therefore, these companies will adjust their strategies (accordingly). It will come as customers do the tasks that marketing workers were once doing. The reason, for this, will be the basics on customer feedback about products and services. This is the practical application for the future in understanding consumer demand. Google is a terrific example when they are giving a number of questions for consumers on smart devices. It is the collection of data that will be close to reliable. The link is the technique that will be used to sift through useful data from feedback. Nonetheless, it is not likely to compromise the insight on the attitudes and behaviors of consumers. The benefits are predicting the wants and needs of them (from the data): It can be confirmed that it is the details under consumer behavior. In addition, it would also be suitable for volunteers to predict. This presents another direction to solve many (business) problems of knowing what value customers will be searching for. This is a terrific option for the future. Companies will have made much money from their participation and collaboration. The research, the company has, can be added for comparison to what volunteers think.

 

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Curriculum

Market Research – Part 1- Year 1

1. Part 1 Month 1 Problem Solution
2. Part 1 Month 2 Objective Setting
3. Part 1 Month 3 Interchannel Communication
4. Part 1 Month 4 Field Research
5. Part 1 Month 5 Data Collecting
6. Part 1 Month 6 Research Methodology
7. Part 1 Month 7 Statistical Interpretation
8. Part 1 Month 8 Data Analysis
9. Part 1 Month 9 Segmenting Strategies
10. Part 1 Month 10 Result Analysis
11. Part 1 Month 11 Sales Presentation
12. Part 1 Month 12 Activity Report

 

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Market Research – Part 2- Year 2

1. Part 2 Month 1 Idea Screening
2. Part 2 Month 2 Initial Development
3. Part 2 Month 3 Product Development
4. Part 2 Month 4 Product Testing
5. Part 2 Month 5 Planning Continuum
6. Part 2 Month 6 Process Control<