Let me tell You a little about the different types of market research that provide You with clear and accurate information needed to reduce risks when making management decisions.
Marketing research
Marketing research is required for effective product promotion in the market to increase number of sales.
Marketing research (marketing analysis) is a set of activities designed to examine the market of goods and services in detail. The goal is to obtain the most accurate information about a particular brand, company or expectations of the potential consumer.
Marketing research is essential if you are planning:
- the new product launch;
- rebranding;
- determination of company products prices;
- definition of channels and methods of goods promotion;
- the formation of sales policy and methods to promote clients.
Options for marketing research
- Market research is the most common direction in conducting marketing research. The main results of market research are:
- forecasts of its development;
- assessment of conjunctural trends, the search for key success factors;
- determine the most effective ways of conducting a competitive policy on the market;
- segmentation of markets.
- The study of consumers. In this case, the object of study is the motivation of consumer behavior in the market.
- Research of competitors. This type of marketing research allows you to obtain the necessary data to ensure competitive advantage in the market.
- The study of products (analysis of the goods competitiveness).
- A study of the sales promotion system is one of the most important areas of marketing research, which seeks to identify how and when to stimulate sales of goods.
- Study of the internal environment of the enterprise.
DESK RESEARCH
DESK RESEARCH represents the collection and analysis of secondary information obtained from various sources.
The task of the DESK RESEARCH is to get a general idea about the status of foreign and domestic industrial markets.
Information sources for DESK RESEARCH:
- the Internet: articles, forums, publications, social networks, etc.;
- print media;
- reports of research agencies;
- database;
- information of statistical authorities.
DESK RESEARCH enables to learn about:
- business environment. These include social factors, demographic indicators, analysis of the people lifestyles, development of transport, etc.
- the structure and size of the market.
- potential customers, their product requirements, wishes and habits.
- competitors. It is not only the analysis of the competitors’ activity, but also potential threats from their side.
- the possible market development
Advantages of DESK RESEARCH:
- reasonable cost of the work.
- high speed of data collection. Therefore, this project will not take much time.
- the presence of multiple sources of information.
Analysis of the competitive environment
The competitive environment analysis is the first step in developing an advertising strategy to promote the brand of the product or service. The modern market of goods and services is very saturated, and winning a place in the sun becomes more difficult every year. Analysis of the competitive environment will help find the right way to stand out from the crowd.
Task of the competitive environment analysis
The task of the competitive environment analyzing is to find weak and strong points of competitors, understand what methods they are using to promote their products and how they attract consumers.
Professional marketing agencies conduct research in such areas as:
- monitoring the shares of major market participants
- the rankings of companies according to certain parameters,
- mapping positioning (employed by the competitors in market niches),
- analysis of prices of competitors ' products,
- assortment analysis of competitors.
Focus groups
A focus group is a qualitative research of consumers, representing the interview as a group discussion. The main purpose of focus groups is to obtain information about how and why they perceive any objects or products. Discussion is based on a plan outlining the major issues.
Objectives of focus groups:
- Conducting focus groups is an important stage in marketing research. Such qualitative studies are used when developing new product ideas, testing of product image, as well as for exploring attitudes, opinions, needs and motivations of consumers.
- Conducting focus groups is particularly important when launching a new product. Qualitative research in this case will help find out how potential customers perceive packaging, appearance, taste, smell, etc.
- Focus groups are also important when building a PR strategy. In this case, you need to understand the stereotypes of perception of the campaign object by potential consumers.
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Of course, we can speak much more about methods of market research... but this short review is good enough for start!