Market Research is a planned approach to gather insights about consumers, competition, company and other situational factor impacting an organisations product or service. A market research activity is undertaken to ensure business decisions are taken with the least amount of risk.
Areas of Research:
Whenever a new product is subjected to launch, research is carried out to find out about the reviews of the product, what the consumers are expecting from the product, did the brand fulfill what it had promised and a lot more. It can also be done before the launch of the product in order to understand the needs and wants of the consumers. It is done to understand the buyer behavior and to see the spending habits. The positioning and marketing mix is decided after evaluating the conclusions of the research activity.
By definition, Dipstick means a measuring rod that is dipped in the container to indicate the depth of liquid in it. Dipstick research is done with the objective of gaining opinion and information by asking open-ended questions.
Communication acts as a vital aspect of every business. Communication testing is done to check the communications at every stage right from internal communications to the communications with the external stakeholders. It is often observed that the feedback of the stakeholders does not reach decision makers and due to this, apt decisions are not been taken and there is an effect on the business numbers.
Mystery Audits is a technique used by researchers to measure the quality of service or compliance with the regulation or to gain feedback about the products and services. Mystery auditors go to the location pretending to be customers and carefully note down the observations they make and prepare a report according to the observations.
It is the method to find how much the consumers are willing to pay for the particular product. It also helps to find the price which can maximize revenue. Price modeling is the fundamental part of the research to estimate optimum price by keeping competitors prices in mind. Various predefined techniques like the Gabor-Granger technique, van Westendorp Price Sensitivity Monitor, and Conjoint Analysis are used to do the Price research.
Concept research helps us refine product concept, develop & fine tune communication campaigns, take design based decisions, understand consumer pysche etc.
Profiling is all about understanding the customer. The goals of consumer profiling are to categorize the traits, characteristics, and behaviors of prospect consumers. This in return helps us in better targetting of campaigns, sell the right product and also help us understand the potential of each customer segment.
Product testing is a method to test the performance of the product in a particular market before the actual launch. The results of the trial market in evaluated and then changes are made before the launch of the actual product. This helps in analyzing shortfalls if any and proper decisions are taken before the actual product launch. Product testing occurs in a limited market so that proper results are analyzed perfectly.