Similar to case studies, focus groups give you a comprehensive view of a situation and allow you to conduct an in-depth analysis of different business elements. Consumer-Oriented Marketing. Back in 2010, two young tech enthusiasts launched a location-based app – Burbn – that would allow consumers to check-in, make plans of hangouts with friends, share pictures, and more. Businesses gain an edge over competitors by serving their target markets well. … The mechanics of marketing research … Market research is available as a service to help any company, service provider, individual or organisation make better, more informed decisions. Business owners tend to neglect the importance of market research in their business. Marketing research is a systematic collection and analysis of data about market and the important quality of market. ), the demand and supply scenario, and other factors. Primary research helps you explore issues, dig deeper, and ask specific questions that are relevant to what you are looking for. Set out clear objectives and goals before beginning the research. Typically, a descriptive study specifies the number and size of market segments, the alternative ways in which products are currently distributed, listing and comparison of the attributes and features of competitive products, etc. Marketing research tends to stress the collection of past data to solve present … They took a long, hard look at their app again – which had already been launched – and started working on it from scratch, removing all the features and only letting the photo-sharing, liking, and commenting options intact. There are enough examples out there of product and business failures simply because enough market research was not done from the outset. It isn’t as expensive as you think and doesn’t take that much time. Others such as Samsung, Sony and Apple iPhone moved in and quickly became some of the leading electronics brands in the world. Market research can define your target market or see how successful your product or service is in the marketplace. In a qualitative focus group setting include open ended questions and allow for flexibility for respondents to freely speak on a topic that might not have been covered in the questionnaire. Businesses use this information to … Choose the most suitable market research and data collection methodologies based on objectives. Primary research is direct research that you conduct yourself or hire someone else to do it for you. Market research is extremely significant for the success of your business endeavors, and we at Oustsource2india can provide you with market research outsourcing services to help you: S trategize … Companies today have more access to customer data than ever before and this amount of access can easily lead to deceptive practices. Where before you had to rely on face-to-face interviews, telephone surveys, or lengthy online questionnaires, now it’s all about short online surveys, instant case studies aided by technologies, and focused groups that are already available on your social media channels. Market research is defined as the process of evaluating the feasibility of a new product or service, through research conducted directly with consumers. With sound market research on your side, you can better prepare for what your competitor may be about to do next and make sure they aren’t able to put a dent in your market share. Market research is when a company uses surveys, product tests, and focus groups to research and assess the viability of a new product or service. Take the example of Frito-Lay. Risk-taking is an important component of the business. 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