Types of Market Research

Marketing research is carried out by various organizations for two different reasons. First reason is to identify the problems associated with marketing and second one is to solve those marketing problems. These two reasons serve as the basis for classifying the market research into the two distinct categories. The two categories are the research of problem identification and research of problem solving.

Problem identification research: The problem identification research basically is undertaken to understand and analyze those problems that are not apparent but do, exist or are, in the future, likely to come up. The examples of this kind of research are the research and surveys conducted to gauge the market share, market potential, brand and vendor image, sales analysis, market characteristics, short-range or long-range forecasting and trends in business.

The results from this kind of research help companies to know well in advance whether the market is declining which also may indicate that the company may have problems achieving the growth targets. The research also unveils problems such as a firm losing its market share while market potential seems to be increasing. The results obtained from such research help in the recognition of social, cultural or economic trends as such changes in the consumer behavior may be part of larger underlying problems or even potential opportunities.

Problem solving research Once the problem or even and opportunity has been circled, problem solving research begins to solve the problem and come to an acceptable solution. Corrective actions are then taken to reposition a product or restructure it for a better consumer satisfaction. Two out of three companies carry out problem solving research.

Other categorization of Market research depending upon the structure and methodology of the market research can be primary and secondary kind of Business research.

The Primary research: The Primary market research involves an exhaustive testing of variables like focus groups. The activities like surveys, field tests, interviews tailored specifically to that product are conducted to study the product positioning

The Secondary Research: In secondary research, indirect information is compiled from many other sources appearing applicable to an existing or even a new product and is then used to estimate the product positioning.

The advantages of secondary research as evident from its generalized methodology as compared to the customized one of the primary research lies in the fact that it is easily accessible and fairly cheap. The obvious disadvantage of a secondary research is that it is often not specific to a product and the research and can be difficult to sometimes validate.

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Competitor Analysis

The assessment of the weaknesses and strengths of potential and current competitors done by companies to gain a strategic insight into the mind of competitor is termed as Competitor analysis in the language of marketing. This analysis is used to identify threats and opportunities by in depth understanding of key competencies, strengths, weaknesses and unique selling proposition of the rivals in the business. Such analysis begins with competitor profiling that serves to coalesce all relevant sources of analyzing your competitor into a framework for effective and efficient strategy formulation, implementing strategies, monitoring the progress and making adjustments as needed. Competitor analysis is a strategic element and essential component of a corporate strategy.

The methodology involves many steps, which are presented as follows:

Competitor Matrix

This is the first and the most important step. If done carefully the Competitor Matrix step alone can accelerate your processes in a big way. The matrix consists of following elements:

Definition of your industry which involves the nature and scope of the industry

Determination of other players or competitors in the area

Determination of your prospective customers are and their expectations

Determination of the factors of success in the industry

Approximate rating of the key success factors of all competitors

Competitor profiling

The competitor profiling is the second step and its strategic rationale cannot be ignored as superior knowledge of rivals is a legitimate source of competitive advantage. Profiling provides an objective analysis of a competitor’s projection in the market and separates strong rivals from weak ones. It is generally observed that those firms that practice systematic and advanced competitor profiling have a significant advantage and because of its success comprehensive profiling capability is rapidly becoming a core competence required for successful competition.

Media scanning

A study of competitor’s ads can reveal much more about competitors believe about marketing and his target market than any conventional quantitative or qualitative research tool. Any key change in rival’s advertisement or advertising budget should be carefully noticed as these changes very precisely reflect a change in rival’s strategy. So a tactical study of advertising strategy of rival should be done to extract as much information to gain a business advantage.

New competitors

New competitors enter into the market whenever there is unmet demand or high profits in the existing market. These new competitors should be carefully watched and monitors as they can pose a significant threat to your market segment. The product should always be kept in lines with the existing market demands and customer loyalty should be built so that customers are not weaned away from the company on arrival of new provider.

Quantitative marketing research

When research techniques that are quantitative are applied in the marketing field then it is called Quantitative marketing research. The basics of the Quantitative marketing research technique lie both in the view (positivist) of the world, and the marketing viewpoint that is considered modern. It is based on the premise that marketing is where a seller and the buyer reach an agreement through an interactive process based on the marketing “four Ps” which are: Product, Price, Place (location) and Promotion.

Just like any other method of social research, quantitative research also involves constructing questionnaires and devising scales which are used to gauge public sentiment about product or service. People respond to these surveys or the respondents are asked to complete the survey and questionnaire. The results obtained are used by marketers to understand the needs of consumers in the marketplace. They then act upon the feedback to create strategies and marketing plans.

The research process has following five steps:

Definition of the Problem. : In this step a problem statement is made and important aspects of the situation are underlined.

Research Design. At this step, the questionnaire and survey is designed to conduct the research. The methodology is selected and the venue, timing and procedure for the administration of the survey are determined.

Collection of relevant data. At this step an endeavor is made to gather all relevant data from primary and secondary sources. The data can be collected via e-mail, telephone or internet.

Data Analysis. The collected data is analyzed by experts to identify the problems and trends. The findings are compiled in suitable form for better understanding.

Report Writing and presentation: The final step is to present the analyzed data in a form that can be easily comprehended and understood by the managers. The data can be summarized in graphs or flowcharts for comprehensive understanding.

Generally, people who are experts in quantitative research have social science background. They might have their degrees in Psychology, Economics or Sociology. These studies by their academic nature have borrowed techniques from the physical sciences that are designed in order to obtain data for natural and physical objects but these sciences inherently lack the ability to answer questions related to human behaviour, perceptions, future behaviour.

While conducting quantitative research it should be remembered that, it is practically impossible to cover the entire consumer spectrum. Therefore the sample population used for conducting the survey or interview should be carefully chosen so that final result truly represents the problems.

Be Willing to Learn at all Times

Internet marketing is a fascinating business to get into and one that can reward you handsomely for your hard work. Anyone can become an Internet marketer without any previous experience, startup costs, or a college degree. Now that’s exciting! Still, not all aspiring Internet marketers make a profit and this is true for a variety of reasons. But if you are willing to work hard and learn the business, the sky really is the limit when it comes to Internet marketing.

Be Willing to Accept Constructive Criticism

I’ve seen many posts at online marketing forums where a new Internet marketer put up his or her first website and asked members of the community to critique it. Many of them were willing to oblige and offered their opinions of the site. It can be invaluable to have others look at your website before you go live. After all, by this time you probably can’t even see straight anymore and a pair of fresh eyes wouldn’t hurt. They can view your site through the customer’s eyes and offer you their honest opinions. Remember, if you ask others to view your websites, blogs, articles, ebooks, or whatever you create, be willing to accept constructive criticism.

Embrace Customer Complaints

Many Internet marketers cringe when they get complaints from customers but if instead of fearing them, you embrace them, you’ll reap the rewards. When you embrace customer complaints, you reply to them right away instead of procrastinating. You’re hungry to find out what went wrong so you can fix it right away. You want to hear from your customers to see what they truly think of your website and your Internet marketing business. You can then make your business bigger and stronger and you will get repeat business because the customers who complained will know they are dealing with a professional.

Keep up with Ever Changing Markets

Just about the time you think you’ve got this Internet marketing thing all figured out, change will come about. It’s inevitable. Savvy Internet marketers anticipate change and keep up with the changing marketplace so they can offer their customers the latest, greatest new products. Successful Internet marketers aren’t afraid of change; they embrace it and prepare for it.

Be Flexible

You have to have a certain amount of flexibility when you own your own business and especially if you are an Internet marketer. For example, if you offer a 30 day money back guarantee and a customer asks for a refund on the 31st day, don’t blow the chance to win that customer over for life by restating your policy and refusing the refund. Remember, this is your business and you make the rules. Customers have heard about policies and rules from gigantic conglomerates that left customer service in the Stone Age decades ago and they’re tired of it. Treat your customers right and they’ll be your customers for life.

Market Research

It’s very important to know about your customers or your prospective customers, to understand their preferences and needs. Market research is an organized and objective method of learning about such needs and expectations of the prospective customers. It provides unbiased answers to these questions:

Who is going to buy your product?

What are the expectations and demands of your customers? How much are they ready to pay? What kind of packaging they prefer?

What is the profile your customers? How old are they? What is their gender? What is their income level? Where do they live?

What are the attitudes your customers?

Who are your competitors or in other words who is producing the same or similar product and at what cost? Will you be able to compete with their price, quality, etc?

What is your unique advantage as compared to your competitors?

What are the boundaries or constraints that you have to take care of? What are the start up costs and is there room for your company?

Is the demand for your product increasing or declining? Does trend data indicate increased consumption your product? How might your product people’s consumption of your product?

What is the projection of your business in future?