Market research is any organized effort to gather information about target markets or customers. It is a very important component of business strategy. The term is commonly interchanged with marketing research; however, expert practitioners may wish to draw a distinction, in that marketing research is concerned specifically about marketing processes, while market research is concerned specifically with markets.
Market research is one of the key factors used in maintaining competitiveness over competitors. Market research provides important information to identify and analyze the market need, market size and competition. Market-research techniques encompass both qualitative techniques such as focus groups, in-depth interviews, and ethnography, as well as quantitative techniques such as customer surveys, and analysis of secondary data.
Market research, which includes social and opinion research, is the systematic gathering and interpretation of information about individuals or organizations using statistical and analytical methods and techniques of the applied social sciences to gain insight or support decision making.
Market research is a way of getting an overview of consumers' wants, needs and beliefs. It can also involve discovering how they act. The research can be used to determine how a product could be marketed. We at Subcontracts India firmly believe Market Research is the quintessence of marketing.
Market research is the process of assessing the viability of a new good or service through research conducted directly with the consumer which allows a company to discover the target market and record opinions and other input from consumers regarding interest in the product. Market research may be conducted by the company itself or by a third-party company that specializes in the market research field.
Our expert consultants provide Primary Research sub-divided into Quantitative and Qualitative research as well as Secondary research.
We at Subcontracts India investigate several factors in our market research approach:
Through Market information one can know the prices of different commodities in the market, as well as the supply and demand situation. We help our clients to understand social, technical, and even legal aspects of markets.
Market segmentation is the division of the market or population into subgroups with similar motivations. It is widely used for segmenting on geographic differences, personality differences, demographic differences, technographic differences, use of product differences, psychographic differences and gender differences. For B2B segmentation firmographics is used.
Market trends are the upward or downward movement of a market, during a period of time.
SWOT is a written analysis of the Strengths, Weaknesses, Opportunities and Threats to a business entity. Not only should a SWOT be used in the creation stage of the company but could also be used throughout the life of the company. A SWOT may also be written up for the competition to understand how to develop the marketing and product mixes.
· Customer analysis
· Choice modelling
· Competitor analysis
· Risk analysis
· Product research
· Advertising the research
· Marketing mix modeling
· Simulated Test Marketing
How Subcontracts India benefits its clients
Our Market Research assists in making strategic decisions. It reduces the risks involved in making decisions as well as strategies. Some major benefits are -
i. Providing accurate and latest trends related to demand, consumer behavior, sales, growth opportunities etc.
ii. Better understanding of the market, thus helping in product design, features and demand forecasts
iii. Assisting in studying and understanding the competitors, thus identifying unique selling propositions for a business.
Subcontracts India market research brings many benefits which are Industry and business specific and have high return on investments (ROI's).