Market Research – Critical Tool for Business Growth
Market Research Consulting / August 25, 2015

Market research agencies are critical for businesses to gain consumer insights. Here are some market research methods that we use in my office, Coral Research Services, New Delhi. If I said, “ Market Research has become an important tool for every business organization to grow in the market ”, I wouldn’t really be off the mark. Having worked in market research for all these years, I have seen that all leading companies who want to grow and prosper, commission Market Research. I got insights of various types of researches that a company seeks from a Market Research Firm in order to keep up with market trends and to maintain a competitive edge. Here are some of the methods I think one can use – Communication Development Study Pre-testing Advertisement – helps to know about the likeability of ads so that brands can teak their advertisements before realising that feedback later. There are times when companies also want feedback about their current live advertisements and thus undertake this study with a view to improve their adverts or create a better ad keeping consumer feedback in mind Product Development Study Testing the product – this is done by pre-launching in the market…

Market Research Consulting – An Important Success Tool For Every Business
Market Research Consulting / August 22, 2015

Market Research Consulting is critical in today’s competitive world – with many MNCs entering the Indian market, aiming to increase their market share and raise their profit percentage. This has obviously given tough competition to the Indian entrepreneur to improve their products/services in the market and be at par with their competitors. After joining Coral Research Services, a , I understood that merely producing best quality products / services will not increase the market share of a company. That is, of course, the bare basic thing to do. Besides the obvious, targeting the right consumer for their products/services, creating positive image of the company / brand in the consumer’s mind, understanding market trends, presenting / advertising products & services to the targeted consumers in such a way so as to reflect the benefits desired by them – all are important factors that determine the success of a particular product / service. In the long run, these help in the growth and stability of a business organization. Thus, for finding out all the above said things, it is very important to do market research from time to time. I must share the various type of research that I have come across…

Marketing Research for NPD
Product development / August 20, 2015

A Market Research in the right direction and with the help of an experienced Market Research Analyst can help reduce the chances of failure and pave a winning path for a ‘New’ product launch or an ‘Old’ products re-launch. In Product Development, Market Research (mix of both qualitative & quantitative) comes in as a very handy tool to assess market potential and ensure a deep-rooted product/concept, by helping with accurate need analysis. Need meets Demand’ and ‘Product meets the Needs – Products and concepts of innovative nature are difficult to be researched, owing to their intangibility. An experienced Researcher can help with this by bridging the gap between the new product development opportunities and the unmet needs of the buyer or the potential users by educating the Target audience and implanting the seed of it. Market research may be regarded as an experiment which can be unsuccessful if not conducted under the right and suitable conditions.  Bottom-up approach of ‘Needs Assessment’ and ‘Concept Screening’ is more successful that the Top-down approach of trying to fit and create acceptance of a new product or concept into the current market. Concept Development to the Product Launch – The Market Research can be a part…

Qualitative Research is now Widely Used, both in local Markets and Internationally
Product development / August 5, 2015

Qualitative research is now widely used, both in local markets and internationally, and is increasingly influential in modern marketing and social policy-making. Its methodologies, analytic tools and philosophy however, are different from those of quantitative or survey research, which traditionally has provided guidelines for the Market Research Industry as a whole. Whether a focus market research group study or online survey or other methods, ultimately all market research survey methods belong to either one of the categories – qualitative market research surveys or quantitative market surveys. Qualitative research entails getting people to expand on their answers so that you can get more insight into their attitudes and behaviour. It’s all about getting deeper into people’s responses to find out what is driving their decisions. Qualitative market research means “quality.”  Conversely, and importantly, it does not mean “quantity.”  Qualitative research methods are designed to talk to relatively few people in the target audience of interest ie a smaller sample size. The purpose of qualitative research is to plumb the depths and range of buyer attitudes and beliefs, not to measure incidence, project, or forecast quantity. Popular qualitative market research methodologies include focus group studies, depth interviews (a one on one interaction with the respondent), triads (one interviewer and three respondents), dyads (one interviewer and two respondents)…