Qualitative Market Research: providing a better insight into consumer behavior

Qualitative market research helps you have an inside look in your consumer’s perception and behavior towards your product/brand, helping improve your future decision making leading to better return on Investments (RoIs). Qualitative market research is the unstructured or semi-structured way of data collection and analysis of a consumer’s lifestyle behavior, and in-depth research of ‘why’ a consumer behaves in a certain way. It helps in future decision-making of an organization. The research entails detailed interviews, participation observation, using innovation games, group discussions and case studies. Qualitative market research is often used before the introduction of a new product idea and its development; when exploring new markets/demographics/customer groups; to assess the strength and weaknesses of a particular product/brand; for product positioning and marketing strategy, company/brand perceptions or assessing the reaction to a mass communication campaign – giving the qualitative research a wider usage scope for any type and size of an enterprise. Due to complexity of data, Qualitative research uses small group of people with similar set of characteristics (like backgrounds, attitudes/nature and demographics) and a predetermined topic. But organizations should be careful to as qualitative market research is more dependent on the skills of the researcher. Considering that there is…

Strategy Consulting Firms: providing a competitive edge to Indian organizations

Every organization wants to achieve a competitive edge and that can only be done through a key differentiating factor which a strategy consulting firm with their expertise can help determine and accomplish. So, what exactly does a strategy consulting firm do? The Strategy consultants help identify and analyze the core problems of an organization, the resources available and advice on the future goals and decision-making process. They often provide long term sustainable solutions after evaluating an organization’s capabilities and the available market opportunities. Many may ask why organizations need to hire an outside agency and why can’t they do it themselves considering the higher cost involved? Most of these strategy consultant firms have a deep understanding of the industry and an expertise on both small and large scale enterprises helping them address a wide variety of issues suitable for different industry sectors, governments, academic and non-government institutions or individuals etc. These issues can vary from strategy, finance, sales and marketing, technology, operations, mergers and acquisitions to performance improvements. The strategy consulting firms can provide dynamic, interactive and flexible workable solutions with a better analysis and perspective of risk involved and changes required. Henry Mintzberg, an internationally renowned academic and author…

The Guiding Lights of Coral, A Strategy Consulting Firm

Strategy is much more than just a plan. Strategy consulting firms are much more important for the future of any enterprise that seeks to grow in their business.  It’s the time of year that we here at Coral are thinking one thing: surveys. We think this is what most strategy consulting firms would be busy with. To get the information from company insiders that informs our rankings and company profiles, we spend months surveying employees, reading the results, and condensing them to bring to a variety of leading companies, a profile of how life is, across markets. Does strategy determine resource allocation? Is every employee empowered to execute the strategy you think of? At Coral, we see strategy as much more than a plan. It is our core business. We work with companies in every industry to develop strategies that deliver results. We are happy to have helped several clients across a myriad of industries to develop and deliver winning strategies. As a strategy consulting firm, these are some points that guide our thought processes: See things that others miss. This is important to come up with creative solutions to create value in any business. We believe it is crucial…

Market Research Qualitative – Making It Truly Qualitative

Adopting a consultative approach to qualitative market research is integral to introduce new thoughts and fresh ideas, enabling result-oriented research. Consultation techniques can help make market research qualitative.  Qualitative research focuses on an unstructured and flexible approach to understanding markets that explores people’s views, behaviours, perceptions and motives in a deeper way. The strengths of qualitative research lie in its ability to get below the surface, seeking to understand the underlying causes, the rationale behind issues and their relative importance. Increasingly, qualitative market research is undergoing transformative changes as service providers and businesses seek to get into the minds of the consumers. Online qualitative market research is fast replacing the traditional qualitative methods. As a supplement to qualitative market research, a dedicated consultation area can be used in the form of an e-consultation technique – not just for collating data, but also for scouting and sourcing opinions. Consultation documents are often used to gain feedback on proposals or draft strategies. These often form part of a wider consultation strategy including specific meetings, workshops, discussion groups and so on. Consideration should be given to the target audience when designing the document. All consultations can be added to the search database, so…