Of the many talents and skills TENET team bring to their projects, the ability to genuinely listen to their clients is one of the best. After only a few meetings, TENET team gained sufficient knowledge about our business, our goals and most importantly our market, to create online profile and logo for our company that surpassed all our expectations...
Marketing research is systematic design, collection, analysis and reporting of data and findings relevent to the business, helping businesses to take innovative decisions related to product or service design, delivery and customer service to enhance marketplace competitiveness.
Best marketing research is based on scientific and accurate model building, ethical focus and combination of multiple research methods. The research process also includes defining the problem, decision alternatives and research objective. Research can be for different customer groups like consumers, employees, shareholders and suppliers.
One of the major reason for undertaking marketing research is to identify and measure opportunities in the market and analyse them for profit potential. Market can be breaked down into number of ways like available market, potential market, target market, penetrated market. There can be studies like segmentation research, product research, pricing research and promotional research. Research studies can be performed to understand industry sales and market shares, company sales potential, estimating future demand or customer satisfaction level and much other information related to business and marketing. This can be finalised at the time of preliminary discussion for Defining the Problem
Generally, market researchers have their own favorite approaches and every approach can be different for the same problem. some go for qualitative techniques while some believe that quantitative approach is the only legitimate and defensible.
There are different research formulations. Exploratory research involves secondary data and qualitative research, while Descriptive research uses survey and observation methods. Methodology used for casual research design is experimentation.
Some of the well known research analysis techniques are analysis of Variance and Co-variance, T-tests, ANOVA, Correlation and Regression, Discriminent Analysis, The Logit Model, Cluster Analysis, Factor Analysis, Multidimensional Scaling and Conjoint Analysis. The selection of these techniques depends on Research Design Formulation based on thorough understanding of client's needs.
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