How The Market Research Engine Works
Market research is a newly introduced field, but that does not mean it hasn’t quickly developed into a useful tool for corporations and other companies all over the world.
As a newly developed niche, marketing research companies in Dubai - Integrity Market Research have led to the establishment of a fully functional profession, with a set hierarchy within companies.
At the top of this pyramid lies the position of the vice president of marketing research, who is the senior contact point for the work in the segment, alongside heading the entire process on this front.
Market research director, which is also a senior position in large companies, is the person given the charge of the implementation and development of the research.
After this, and further down the ladder, you have project managers, data experts, analysts, and other staff.
The project managers are responsible for supervising the teams, and carry the overall responsibility of the execution.
Data experts on the other hand, are people who have the expertise in dealing with statistics and related information, while analysts prepare reports and evaluate the data.
Categories of Information In The Market Research Process
In contrast with primary information, secondary information usually comes from sources other than the consumers themselves.
It usually takes the form of important statistics and research that may also help make key decisions regarding the product.
Some of these factors include population statistics, research and reports prepared by commerce bodies, or information that another business has already finished.
How The Information Is Used
The market research product is going to address whether there is adequate demand for a particular product or service, after which the business can comfortably implement further plans.
On the other hand, if demand for the product, or interest in relation to its current specifications is lacking, the company can use the process to collect information to make changes as it sees fit.
Stages In The Market Research Process
For most products and services, the most important aspects of market research are all related to the respondents, i.e. the potential consumers.
Therefore, the questions at this point are related to who these people are, which thinking and buying patterns they stick to, and other more specific questions.
These include knowing whether the people who are going to buy the products are the same as those who decide the need for it. In the case of medicine for example, it is the doctor that decides which drug should be taken, while the patient buys it.
In the primary stage, other concerns are worthy of a mention as well. The first is whether the potential buyers have any notable characteristics that set them apart from the rest of the crowd. For example, certain products are designed for children only.