Market Research Companies: Helping you to Explore, Uncover and Strategize

Market research is planned and executed with a purpose. It aids us in understanding the requirements, behaviour and attitudes of both existing and potential customers, members of various organizations, employees and voters. In view of above major market research companies are seasoned experts who design the research to solve business problems but don’t engage in the futile exercise of collecting arbitrary answers to some random questions simply collect a smorgasbord of data. Hence, major market research companies in India adhere to a framework, which is created after a problem has been identified and a hypothesis has been developed. It is only then the pertinent questions which would require to be put at the fore would surface. After execution of, let’s say, a survey the data which is collected can be put in the framework to provide an executable plan. Thereafter, the stakeholders who benefit from the findings would be assured by the fact that the survey is tied to the framework which in turn would facilitate the delineation of a suggested direction for the business. In view of above, major market research companies ensure that the research will be grounded in an established business model.

Market research companies in India are experts in delineating a sort of topography of the present location and the final destination. This is also known as a business framework. Such a framework helps us to make sense of the lay of the land, just a map would be useful for long treks. There are a number of frameworks and business models that aid researchers and other stakeholders to make sense of data. However, if the frameworks which are specifically meant to drive business strategies are pondered upon major market research companies often make use of frameworks for holistic strategy, namely, PEST (political, economical, social and technological) and SWOT (strengths, weaknesses, opportunities, threats). They also employ frameworks which are employed to discern a firm’s competitive advantage USP (unique selling proposition) and Porter’s generic strategies. On the other hand, frameworks like AIDA (awareness, interest, desire, and action), Maslow’s hierarchy of needs, customer journey mapping and 4Ps (product, price, place and promotion) are also employed by market research companies in India to formulate particular marketing strategies.

Major market research companies are also called in to research consumer markets wherein the number of potential buyers of a product is often a significant proportion of a total population which can tune into millions. So techniques which are employed to research such markets comprises qualitative techniques that explore complex consumer motivations and perception as well as quantitative methods which are based on rigorous sampling. This type of market may be further divided into FMCGs which don’t require any introduction for being ubiquitous and others like consumer durables, financial, media, travel and leisure and so on. Modern market research and marketing concepts were mostly developed in FMCG markets, which to this day, remains an area where most of the commercial market research is carried out. Market research companies in India are also tasked with finding out what is happening in the shops amongst final consumers on behalf of organisations marketing through retail distribution.

Markets (whether consumer or business-to-business) are not confined to single countries. Thanks! to globalisation, among others, marketing is an international phenomenon which may necessitate market research to cover North America, Europe and Asia in the same survey. Thus Major market research companies are integral to ensure comprehensive business growth.