When launching or operational improving products, companies usually conduct market research. Thanks to the results of these works, production manages to incur minimal costs for the promotion of goods in a particular segment.
How the market is explored
Often a company producing a particular product needs to get the most complete information about competitors, market segmentation , government regulations and the characteristics of the main consumer niche. To accumulate and systematize such information, there is a marketing research of the market.
As a rule, each product is produced for a specific category of consumers, and the manufacturer needs to know absolutely everything about these end-users that may affect the offered products in one way or another:
- what the buyer expects;
- how much he is willing to pay for the goods;
- whichever parts I prefer in the product.
A company can conduct research on its own, at the expense of the efforts of its internal divisions, or, for example, turn to an independent company, such as Globaltestmarket, reviews of which have gained a sufficient number of points over the years of successful work. In addition to Globaltestmarket, there are many other marketing organizations, possibly smaller in scope, but no less effective in their work.
Direction of marketing research
So, we found out the necessity and importance of such a process as conducting market research, but what exactly does it consist of?
First you need to determine the completeness of the market: analyze the supply of competitive products, compare with real consumer demand. After, depending on the production volume of the original company, it is necessary to determine its own equity segment in this very market.
After determining the shares, you can start a detailed study of the characteristics of competitors' products: what is their marketing policy, how do they attract their customers, perhaps what are the strengths and weaknesses of the products.
Do not forget about customers. It is necessary to find out the main preferences and direction of demand, age and social category of the consumer.
And, finally, the last task that market research is pursuing is analytics of our own capabilities regarding the marketing of products, since illiterate logistics often carries a considerable share of the costs that could have been avoided if the production preferences were correctly formulated.
Modern methods
In modern marketing, there are several ways to explore the market that each company can use at its discretion. To obtain the primary information, these economic indicators are not enough, therefore, it is necessary to resort to “exit measures”.
Observation. This method can be classified as passive and quite simple. Often, consumer surveys include social surveys of consumers (the marketing company Globaltestmarket has actively occupied this niche, reviews of the population are collected from all over the world), although the company can do this independently.
The experiment method is also actively used . You can, for example, compare products in a laboratory or strength test.
After receiving the initial information, you can return to the analysis of the market and the data obtained. It is clear that if a company does not have its own marketing department, it can turn to professionals to collect the necessary indicators.
Where to go
A company with several decades of experience - Globaltestmarket.com - offers its services to manufacturers around the world. Working with it is good because researchers have developed their own huge consumer base around the world, ranked by social status, age and occupation. Therefore, the errors are minimal with the Globaltestmarket survey data. The reviews are systematized in such a way that the manufacturer does not even have to spend his time ranking the data received in any categories.
In addition, in every major city there are local marketing companies that can help the manufacturer with both the on-site collection of primary information and the processing of the data and further market analysis.
Globaltestmarket: company reviews
In addition to all of the above, I would like to note that anyone can become a respondent in the GlobalTestMarket company by filling out the information about themselves in the questionnaire as much as possible, then receiving questionnaires and helping the domestic market with research.
Many have already joined the Globaltestmarket respondent network, and are quite happy with the result: you not only help a modern manufacturer to improve the quality of their products, adapt to their consumers' preferences, but also get a small but stable profit.