Five Basic Methods to Conduct Market Research

Wemark India, Market Research

Market Research

Surviving in today’s complex and competitive business environment requires a keen focus on market research. It aids a business in analyzing the market size, consumer needs and competition with other potential market players. There are numerous statistical and analytical methods of gathering significant information from the target sections of the society. In this article, WeMark India, one of the best surveying, auditing, and management companies, suggests five effective techniques of performing reliable market research.

  1. Questionnaires and surveys: It is the most commonly practiced method of conducting primary market research. It includes distribution of product samples and receiving feedback from customers about the product’s development. Quick one-on-one interviews, simple and concise questionnaires, brief forms, telephonic feedbacks, mail responses and online interviews are some of the ways for carrying out surveys.
  1. Detailed personal interviews: A quantitative approach to undertake primary market research is in-depth customer interviews. This includes considering the preferences and choices of the target customer base through face-to-face interactions. A moderator presents open-ended, subjective questions to the respondent via varied methods and modes. Detailed conclusions drawn from these interviews will be crucial in analyzing the performance and shortcomings of the product for better consumer satisfaction. 
  1. Focus groups: Another great way to understand market trends is through the qualitative research method called focus groups. It involves selection of a group of individuals, users or consumers, either from the same age group, community or gender. Unlike personal interviews, the chosen audience provides insightful feedback of the product or service in a group discussion. This could be held at a feasible physical location or a virtual one (video conferencing).Compensations can be offered to the participants in the form of attractive discount coupons, free vouchers or gifts.
  1. Observations: This technique of market research involves zero interaction and communication with the end user. Actual buying behaviour, shopping patterns and preferences of the targeted group can be observed by videotaping. It helps researchers in evaluating the general response or habit of buyers to device product development and marketing strategies accordingly.
  1. Experiments and field trials: This type of market research is carried out within a controlled setup after careful planning. For example, a company putting a new product on sale in selected stores. Basically, this is to test the response of customers in real-life selling conditions. Testing of new products can be done by collaborating with a website or a local store. The results would be helpful in bringing modifications during full-time production and sale in terms of price of the product and its packaging.

 

Want to determine which market research technique would be best for your business? Get expert assistance on Customer Satisfaction Surveys and Due Diligence Program by WeMark India. Our skilled consultants formulate comprehensive survey plans to help you get insights on the latest market trends and consumer requirements. You can also visit www.wemarkindia.com/ to avail competitive services on internal audit and mystery shopping.

 

Internal Auditing: How important it is for a company?

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Internal Auditing: How important it is for a company?

Internal Auditing is an activity of exercising management controls within an organization. This disciplined and systematic approach involves multiple processes that aim at boosting the organization’s efficiency and effectiveness. It includes planning, organization, direction and control of operations by setting up innovative systems that can measure, report and monitor performance. It offers enhanced risk-management to business houses and assists in accomplishing the pre-established goals and objectives successfully.

 

We, at WeMark India, excel in providing the best brand surveying, auditing, and management systems. We will walk you through the specific benefits of internal auditing and how it improves varied business processes and functions.

 

  • Helps in assessment of risk: Internal audit measures an organization’s current activities as well as the future changes that could be a threat to the management. Audit reports will help in evaluating the risks and setting up plans to prevent them. This may include a detailed review of strategic plans, financial statements, prior audit reports, and interviews of department/project heads.

 

  • Aids in identifying operation redundancies: Internal auditing is a great way for organizations to detect loopholes in the existing operational, management, and control techniques. It provides in-depth analysis so that corrective measures could be taken in the right direction.

 

  • An internal ‘Early Warning System’: The process of auditing helps in identifying and rectifying the faltering and deficient areas of the organization internally. It serves as an early warning system that aids management in taking effective steps before an external compliance auditor or regulatory body detects the shortcomings and attacks the credibility of the company.

 

  • Increases accountability: Regular and impromptu auditing evaluates the functioning of control systems as well as the employees handling them. It will help in identifying and filling of gaps, and simultaneously increase the accountability of each member of the team. This will bring stability to both the process-dependent and person-dependent approaches.

 

Establishing an internal audit team is not a colossal investment but, certainly, a vital one. Not only it will repel potential financial frauds like improper payroll transactions, cash theft and check tampering, but also misuse of company’s other confidential resources and policies. For more details, visit www.wemarkindia.com/.