Market research/Marketing researcha

Modern market is complex and characterized by rapid changes, frequent and rapid technological
advancements, the increasing globalization and fluctuation of information, capital, labor and other resources. The global recession expected as a result of the COVID-19 epidemic presents additional aggravating circumstances for organizations in their effort to respond to their environment in a timely and correct manner. Adequate and rapid response to new challenges is an essential task for businesses and managers.

Modern businesses are forced to constantly gather information about both their internal environment (their own strengths and weaknesses) and the external environment (consumers, competitors, partners, the state and its economic policies, etc.). Information is important not only to monitor the environment, but also to anticipate changes in the environment, create changes that could improve business, increase sales and improve the competitiveness of businesses.

To put it simply, without quality information there are no timely and valid business decisions.

The goals of the research may be different and most often include: market research, consumer motives, demand, competition, products, distribution, promotional mix, prices and payments, and logistics. Information obtained from market research is used as a basis for planning activities, such as: developing a business plan,, developing a marketing plan, etc.

Market research areas generally include:

• macro environment (demography, economic environment, raw material-energy environment, technological-technical environment, legal-political and socio-cultural environment)
• micro environment (company, competition, suppliers, customers, public, institutions and intermediaries)

The usefulness of information obtained through market research is evaluated through:

• the importance of the information for the individual decision to be made,
• degree of uncertainty and risk of decisions,
• expectations of the extent to which information reduces the risk and uncertainty of making and implementing business decisions.

Market research process

Market research involves the following steps:

• problem definition,
• informal research,
• preparation of research (choice of research method, preparation of research plan, measurement, scaling and preparation of questionnaires),
• data collection (survey)
• data processing
• data analysis
• synthesis and interpretation of results, with recommendation of measures and activities

Data collection

Market research can be conducted through “field research” and “desk research”, using different qualitative and quantitative methods. The collected data is often divided into a group of primary and secondary data.

The data observed and recorded by the researcher for the first time to his knowledge are called primary data. The basic criterion for the classification of primary data is the degree of reliability and frequency, so a distinction should be made between facts, opinions and motives.

Secondary data are those data available to the researcher before he begins his work, ie. information that someone has already collected. The key questions are where and how such data can be found, what their content is and how to use it most rationally for their own research. Such data are often available in various statistical publications, data from chambers of commerce and industry, government institutions, financial organizations, etc.

Collected data processing and analysis

After collecting primary and secondary data, the most delicate phase in the market research process begins – data processing and analysis. The processing of the collected data, their control, classification, coding and tabulation, is a necessary preparation for analysis.

The control of the research is performed on three levels:

• interviewers (read questionnaires and respond to unclear answers),
• coordinators (control the work of the interviewer before the start of the survey as well as in the field),
• researchers (control the data collected as well as the coordinators).

The criteria for classifying data depend on the research objectives, and the most common are:

• quantitative (formation of data groups based on numerical characteristics),
• qualitative (eg grouping opinions on quality into positive and negative),
• temporal (chronological classification)
• geographical (classification according to regional markets).

Coding represents the labeling of each data group by numeric or other symbols, so that the primary data collected represents the coded responses of the respondents.

Tabulation involves counting predefined groups and their characteristics in a way that provides maximum transparency and analysis. Depending on the complexity of the research, as well as the desired depth of analysis, this process is performed using the so-called. spreadsheet programs (eg MS Excel) or through specialized statistical programs (eg IBM SPSS).

The analysis of the collected data is the focus of the whole process, because without creative analysis there are no reliable and useful conclusions. The stages of the analysis process are:

• collapsing established groups to make it easier to identify their characteristics,
• establishing characteristic relationships between data groups,
• explanation of the causes of established characteristic relationships between data groups,
• interpretation of results ie. assessment of their importance for business decision making.

Why entrust us with market research for your business?

Our main advantages in the market research business are:

• experience – all members of our team have years of experience in market research business.
• speed – we carry out the survey in a very short period of time, and if necessary we can hire additional interviewers to maximize the duration of the work.
• quality – our core principle is to provide clients with maximum value for their money. For this reason, we carry out rigorous scrutiny of the whole process, to make sure that the market research results are completely reliable.

Our team of experts has all the necessary expertise as well as extensive experience in this business. We will conduct a complete market research for you – from defining the purpose of the survey, through the development of survey questionnaires, conducting a field survey, processing and analyzing data, to drawing conclusions and making recommendations on measures to be taken. We will give you complete insight into the market situation, the needs of your customers and the power of competition. And most importantly, we will provide you with quality information to make timely and valid business decisions!

Our satisfied customers are the best guarantee of the quality of our services. 

For more information, please contact us!