Methods and Benefits of Market Research

With the ever changing market, responsibility of marketing is increasing. In today’s business, market research needs to utilize limited resources into effective strategies. But a market research report contains variety of parameters to be covered such as – company’s strategic position, detailed reports on the industry, challenges, new opportunities, competitors and internal enterprise problems etc.

Market research is always evolving - customer preferences change, demographics change, new competitors and opportunities are always incoming. Therefore, if this huge responsibility falls on few marketing personnel, it becomes difficult to gain more productivity, efficiency and successful results.

As large the enterprise is, the research is just as extensive. It has become not only an advantage but a necessity as well. Therefore learning how to do a basic market research is important.

• Investigating

There are two basic methods of investigating the market, through primary and secondary research.

1. Primary method – The goal in this is find effectiveness of current service/product, analyzing present sales and investigating if/how competitors’ services are cutting into the company’s share. 

It can be done through surveys, telephonic interviews, feedback forms, Questionnaires (online or paper) etc.

2. Secondary method  – The goal of this is to study the data that has already been collected by different agencies. This involves analyzing statistics, news and online market research reports by specialized marketing agencies, trade associations and government bodies etc.

    •   Collecting data

Understanding customers, company’ product/service and the environment of the business, collecting data is the key step of constructing a competitive strategy. There are two types of collecting data- qualitative and quantitative.

1. Quantitative method means collecting statistics and employing mathematical analysis on them. It helps in gaining and converting information about your target customers/potential customer (demographics) among other things into hard numerical stats for better understanding

2. Qualitative method helps improving your Quantitative investigative results by accounting in customer preferences, businesses’ internal problems etc.

Every individual involved in launching of a product/service has an idea about marketing it. While this is important, you will find different opinions and perceptions of consumers that are not as financially/emotionally attached to the product/service. Therefore Global market research reports gives you a new angle of understanding and helps you compromise for the betterment of brand repositioning and marketing.  

Retail Industry Analysis- 2016 Cost and Revenue Trends

The retail sector in the United States is a trillion dollar industry, encompassing revenues from auto dealers, vending machines, internet outlets, convenience stores, apparels, and a lot more. The industry itself caters fifteen million jobs. The year 2016 will bring a large financial influx reflecting higher spending limit by consumers, greater profits, insurance rates etc. According to the retail market research reports drug & cosmetic stores contribute 10 percent sales, while vehicle dealers, food & beverage stores deliver 20 and 14 percent to the total sales, respectively.

Factors that Relate to Retail Industry Economy

Personal income and consumer trust are the main drivers to retail segment. It is coupled with merchandising, large chains, supply chain management, and franchisees. As per retail industry analysis, the average sales margin lies at 30 and 40 percent. The margin drawn depends on production/supply volume, grocery stores, and other factors.

1. Seasonality: Occasions often inspire people to buy gifts, necessary and luxury items. Thus, retailers find the holiday and season time best to achieve best return on investments. For e.g. home décor shops make the most during winter and autumn when people are generally investing in home improvements, while gift shops earn good during Easter, Christmas, feasts etc.

2. Location: For retailers, location of their store is also important to evaluate the success or failure. These days internet presence is vital even for brick and mortar outlets, as found in retail market research. If a store is in proximity of a customer, then it will be better equipped in sales revenue than a far-off store.

3.  Taxes and Regulations: One of the challenges and advantage that the retailers enjoy is the tax levy and benefits. For consumers tax is something they dread, but for a firm, it may bring in extra income, especially those dealing with tips, and service charge. According to retail market reports, government on timely basis keeps a check on retailers from stopping the misuse of regulations and tax services.

Ups and Downs in Global Tobacco Products Industry 2016

Tobacco is utilized mostly in manufacturing cigarettes, cigar, or taking as chewing or smoking or snuff agents. The tobacco products consumption increased when economic slowdown hit the stock market, which led many people stressed to seek relief on smoking. But, as the economy caught up, there was reduction in its intake. The World Health Organization predicted that smoking rates have declined as developing and developed nations are more concerned now about conscious and healthy lifestyles.

• Healthcare and Anti-Tobacco Initiatives

The governments are placing greater regulations and excise taxes on such substances as well to prevent people from pursuing this injurious habit. Many organizations and healthcare centers are involved in education masses about ill effects of nicotine consumption, while others are included in rehabilitating those who wish to quit smoking. The tobacco industry analysis conveys that health conscious population is also on the increase, causing many to support the anti-tobacco drives being launched worldwide.

• Manufacture Processes and Regulations

Supportive schemes from government are main factors, which is obstructing the market growth. In fact, quit nicotine equipments and non-tobacco products for relieving stress is being demanded by those who want to get rid of smoking habit. However, the market research reports have also showcased that tobacco substances are nowadays much processed and refined, catering to a niche audience, with Asia-Pacific regions (India, China, and Indonesia) sharing labor intensive markets, while others prefer automation and machinery in production activity.

• Tobacco Substance Regional Producers

Some of the major manufacturers are Philip Morris International, British American Tobacco Plc, National Tobacco Corporation, Imperial Tobacco, Tobacco & Liquor Corp., Lorillard and Reynolds American etc. The relevant report covers geographic prominence in Europe, North America, Asia Pacific, and the rest of the world. Research also elucidates factors challenging and driving the market, its structure, and future projections, along with recent development details, and existing or top industry players etc.

Digital Media Giants Shift to Major Acquisitions for 2015-2016

With major transformations, mergers and acquisitions of digital stations, technology industry is combing ahead in 2015-2016. The digital media networks are expanding roots into content driven market, which bases of attracting large amount of views, visits, clicks, and shares.

Tech Radar on Most Expensive Deals

Right from social media to popular traditional channels, electronic communications has incremented the future exponentially for users. The bigwigs of such movements are generating enormous profits by acquiring promising startups and firms.

•   2015 year noted monumental developments such as Amazon buying out Twitch (game site) for $1 billion, Facebook teaming with Oculus VR worth $2 billion, and Disney Studios purchasing multi channel network, Market Studios for around $1 billion.

•   Microsoft too joined the race by uploading Mojang (Minecraft maker) for $2.5 billion. And, we cannot forget Apple spending $3 billion buying the Dr. Dre’s Beats. All these deals amount to about $10 billion already.

Networking Balloon- Which Firms are flying high?

Continued investments in content-driven distributions and monopoly are charging up tech in 2015-2015. Billions of dollars are already lined up for strategic developments, and acquirers are composed with hawk-eyes to purchase the next best possible digital network.

•   The mobile oriented audiences are growing the economy for video-streaming giants on a mass scale, especially for the U.S. digital media and that of Europe. Developing countries are too needling a share into the industry.

•    Marketing schemes are measurable up to not just advertisements, but to maximize visitors to the clients and companies. Yahoo acquired BrightRoll for a whopping $60 million. Video unbundling is too catching up pace, and gaming industry is exploring novel dimensions.

•   Leading telecommunications market research report that lifestyle entertainment and services are being digitalized to suit common mans needs. For example, Red Bull, Pepsi, GoPro, and Marriot too have voiced such futuristic goals.

Market Research Techniques: Kick-starting a Startup Business

We have heard about the battle plan of startup business. Yes, it is really like going to a war, but, only a pleasant one. However, competitors and challenges are always up to the neck, making some rethink on wading back to gates or plunging straight into bustling industry. Here are some clever market research techniques devised to be the armor for every struggling or advancing startup firm.

Know the Industry and Consumers

Going in with big dreams is always good, but not without being knowledgeable about the target industry and consumers. The scope of your firm’s product/services completely depends on the available or created demand, and relevance of the same in industry. Be unique and out of the box in striking a bond with customers, but do not go off track. For e.g. you cannot force people to eat rice, if they really love to have wheat food products, but, you can introduce wheat cake than wheat cookies (which could be their staple snack).

Be Attentive to Opponents

What the competitors are doing, thinking, and strategizing does hold the noose to your success. We are not advising you to mimic the key players, but learn from their experiences and mistakes. A good market research and analysis will inform you about the competitor’s weaknesses, which could be exploited for own benefit. Launch what they cannot, do what they have not, to pocket most of the customers. Axe down the threats you face, and play on the strengths.

Have a Backup Plan

Going with a strong and steady plan for startup business is a safe way, but even safer is to have a backup up plan for progress. It is just a precautionary and a smart measure, in case the current strategy faces a hindrance, asking a lot of efforts to re-initialize the same newly. Get expert business professionals who are quick to undertake market research technique for an apt alternative, if something goes wrong.

Unleash your Master Skills

Do not reveal all your aces at ones, keep some for later and take the competitors by surprise. By this, we do not mean to not take the right step when needed. But, startups are thought as weaklings. However, you can depict how strong you are by moving the pawn at accurate moments with the master skills the company professionals have been hiding all the while. Draw a relative and thorough run of market research and analysis to acquaint with business do’s and don’ts.

Growing Scope of Global Magazine Publishing Market in 2014-2018

The circulation of niche trade magazines in 2015 has spurted at 0.2% and by 2018 it will scale to US$98.1 billion from 2013 figures of US$97, as reported by Magazine Publishing Industry Analysis. Publishers are following in steps of the trend and converting their information propagation to paid digital editions. However, the commercial and trade industry for publishing still has a scope among professionals and is supposed to add more followers to the list, according to the Market Research and Analysis. There are critical views on rising circulation of comics and novels in against magazine popularity.

Challenges to Global Magazine Publishing Market

The challenge still remains the availability of reading materials for both commercial and lifestyle purpose on mobiles and internet for information and news apps are crowding the market. But, those dedicated to getting their hands on hardcopies for details are purchasing more magazines than ever before. As per the Market Research and Analysis in 2014-2018, Venezuela, Argentina and Peru will roll ahead with CAGR 6.8%, while Hungary and Turkey will toll at 5.3% CAGR in trade print magazines.

Techniques to Retain Audience

Where print advertising is declining in revenue, the internet advertising will tower in 2018 at US$12.4 billion, which is spreading wings in magazines’ sector, according to the Magazine Publishing IndustryAnalysis. The publishing industry is relying on rooting subscription services on transforming the scenario, which will provide gross incomes, but decline the revenue by few percentages. However, this method will create stronghold in the market as readers will be faithful towards a particular consumer magazine when subscribing for a long period to an asset.

National steel policy will significantly transform the fate of Iron and Steel industry

Contribution of the iron and steel industry has always been considered as a symbol of economic growth, till date this industry has played pivotal role in the infrastructure and fundamental amenities contributed towards humongous economic progress. Market survey has shown that we had produced 66.8 million tonnes from 2010 to 2011, whereas China, manufactured 626.7 million tonnes. Data collected on the basis of evaluation of steel market brought to the notice that we use nearly at 50 kg of steel every year, this is really a poor picture compared to the world’s average consumption which is approximately 200 kg every year and developed world’s per year utilization of steel is 350 kg per person.The National Steel Policy which was drafted in the year of 2005 eyes on speeding up the process of total steel production in the country to 110 million tonnes between 2019 to 20 from 38 million tonnes.

Iron market has spurred an annual growth by approximately 7.3 percent. This industry is gradually marking its foot print in this field very firmly; total outcome in the year of 2010 was nearly 66.8 million tonnes. Many companies have accepted brownfield expansion projects that have also given small setback. To understand this growth in more simple tone, per head use of steel denotes the technological up gradation of a nation. Everyone is now aware about a fact that India owes one of the richest stocks of all the crude materials which is necessary to establish any industry viz. land, capital, marginal labour, iron ore, power, coal etc. All these elements are available in plenty.  But still we rank 5th globally for the manufacturing of steel.