Research methodologies define the quality of your PhD dissertation. The methodology is the most crucial part of one’s thesis. As far as market research methodology is concerned, it provides a research roadmap for a researcher and its audience as well. Moreover, reading this chapter is a common approach to find biasness and other research ethical considerations in doctoral dissertations. Hence, this article will highlight the importance of market research, methods to conduct market research, especially consumer market research and some effective tool to conduct it.
Importance Of Market Research
Market research is the process of finding the availability of a new product or service through research with potential customers directly. Market research allows businesses to find a target market and collect feedback. It also helps in exploring the customer’s interest in the specific product or service. You can conduct the market research by sitting in your house, hiring a market researcher directly or seeking a third party company. Besides, market research plays a central role in the growth of a business for several reasons. Likewise, it helps in making informed decisions such as knowing the feasibility of launching new products before time or fixing budgets for the products.
Market research is an important factor in developing a market strategy. If done correctly, it helps to explain marketing activities. For example, you can understand the needs of your audience and the important messages that need to be delivered to your consumer. The market research methodology is an ongoing activity for both large and small size businesses. The reason is the business environment, the customer’s mind-set and the market trends that are changing continuously. In this scenario, it is important for businesses to keep researching to enlist all the factors affecting their marketing plans and sustainability.
What Are The 4 Market Research Methodologies?
Irrespective of the nature of business/industry, the market research methodologies are effective enough, especially for making marketing strategies. There are several methods that businesses can use to conduct market research. In other words, the market researcher does not need to stick to one method to gather information on customers’ interests. Rather, they can switch in between the four valuable market research methodologies to take the best market advantages. The list of these four market research methodologies includes customer observation, interviews, surveys, and focus groups. Let’s discuss them.
Observation is a powerful tool to conduct almost every sort of research, and market research is one of them. In this market research methodology, someone from a particular company observes the ideal customer and presents a report on the customer’s interests to the company. The observation is best to focus on the market trends, the customer’s feedback or expectations. In fact, it is an in-expensive and easiest way to conduct market research.
An interview is a face to face interaction with members of the market. Though there are many other market research methodologies as well, no one can beat the face-to-face interviews in understanding the market trends. But if face-to-face communication is not possible, video conferencing is another option for market research. Whatever your way to collecting the interviews, any in-depth interview can go a long way in understanding your target audience. In case of any issue, you can get help from PhD dissertation writing services.
A survey is a form of qualitative market research that asks for a series of open-ended or open-ended questions from the respondents. Surveys can be delivered by email or on-screen questionnaires. Surveys are very popular, and the reason is they are portable, easy to use and can collect data quickly.
1.4 Focus Groups
Focus groups bring together a particular group of people who belongs to the target market. In this type of market research, a marketer provides insights into the product information based on the expert’s experience and market values. This market research methodology is less recommended for newbies. This is because this method is a bit expensive and difficult to handle without expertise. All these types of market research methodologies have pros and cons, so it is up to the researcher to wisely select the most appropriate one, especially for the PhD dissertation.
Consumer Research Methods
Another most important part of market research is consumer research. By definition, consumer research is in which customers’ motivation, preference and purchase behaviour is monitored. This part of market research helps organisations and businesses to understand the customer’s demands to make purchasing behaviour profiles. Further, consumers are the factors that run or flourish a business, so considering their demands through consumer research methods can never hurt a business. Hence, following are some consumer research methods that may help you to find the need of the consumers:
Method 1: Study the consumer satisfaction level
Method 2: Estimation of consumer’s decision process
Method # 3: Review the brand’s market positions
Method #4: Brand tests and user experience
Method #5: Find the competitive market costs of services and products
Method #6: Social media monitoring
All these consumer research methods help in getting consumers’ feedback about the qualities and standards of products and services. Also, it helps in turning someone’s marketing weaknesses into a strength by gathering constructive reviews from valued consumers.
Market Research Tools
Market research is extremely important in improving or refining the quality of services or products to fulfil consumers’ needs. With the advent of technologies, marketing research has become easier with the availability of tons of market research tools. Now, it is up to the researcher whether he would go for the free or premium quality tools for market research. Following are a few of them that can help in conducting your research faster:
In terms of demographics and industries, FreeLunch can collect worldwide information (most popular in the USA) that is extremely helpful in market research.
It is an online market research tool that allows to filter the financial information of several industries. It provides information on annual spending and other insights for marketing purposes.
It helps marketers in accessing both market or brands insights.
In short, if you are looking for market research methodologies for PhD dissertation, you should first know about its importance in order to get a clear picture. Once you know the importance, the next step is to select the methods to conduct the research like survey, observation or interview. In additions, there are tons of market research tools like FreeLunch, BizStat and Attest to speed up the process.