Role of Primary Market Research Outsourcing Companies
Primary research contributes to being a type of search where the data is accumulated from the respondent directly. The research is accomplished by having an in-depth understanding of the depth. It is a must to have the prerequisite understanding of the market environment. 4 Primary Steps in the Market Research Process aids in finding out how the market is. Market intelligence is becoming aware of the existing market scenarios. The areas which are considered to be an indispensable part of market intelligence are enlisted below:
- Market segmentation
It is a must to have an understanding of the market segment. This aids in positioning the service or product in the dynamic market accurately. market research outsourcing companies find out whether a product should be marketed to working professionals, seniors or teenagers. This is beneficial in tailoring the message.
- Product position
The position of a product in the market is determined by market research. Whether the product has a neutral, unfavorable or favorable market is determined by market research. Thus, the marketing efforts are designed on the basis of the position of service, product or brand.
It is necessary to understand the behavior of consumer which should be inclusive of motivation, attitude and several other factors.
Management consultants are known to assist with primary market research. Primary market research has gained high prominence for taking an ample amount of time. Hence, by hiring management consultants, you will be capable of conducting in-depth research which will offer empirical and conclusive results.
Primary market research involves six major steps which are enlisted below:
- Defining the problem statement
It is a prerequisite to state the issue in a clear and concise manner. Thus, you need to have a thorough understanding of what you are exactly trying to prove or find out. An instance is finding the sales forecast for a specific span of time. It is a must to define the place and time clearly.
- Procedures for the collection of data
The methodologies require defining and the following spot on. You need to ensure if the methodology which is adopted is going to be an interview or survey. In case, a survey is chosen whether it is going to be an online survey or telephonic interview, the methodology requires defining in the starting so that questions are devices.
- Sampling technique
Defining the sampling technique is recognized to be a cluster, stratified, random and must technique. It is a must to avoid a combination of techniques during primary market research. Instead, the market research outsourcing companies should make use of stratified sampling. It is recognized to be a methodology for the collection of data which divides the whole target audience into a wide number of subgroups, chosen the sample or final group.
- Analysis of data
Post to the collection of data, the data happens to be interpreted via statistics. It is a must that the researchers should be defining the software which they use for interpreting data.
- Checking of error
This step is recognized to be vital. It is a must that the researcher should conduct a thorough checking whether the data which is entered is accurate.
- Research report writing
All the aspects of research should be combined. The tables, charts and another type of pictorial representation should be written at the specific stage.