Types of Market Research and Market Research Services
According to a 2016 report, the total revenue generated by the market research industry globally is around $45 billion. The United States of America contributes nearly $15 billion to this figure. Therefore, it is not wrong to say that the United States dominates the market research industry. This billion-dollar industry houses some of the most complicated functional structures and undoubtedly there are various categories in this industry. Here are the types of market research done by market research services as well as the types of market research services.
Types of Market Research
1. Product Review
To engage in product development, it becomes important for a company to familiarize themselves with the kind of products desired by the masses. Before a product or service is launched, product researchers study its desirability in the market. This enables them to prioritize the consumers’ perspectives rather than compelling them to buy things that they want to sell.
2. Descriptive Research
Descriptive research is the best way of finding answers to questions like the total number of people using the product, the popularity of the goods and services, its upcoming demand, as well as the list of competitors. Since the answers required should be honest and accurate, the questionnaires are rigid in nature. They cannot be altered according to the responses.
3. Consumer Loyalty Study
In today’s highly competitive market, it is important to maintain a customer base. But this is difficult not only for the companies but also for the customers because there are so many options to choose from. A regular and satisfied customer may not essentially be loyal. Therefore, knowing why customers prioritize a brand is important so as to alter and maintain the quality and pricing.
4. Pricing Review
The price of the product is determined by evaluating its supply and demand rate. If the pricing is too high, only a certain group of people will be able to access it. Market research helps to know whether or not the customers are satisfied with the current pricing of the product with the help of pricing review.
Types of Market Research Services
1. On-field Market Research Services
On-field or field market research services perform the research by appointing researchers to directly obtain information from the consumers. They interview respondents and record their responses to derive accurate data. This is the most interactive form of market research.
2. Customized Market Research Services
Most market research services have their own specified way of doing a research. However, when a business requires answers to only a few specific questions, they employ custom market research services. All the research material, then, is prepared especially for the client.
3. Online Market Research Services
With such an extensive emergence of internet services, businesses still feel hesitant to use online tools for doing a market research. Online market research services act as a bridge between the customers and the businesses and analyze their relationship. This is the easiest and cheapest form of market research because it ensures convenience of both the parties involved.
The market research services have showcased great scope globally. They are used to acquire information on different market sectors pertaining to various topographical regions. They have made obtaining data on public opinion truly effortless.