Market Research: A Necessity
Across the world there are a myriad of vibrant cultures, all with contrasting customs, beliefs, opinions and levels of willingness and ability to pay a price for the products and services which they buy.
For example, take a 2 litre bottle of Coca-Cola; currently in the UK you would expect to pay on average £1.28 for this product, whereas in South Africa its price is approximately 48p. However, go across to Germany and you won’t find a bottle of Coke for much less than £2.52.
A company may think that it has a great idea for a new product or service only to discover that consumers either don’t want it, that it already exists, or that they’re not willing to pay the price which the seller needs to charge to make it profitable.
Market research is therefore vital for a business to know what type of products or services would be profitable and successful to introduce into the marketplace. It allows management to fine-tune its product or service for specific markets by being proactive and engaging with potential customers at the development stage and throughout the product’s life cycle.
At MSB we use bespoke quantitative and qualitative research methods across the international markets that we serve. Our focus is on tailoring our approach to survey design, delivery method, data capture, analysis and reporting techniques – depending on our client’s objectives. This approach ensures that clients obtain maximum Return on Investment.
We provide our own internal field force team. The team consists of highly experienced and professional interviewers, all of whom abide by the MRS code of conduct. The benefits to our clients include flexibility, real-time feedback, in-depth insights and value for money.
The fact is that you can't have a successful business without having the right data about your customers, the products and services which they buy and the wider demographic, market and competitor intelligence in general. Market research is an essential management tool for a viable business plan, enabling any company to survive and thrive in today's fiercely competitive market conditions.