Article by V S RAMA RAO
The market trend is dynamic and ever changing and no one can draw any conclusion about the market without deeply digging in to it. Launching a product without preparing any launching pad in such a competitive age is not an intelligent move. If a company is investing time and money in producing a product then it is wise to research the market a bit and then design and produce a perfect product. A high quality product suits customers’ requirements and at the same time it is beneficial for the manufacturer as well. The success of a new product in the market is largely decided by Market Research done before launching the product in the market. Market research holds the key to success in the market. Companies are investing time and money in market research as it provides them a clear picture of the market, customer’s expectations and requirements and position of the competitors.
One of the crucial factors unveiled by market research is that it tells what the market exactly wants or what new changes it is looking for in a particular product. It helps in identifying new opportunities and unexplored avenues for launching and selling products. In short assessing the market condition through market research proves more beneficial to the manufacturer. So if you want the market to be amazed by your product invest time in market research before product development and enjoy better fruits.
The state of market is highly volatile and competitive. In order to hit the right target at the right time it is essential to identify and analyse the market need as it helps the manufacturer in developing a perfect product suiting the requirement of the market.
Purpose of Market Research:
The purpose of market research is not only restricted to market requirement or customer’s demand but it provides a broader view of the picture and:
– Helps the manufacturer to understand what the consumer wants
– Consumer is the king and to achieve success at the market front it is very important to know consumer’s opinion on different factors of the product; which will help in producing the perfect product.
– Detailed market research lessens the chances of failure after the launch of the product.
– Market research helps in predicting the future and current trends of the market.
– It helps in anticipating customer’s future need
– Manufacturer interprets the data collected from market research and designs a product suiting the customer’s need and the market trend to remain successful in their venture.
MARKETING RESEARCH TECHNIQUES
Marketing research are carried out using different techniques:
Advertising research: It helps in analysing the effectiveness of the advertisement and it is measured by the ad’s efficiency to attract attention, spread the message, build a brand image among customers and success in motivating customers to buy the product.
Brand Equity Research: It helps in realizing the consumer’s view of the brand.
Brand Name Testing: Name game plays a crucial role in attracting the customer’s attention.
Commercial eye tracking research: The success of product is largely decided by the attractiveness of advertisement, website and other visual behaviour.
Concept testing: Testing the acceptance of concept by target audience.
Human behaviour is largely affected by fashion, music and films manufacturers are now considering the effect of fashion and lifestyle before concluding a decision.
It is very important to track the buyer’s behaviour and what motivates them to buy a certain product.
Copy-testing helps in deciding the performance of an advertisement before it is aired for promotional purposes. It is a known fact that advertisements plays a significant role in motivating people’s behavior.
One of the biggest purposes of market research is to understand the customer’s expectation from a product. It is also very useful for evaluating the level of demand in the market.
DISTRIBUTION CHANNEL AUDITS – To assess distributors’ and retailers’ attitudes towards a product, brand, or company.
One of the best ways to assess the performance of the product is to send your employee to a shop anonymously for a similar product and collect all the relevant information from buyers as well as the seller.
Market research is also useful for sales forecasting, segmentation research helps in identifying psychographic and behavioral characteristics of potential buyer.
PRICE ELASTICITY TESTING – To determine how sensitive customers are to price changes.
Ad-tracking is a useful way to track the market’s trend and brand’s performance using measures like brand awareness, usage and preference among consumers.