MARKET RESEARCH SERVICES
Qeeva Advisory Limited is a top-notch management consulting and advisory firms in Nigeria. We offer customized applied social, business and economic research to our customers. Our Research covers:
- Research on Product
- Research on Market
- Research on Sales Methods and Policies
- Research on Advertising
- Research on Pricing
- Research on Distribution
- Research on Business Environment and Corporate Responsibility
- Social and Economic Intervention Programmes
- Employee Surveys
- Customer Satisfaction
- Brand Awareness
As a Marketing Research Company in Nigeria, we make use of both quantitative and qualitative data in delivering results.
Marketing Research is the systematic way of gathering, analyzing, interpreting, reporting information about a particular company product or services which is meant to be sold into a market. It also inquires into the product or service retrospective, present, and prospective customers. Market research will also get the in-depth of the product or services customers’ characters, location, needs, and even their spending habit.
Market research helps with the necessary information to help solve marketing challenges that a business face, check into the activities of the competitors and as well help in the company planning process.
Market Research is either in done with the use of primary data or secondary data depending on the type of product or service, the location such research is conducted and the budget of the company researching.
Primary data: This is a research whereby the researcher is using a direct approach such as interview, questionnaire, survey, observation, test marketing etc.
Secondary data: In this research, readily compiled and organized materials within or outside the company are used by the researcher for the market research. Examples of secondary data are reports by government agencies, newspaper report, business gazette/journal, trade association reports/handbooks etc.
Types of Marketing Research
Marketing research type can either be categorized based on the broad types and other types
- Based on the broad group
Qualitative Market Research: this is the marketing research conducted to answer questions like “how, why” etc. it usually focuses its attention on a smaller number of people.
Quantitative Market Research: in this type of research, we answer questions that are based on “how much, how many” etc. it deals majorly with the number and most times used for a large group of people.
- Based on other types in accordance with marketing research purpose
Market Intelligence Research: under this market research, research is lunch into concepts like sales forecasting, economic forecasting, competitive products etc. It has to do with research of the company market size and location, the competition and segmentation within the market for a particular product. This is where we research about competitors products.
Attitude Market Research: this market research has to do with the opinion and the way customers to a particular product feel about the product or service they receive. It may even test to obtain how people feel about the company itself in all ramifications. Activities under this research include research like mail survey, telephone interviews or opinion polls.
Media market research: Under this type of market research, proper research is channeled towards market issues like Brand awareness, advertisement recall, brand image, effectiveness of advertising, audience size, and target market etc. since it has to do with advertising research, emphasis is laid on the effectiveness of the media, it selection, frequency and rating of the media.
Product Market Research: this is one of the most frequently done research because it has to do with the product or services of a company which can either be a new or existing product. While using concept testing for new products, we use questionnaire and interview research for existing products or services. Product market research focuses on evaluating the design, usage of the product and how the customer received the new and even the existing products offered.
Using the direct mail questionnaire method, it is always advisable to conform to the following tips
- The researcher must be sure the questions are:
- Short, precise and straight to the point
- Addressed to the specific group of people
- Not more than two pages
- Professionally prepared with a cover letter
- Should have a way to benefit the customers or people been administered
Here are some of the objectives of marketing research
- Market research enables the company to know and locate its customers
- With market research, the firm is able to measure and evaluate the impact of promotional efforts
- It also stands to know the opinion of the customer about a particular product or services looking at the size, colour packaging etc.
- Market research will also help to know the market costs of products and profits the product or service is generated.
- Market research also considers the impact of external force on the product considering the major and minor competitor, government, suppliers etc.
6. To design and implement marketing control because marketing control is the final or terminal job in
the marketing management.
Marketing Research Process
There are about six steps involved in carrying out a detailed and functional market research. They are:
- Define the Problem- the first step in the process is defining the problem. In defining the problem, the researcher should take into account the purpose of the study, relevant background information and all necessary data, and how the information gathered will be used in decision making. Problem definition involves discussion with the decision makers, interviews with industry experts, analysis of secondary data, and, perhaps, some qualitative research, such as focus groups
- Develop the Research Plan– This is the second step which involves gathering the data needed for the research as embedded in its This process is guided by discussions with management and industry experts, case studies and simulations, analysis of secondary data, qualitative research and pragmatic considerations.
Formulating the research design involves the following steps:
- Secondary data analysis
- Qualitative research
- Methods of collecting quantitative data (survey, observation, and experimentation)
- Definition of the information needed
- Measurement and scaling procedures
- Questionnaire design
- Sampling process and sample size
- Plan of data analysis
- Collect the Information: This is one of the main processes as it involves the gathering of the data required for the job at hand. It uses to be regarded as the most expensive or money consuming stage because money is required for any method the researcher is adopting in getting the said data to be it a primary or secondary method of data collection.
- Analyze the Information: Once the information is collected the next step is to organize it in such a way that some analysis can be obtained. The researchers apply several statistical techniques to perform the analysis, such as they compute averages and measures of dispersion. Also, some advanced decision models are used to analyze the data.
- Present the Findings: at this stage, the research will tender what he has gotten so far from the research he conducted to the top management and officials for them to see what he has done.
- Make the Decision: this is the last stage of the process where different level management and appropriate quarters use the researcher’s findings to make a decision about their products or services.
Since marketing research is very important for entrepreneurs to make use of market research to monitor trends and make better business decisions to maintain their competitive edge which will help increase sales as a result of understanding the target market. Therefore, it is good that both the firm and the researcher should find a way to improve their marketing research scope.
The followings ways are some of the ways market research can improve your business
- It assists your brand image: brand image of the product or service rendered by an entrepreneur is very important and as a result market research can help him/her to improve the brand image of his/her product or services by feeding him/her with information like how customers see his/her brand, how does his/her brand does compare to other competitors.
- It helps to better understand your customer: every entrepreneur which to attract enough customers as they will determine his/her success in the business. Market research has the ability to disclose information on the size o market, the target audience, best ways to approach them etc. it also discloses information about prospective customers’ age, sex, family type, children, location and even the level of their education which may affect their buying decision.
- Market research enables the entrepreneur to evaluate the effectiveness of your marketing: as a way to reaching out to a lot of customers far and wide, it is very important that critical and serious marketing should be done. It is, therefore, market research that will feed the entrepreneur back about the marketing is done and its effectiveness by creating a survey to get customer feedback on the format of your marketing messages.
- Entrepreneur finds a new opportunity with the help of market research result: market research has the ability to further enrich the entrepreneur with the information needed to break into the new market and also check the geographic areas for growth. It also helps determine if the market targeted is ready for the product or service to be launched. Doing that, Qeeva Advisory can analyze data from government publication and other relevant business statistics checking for the market size that will enhance brilliant product or service sales, demographic data, statistics on market share etc.
- Market research gives suggested ways to improve the product: if you develop a new product or looking to improve an existing product, market research can provide you with information that will help you develop your products and ways to make it more accessible and affordable. In this case, a qualitative research informs of interview or focus group and providing customers with product samples etc.
Market research to have encounter lots of difficulties or problems over the years which one way or the other has been a bone of contention. The followings are some of the problems that market research is said to have.
- Error in Survey: when conducting market research survey, the researcher must take cognizance of every of the information he or she is gathering and the environmental phenomenon. Because through business survey, business organization can identify the needs of the customers and what they want, and the survey is all about collecting information in a market place, the information can be numerical or descriptive in nature so most often, the survey might be marred by some irregularities or false information which may lead to the survey containing error, there is likelihood that the marketing research problem will float up and therefore affect the outcome.
- Customers’ lack of emotion or motivation to answer to survey: most customers lacks interest or enthusiasm in the survey given to them to answer as they will most times show lack of concern in taking part in the survey and when the researcher or the marketer finds out why this occur, they notice it is most times that the survey enticement was not attractive to induce or prone the response from the part of the customers.
- Interfering with customers’ experience: to conduct a very sound and effective marketing research, it is important that the marketing researcher should take into consideration the action of the customer rather than the action and preference that ought to be measured when conducting marketing research. It is in the cause of measuring and obtaining customers’ action about a particular product, the researcher may further find inquisitiveness in the customers’ experience about the product or services and which ought to help determine the customers’ purchasing power etc.
- Inability to Find Email Addresses for Prospect Targets: when conducting market research with the use of email that is sending probably questionnaire into customers’ email for them to administer and send back their response, most times, getting such customers’ email are usually difficult as most customers don’t like dropping their email address and some that drop don’t visit it often and this might hinder the progress of the market research as the research is often time bound.
- Low Response Rate from Early Rounds of Interview Requests: the researchers conducting marketing research will encounter the problem of getting the expected feedback from their population early enough as the early prospects interview may be reluctant to give information to the interviewer.
Looking quickly into the problems discussed above, we can apply the following solutions to solve them.
- The researcher should continue reaching out after an appropriate amount of time this might take time and also lots of patience as it might take the customers two to three days before they respond to emails. It may also need the marketer or researcher to alter his request e-mail or phone pitch. Consider increasing the compensation you are offering.
- Find more contacts: find more contacts to work with as that will increase the response gotten and help build more confidence in the marketing research outcome from both the customers and the marketer using the research to improve his customer service.You must understand clients and competitors needs: in conducting marketing research, we should try to understand the market in which we operate putting in mind the clients that patronize us and the competitors that are into the same business like we do. This will help boost and improve the quality of the outcome we get.
- We should also put into consideration the goods or service that is being asked for the most by the customer with the selling price of the product. This has to be done when conducting the market survey because it will aid the researcher with enough information to which he can advise his client with respect to market activities.
- Understanding the business trend is also important in order to have a good and reliable marketing research result or outcome. This is important because it will help know the very potent power in succeeding in any business, therefore in taking survey of the market, the researcher is in a position of maintaining pathway of his clients business.
Marketing Research Companies help clarify relationships, verify the market situation, opinions, minimize risks, analyse competition, identify problems, obtain feedbacks, measure interventions, marketing efforts, communication etc. We would appreciate your feeds and questions.
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