Market Research

MARKET RESEARCH
Market research is important activity which needs to be conducted by every business

organisation. It is important component for analysing business strategy and making
decisions. It helps company to know their actual target market and converts them to
potential customers. However, companies face a lot of challenges while carrying out
market research. Few of the major challenges are-
1. Existing market research methodology

Availability of abundant data makes it difficult for companies to analyse it. The
companies are not able to segregate the actual data which can lead to
potential customers and the one which are considered to be noise. Moreover,
manually scanning through data is cumbersome and time consuming. There
are thousands of data providers and it becomes difficult for select the reliable
data suppliers. The manual method adds to challenge of getting right data.
2. Quality of data- Company also faces issue with the quality of data. Though
there are numerous website for data, it does not ensure quality. The manually
collecting data approach can further decrease quality and can affect
company’s final research. The companies have to invest lot of resources in
finding data and when its quality is not up to the needs, it has high impact on
business.
3. Clients expectation-The expectation of customers are increasing and they

expect the best services. Companies need to be focus on wide market
research as customers are from different background and cultures. The
expectation also varies from customer to customers. The research becomes
very complex and companies have to put in lot of time and effort to carry the
research.
4. Competitor difference- It is important for companies to come up with unique

and fast way of doing market research, at least firms must have better
research methodologies over their competitor. By focusing on this aspect,
companies many times lose over quality of research. Companies need to
keep on evaluating their methodology’s by making advancement in
technology and innovation.
5. Constraints
Another issue company faces is the timely constraint. Market research needs
to be conducted continuously as the data here becomes historic quite easily.
This can happen because of internal and external factors. For e.g. If there is a
change in taste and preference, then companies need to conduct another
research keeping in mind the required changes. This continuous effort
sometime reduces company’s ability to perform core activities.
Market research is basically the efforts put in by companies to gather

information. This information collects helps businesses to select their target
market and customers. It is through the market research companies are able
to find the need of their customer and make changes accordingly in their
products and services. The global market research industry was around 47.3
US$ billion in 2018.Mostly, for quantitative data, online surveys are conducted
whereas for qualitative data, in-person focus groups are most common
method.
Businesses normally spends hours in coming up with business idea and does
not realise the importance of market research. It generally focuses more on
selling products and less on market research. Although, companies can have
high sales during initial stage, it is the market research which ensures that
sales and customers don’t stop coming.
1. Easily spot business opportunities- It gives businesses the clear idea who
the actual target customers is, where they can be reached out and what
are their actual needs. It can help business to form partnership with other
businesses, provides opportunity to come up with add-ons and bundles,
which can increase sales and also helps to find new demographic location
to sell the products.
2. Lower business risk- It helps to keep a regular check on existing
customers along with potential customers.. It helps to test the new
products and design within certain group as it helps to know whether
customers want the changes instead of making a dramatic change. It also
helps to find out the churn rate and helps to analyse the reason behind it.
Market research also helps to find out the reason behind the fall of sales
and revenue (if, there is any) and how to come up with solution based on
research data.
3. Advertising
Due to limited budget, companies have to ensure that resources should be
optimised in such a way that it gives best possible returns. Market
research ensure that the company reaches to the right audience which can
be done achieved by targeting customers at right platform. This targeting
can be done based on demographic data, online behaviour, life stages and
interests.
Anvaya Business consultancy provides businesses with the best

methodologies and techniques to achieve the market research goal. We
provide the full customised solutions according to the business needs and
ensure that our customers receives all the relevant and insightful
information. Our ability to provide these services across sector is what
makes us different from others. The approaches we provide are analysed
and experimented by industry experts. We provide consultancy based on
most reliable data from trusted sources. By Using technologically
advanced methods we minimises the risk of errors. Apart from this we also
provide businesses with approach on how to segregate actual leads with
noise.
Ensuring the sector in which company operates, we provide the data that
best suits the company, it helps firms to focus more on their core activities
and helps to save a lot of time and resources. Based on customers’
expectations, we provide best detailed market analysis which can be used
and changed according to different customers. Once a firm partners with
Anvaya Business Consultancy, we make sure that companies are updated
with current happening of industry and sector. It helps to know the impact
of these happenings in business and helps to come up with solutions and
opportunities lying ahead.
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Market Research

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MARKET RESEARCH

Market research is important activity which needs to be conducted by every business

1. Existing market research methodology

3. Clients expectation-The expectation of customers are increasing and they

4. Competitor difference- It is important for companies to come up with unique

Market research is basically the efforts put in by companies to gather

Anvaya Business consultancy provides businesses with the best

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