Marketing Research Process Steps 2019

India is currently one of the hottest destination to invest for the future. As an organization, if one has decided to invest in India, the next thing one should do is to understand the market or the industry one wishes to enter.

One should have complete understanding of what is there in store for a business. The research for this understanding should be thorough taking into account all the aspects of business. 

We at Anakeen Business Networks provide reliable data using valid research methods and authentic data sources. Our experienced team understands the market pretty well to give you usable information and advise you about the most effective strategy to enter into India.

As part of our Market research we will study data about companies, respective product segments, market players, and human resources. We will do a reality check of Market Size, do Competitors’ Analysis, do Sourcing Analysis, help identify Suppliers, do thorough Product Research, understand Pricing prevalent in the marketand study the impact of Regulatory Environment on the business or the industry

What is market research?

What is market research

A collaborative and organized processing of information that deals with the target market, consumers, and competitors in the industry including the collection of the data as well as its analysis is termed as market research.

It lays a base behind many success stories of an organization. Plus it can be used for achieving various targets varying from identifying a new market to new business.

Market research is such a tool that aids an entrepreneur while making their decisions according to systematic plans, evolving guesswork out of innovation and creation of ideas from the raw materials.

All this helps the entrepreneur to efficiently work and lead in a team.  Merchandises at different stages perform various market researches for numerous reasons.

Types of Market Research

Types of market research

There are two types of market research.

Primary Information/Research- The goal of primary research is to collect and analyze the data of current sales and effectiveness of current practices. This also gives information about your competition. Primary research will include

  • Online surveys
  • Interviews (telephonic/face-to-face)
  • Questionnaires by mail or online
  • Potential clients or customers
  • Working areas
  • Price information

Secondary Research- The goal of secondary research is to analyze the reports and study of government agencies, trade associations, and target segments.

Without understanding both parts of the market research the study will not be complete.

We at Anakeen Business Networks have a real-time interaction with industry stakeholders such as suppliers, distributors, retailers, potential buyers, government bodies among other stakeholders in our market exploration methodology.

Combined with desk research and interviews with relevant stakeholders of the industry, this market research helps to size up the market, find out business models operating in the industry, do a SWOT of the industry along with regulatory compliance’s.

We not only provide innovative solutions to your questions on competition but we also provide information on technical barriers, market opportunity, pricing, distribution channels, and the working business leads and partners.

Marketing Research Process Steps

For your business, what you do need is a perfect plan, working strategies, and a well-defined hierarchy.

1.INDUSTRY ANALYSIS

Few of the components that we at Anakeen Business Networks cover in our industry analysis are as below:

  • Market Size– There is two types of a market size which need to be understood – first, an addressable market and other, an available market. We help gauge the size of the addressable market & the size of available market, to assess the total revenue opportunity for your product or service, and check the availability of people.
  • Competitor Analysis- Competitor analysis gives you the information about your competitors on their strengths and weaknesses, their current market strategies, barriers they have created in the market. Anakeen Business Networks will then help you select an entry strategy to create your own niche in the market.
  • Sourcing Analysis – A regular & robust sourcing pipeline is very important for a business to thrive.  Anakeen Business Networks helps you with analysis of sourcing points to ensure maintenance of consistent supplies.
  • Suppliers Identification – This is the process in which any firm evaluates, identifies, and analyzes the terms of the contract with the suppliers. This process helps in reducing the cost and time to market, improves business quality, quality of products for any business. While selecting the suppliers, we make sure to keep these points in our minds, identify the potential in suppliers, and then draw up a shortlist of suppliers.
  • Product Research- Product Research provides the information on features of the product. It also helps the companies to understand what the customers want, their need.This will help you evaluate your idea for a new product and service. We at Anakeen Business Networks can help you with the product research to provide the feedback on the work ability of the product in the Indian market
  • Pricing- Pricing strategy takes into account the market conditions, ability to pay, manufacturing price, trade margins and input cost amongst others. Pricing is important to the marketers because it shows assessment of marketers of the value customers see in the product or service and are willing to pay for a service or product.Getting it right in the market first time is very important otherwise the product could lose the strategic advantage.
  • Regulatory Environment Analysis- The regulatory environment is now becoming the top most issue that can impact badly on your business. A large percentage of CEO’s end up spending more time with government officials and regulators. A small change in the environment can cause a huge change of fortune for the companies. We at Anakeen Business Networks have an experienced team that understand the regulatory & policy environment fully well and understand the triggers to help assess the future better.

With the holistic view on the industry provided by Anakeen Business Networks, you can move on to the next step of your decision making very confidently.

2. Entry Barriers

Barriers to entry is the difficulties and obstacles which make it difficult to enter a given market. The barriers can be –government regulations, technological issues, startup cost, or education and licensing requirements. We Anakeen Business Networks helps to crack these type of obstacles.

3. Location advantage taking into Account Govt. Schemes as Well   

Everyone wants an advantage of taking suitable location under Govt. schemes for his or her business. If a company selects a wrong location it may have inadequate access to workers, transportation, customers and so on. If the location comes under some Govt. Schemes it will be beneficial for the company.

The Location under Govt. schemes plays a significant role in company’s profit and success. There are so many benefits of taking location under Govt. schemes, some are- Easy to access funds, reduces cost, can also apply for government tenders, you can choose your investor, chance to meet other Entrepreneur and tax saving for investors.

Anakeen Business Networks does research beforehand and gives information about any Govt. Schemes which are already working schemes and are coming in future or are directly as well as indirectly related to your business.

4. Technical Trend

In this modern business world, if you are using technology for your business purpose then it is great. Technical tools and their rapid growth have had a great impact on professionals business. Today, AI is Artificial Intelligence or we can say machine intelligence which highlights the creation of intelligent machines which works as similar to humans.

Using machine you can speed up your process of doing work. This technology reduces the human efforts. Nowadays artificial intelligence used in Heavy industries, Banks and Financial System, Medical Science, Gaming Zone, Air Transport, and in many businesses.

This is the advanced technology which does not allow write code for any activity. We at Anakeen Business Networks, generate more leads of your business and remove the work pressure by using AI and provide you with the latest technology trends information.

1 thought on “Marketing Research Process Steps 2019”

  1. This is a blog to watch for sure. I think you have a really awesome writing style by the way. Very easy to read. Your blog design is so clean too! Thank you all the hard work!

Leave a Reply

Your email address will not be published. Required fields are marked *