Business Research Articles 2012

Gauri Sharma is the CEO of Lab42, a next generation market research firm that creates and fields surveys among social media users, customizes compelling infographics, and compiles insightful research that helps businesses unclutter and prioritize goals.Lab42 provides quality, accurate results with quick turnaround for small businesses and Fortune 500 companies alike.However, the roles are changing and marketing researchers are becoming more involved in decision making, whereas marketing managers are becoming more involved with research.

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Worst yet, they may not do any research at all, leading to uninformed decisions.

The good news is that market research is no longer limited to focus groups, mall intercepts, and phone call surveys.

The goal of market research is to obtain and provide management with viable information about the market (e.g.

competitors), consumers, the product/service itself etc. The purpose of marketing research (MR) is to provide management with relevant, accurate, reliable, valid, and up to date market information.

Evidence for commercial research being gathered informally dates to the Medieval period.

In 1380, the German textile manufacturer, Johann Fugger, travelled from Augsburg to Graben in order to gather information on the international textile industry.So when you have a hypothesis about your consumers, who should you turn to and what can you gain?Here are a few examples of companies that have taken advantage of this new wave of market research to gather valuable feedback from their target consumers: Whether you are a small business or large conglomerate, you should never simply make assumptions about your consumers’ habits, tastes, or preferences.If your company or brand interacts with consumers, you’ve likely heard of market research, but there’s a good chance you’re unclear on its exact meaning or how your company can benefit from it. As a result, when companies have a question or hypothesis about their target consumers, they look for research that’s already been conducted in an effort to apply industry stats to validate their hypotheses (even when it’s a stretch). To many, it simply sounds tedious and time-consuming.Ongoing marketing research programs provide information on controllable and non-controllable factors and consumers; this information enhances the effectiveness of decisions made by marketing managers.Traditionally, marketing researchers were responsible for providing the relevant information and marketing decisions were made by the managers.Marketing research is "the process or set of processes that links the producers, customers, and end users to the marketer through information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process.Marketing research specifies the information required to address these issues, designs the method for collecting information, manages and implements the data collection process, analyzes the results, and communicates the findings and their implications." It is the systematic gathering, recording, and analysis of qualitative and quantitative data about issues relating to marketing products and services.Take the time to ask the right questions and gain valuable insights that either affirm your assumptions, or better yet, prevent costly mistakes.Gauri Sharma is the CEO of  Lab42, a next generation market research firm that creates and fields surveys among social media users, customizes compelling infographics, and compiles insightful research that helps businesses unclutter and prioritize goals.


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