Market research: who is it useful for?
Posted: Sun Dec 22, 2024 8:43 am
The opportunities offered by market research are primarily exploited by existing companies, for whom knowledge of the sector in which they operate is invaluable. It can also be useful for private investors and start-ups planning to launch a business. Information about barriers to entry, competition or the size of a particular market certainly helps companies get off the ground.
Companies planning to expand into new code phone number philippines markets also benefit from research. Knowledge of this type of information provides the opportunity to better plan marketing strategies and can also be an incentive to enter a given market more quickly. This type of analysis is also likely to protect the company from potential "oversights."
A good example is the well-known car company Rolls Royce, which, when launching the "Silver Mist" model in Germany, did not first check the meaning of the word "mist" in that language. In Germany, it means "manure", which did not encourage people to buy a luxury car.
How long does a market study take and how much does it cost?
The duration of each project and the cost of implementation are determined on a case-by-case basis. It all depends, among other things, on the problem under consideration, the number of consultants carrying out the project and the amount of information to be obtained. Depending on the scope of the study, a deadline is set within which the results must be communicated to the client.
Market research also depends on factors such as the size of the project and the availability of data. Primary research is more expensive and time-consuming, while secondary research, which is cheaper to conduct, is not always sufficient. Often, only face-to-face interviews can provide the necessary information.
Companies planning to expand into new code phone number philippines markets also benefit from research. Knowledge of this type of information provides the opportunity to better plan marketing strategies and can also be an incentive to enter a given market more quickly. This type of analysis is also likely to protect the company from potential "oversights."
A good example is the well-known car company Rolls Royce, which, when launching the "Silver Mist" model in Germany, did not first check the meaning of the word "mist" in that language. In Germany, it means "manure", which did not encourage people to buy a luxury car.
How long does a market study take and how much does it cost?
The duration of each project and the cost of implementation are determined on a case-by-case basis. It all depends, among other things, on the problem under consideration, the number of consultants carrying out the project and the amount of information to be obtained. Depending on the scope of the study, a deadline is set within which the results must be communicated to the client.
Market research also depends on factors such as the size of the project and the availability of data. Primary research is more expensive and time-consuming, while secondary research, which is cheaper to conduct, is not always sufficient. Often, only face-to-face interviews can provide the necessary information.