Custom market research firms Hired to carry out specific research projects for clients. The firm conducts the survey and the results are the property of one client only (e.g. Research International)3.
Custom research offers a tailored approach for researching niche topics. For example, a company wants to obtain information about snack bars, particularly Clif and KIND, beyond their traditional brand shares.
Market research firms gather and analyze data about customers, competitors, distributors, and other actors and forces in the marketplace. Quantitative research is numerically oriented, requires significant attention to the measurement of market phenomena, and often involves statistical analysis.
Four common types of market research techniques include surveys , interviews, focus groups, and customer observation.
The basic difference between the two is who funds it and who has ownership of the data. Custom research is specifically conducted for and funded by a single client company, and the results are proprietary to the client; whereas the data from syndicated studies is owned by the research firm.
Field service firms provide only data collection services . They are strictly responsible for supplying competent interviewers who can gather and document data. They administer surveys, conduct focus groups, interview and/or observe consumers and provide ethnographies and case studies.
Syndicated market research is a business service that provides overall market insights, assisting clients with market strategy and brand positioning. At its core, market research gathers information and analyses external influences on an industry such as economic data, trends, customer behaviour and brand positioning.
Gathering statistics online is an example of secondary research .
Custom research is specifically produced and funded by a single client, and the results are proprietary to that client. It is a collaborative effort between the customer and the market research firm to create a study , and resulting the report will address the customer’s specific questions.
Without doubt, defining the problem is the most important step in the research process. Defining the problem sets the foundation for the entire project, so it is critically important to take the time to do this well.
The marketing process consists of four elements: strategic marketing analysis, marketing -mix planning, marketing implementation, and marketing control.
7 Stages or Steps Involved in Marketing Research Process Identification and Defining the Problem: Statement of Research Objectives: Planning the Research Design or Designing the Research Study : Planning the Sample: Data Collection: Data Processing and Analysis: Formulating Conclusion, Preparing and Presenting the Report:
Market research generally involves two different types of research : primary and secondary.
While there are many ways to perform market research, most businesses use one or more of five basic methods: surveys, focus groups , personal interviews , observation , and field trials.