Managing a successful company depends on good planning, as well as some luck. To increase the likelihood of both, smart businesses conduct research so that they can better understand their place in a market and gain insight into their strengths, weaknesses, opportunities and threats. With good data, they can make informed decisions about how to..
Businesses conduct market research in order to learn more about customer preferences and market behavior. The validity of any conclusions drawn necessarily depends on how well these businesses (and/or the firms they hire) recognize their own assumptions, preferences and prejudices and how hard they work to mitigate them as they select samples,..
Having a good product isn’t as much a consequence of reality as it is of perception. Much like magicians rely on illusion to create intrigue, companies build brand awareness to encourage sales, each manipulating “what is” in an effort to promote “what could be” for the people around them. For businesses, in particular, this means that how..
Spontaneity is a great catalyst for excitement and can spur creativity in unlikely ways, but it’s not exactly the preferred course of action for businesses wanting to bank on their future success. To quote Yogi Berra, “If you don't know where you are going, you'll end up someplace else.” Indeed, relying on calculated plans instead of impulse..
The inherent nature of human psychology makes it hard for the average person to accurately describe an event. Physiological and cognitive processes occurring in our brains as we experience and think about our lives serve to retain, categorize and recall only the pieces of information we deem most valuable, thus creating memories for us that..
Ask most laypeople to talk about market research and they are likely to skip over discussions about weighting, response fatigue, feasibility and conjoint analysis techniques and instead turn immediately to surveys and focus groups. Both are so ingrained in the public’s notion of what it means to study a market that exploration of additional..
The convergence of a variety of factors in today’s market has made conducting business on a global scale a much more feasible option for all types of businesses, whether big or small. Cross cultural exposure due to changing political systems; a variety of cheaper, easier ways to travel; near universal telecommunication options; and good..
Market research companies are in the business of uncovering insights. They expose facts and then use those facts to provide context for meaningful action. But even if they have excellent methodologies that garner stellar data, it’s pointless unless they can deliver an end product that is easily understood. Think about your time in school:..
Just because your business isn’t in the business of making money doesn’t mean it can’t benefit from solid market research. On the contrary, the case could be made that nonprofits need market information just as much as the for-profit sector because even though they might not have a physical product to sell, they still have to access community..
“Seeing is believing.” It’s a saying that holds particular meaning for ambitious companies, as customer observation is often the only way to tell how and why and when customers really use a product. By meeting up with consumers in their own environments – the places in which they live and work and shop – you can push past what they say they..