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RESEARCH METHODOLOGY
Millennium Development Action (MDA) is a leading Global Business & Commerce Maker Platform. MDA and its European and Global Consortium of Companies lead by MDA CAPITAL INVEST, A.S. (MDACI) is engaged in the business of providing of advanced market research and consulting services in the most popular Business Industries from Aerospace & Defence Industry, to Agriculture Industry, ICT & Telecommunication Industry and Water Industry. MDACI /MDACI Consortium is also a distinctive provider of technoeconomically Bankable Projects and Infrastructure, including high-quality products & services that revolutionise and boost your business to sustainability and profitability. Our Global Working Group and Field Associates with many years of experience in different business industries, are dedicted to producing thorough technoeconomically-researched reports provided with the most accurate data and information accross multiple markets around the world that inspire you business growth to produce the best business results annually.
We are not just specialized in providing high-quality technoeconimically-researched reports and advanced services that pertain to the business industries of Aerospace & Defence, Art & Crafts, Automotive, Chemicals & Materials, Life Sciences, Pharmaceuticals, Healthcare & Beauty, Consumer Goods, ICT & Telecommunication, Food & Beverages, and others industries, but we are also a Global Sale Platform of the best Products from the world leading Manufacturers, Exporters and Districbutors and Sellers.
Market Research Process
When carrying a Market Research on a given field of business or business industry, we commence by exploring, examining and understanding the Consumer behaviour and trends in the economy and their views of a certain product and service, including the objective facts that characterise the business industry such as its market value, competitor activity, the market share of the major brands and business players. Our Market Research Process is designed to have a sound basis that help a business understand and define its target market, and get opinions and other feedback from consumers about their interest in a product or service, and make business decisions like launching new products, setting a pricing strategy, or creating persuasive advertising or marketing.
Generally, the Market Research Process is a six-step process involving the definition of the problem being studied upon, determining what approach to take, formulation of research design, field work entailed, data preparation and analysis, and the generation of reports (how to present these reports, and overall, how the task can be accomplished).
Steps of Conducting an Effective Market Research
As stated above, our typical and effective Market Research is a six-step process involving:
1) Identifying and Defining the Problem or Objective
In defining the problem, the researcher should take into account the purpose of the study, relevant background information and all necessary data, and how the information gathered will be used in decision making. Problem definition involves discussion with the decision makers, interviews with industry experts, analysis of secondary data, and, perhaps, some qualitative research, such as focus groups. Once the problem has been precisely defined, the research can be designed and conducted properly
2) Developing an approach or strategy to the problem
This includes formulating an objective or theoretical framework, constructing analytical models, generating research questions, hypotheses, and identifying characteristics or factors that can influence the research design. This process is guided by discussions with management and industry experts, case studies and simulations, analysis of secondary data, qualitative research and pragmatic considerations.
3) Formulating the Research Design.
It consist of the framework or blueprint for conducting the marketing research project. It details the procedures necessary in obtaining the required information, and its purpose is to design a study that will test the hypotheses of interest, determine possible answers to the research questions, and provide the information necessary for decision making. Conducting exploratory research, precisely defining the variables, and designing appropriate scales to measure them are also components of the research design. The issue on how the data should be obtained from the respondents must be addressed. It is also necessary to design a questionnaire and a sampling plan to select respondents for the study.
4) Data Collection or Gathering
This fourth Stage involves manpower/staff members who operate either in the field, as in the case of personal interviewing (in-home, mall intercept, or computer-assisted personal interviewing), from an office by telephone (telephone or computer-assisted telephone interviewing), or through mail (traditional mail and mail panel surveys with pre-recruited households). Proper selection, training, supervision, and evaluation of staff members helps minimize data-collection errors.
5) Data Preparation for Analysis.
In this fifth step, we carry out the editing, coding, transcription, and verification of data. Each questionnaire or observation form is inspected, or edited, and, if necessary, corrected. Number or letter codes are assigned to represent each response to each question in the questionnaire. The data from the questionnaires are transcribed or key-punched on to magnetic tapes, or disks or inputted directly into the computer. Verification ensures that the data from the original questionnaires have been accurately transcribed.
Analysed data gives meaning to the information that have been collected. Univariate techniques are used for analysing data when there is a single measurement of each element or unit in the sample, or, if there are several measurements of each element, each RCH variable is analysed in isolation. On the other hand, multivariate techniques are used for analysing data when there are two or more measurements on each element and the variables are analysed simultaneously.
6) Report Preparation and Presentation.
The entire project should be documented in a written report and the results and major findings must be presented. The findings must be in a comprehensible format so that they can be readily used in the decision-making process. In addition, an oral presentation should be made to management using tables, figures, and graphs to enhance clarity and impact.
For these reasons, interviews with experts are more useful in conducting marketing research for industrial firms and for products of a technical nature, where it is relatively easy to identify and approach the experts. This method is also helpful in situations where little information is available from other sources, as in the case of radically new products.
MARKET RESEARCH AND BUSINESS DEVELOPMENT SERVICES
Besides the development and provision high-quality technoeconimically-researched reports and advanced services that pertain to the business industries of Aerospace & Defence, Art & Crafts, Automotive, Chemicals & Materials, Life Sciences, Pharmaceuticals, Healthcare & Beauty, Consumer Goods, ICT & Telecommunication, Food & Beverages, and others industries, our business activities also include the sale and distrbution of marvelous Products from the world leading Manufacturers, Exporters and Districbutors and Sellers, and the provision of the following advances services.
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- Consulting Services
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- Syndicated Market Research
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SALESFORCE BEST PRACTICES
Our global Salesforce groups whose primary job is to sell allmday.com listed products or services worldwide, especially by visiting or phoning our existing and potential customers. Our Salesforce best practices are designed to help ensure the success and optimal use of the Salesforce platform. They cover various aspects of Salesforce, including data management, customization, security, governance, training, and testing. Here are some key Salesforce best practices to keep in mind.
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- Keep data clean
- Accelerate your business to sustainability, profitability
- Strengthening your business governance
- Collective intelligence and analytics
- Creative digital supply chain planning
- Driving process intelligence through AI
- High-quality products at best deals under the EU quality warranty laws.
- Optimized procurement and supplier performance
- Make shop floor data capture effortless with barcodes
- Data-based decision making through collaboration
- Effective collaboration with MDA's Global trading partners
- Reinforce and boost supplier visibility, laying emphasis on faster responses to changes in supply and demand.
FREQUENT ASKED QUESTIONS
Market Research Essentials
What is Market Research?
Market research examines consumer behaviour and trends in the economy to help a business develop and fine-tune its business idea and strategy. It helps a business understand its target market by gathering and analysing data.
Market research is the process of evaluating the viability of a new service or product through research conducted directly with potential customers. It allows a company to define its target market and get opinions and other feedback from consumers about their interest in a product or service.
Looking for a Company to conduct a market research on your new product or service or business? Our surveys and focus groups are ready to carry out the best and high-quality research works that meet your goals. Contact us and get the best deals.
NOTE: Market research is a critical tool that companies use to understand what consumers want, develop products that those consumers will use, and maintain a competitive advantage over other companies in their industry.
How does Market Research work?
Market research is used to determine the viability of a new product or service. The results may be used to revise the product design and fine-tune the strategy for introducing it to the public. This can include information gathered for the purpose of determining market segmentation. It also informs product differentiation, which is used to tailor advertising.
A business engages in various tasks to complete the market research process. It gathers information based on the market sector being targeted by the product. This information is then analysed and relevant data points are interpreted to draw conclusions about how the product may be optimally designed and marketed to the market segment for which it is intended.
It is a critical component in the Research and Development (R&D) phase of a new product or service introduction. Market research can be conducted in many different ways, including surveys, product testing, interviews, and focus groups.
Market Research Methods used
Face-to-Face Interviews
From their earliest days, market research companies would interview people on the street about the newspapers and magazines that they read regularly and ask whether they recalled any of the ads or brands that were published in them. Data collected from these interviews were compared to the circulation of the publication to determine the effectiveness of those ads.
Market research and surveys were adapted from these early techniques.
Focus Groups
A focus group is a small number of representative consumers chosen to try a product or watch an advertisement.
Afterward, the group is asked for feedback on their perceptions of the product, the company's brand, or competing products. The company then takes that information and makes decisions about what to do with the product or service, whether that's releasing it, making changes, or abandoning it altogether.
Phone Research
The man-on-the-street interview technique soon gave way to the telephone interview. A telephone interviewer could collect information in a more efficient and cost-effective fashion.
Telephone research was a preferred tactic of market researchers for many years. It has become much more difficult in recent years as landline phone service dwindles and is replaced by less accessible mobile phones.
Survey Research
As an alternative to focus groups, surveys represent a cost-effective way to determine consumer attitudes without having to interview anyone in person. Consumers are sent surveys in the mail, usually with a coupon or voucher to incentivize participation. These surveys help determine how consumers feel about the product, brand, and price point.
Online Market Research
With people spending more time online, market research activities have shifted online as well. Data collection still uses a survey-style form. But instead of companies actively seeking participants by finding them on the street or cold calling them on the phone, people can choose to sign up, take surveys, and offer opinions when they have time.
This makes the process far less intrusive and less rushed, since people can participate on their own time and of their own volition.
Main Types of Market Research
The main types of market research are Primary Research and Secondary Research.
1) Primary research.
Primary Research includes focus groups, polls, and surveys and generally falls into two categories: exploratory and specific research.
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- Exploratory research is less structured and functions via open-ended questions. The questions may be posed in a focus group setting, telephone interviews, or questionnaires. It results in questions or issues that the company needs to address about a product that it has under development.
- Specific research delves more deeply into the problems or issues identified in exploratory research.
2) Secondary research.
It includes academic articles, infographics, and white papers. All market research is informed by the findings of other researchers about the needs and wants of consumers. Today, much of this research can be found online.
Secondary research can include population information from government census data, trade association research reports, polling results, and research from other businesses operating in the same market sector.
NOTE: Qualitative research gives insights into how customers feel and think, while Quantitative research uses data and statistics such as website views, social media engagement, and subscriber numbers.
Benefits of Market Research
Market research is essential for developing brand loyalty and customer satisfaction. Since it is unlikely for a product to appeal equally to every consumer, a strong market research program can help identify the key demographics and market segments that are most likely to use a given product.
Market research is also important for developing a company's advertising efforts. For example, if a company's market research determines that its consumers are more likely to use Facebook than X (formerly Twitter), it can then target its advertisements to one platform instead of another. Or, if they determine that their target market is value-sensitive rather than price-sensitive, they can work on improving the product rather than reducing their prices.
NOTE: Market research only works when subjects are honest and open to participating.
Example:
Let 's give this example of Market Research to make you better understand its importance and benefits. Many companies use market research to test new products or get information from consumers about what kinds of products or services they need and don't currently have.
For example, a company that's considering starting a business might conduct market research to test the viability of its product or service. If the market research confirms consumer interest, the business can proceed confidently with its business plan. If not, the company can use the results of the market research to make adjustments to the product to bring it in line with customer desires.
What is Online Market Search?
During an Online market research, we uses the same strategies and techniques as traditional primary and secondary market research. Off course, in this global digitalisation era, this Market Research is prepared and is conducted on the Internet. Potential customers may be asked to participate in a survey or give feedback on a product. The responses may help the researchers create a profile of the likely customer for a new product.
What are Paid Market Research Surveys?
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What Is a Market Study?
A market study is an analysis of consumer demand for a product or service. It looks at all of the factors that influence demand for a product or service. These include the product's price, location, competition, and substitutes as well as general economic factors that could influence the new product's adoption, for better or worse.