Tag Archives: Custom Research

Introduction

Market Research is the technique of determining if a new service or product will be successful by interviewing prospective customers firsthand. Through market research, a company can pinpoint its target market and learn more about the interests of its clients in a particular product or service. Data about a particular market or industry must be gathered, analyzed, and interpreted. The goal of market research is to assist companies in making wise choices about their goods, services, and advertising campaigns. It requires obtaining data from a range of sources, including customers, competitors, and industry experts.

Companies utilize market research as a crucial tool to comprehend consumer demand, create items that people will buy, and keep a competitive edge over other businesses in their sector. To complete the market research process, a company does a variety of activities. Based on the market segment that the product is targeting, information is obtained. To conclude how the product may be designed and offered for sale to the target market segment in the most efficient manner, this data is then analyzed and the essential data points are assessed.

Steps of Conducting Market Research

In today’s highly competitive business environment, markets frequently change, with huge sales one month and nil the next. Market research is carried out when companies experience such problems. However, market research is a process that happens in stages:

Steps of Conducting Market Research

Steps of Conducting Market Research

Describe the research matter

Identifying the specific issue is the key priority. The crucial component of a market research project’s success is identifying the precise issue.

Construct a research strategy

Establish the means and protocols for collecting data. Examples include surveys, focus groups, interviews, and the analysis of secondary data.

Data Gathering

Utilize the research strategy by collecting information from specified sources. Creating and disseminating surveys, holding interviews or focus groups, or examining current data sources may all be part of this process.

Analyzing Data

Analyze the information to find trends, patterns, and connections between various variables. This could involve employing tools like data visualization or statistical analysis.

Present findings

Create a report or presentation that highlights the research’s conclusions and what they mean for the company or organization. Inform the appropriate parties, such as management, investors, and employees, about the results.

Take Action

Make business decisions using the study’s results as a guide, and take action to solve the research problem. This could entail creating new goods or services, improving marketing tactics, or altering the way the organization runs or is structured.

Market Research Methodologies

The aims of the research, the intended audience, the budget, and the resources accessible will all influence the method that is chosen. Primary and secondary are the two fundamental categories of market research.

Primary Market Research Approach:

It involves gathering information directly from consumers or potential clients. Since an in-depth investigation of a specific issue or problem is required, it means gathering information from direct and primary sources. Below are a few significant primary market research techniques: –

Interviews

Involves one-on-one discussions with clients or subject matter experts. A person may interview in person, on the phone, or online. This approach helps learn about customers’ wants, problems, and experiences.

Surveys

A common method for swiftly and effectively gathering data from a large number of individuals is through surveys. You can ask questions about your consumers’ demographics, preferences, behavior, and opinions by conducting surveys online, over the phone, or in person.

Focus Groups

Focus groups entail gathering a small group of individuals to talk about a certain good or service. A moderator facilitates discussion and invites individuals to express their ideas and opinions.

Observational Research

Involves observing and documenting the behavior of customers in a particular environment, such as a store or the internet. This technique can offer insightful information on customers’ preferences, practices, and decision-making processes.

Secondary Market Research Approach:

Analyzing data that has already been gathered by another person is called secondary research. This can be done using tools including reports, rival websites, industry publications, and government information. Secondary research helps identify trends and gives a wide overview of the market. The following are some significant techniques for secondary market research: –

Internet Statistics

Online analytics involves tracking and analyzing website traffic and user behavior using programs like Google Analytics. This technique can reveal information about customer preferences and online behavior.

Governmental and non-governmental organizations

These are also excellent sources for secondary data collecting, where you only need to pay a certain fee to obtain the necessary data and information. Data collected from these organizations is often regarded as reliable and authentic.

Commercial data

Journals, radio, TV, magazines, newspapers, and magazines are further examples of secondary commercial data collection sources. These sources frequently have an immediate and direct connection to the information.

Benefits of Market Research

By acting on your input from marketing research, you may continually enhance your product. Some advantages of performing marketing research are as follows:

Benefits of Market Research

Benefits of Market Research

Recognizing Consumer Wants

Businesses can better understand their target customers’ requirements and preferences by conducting market research. This data can be utilized to create new products or services that better satisfy consumer wants and generate marketing plans targeted at particular client groups.

Locating Market Possibilities

Businesses might find new market possibilities or develop trends with the use of market research. Using this knowledge, new products or services can be created that make use of these possibilities and have an advantage over the competition.

Analyzing the Competition 

Businesses can assess their competition and comprehend their rivals’ advantages and disadvantages with market research. Using this data, business owners may create plans that set them apart from the competition and better serve customers.

Minimize Risk

Businesses can detect potential dangers and difficulties that could have an impact on their success with the use of market research. Using this knowledge, strategies and contingency plans may be created to reduce risks and guarantee the company’s success.

Well Informed Decision Making

Businesses can use the information and insights gained from market research to make wise business decisions. This may involve choosing between many options for product development, marketing plans, and business operations.

Tracking Efficiency

Businesses can assess the success of their goods or services and the efficiency of their marketing strategy with the aid of market research. Better outcomes can be achieved over time by using this information to make necessary adjustments.

Magistral’s Services for Market Research

Magistral Consulting offers a range of value-added services to support market research services. Magistral Consulting provides several services including:

Customer Needs Analysis – Understanding the needs of the customers, defining the focus group and research.

Customer Segmentation – Segmentation of customer group with effective targeting.

Customer Journeys – Going over the customer experience studies to analyze the aspects of customer satisfaction, and, Taking in feedback surveys.

Global Expansion – Market dynamics overseas, with the development of a Market Entry Strategy.

New Product Launch – Dipstick surveys and explorative research to support the launch.

Competitive Intelligence – Competitor tracking and analysis for understanding the key steps to get an edge in the market.

Market Analysis – End market analysis and market forecasting to support the company in setting and achieving goals.

Custom Research – Customized research for specific business situations related to Sales or Marketing.

About Magistral Consulting

Magistral Consulting has helped multiple companies to reduce operations costs through its offerings in Procurement and Supply Chain.

For setting up an appointment with a Magistral representative visit www.magistralconsulting.com/contact

About the Author

The article is authored by the Marketing Department of Magistral Consulting. For any business inquiries, you can reach out to  prabhash.choudhary@magistralconsulting.com

Introduction

Custom Research refers to the process of performing in-depth research and analysis on elements of a company’s supply chain to discover potential risks and vulnerabilities in the context of supplier risk intelligence or supply chain management. A team of supply chain management specialists with the expertise and experience to recognize and evaluate a variety of risks that could influence a company’s operations often conducts this kind of study.

Planning, coordinating and managing the motion of merchandise, services, and information from raw materials to the final consumer is the supply chain management process. To locate areas for improvement and maximize the overall efficiency of the supply chain, custom research may entail analyzing several supply chain components, including the sourcing of raw materials, production procedures, distribution routes, and logistics. Companies can better understand their supply chain and find methods to enhance operations, lower costs, and boost efficiency by doing specialized research.

Custom Research vs Syndicated Research

Custom research and syndicated research are both approaches or tactics that organizations can use to gather information about their suppliers and other stakeholders in the supply chain. However, they differ in terms of the scope, focus, and purpose of the research.

Custom research is research that is specifically tailored to the needs and objectives of a particular company. It is usually conducted on a one-off basis and focuses on a specific set of questions or issues that are relevant to the business enterprise. Custom research can be created to meet the unique requirements and objectives of the organization and can be used to obtain comprehensive information about a specific supplier or a group of suppliers.

Syndicated research, on the other hand, is research that is conducted on a more general, ongoing basis and is typically focused on gathering broad, industry-wide data and insights. It is usually conducted by research firms or market research organizations and is intended to be used by multiple clients. Syndicated research is often less focused and customized than custom research, but it can provide valuable insights and information about industry trends and best practices that can be useful for supply chain management.

Overall, custom research is typically more targeted and focused than syndicated research, and is better suited for gathering detailed, specific information about a particular organization’s suppliers and supply chain. Syndicated research, on the other hand, is more general and broad-based, and is better suited for gathering broader industry insights and trends.

Benefits of Custom Research

Because it enables businesses to acquire precise, targeted information on their suppliers that can help them identify and manage potential vulnerabilities, custom research can be a useful tool for managing supplier risk. Custom research has some advantages in supplier risk management, such as:

Benefits of Custom Research

Benefits of Custom Research

-Identification of potential risks:

Using custom research, businesses can discover potential dangers posed by their suppliers, such as unstable finances, poor quality, or supply-chain interruptions.

-Better decision-making:

Organizations may choose which suppliers to deal with and how to reduce potential risks when they have access to more thorough and pertinent information on their suppliers.

-Enhanced risk assessment:

Custom research can offer more current and thorough information about the operations, financial standing, and other risk-related aspects of a supplier. This can help businesses determine the risk posed by a given supplier more precisely.

-Enhanced transparency:

Custom research can give businesses more insight into the methods and policies of their suppliers, enabling them to spot possible problems and respond to them.

-Improved supplier relationships:

Organizations can develop stronger, more cooperative relationships with their suppliers, which can contribute to an increase in the overall stability and resilience of the supply chain, by closely collaborating with them to gather information and identify potential risks.

Management of supplier risk through custom research

The process of managing supplier risk includes identifying and assessing potential risks that could result from a corporation’s usage of suppliers in its supply chain as well as creating strategies and plans to reduce or cast off the dangers. Custom research can be a crucial component of this process since it enables businesses to acquire in-depth information and analysis on elements of their supply chain, spot feasible risks, and create efficient risk management plans. Launching new products is usually a big ask for companies. It requires not only keeping a pulse of the market but also involves getting precise information about likely competitors’ moves. Hence, the requirement for custom research services to address this issue.

There are several ways that custom research can be used to manage supplier risk:

-Determine and assess potential risks:

Custom research can assist in determining and assessing the dangers that might result from the use of suppliers. Risks associated with the supplier’s financial stability, environmental or ethical standards, or other issues, as well as the caliber and dependability of the supplier’s goods or services, may be included. Companies can better understand the possible effects of these risks and create plans to reduce or eliminate them by collecting and evaluating data.

-Construct risk management plans:

Custom Research can also be used to create risk management plans that include precise steps that can be taken to reduce or eliminate hazards that have been discovered. The implementation of risk management rules, modifications to processes or procedures, or sourcing from other suppliers are a few examples of these programs.

-Monitor and review risks:

To make sure that identified risks are being effectively handled and that any alterations or updates to the supply chain are being properly addressed, custom research can also be utilized to routinely review and monitor hazards. Data about the performance of suppliers and the efficacy of risk management techniques may need to be gathered and analyzed to do this.

Magistral’s Services on Custom Research

Magistral Consulting is an established player in the financial services sector and now plans to foray into the logistics and Supply Chain Management space. The off-shored extended team ensures no knowledge is lost for similar projects across companies and multiple projects in multiple companies can run at the same time, prioritized as per the schedule of board meetings.

Magistral's Services on Custom Research

Magistral’s Services on Custom Research

Some of the services that are associated with Custom Research that are offered by Magistral consulting are –

-Bespoke Market and Custom Research Services:

Our services are made to assist businesses in finding actionable insights that might provide them with a competitive advantage and help them make better decisions regarding their operations and plans. We offer insightful analysis and suggestions that can assist our clients in better managing the present industries’ conditions and positioning themselves for success by utilizing our extensive understanding of competitors.

-In-Depth Assessment Research Services:

We can assist clients in comprehending the complexities and prospects by utilizing our comprehensive research capabilities, enabling them to make wise decisions about where to allocate their resources.

-Ecosystem Monitoring and Information Provision:

We provide timely and accurate information on the supplier risk through reports of our analysis.

-Opportunity Identification and Performance Metrics Frameworks:

We help clients harness new opportunities faster.

-Customized Solutions in Niche Domains:

We provide customized solutions for improved output.

-Flexible Working Models:

At our company, we understand that everyone’s needs, and circumstances are different. That’s why we offer a flexible working model that allows our employees to tailor their work schedules to meet their unique needs and preferences. This can include options such as working remotely, flexible start and end times, and the ability to take breaks as needed.

Overall, through custom research we help organizations gain a competitive advantage and better manage their supply chains by providing them with detailed, relevant information about their suppliers and the markets they operate in.

About Magistral Consulting

Magistral Consulting has helped multiple companies to reduce operations costs through its offerings in Procurement and Supply Chain.

About the Author

The article is Authored by the Marketing Department of Magistral Consulting. For any business inquiries, you could reach out to  prabhash.choudhary@magistralconsulting.com