Market research companies are companies that use market research to provide industry and business with market information, market trends and market analysis. These are specialist agencies that manage and oversee research projects for business, advertising, PR, government agencies and charities. Some market research companies specialise in certain areas of industry specific to engineering or government research. Some agencies are general consultants and conduct market research in a few different areas. What would a business look for in a market research company?
A market research company should be able to provide a business or industry with comprehensive analysis of their product needs and placement, as well as, consumer information. Businesses that use market research include retail, pharmaceutical and advertising companies. The responsibilities of a market research company are as follows;
- Product marketing
- Client contact
- Preparing briefs
- Commissioning research
- Collecting and analysing data from surveys
- Brand management
- Moderating and setting up focus groups
- Preparing and writing surveys
- Formulating plans and proposals
- Researching topics
Manage and organise information
A market research company or agency should be able to meet a business’s specific needs. The types of research used are ‘directional’ research which used early in the investigative process. This is done by personal interviews and focus groups. Focus groups are the most common way of obtaining consumer information for market research. Quantitative research is collecting the opinion of hundreds or thousands of individuals to understand consumer attitudes, preferences and market opportunities. These consumer opinions are conducted via telephone, through regular post, in person and online.
Using a market research company or agency is an important tool for any business or company to gain advantage over their competition. Using demographic, geographic and applied social sciences to market a product will give a company or business the best results on how to get consumers to consume and purchase their products. Using market information, market analysis and market trends will help both business and industry in how to best provide consumers with comprehensive information on their specific products.
Market research is largely done online at a lower cost. With the way consumers are today, and the limited amount of money that can be spent, businesses and companies use valuable market research on how to reach their target audience. Whether it is product placement or how a product is advertised, without consumer input, there would be no global market place to sell products.