Tag: Market Research

  • 10 Best Market Research Survey Tools

    10 Best Market Research Survey Tools

    Looking for the best market research survey tools? Explore the top 10 options with detailed descriptions, pros, and cons. Easily compare vendors in one table.

    10 Best Market Research Survey Tools and Side-By-Side Vendor Comparison

    Conducting effective market research is essential for making informed business decisions. Here are ten of the best market research survey tools, including their details, pros, and cons. Below each tool description, you’ll find a side-by-side vendor comparison table for easy review.

    1. SurveyMonkey

    Details: SurveyMonkey is one of the most recognized names in online survey tools. It offers a wide range of features and functionalities that cater to businesses of all sizes.

    • Pros:
      • User-friendly interface that doesn’t require technical expertise.
      • Extensive analytics and reporting capabilities.
      • Ready-to-use, customizable survey templates to save time.
      • A wide variety of question types.
      • Strong data security measures to ensure respondent privacy.
      • Multi-language support for global reach.
    • Cons:
      • Pricing can be high for premium features, which might not be ideal for small businesses.
      • Limited features on the free plan, which might necessitate an upgrade for more advanced functionalities.
      • Some users report a steeper learning curve for the more advanced features.

    2. Google Forms

    Details: Google Forms is a free online survey tool that integrates seamlessly with Google Drive. It’s an excellent choice for individuals and small businesses looking for a cost-effective solution.

    • Pros:
      • Completely free, with no hidden costs.
      • Intuitive and easy to use, especially for those already familiar with Google services.
      • Real-time response tracking and automatic result collecting in Google Sheets.
      • Easy to share via email, link, or embed in your website.
      • Allows for collaboration with teams.
    • Cons:
      • Limited customization options, which may not meet all design needs.
      • Basic reporting features without advanced analytics or detailed insights.
      • No professional templates, limiting the visual appeal of surveys.

    3. Typeform

    Details: Typeform is an interactive survey tool known for its engaging and visually appealing forms. It aims to make the survey-taking experience more enjoyable for respondents.

    • Pros:
      • Interactive and user-friendly form design that keeps respondents engaged.
      • Conditional logic capabilities to personalize survey flow based on responses.
      • Integration with various third-party applications like Slack, Mailchimp, and Google Sheets.
      • Offers a wide range of templates tailored to different use cases.
      • Mobile-friendly forms that look good on any device.
    • Cons:
      • Higher cost for advanced features, making it less budget-friendly.
      • Moderate learning curve for those new to the platform.
      • Some users find the data export options limited.

    4. Qualtrics

    Details: Qualtrics is a professional-grade survey platform with advanced features suitable for in-depth market research and enterprise-level analysis.

    • Pros:
    • Cons:
      • Expensive subscription plans, which may not be feasible for small businesses or individuals.
      • Complex interface that can be overwhelming for beginners or casual users.
      • Requires significant time investment to learn and utilize its full potential.

    5. SurveyGizmo (Alchemer)

    Details: SurveyGizmo, now known as Alchemer, is a versatile survey tool that offers various customization and integration options, making it suitable for diverse research needs.

    • Pros:
      • Highly customizable survey templates and design options.
      • Strong data analysis features with advanced reporting capabilities.
      • Excellent customer support to assist with technical issues.
      • Integration with popular software like Salesforce, HubSpot, and Zapier.
      • Flexible deployment methods, including web links, email, and embedded surveys.
    • Cons:
      • Steeper learning curve for new users.
      • Higher pricing tiers, which might be a barrier for smaller entities.
      • Some users may find the interface lacks intuitiveness.

    6. Zoho Survey

    Details: Zoho Survey is a cost-effective survey solution that provides a variety of features and integrates well within the Zoho suite of applications.

    • Pros:
      • Affordable pricing, making it a good option for small businesses.
      • Seamless integration with the Zoho suite and other tools like Google Sheets and Mailchimp.
      • Good range of question types and survey customization options.
      • Offline survey capabilities.
      • Multi-lingual support to reach a global audience.
    • Cons:
      • Basic user interface, which may not be as visually appealing.
      • Limited advanced features compared to higher-end tools.
      • Customer support primarily accessible through email and forums.

    7. QuestionPro

    Details: QuestionPro is a comprehensive survey tool offering advanced research capabilities that are suitable for both small-scale and large-scale research projects.

    • Pros:
      • Extensive survey customization options with a wide range of question types.
      • Detailed analytics and reporting tools to analyze data effectively.
      • Multi-language support to cater to international respondents.
      • Offline mobile app capabilities for conducting surveys without internet access.
      • API integration for advanced users needing custom solutions.
    • Cons:
      • Higher cost for premium plans, which might be a constraint for smaller budgets.
      • Some users find the interface somewhat cluttered and not very intuitive.
      • Advanced features may require a learning curve.

    8. SurveyAnyplace

    Details: SurveyAnyplace is known for creating engaging and interactive surveys that stand out from the usual formats, offering a more engaging experience for respondents.

    • Pros:
      • Unique and engaging survey formats that help maintain respondent interest.
      • Strong reporting tools to provide deep insights.
      • Mobile-friendly design to ensure a good experience on any device.
      • Custom scoring features for quizzes and assessments.
      • Integrations with marketing automation tools like HubSpot and ActiveCampaign.
    • Cons:
      • Limited features on the lower-tier plans, requiring upgrades for full functionality.
      • Pricing can be high to access all the features needed.
      • Customization might be restricted based on the subscription level.

    9. SoGoSurvey

    Details: SoGoSurvey is an advanced survey tool that provides various features and benefits aimed at professional use, including sophisticated survey logic and in-depth analysis.

    • Pros:
      • Advanced survey logic and branching to create complex survey flows.
      • Comprehensive reporting and data export options.
      • Excellent customer support with live chat and phone support.
      • Multi-channel distribution capabilities.
      • High-security standards to protect survey data.
    • Cons:

    10. SurveyLegend

    Details: SurveyLegend offers a visually appealing and easy-to-use interface, making it suitable for users looking for aesthetically pleasing surveys.

    • Pros:
      • Intuitive drag-and-drop interface that simplifies survey creation.
      • Attractive survey designs with a focus on visual appeal.
      • Real-time analytics for instant feedback on survey responses.
      • Multi-device compatibility for seamless use on any platform.
      • Custom branding options available for personalized surveys.
    • Cons:
      • Limited features on the lower-tier plans, potentially necessitating an upgrade.
      • Fewer third-party integrations compared to other tools.
      • Some users may find the advanced reporting to be lacking.

    Side-By-Side Vendor Comparison

    FeatureSurveyMonkeyGoogle FormsTypeformQualtricsSurveyGizmo (Alchemer)Zoho SurveyQuestionProSurveyAnyplaceSoGoSurveySurveyLegend
    CostHighFreeHighHighMediumLowHighMediumMediumMedium
    Ease of UseHighHighMediumLowMediumMediumMediumHighMediumHigh
    CustomizationHighLowHighHighHighMediumHighMediumHighMedium
    ReportingExtensiveBasicModerateExtensiveAdvancedBasicExtensiveAdvancedComprehensiveModerate
    IntegrationExtensiveLimitedExtensiveExtensiveExtensiveSeamlessExtensiveModerateComprehensiveLimited
    SupportStrongNoneModerateStrongExcellentEmail/ForumsExcellentModerateExcellentModerate
    Offline CapabilityNoNoNoYesYesYesYesNoYesNo

    Choosing the right survey tool depends on your specific needs, including the features, budget, and complexity of your market research. Assess your requirements carefully to select the tool that best matches your business goals.

    You may choose Best Market Research Survey Tool: SurveyMonkey

    Why Choose SurveyMonkey?

    SurveyMonkey stands out as the best market research survey tool for several reasons:

    1. User-Friendly Interface: SurveyMonkey is designed with an intuitive, user-friendly interface that accommodates users at all technical skill levels. You don’t need to be a tech expert to create and manage surveys efficiently.
    2. Comprehensive Features: It offers a vast array of features including customizable survey templates, a variety of question types, advanced analytics, and reporting capabilities. This makes it a versatile tool suitable for many different types of surveys.
    3. Security and Privacy: Robust data security measures are in place to ensure the privacy and confidentiality of respondent information. This is crucial for maintaining trust and compliance with data protection regulations.
    4. Global Reach: SurveyMonkey supports multi-language surveys which is ideal for businesses operating on a global scale. This feature allows you to reach a broader audience effortlessly.
    5. Integration and Collaboration: The tool seamlessly integrates with numerous third-party applications like Salesforce, Mailchimp, and Slack, enhancing its functionality. Additionally, it supports team collaboration, allowing multiple users to work on survey projects simultaneously.
    6. Analytics and Insights: Extensive analytics and reporting tools offer deep insights into the collected data, helping you make well-informed business decisions. You’ll have access to real-time feedback and detailed reports.

    Summary

    SurveyMonkey balances usability with powerful features, making it suitable for businesses of all sizes. Its ease of use, combined with strong security, extensive customization, and rich analytics, positions SurveyMonkey as a top choice for market research.

  • Top 10 Market Research Companies

    Top 10 Market Research Companies

    Discover the top 10 market research companies and their best services. From Nielsen to Kantar, get insights and analysis for your brand.

    Top 10 Market Research Companies: Exploring

    Here are the top 10 market research companies, along with their details, pros, cons, and best services.

    1. Nielsen

    Details: Nielsen is a global measurement and data analytics company providing insights into what consumers watch and buy. It operates in more than 100 countries, delivering comprehensive data and analysis to understand consumer behavior and market trends.

    Pros:

    Cons:

    • Expensive for small businesses
    • Complex data sets may require expertise to analyze
    • May not be suitable for very niche markets

    Best Services: Media measurement, consumer insights, audience analysis, advertising effectiveness studies, and retail measurement.

    2. Kantar

    Details: Kantar is a leading data, insights, and consulting company that provides data-driven insights and solutions for brands. Operating in over 90 markets, Kantar helps organizations enhance their marketing strategies through consumer understanding and market intelligence.

    Pros:

    • Wide range of services
    • Expert consulting available
    • Strong industry presence
    • Offers detailed market segmentation and targeting

    Cons:

    • High cost, especially for customized research
    • Service quality can vary by region
    • May take time to deliver results for large projects

    Best Services: Brand strategy, customer experience, market forecasting, consumer behavior analysis, and advertising impact assessments.

    3. Ipsos

    Details: Ipsos is a global market research company specializing in advertising, marketing, media, and public opinion research. With operations in around 90 countries, Ipsos provides diverse market insights and data to support business decisions.

    Pros:

    • Diverse research capabilities
    • Strong reputation internationally
    • Global reach with localized expertise
    • Offers innovative research methodologies

    Cons:

    • Costly for smaller clients or startups
    • Long turnaround times for comprehensive studies
    • Can be complex to navigate their service offerings

    Best Services: Social research, market understanding, opinion polling, product testing, and consumer satisfaction surveys.

    4. GfK

    Details: GfK is a German market research institute that has been providing data and insights into both consumer and market behavior for over 85 years. They offer a wide range of research services tailored to specific industry needs.

    Pros:

    • Comprehensive reports with deep insights
    • Strong data analytics capabilities
    • Long-standing experience in multiple industries
    • Focus on both online and offline data

    Cons:

    • High pricing for detailed insights
    • Complexity of service offerings can be overwhelming
    • Short-term projects may not get as much attention

    Best Services: Consumer insights, market intelligence, retail analysis, brand tracking, and ecommerce analytics.

    5. IRI

    Details: IRI specializes in big data, predictive analytics, and insights specifically for the consumer packaged goods, retail, and healthcare industries. Leveraging advanced data analytics, IRI helps businesses make informed decisions about their market strategies.

    Pros:

    • Advanced analytics and technology
    • Strong focus on specific industries
    • Robust, accurate data sets
    • Helps drive actionable insights for marketing

    Cons:

    • Expensive services tailored for big corporations
    • Limited to consumer goods and retail industries
    • Might not be flexible for small-scale projects

    Best Services: Data-driven marketing, consumer behavior analytics, predictive analytics, and performance tracking.

    6. Gartner

    Details: Gartner is a leading research and advisory company providing information technology-related insights and trends. Trusted for their expertise in technology, Gartner helps businesses understand and integrate the latest technological advancements.

    Pros:

    • Extensive industry expertise in technology and IT
    • In-depth, well-researched reports
    • Trusted by large enterprises and governments
    • Provides strategic advice and consulting

    Cons:

    • High subscription costs
    • Less focus on small businesses or non-tech sectors
    • Reports can be dense and require expert interpretation

    Best Services: IT market research, technology trends analysis, consulting, risk management, and technology vendor evaluation.

    7. Euromonitor International

    Details: Euromonitor International provides global market reports, data, and analysis across various industries. With a focus on objective analysis and extensive market coverage, Euromonitor helps businesses understand market dynamics globally.

    Pros:

    • Extensive global coverage and data collection
    • Detailed market reports and industry-specific insights
    • Strong focus on consumer products and services
    • Accessible user interface for data extraction

    Cons:

    • Expensive subscription options
    • Overwhelming data volume for new users
    • Limited customization for niche markets

    Best Services: Market reports, industry analysis, strategic planning, market sizing, and trend forecasting.

    8. Forrester Research

    Details: Forrester Research provides research and advisory services focusing on the impact of technology on businesses. Known for their expertise in customer experience and digital transformation, Forrester helps businesses adapt to technological changes.

    Pros:

    Cons:

    • High cost of detailed reports and consulting
    • Limited focus on non-tech industries
    • Depth of reports can be dense and require expertise to interpret

    Best Services: Technology research, consumer trends analysis, strategic insights, digital transformation consulting, and customer experience improvements.

    9. Mintel

    Details: Mintel is a global market intelligence agency providing market reports, client projects, and customized consulting. With over 45 years of experience, Mintel helps businesses understand consumer trends and behaviors to drive innovation.

    Pros:

    • Comprehensive research reports
    • Industry-specific insights and data
    • User-friendly interface for report access
    • Strong focus on consumer products and innovation

    Cons:

    • Premium pricing for in-depth reports
    • Data volume can be overwhelming for newcomers
    • Custom studies may take longer to deliver

    Best Services: Consumer trends analysis, product innovation insights, market forecasts, competitive analysis, and category reports.

    10. comScore

    Details: comScore provides digital media analytics and audience measurement for various platforms including mobile, video, and social media. They offer comprehensive insights into digital consumer behavior, helping businesses optimize their digital marketing efforts.

    Pros:

    • Comprehensive digital analytics and insights
    • Multi-platform audience measurement
    • Real-time data tracking
    • Strong focus on digital and online media

    Cons:

    • Primarily focuses on digital media, less on offline channels
    • High cost for in-depth reports and continuous tracking
    • May not suit businesses with limited online presence

    Best Services: Audience measurement, digital marketing analytics, media planning, and cross-platform audience insights.

    Choosing the right market research company depends on your specific needs, industry, and budget. Each of these companies offers unique strengths suited to different market research requirements, enabling businesses to make informed, data-driven decisions.

    Side-By-Side Vendor Comparison

    FeatureNielsenKantarIpsosGfK
    Global ReachExtensiveExtensiveExtensiveExtensive
    Data AccuracyHighHighHighHigh
    SpecializationMedia and ConsumerMedia and ConsumerMarket InsightsMarket Insights
    TechnologyAdvanced AnalyticsAdvanced AnalyticsAdvanced AnalyticsAdvanced Analytics
    Pricing$$$$$$$$$$$
    Custom ReportsAvailableAvailableAvailableAvailable
    Consulting ServicesYesYesYesYes
    Mobile AccessYesYesYesYes
    FeatureIMS HealthIDCIHS MarkitMintel
    Global ReachExtensiveExtensiveExtensiveExtensive
    Data AccuracyHighHighHighHigh
    SpecializationHealthcareTechnology ResearchInformation & AnalyticsConsumer Markets
    TechnologyAdvanced AnalyticsAdvanced AnalyticsAdvanced AnalyticsAdvanced Analytics
    Pricing$$$$$$$$$$$
    Custom ReportsAvailableAvailableAvailableAvailable
    Consulting ServicesYesYesYesYes
    Mobile AccessYesYesYesYes
    FeatureEuromonitor InternationalWestat
    Global ReachExtensiveExtensive
    Data AccuracyHighHigh
    SpecializationMarket ResearchSocial Science Research
    TechnologyAdvanced AnalyticsAdvanced Analytics
    Pricing$$$$
    Custom ReportsAvailableAvailable
    Consulting ServicesYesYes
    Mobile AccessYesYes

    Summary

    • Nielsen, Kantar, and Ipsos: These companies offer extensive global reach, high data accuracy, advanced analytics, and are priced on the higher end. They all provide custom reports and consulting services, with easy mobile access.
    • GfK and Mintel: Slightly more affordable, these companies still offer high data accuracy and global reach, focusing on market insights and consumer markets, respectively.
    • IMS Health and IDC: These vendors specialize in healthcare and technology research, respectively, with high pricing and comprehensive service offerings.
    • Euromonitor International and Westat: While Euromonitor focuses on market research, Westat specializes in social science research, both providing advanced analytics and a complete suite of services at moderate pricing.

    Each company has its unique strengths, tailored to different research needs and budgets.

  • How Consumer Research Improves Business Success

    How Consumer Research Improves Business Success

    Learn how consumer research can help businesses understand and meet the needs of their target audience. Improve customer satisfaction and make informed business decisions.

    Understanding Consumer Research: Insights into Consumer Behavior, Preferences, and Attitudes

    Consumer research plays a crucial role in understanding the needs and wants of consumers in today’s highly competitive market. By conducting consumer research, businesses can gain a deeper understanding of their target audience, enabling them to tailor their products and services to meet specific consumer demands.

    Definition of Consumer Research

    Consumer research is the process by which businesses gather information about consumers’ needs and preferences. It involves studying consumer behaviors, attitudes, and motivations to better understand their purchasing decisions and how they interact with different brands and products.

    This research helps companies tailor their offerings to better meet the demands of their target audience, make informed marketing and business decisions, and improve overall customer satisfaction. Through methods like surveys, focus groups, and observational studies, consumer research provides valuable insights that enable businesses to enhance their products, services, and customer relationships.

    The Importance of Consumer Research

    One of the key aspects of consumer research is studying consumer behavior. This involves observing and analyzing how consumers interact with products and services, what factors influence their purchasing decisions, and how they perceive and evaluate different brands. By understanding consumer behavior, businesses can identify trends and patterns that can help them make informed decisions about product positioning, pricing, and marketing strategies.

    Consumer preferences and attitudes are also important areas of study in consumer research. By surveying consumers and conducting focus groups, businesses can gather valuable data on what consumers like and dislike about certain products or services. This information can then be used to make improvements or develop new offerings that align with consumer preferences.

    Additionally, consumer research helps businesses understand the motivations behind consumer buying decisions. By delving into the psychological factors that drive consumer behavior, businesses can gain insights into why consumers choose one product over another, what influences their brand loyalty, and how they make decisions in different purchasing situations. Armed with this knowledge, businesses can develop targeted marketing campaigns that resonate with their target audience and drive sales.

    Furthermore, consumer research provides businesses with valuable feedback on customer satisfaction. By gathering feedback from consumers through surveys and interviews, businesses can identify areas for improvement and address any issues or concerns that may arise. This not only helps to enhance customer satisfaction but also builds brand loyalty and strengthens the relationship between businesses and their customers.

    Types of Consumer Research

    Ethnographic Research

    Ethnographic research is a method that involves immersing researchers in the consumers’ environment to gain a deep understanding of their behaviors, beliefs, and cultural influences. This method often requires researchers to spend significant time living with or observing consumers in their homes or workplaces. By observing consumers in their natural settings, researchers can uncover insights that may not be apparent through other research methods.

    Online Communities and Social Media Listening

    In today’s digital age, online communities and social media platforms provide valuable opportunities for consumer research. Researchers can join online communities or monitor social media conversations to gain insights into consumer opinions, preferences, and behaviors. By analyzing the discussions and interactions happening online, researchers can identify trends, sentiments, and emerging needs among consumers.

    Experimental Research

    Experimental research involves manipulating variables to study their impact on consumer behavior. Researchers create controlled environments or scenarios to test hypotheses and measure consumer responses. This method allows researchers to establish cause-and-effect relationships and understand how changes in product features, pricing, or marketing strategies influence consumer decision-making.

    Secondary Research

    Secondary research involves analyzing existing data and information collected by others. This can include market reports, industry studies, government publications, and academic research papers. By reviewing and synthesizing existing knowledge, researchers can gain insights into consumer trends, market dynamics, and competitor analysis.

    Methods of Consumer Research

    Surveys

    Surveys are among the most common methods used in consumer research due to their versatility and broad reach. They can be conducted online, by telephone, or face-to-face. Surveys are useful for collecting quantitative data from a large number of participants, enabling businesses to gather statistically significant information about consumer preferences, opinions, and behaviors.

    Focus Groups

    Focus groups involve a small group of people who discuss their perceptions, opinions, and attitudes towards a product, service, or concept under the guidance of a moderator. This qualitative research method is valuable for exploring deeper insights into consumer motivations and decision-making processes.

    Observational Studies

    Observational research involves directly watching consumers in natural or controlled environments to gain insights into their behaviors and interactions with products or services. This method can provide detailed information about how products are used in real life and can highlight issues that might not be reported through surveys or interviews.

    In-depth Interviews

    In-depth interviews are one-on-one conversations between a researcher and a consumer that aim to explore the consumer’s perspectives in depth. Unlike focus groups, this method allows for a deeper individual understanding, making it suitable for gathering detailed personal experiences and complex decision-making processes.

    Online Communities and Social Media Listening

    Online communities and social media platforms are rich sources of spontaneous consumer feedback. Listening to online conversations can reveal consumers’ honest opinions and real-time reactions to products and events. This method provides insights into consumer trends, sentiment, and the effectiveness of marketing campaigns.

    Ethnographic Research

    Ethnographic research involves researchers immersing themselves in a consumer’s natural environment to observe behaviors and interactions in real-world settings. This method is useful for understanding the context of product usage and can uncover unmet needs and opportunities for innovation.

    Experimental Research

    Experimental research involves manipulating variables to understand cause-and-effect relationships. This method is often conducted in controlled environments where researchers can observe how changes in product features, pricing, or marketing tactics affect consumer behavior.

    Secondary Research

    Secondary research involves the analysis of existing information gathered by other researchers or institutions. This includes analyzing market reports, academic papers, competitor analyses, and existing survey data. Secondary research helps contextualize primary research findings and can provide insights at a reduced cost and time.

    Each of these methods provides different insights and has its own advantages and limitations. Businesses often use a combination of these methods to get a comprehensive understanding of their consumers and market.

    Consumer Research in Different Industries

    Retail Industry

    In the retail industry, consumer research is used to understand shopping behaviors, preferences, and trends. It helps retailers make informed decisions about product selection, store layout, pricing, and promotions.

    Healthcare Industry

    In the healthcare industry, consumer research is used to understand patient needs, satisfaction levels, and healthcare preferences. It helps healthcare providers improve the quality of care they offer and develop patient-centered services.

    Travel and Tourism Industry

    In the travel and tourism industry, consumer research is used to understand travel preferences, destination choices, and travel booking behaviors. It helps travel agencies, hotels, and airlines tailor their offerings to meet the needs and desires of their target market.

    Financial Services Industry

    In the financial services industry, consumer research is used to understand consumer attitudes towards banking products, investment options, and financial planning. It helps financial institutions develop products and services that meet the financial needs and goals of their customers.

    Entertainment Industry

    In the entertainment industry, consumer research is used to understand audience preferences, viewing habits, and entertainment consumption patterns. It helps entertainment companies create content that resonates with their target audience and develop effective marketing strategies.

    Beauty and Personal Care Industry

    In the beauty and personal care industry, consumer research is used to understand consumer preferences for skincare, cosmetics, and personal care products. It helps beauty brands develop products that cater to specific skin types, concerns, and beauty trends.

    Education Industry

    In the education industry, consumer research is used to understand student needs, preferences, and educational trends. It helps educational institutions develop programs and services that meet the demands of students and parents.

    Steps in the Consumer Research Process

    1. Define Research Objectives

    The first step in the consumer research process is to clearly define the research objectives. This involves identifying the specific information needed, the target audience, and the research questions to be answered.

    2. Design the Research Methodology

    Once the research objectives are defined, the next step is to design the research methodology. This includes determining the appropriate research methods, such as surveys, interviews, or observations, and selecting the sample size and sampling method.

    3. Collect Data

    After designing the research methodology, data collection takes place. This can involve administering surveys, conducting interviews or focus groups, or observing consumer behavior. It is important to ensure the data collection process is unbiased and that participants’ privacy and confidentiality are protected.

    4. Analyze and Interpret Findings

    Once the data is collected, it is analyzed and interpreted to derive meaningful insights. This involves organizing and summarizing the data, identifying patterns and trends, and drawing conclusions based on the findings.

    5. Make Informed Decisions

    Once the findings have been interpreted and presented, the next step is to use the insights gained from the research to make informed decisions. This may involve developing new marketing strategies, refining existing products or services, or targeting specific consumer segments.

    6. Monitor and Evaluate

    After implementing any changes or decisions based on the research findings, it is crucial to monitor and evaluate their effectiveness. This can involve tracking sales data, conducting customer satisfaction surveys, or analyzing market trends.

    7. Repeat the Process

    The consumer research process is not a one-time event, but rather an ongoing cycle. As consumer preferences, market conditions, and business goals evolve, it is important to regularly revisit the research process.

    Scope of Consumer Research

    Consumer research encompasses a wide range of activities and investigations to evaluate and understand consumer needs, behaviors, and preferences. Its scope includes various dimensions that help companies to not only meet existing consumer demands but also anticipate future trends and challenges. Below are some of the key areas that define the scope of consumer research:

    Understanding Consumer Behaviors

    • Behavioral Analysis: Involves studying how consumers act and make decisions about using or purchasing goods or services.
    • Usage Patterns: Examines how, when, and why consumers use products and services, providing valuable insights for product development and positioning.

    Analyzing Consumer Preferences

    Evaluating Consumer Attitudes

    • Brand Perceptions: Assesses how consumers perceive a brand, which influences brand loyalty and purchasing decisions.
    • Product Evaluations: Investigates consumer opinions on existing products and services to identify strengths and areas for improvement.

    Market Trend Analysis

    • Trend Forecasting: Uses current data to predict future consumer behavior and market trends, helping businesses stay ahead.
    • Market Positioning: Assists businesses in aligning their products with market expectations and consumer needs.

    Innovative Product Development

    • New Product Feedback: Gathering consumer feedback on new product ideas to refine and improve offerings before a full-scale launch.
    • Concept Testing: Evaluates consumer acceptance and enthusiasm for new product concepts or prototypes.

    Consumer Demographics

    • Demographic Studies: Investigates how different groups (age, gender, income levels) perceive and use products.
    • Cultural Influences: Explores how cultural context and background influence consumer behavior and preferences.

    Emotional and Psychological Drivers

    • Motivational Research: Delves into the psychological and emotional reasons behind consumer purchases and loyalty.
    • Lifestyle Implications: Studies how lifestyles and life stages (e.g., single, married, with children) influence consumer needs and buying habits.

    Digital Consumer Insights

    • Online Behavior Tracking: Monitors how consumers interact with brands online, from social media engagement to online shopping patterns.
    • E-commerce Tendencies: Analyzes the growing trends and habits in online shopping, helping businesses to optimize their digital strategies.

    Ethical and Social Responsibility

    • Sustainability Trends: Studies consumer attitudes towards environmental and sustainability issues, which can influence product development and brand strategy.
    • Ethical Consumption: Looks into the rise of conscious consumerism and how it affects purchasing decisions.

    Consumer Satisfaction and Loyalty

    • Loyalty Measurement: Assesses what factors contribute to consumer loyalty to a brand or product.
    • Customer Satisfaction Studies: Regular surveys or feedback mechanisms to gauge customer satisfaction and service quality.

    Each of these areas provides crucial insights that contribute to the strategic planning and decision-making processes within companies, helping them to adapt and thrive in the competitive business environment. By continuously gathering and analyzing consumer data, businesses can make more informed choices that lead to successful outcomes.

    Benefits of Consumer Research

    Pricing and Competitive Analysis

    Consumer research is essential in determining pricing strategies and conducting competitive analysis. By understanding consumer perceptions of value and willingness to pay, businesses can set optimal prices for their products or services. Additionally, consumer research helps identify key competitors, their strengths, weaknesses, and consumer preferences, enabling businesses to develop effective strategies to gain a competitive edge.

    Advertising and Promotion

    Consumer research plays a crucial role in guiding advertising and promotion efforts. By understanding consumer attitudes, preferences, and media consumption habits, businesses can create targeted and impactful advertising campaigns. It also helps determine the most effective promotional channels and messages to reach and engage the target audience.

    It allows businesses to stay updated on the latest consumer trends and market insights. By analyzing consumer behavior and preferences, businesses can identify emerging trends, anticipate changes in the market, and adapt their strategies accordingly. This knowledge helps businesses stay competitive and innovative in a rapidly evolving marketplace.

    Customer Loyalty and Retention

    Consumer research is instrumental in building customer loyalty and improving customer retention. By understanding customer needs, expectations, and pain points, businesses can develop strategies to enhance customer satisfaction and loyalty. Consumer research helps identify opportunities to provide personalized experiences, improve customer service, and build long-term relationships with customers.

    Social and Ethical Considerations

    Consumer research also encompasses social and ethical considerations. It helps businesses understand consumer attitudes towards sustainability, social responsibility, and ethical practices. This knowledge enables businesses to align their values with consumer expectations, make informed decisions, and develop responsible business practices.

    In summary, consumer research has a broad scope and applies to various aspects of business and marketing. It helps businesses make informed decisions, understand consumer behavior, and develop effective strategies to meet consumer needs and preferences. By leveraging consumer research, businesses can gain a competitive edge, enhance customer satisfaction, and drive growth and success in the marketplace.

    Examples of Consumer Research

    Example 1: Launch of a New Beverage Product

    A beverage company planning to introduce a new flavored water line decides to conduct consumer research to optimize product launch strategies. They utilize a combination of surveys and focus groups to gather consumer preferences on flavors, packaging, and pricing. This research yields insights into popular flavors and packaging designs that appeal to the target market, as well as acceptable price points that consumers are willing to pay.

    Example 2: User Experience Research in Tech

    A technology company developing a new mobile app conducts ethnographic research by observing users interacting with the app in a controlled environment. Additionally, they conduct in-depth interviews with users to delve deeper into their experiences, uncovering usability issues and features that are most valued by users. This helps the development team prioritize which features to enhance and which bugs to fix before the final rollout.

    Example 3: Fashion Retailer Market Entry

    A fashion retailer considering expanding to a new international market conducts secondary research to analyze existing data on consumer fashion trends, spending habits, and local competitors in that region. They follow this up with experimental research by testing different store layouts and promotions in a pilot store to observe what drives the most traffic and sales.

    Example 4: Healthcare Services Improvement

    A healthcare provider looking to improve patient satisfaction employs surveys and observational studies within their facilities. They gather data on patient wait times, the quality of interpersonal interactions with healthcare staff, and overall satisfaction with the care received. The findings lead to operational changes that enhance patient experience and care efficiency.

    Example 5: Automotive Product Development

    An automotive company planning to develop a new SUV model uses online communities and social media listening tools to gather consumer opinions and discussions about similar vehicles. They also conduct focus groups to test consumer reactions to various design concepts. The insights gained help them in making critical decisions about design features, technology integrations, and environmental considerations like fuel efficiency and emissions.

    Example 6: Educational Program Feedback

    An educational institution looking to revise its curriculum uses surveys to collect feedback from students and parents. They combine this with focus groups consisting of faculty and educational experts to discuss potential improvements. The research results guide the institution in updating courses and teaching methods to better align with student needs and modern educational standards.

    Example 7: Beauty Product Testing

    A beauty brand planning to launch a new skincare line utilizes experimental research by providing sample products to a select group of consumers. Observations and feedback regarding skin reactions, satisfaction with the product, and perceived effectiveness help in fine-tuning the final formulations and marketing messages.

    These examples illustrate how consumer research methodologies are applied across different industries and scenarios to collect valuable data that inform business strategies, product development, market-entry, and customer experience improvements.

  • Unlocking Business Success: Top 10 Market Research Firms

    Unlocking Business Success: Top 10 Market Research Firms

    In this blog post, we will discuss the top 10 market research firms that have established a strong reputation and have consistently delivered high-quality results. These firms offer a wide range of services, including consumer behavior analysis, media measurement, and retail analytics. Whether you are looking for consumer behavior analysis, industry trends, or competitive intelligence, these firms can provide the expertise and data you need to make informed decisions and drive business growth.

    Top 10 Market Research Firms: Unveiling the Leaders in Data-Driven Insights

    Introduction

    Market research plays a crucial role in helping businesses make informed decisions and stay ahead of their competitors. With the ever-growing demand for market insights, several market research firms offer a wide range of services to cater to different industries and business needs.

    1. Nielsen

    Nielsen is a global leader in market research, known for its comprehensive data and insights. They provide a wide range of services, including consumer behavior analysis, media measurement, and retail analytics. With their extensive network and advanced methodologies, Nielsen helps businesses understand their target audience and make data-driven decisions.

    2. Kantar

    Kantar is another prominent market research firm that offers a range of services, including brand strategy, customer experience management, and market intelligence. They utilize innovative techniques and advanced analytics to provide actionable insights to their clients. Kantar’s expertise lies in understanding consumer behavior and helping businesses build strong brands.

    3. Ipsos

    Ipsos is a global market research company that specializes in understanding the opinions, behaviors, and motivations of consumers. They offer a wide range of research solutions, including customer satisfaction surveys, brand tracking, and product testing. Ipsos is known for its rigorous methodologies and ability to deliver accurate and reliable data.

    4. GfK

    GfK is a trusted market research firm that provides valuable insights into consumer trends and market dynamics. They offer a wide range of services, including market segmentation, pricing analysis, and customer satisfaction research. GfK’s expertise lies in combining traditional research methods with advanced analytics to deliver actionable insights.

    5. MarketResearch.com

    MarketResearch.com is a leading provider of market research reports and industry analysis. They have a vast collection of reports covering various industries and geographies. MarketResearch.com acts as a one-stop solution for businesses looking for in-depth market insights and analysis.

    6. Forrester Research

    Forrester Research is a renowned market research and advisory firm that helps businesses navigate the rapidly changing technology landscape. They provide insights into emerging trends, customer experience, and digital transformation. Forrester Research is known for its thought leadership and ability to provide strategic guidance to its clients.

    7. IDC

    IDC is a global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. They offer insights into market trends, competitive landscapes, and technology adoption. IDC’s research helps businesses make informed decisions and stay competitive in the fast-paced technology industry.

    8. Euromonitor International

    Euromonitor International is a leading provider of strategic market research. They offer in-depth analysis of various industries, including consumer goods, travel and tourism, and financial services. Euromonitor International’s research helps businesses understand market trends, identify growth opportunities, and develop effective strategies.

    9. Deloitte

    Deloitte is a global professional services firm that offers a range of market research and advisory services. They provide insights into industry trends, market dynamics, and customer behavior. Deloitte’s research helps businesses identify opportunities, mitigate risks, and drive growth.

    10. McKinsey & Company

    McKinsey & Company is a global management consulting firm that provides market research and strategic advisory services. They offer insights into market trends, competitive landscapes, and customer behavior. McKinsey & Company’s research helps businesses make informed decisions and drive sustainable growth.

    Comparison Chart of the Top 10 Market Research Firms

    This comparison chart summarizes key aspects of the top 10 market research firms globally, focusing on their services, areas of expertise, and market focus to help businesses make an informed choice.

    Market Research FirmKey ServicesCore ExpertiseMarket Focus
    NielsenConsumer behavior analysis, Media measurement, Retail analyticsExtensive data collection and analysisGlobal
    KantarConsumer behavior analysis, Media measurement, Retail AnalyticsConsumer behavior and brand buildingGlobal
    IpsosCustomer satisfaction surveys, Brand tracking, Product testingOpinions, behaviors, and motivations studiesGlobal
    GfKMarket segmentation, Pricing analysis, Customer satisfactionConsumer trends and market dynamicsGlobal
    MarketResearch.comMarket research reports, Industry analysisIn-depth market insights and analysisMulti-industry, Global
    Forrester ResearchBrand strategy, Customer experience management, Market IntelligenceTechnology landscape analysisTechnology and business
    IDCMarket intelligence, Technology adoption, Competitive landscapesInformation technology and telecommunicationsTechnology markets
    Euromonitor InternationalMarket analysis, Growth opportunity identificationStrategic market researchConsumer goods, Travel, Finance
    DeloitteIndustry trends, Market dynamics, Customer behaviorProfessional advisory and researchMultiple industries, Global
    McKinsey & CompanyMarket trends, Competitive landscapes, Customer behaviorStrategic advisory and management consultingGeneral business and strategy

    Each firm offers diverse services aimed at providing deep market insights and strategic guidance, allowing businesses to position themselves effectively in a competitive environment.

    Top 10 Market Research Firms in India: Pioneers in Insights and Analytics

    Market research is a critical tool for businesses in India, helping them to understand consumer preferences, market trends, and competitive landscapes. Given the dynamic economic environment in India, several market research companies have emerged as leaders, offering comprehensive services to national and international clients. Here are the top 10 market research firms in India known for their expertise and reliable data.

    1. Nielsen India

    Nielsen India extends its global footprint with robust research methodologies tailored to the Indian market. They offer services in consumer behavior analysis, retail measurement, and media viewership metrics, helping brands formulate effective market strategies.

    2. Kantar India

    Kantar India leverages its global expertise to provide insights into Indian consumer behavior, brand health tracking, and digital analytics. They are particularly adept at integrating cultural nuances in their research, making them valuable for businesses targeting diverse Indian demographics.

    3. IMRB International

    Owned by the Kantar Group, IMRB International is renowned for its pioneering work in market research in India. They specialize in consumer markets, industrial marketing, business-to-business marketing, and social marketing, offering a comprehensive array of research services.

    4. Ipsos India

    Ipsos India offers a range of custom and syndicated research services. Their areas of expertise include advertising research, loyalty programs, and public affairs research. Ipsos India provides deep insights that help businesses make informed decisions.

    5. ORG-MARG

    As one of India’s oldest research companies, ORG-MARG (now part of Nielsen) is highly respected for its primary and secondary research, providing detailed analyses in sectors like healthcare, retail, and finance.

    6. Market Xcel

    Market Xcel is known for its tailored research solutions designed to meet the specific needs of their clients across diverse sectors. Their services include consumer research, social research, and rural market analysis.

    7. TNS India

    As a part of the Kantar Group, TNS India offers bespoke research services focusing on consumer insights and consulting. Their expertise helps businesses understand the intricate patterns of Indian consumer behaviors and preferences.

    8. Majestic MRSS

    Majestic MRSS, with a robust presence across Asia, specializes in media research, customer satisfaction, and market segmentation, among others. They provide crucial insights that facilitate strategic planning and product development.

    9. RNB Research

    RNB Research is a full-service market research company known for its qualitative and quantitative research methods. They serve various domains including telecommunication, consumer durables, and health & personal care, ensuring versatile and dynamic market analysis.

    10. Hansa Research

    Hansa Research stands out for its focus on delivering quality-driven research in sectors such as media, retail, and telecommunications. They excel in creating custom research methods that address specific market challenges in India.

    Conclusion

    Choosing the right market research firm is essential for businesses looking to gain a competitive edge. The top 10 market research firms mentioned in this blog post have established themselves as leaders in the industry, offering a wide range of services and delivering high-quality insights. Whether you are looking for consumer behavior analysis, industry trends, or competitive intelligence, these firms can provide the expertise and data you need to make informed decisions and drive business growth.

    These leading market research firms in India are well-equipped to provide strategic insights that can help businesses thrive in the competitive environment. Choosing the right partner for market research is crucial for leveraging data-driven strategies to achieve sustainable growth and market leadership. Whether it’s understanding consumer behavior or mapping out market dynamics, these firms offer invaluable resources for informed decision-making.

  • Rural Marketing: Meaning, Areas, Features, and Importance

    Rural Marketing: Meaning, Areas, Features, and Importance

    Introduction to Rural Marketing Research: It has involved extraordinary requests both for the marketing scholastics and specialists whether there is a requirement for creating separate techniques for rural markets. Rural marketing research also defines as their Introduction, Meaning, Definition, Areas, Characteristics or Attributes or Highlights or Features, Need or Significance or Importance. How to position Global Marketing in rural marketing? Rural marketing is a gathering of the create item, sensible cost, suitable setting, and right mindfulness.

    Here is the article to explain, Rural Marketing Research – Introduction, Meaning, Definition, Areas, Characteristics or Attributes or Highlights or Features, Need or Significance or Importance.

    Meaning of Rural Marketing: The marketing decides states that the correct item, at the correct cost, at the opportune spot, at the perfect time, through the correct medium should arrive at the correct client. Also, Marketing might depict as the way toward characterizing, envisioning, and knowing client needs and dealing with all the assets of the association to fulfill them.

    The fulfillment of client’s needs and needs gives the presence to the association. The purchaser’s conduct contains the demonstrations, procedures, and social connections appeared by people, gatherings, and associations with items and administrations. Information and comprehension of the thought processes of purchaser conduct help an association in looking for better and progressively powerful approaches to fulfill the customers.

    It assists with choosing suitable deals and publicizing procedures to design marketing programs in an increasingly proficient way. The rural market of India began indicating its potential from the 1960s, their research; and, the ’70s and ’80s demonstrated its consistent turn of events, research paper. During the ’90s, there was a consistent development of the buying intensity of rural India; and there are clear signs that the 21st century is going to see its full blooming.

    Definition of Rural Marketing:

    The investigation of Rural marketing contains every one of the tasks, research paper pdf file, and the offices leading them, associated with the development of ranch created food, crude materials, and their subordinates, like materials, from the homesteads to the last buyers, and the impacts of such procedure on makers, go-betweens, and purchasers.

    According to G.N. Murthy;

    “Rural marketing is the study of all the activity, agency and policy involved in the procurement of farm inputs by the farmers and the movement of rural products from farmers to consumers.”

    According to National Commission on Agriculture are;

    “Rural Marketing is a process which starts with a decision to produce a saleable farm commodity and it involves all the aspects of market structure or system, both functional & institutional, based on technical and economic considerations and includes pre and post-harvest operations, assembling, grading, storage, transportation, and distribution.”

    So we reason that rural marketing in basic words is the arranging and execution of the marketing capacities for rural areas, you may download their research paper ppt and pdf file.

    Areas of Rural Marketing:

    How to run a Rural Marketing campaign? To run a rural marketing effort, you can do the trading of labor and products in three distinct manners and they are-Rural to Rural, Urban to Rural, and Rural to Urban. In this way, to run a Rural Marketing Campaign, you can decide on these three distinct ways. Allow us to talk about Rural Marketing research areas three in detail;

    Rural to Rural:

    This sort of rural marketing comes to set up when rural makers make items for rural buyers or locals. In this sort of marketing, various kinds of items utilize are trucks, cows, ceramics, and so on

    Metropolitan (Urban) to Rural:

    In this sort of rural marketing, items produce in urban communities or metropolitan units make available to the rural market base. Various items that come in this class are buyer durables, FMCG, manures, and so on Rural marketing utilize for augmenting the compass and changes of these items to a rural section of target crowds.

    Rural to Urban:

    Such rural marketing is utilized when items that are developed or fabricated are offered to the metropolitan market. Various items contained in this class are crops, handicraft things, horticultural items, and so on This sort of marketing is likewise very valuable in boosting the monetary standards of the rural populace by assisting them with getting worth and market for their products, and advocating their abilities.

    Rural Marketing Wrap Up;

    Albeit (Although) rural areas have a ton of possibilities to come up as the new modern center, countless difficulties accompany it also. Yet, with an appropriate rural marketing methodology, a portion of these issues can be managed. Winning the rural market is vital in augmenting the devoted client base, leads, deals, and benefits.

    This will likewise help organizations in having a network among rural and metropolitan areas. Also, This network is the most basic factor of comprehensive development which will guarantee a feasible presence to the organizations. How significant do you consider rural marketing procedures for your business? Offer your perspectives about the meaning of rural marketing efforts with us in the remarks.

    Characteristics or attributes or highlights or features of Rural Marketing:

    To zero in on the rural market and to create successful methodologies for tapping the market capability of the Rural Market, the organizations should know the features of the rural marketing research, which are depicted as follows:

    Huge, Diverse, and Scattered Market:

    The rural market in India is enormous and dispersed into a few districts. It comprises roughly 78 crores of rural shoppers who live in 6.50 lakh towns spread more than 35 lakh square kilometer territory. It is dissipated and far-reaching over 6.40 lakh towns, dissimilar to the metropolitan market kept to a handful of metros, cosmopolitan urban areas, and towns. Covering, a huge and generally dissipated topographical market, described by less populace per settlement, raises the stock and transportation cost and in this way influences the suitability of the course plan tasks of the circulation framework in rural areas.

    Significant Income of Rural Consumers is from Agriculture:

    Rural success attaches to agrarian flourishing. A significant piece of the pay of rural individuals comes from farming. In case of harvest disappointment, the pay of rural masses is straightforwardly influenced. In any case, the new past has seen a slow decrease in the sole reliance on agribusiness, as different areas have begun assuming a huge part in the rural economy.

    Low Standard of Living:

    The rural populace is utilized in limited scope rural and related occupations. This instability factor on account of rural pay makes the rural buyers very aware of their buy conduct as they are not certain about their future income. Most of the rural populace lives underneath the destitution line and has a low proficiency rate, low per capita pay, social backwardness, and so forth

    Added to this the customs, strict pressing factors, social qualities, and profound established notions are the obstructing factors for upward friendly versatility. Also, The flourishing to put something aside for future exigencies causes rural individuals to spend less to improve their standard of living in any event when they have decent pay.

    Conventional Outlook:

    Towns grow gradually and have a conventional standpoint. Change is a consistent cycle yet most rural individuals acknowledge changes slowly. They for the most part oppose change. This is step by step changing because of proficiency particularly in the adolescent who has started to change the standpoint in the towns.

    Foundation Facilities:

    The lacking foundation is the absolute most significant factor that recognizes metropolitan and rural business sectors. Also, The framework offices like solidified streets, stockrooms, correspondence frameworks, and monetary offices are insufficient in rural areas. Advancement and actual dissemination along these lines become extremely troublesome in the rural areas on account of deficient infrastructural offices; which has expanded the extent of rural marketing.

    Market Growth:

    The rural market is developing consistently throughout the long term. Demand for customary items, like bikes, rural data sources, FMCG Products, and so forth has additionally developed throughout the long term. The development has not been just quantitative yet also subjective.

    This was the aftereffect of new work openings and new types of the revenue made accessible through rural advancement programs; which have brought about green and white unrests and upheaval in rising assumptions for rural masses. Also, Demand for items like bikes, agrarian sources of info, ranch items, and so forth, has additionally developed throughout the long term. This outcome in the expanding the capability of rural areas.

    Different Socio-Economic Background:

    Because of the scattering of geological areas and lopsided land ripeness, rural individuals have a different financial foundation; which eventually influences the rural market. Residents have a place with various religions, societies, and gatherings of people. Socio-social foundation impacts shopper ability to acknowledge developments and new items in various areas.

    The varieties in conduct because of buyer climate geological, occupation, demographical and social, impact the way of life and make through and through various arrangements of requirements in various areas. This makes the need to portion the rural market to take into account it viably and productivity.

    Education around there:

    The education rate is low in rural areas when contrasted with metropolitan areas; and, prompts the issue of correspondence for advancement purposes. With low proficiency rates, the print medium gets wasteful; and, to a degree immaterial in rural areas since its span is poor. The reliance is more on electronic media – film, radio, and TV however the rural proficiency level has improved in the rural past.

    Rural individuals have begun to go to metropolitan areas for advanced education. Indeed, even the public authority has presented different plans for rural schooling. Mindfulness has expanded and the ranchers are very much educated about their general surroundings. They are likewise instructing themselves on the innovation around them and yearning for a superior way of life.

    Buying Capacity:

    The buying force of individuals in rural areas is reliant upon a few immediate; and, roundabout components identified with the rural economy. Marketing rural excess and rural–metropolitan terms of exchange are the primary wellsprings of buying power for rural buyers. Generally, Indian horticulture is subject to precipitation.

    Subsequently, the rural demand for buyer products is by implication impact by precipitation. This outcome is the insufficient buying force of the rural customers. Yet, presently day’s buying influence of the rural individuals is expanding; because the public authority spends immense measures of cash on the water system, flood control, framework advancement, hostile to destitution plans, endowments, and so on

    Thusly, advertisers are keen on building up the market in rural areas. Media has arrived in rural areas; so it turns out to be simple for advertisers to sell items in rural areas. Advertisers have understood the capability of rural business sectors and in this manner are expanding their activities in Rural India.

    Need or Significance or Importance of Rural Marketing:

    Numerous organizations having great assembling offices and marketing aptitude are zeroing in on rural business sectors; as there are freedoms to showcase customer labor and products in rural areas; and, likewise market agrarian items in metropolitan business sectors.

    Developing Rural Market:

    Aside from rural contributions, there is a developing business sector for customer merchandise in rural areas. As indicated by NCAER, the rural buyers address more than 50% of India’s “burning-through classes”; and, structure the objective gathering for customer labor and products.

    Extreme Competition in Major Urban Markets:

    Concentrated rivalry in the metropolitan market has expanded expenses yet not a high piece of the pie and benefits. Numerous organizations have taken a lead in setting up their items in rural business sectors. Model – HUL, Colgate, Marico, Nirma, LG Electronics.

    To Change the Attitude of the Farmers with the goal that they will Treat Agriculture as a Business:

    Generally, ranchers have regarded agribusiness as a method of living and they delivered barely enough amounts to meet their family necessities. Numerous reformist ranchers have expanded the yields of harvests by following present-day horticultural practices. Indeed, even little ranchers will urge to build creation. At the point when agribusiness is very much evolved; the pay of ranchers will go up because of a highly attractive excess. This gives great demand to modern and shopper merchandise.

    Rural Marketing Creates Employment Opportunities:

    Broadening of farming, advancement of town-level ventures, and marketing of present-day labor and products give business openings.

    Models:

    • The Government is wanting to set up a chain of expert establishments in rural areas on a public-private association premise to deliver gifted laborers for the car business. The Ministry of Rural Development has likewise preferred the proposition and has offered to expand monetary and other help. The foundations might be like the current Industrial Training Institutes.
    • Due to the high wearing down rate and the developing expense of HR, numerous BPO organizations are moving to the hinterland looking for less expensive and steadfast ability pools. Indeed, even programming firms are setting up focuses in more modest towns. In rural areas, compensations will be up to 50 percent lower than in urban communities, and land around multiple times more affordable, bringing about cost intensity.
    • As insurance agencies go increasingly more rural looking for business, there will be open doors in the rural area. The individuals who understand rural India will be in demand.
    Rural Tourism:

    Incorporates a scope of exercises, administrations, and conveniences given by rural individuals to vacationers. The expansive areas covered are social and ranch the travel industry, nature occasions, and visiting in rural areas. Town way of life and conventional neighborliness are different attractions for sightseers. Numerous metropolitan individuals would select rural the travel industry since it gives a chance to return to roots (towns) and be away from the pressing factor of metropolitan life. The rural travel industry creates business openings and expansions in pay for townspeople. Additionally, rural occasions empower the youthful metropolitan populace to encounter rural life.

    Models:
    • Winners in Maharashtra have started wine the travel industry. Having wine in the travel industry is to have guests stay in the winery; see the grape plantation and get a vibe of the wine-production measure. This will likewise permit savoring the beverage.
    • Rajasthan has been introduced as an objective with fortifications, castles, sandstones, works of art, ceramics, town specialties, and local area diversion.
    • Kushti (Wrestling) Carnival in Kundal (Sangli District, Maharashtra) pulls in near two lakh individuals.
    • Jallikattu (restraining of the bull) led during the gather celebration of Pongal has become a piece of the travel industry bundle of Tamil Nadu.
    • Purushwadi, a town arranged 180 km. from Mumbai has become a place of interest because of the endeavors of “Grass Routes” an association that is advancing town the travel industry. Begun in 2006, more than 60 families invite visitors to remain with them and experience town life and visiting slope sanctuaries, traveling, chipping away at ranches, washing in the stream, and so on
    More than 70 Percent of the Country’s Population Live in Rural Areas:

    With an exceptionally enormous shopper base, rural business sectors have huge potential, and organizations predict the rural business sectors as the business sectors of tomorrow. The working-class section is metropolitan India, which is now all around adjusted. Nonetheless, the rural business sectors are ineffectively adjusted about banking, protection, essential medical services, schooling, and lodging. Additionally, the entrance of four-wheelers, coolers, Color TV, and so on, is low in rural areas and there are enormous freedoms for inventive advertisers.

    Brand Loyalty:

    Because of low pay, most of the rural customers are cost cognizant. Be that as it may, they will keep on belittling a brand whenever they are happy with the item. Model – Parle Biscuits keep on being famous over neighborhood brands.

    Unfamiliar Competition:

    Unfamiliar organizations who are entering the Indian market, regularly, center around metropolitan shoppers. Consequently, there is less rivalry in rural business sectors.

    Improvement of Regional TV Network:

    Has empowered the advertisers to pass on the messages about items and administrations to the rural populace.

    Models:

    • In the class of rolls, Britannia dispatched the Tiger brand considering kids. The rolls focused on youngsters with the slogan ‘Tiger Khao, Kuch ban ke dikha o’.
    • The more youthful town age has significant openness to different media over the prior age, and, they like to copy their metropolitan partners. Kids assume a significant part in affecting buy choices in rural areas.

    Importance of Exploring Niche Marketing for Rural Markets!

    Specialties structure a little however beneficial base of portions to which items and brands and the ‘blast’ made by the customer blast; advertisers are investigating approaches to benefit from ‘specialty’ on the lookout.

    “Bird” cleanser of Hindustan Lever and “Colgate Total” from Colgate Palmolive mirror the importance of specialty systems in the Indian setting. Specialty methodologies could be inventively figured by consolidating a few marketing blend components; which may speak to the rural market in India.

    In a nation like India where the client blast has been entered the rural market; specialty marketing could be an out-and-out various and interesting activity. Given the social variety across the length and expansiveness of the country; specialty marketing could offer a gigantic measure of potential in the rural market.

    More Things:

    Practically all items and administrations could be reformulated with a marketing blend in which the importance given to the components could change following the segment and psychographic profiles of rural customers.

    A branded espresso may require inside and out an alternate promoting topic. It might utilize the invigorating part of caffeine to situate itself. Enfield has exhibited how promoting could be utilized to seek after a specialty; so additionally Coca Cola with film VIP Amir Khan.

    The previous passed on the toughness of a bike to withstand rural and conditions. Up-market items which have cut a specialty for themselves in metropolitan areas may go through the adjustment to be situated in the rural business sectors. Soda pops, quick food sources, and kitchen applications; and, so on may get an ‘unmistakable flavor’ to get a ‘rural specialty’.

    Rural Marketing Research Introduction Meaning Definition Areas Characteristics Attributes Highlights Features Need Significance Importance Image
    Rural Marketing Research – Introduction, Meaning, Definition, Areas, Characteristics or Attributes or Highlights or Features, Need or Significance or Importance; Image from Pixabay.
  • Marketing Research Objectives, Advantages, and Limitations

    Marketing Research Objectives, Advantages, and Limitations

    What does Marketing Research mean? Define Marketing Research; “The systematic, objective and exhaustive search for the study of the facts relevant to any problem in the field of marketing.” You’ll understand Marketing Research and their best topics – Objectives, Advantages, and Limitations. Marketing research may describe as a method of getting facts to use by the executive in formulating policies and plans.

    The Concept of Marketing Research explains by its Objectives, Advantages, and Limitations.

    It can also be defined as the systematic gathering, recording and analyzing of data about problems relating to the marketing of goods and services. It’s a systematic search for information. It involves data collection, analysis, and interpretation. Research cannot draw decisions, but it helps marketers in the task of decision making.

    A successful executive will never depend upon guesswork. He looks for more accurate information through research. The main idea of marketing research is to know more about consumers, dealers, and products. As the business grows, the distance between the manufacturer and consumers also widens.

    The management depends upon marketing research as a tool in solving marketing problems. It helps in taking a fruitful and efficient decision as to the flow of goods and services in the hands of the customers.

    What is Market Research?

    Market research is an important element of the process of marketing research. They include a complete analysis of the market. Information regarding the nature, size, organization profitability of different markets, changes in markets and various factors-economic, social and political-affecting those changes are studied vigorously. The main purpose of market research is to know about the consumers and the markets of its products or services.

    This article has given a solution to understanding; Advantages and Limitations of Marketing Research, or Objectives and Limitations of Marketing Research, or Objectives and Advantages of Marketing Research.

    Objectives of Marketing Research:

    Marketing research is undertaken for attaining the following objectives:

    To Provide the Basis For Proper Planning: 

    Marketing and sales forecast research provides a sound basis for the formulation of all marketing plans, policies, programs, and procedures.

    To Reduce Marketing Costs: 

    They provide ways and means to reduce marketing costs like selling, advertisement, and distribution, etc.

    To Find Out New Markets for The Product: 

    Their aims at exploring new markets for the product and maintaining the existing ones.

    To Determine the Proper Price Policy:

    It is considered helpful in the formulation of proper price policy about the products.

    To Study in Detail Likes and Dislikes of the Consumers: 

    It tries to find out what the consumers, (the people of all genders who constitute the market) think and want. It keeps us in touch with the consumers, minds and to study their likes and dislikes.

    To Know The Market Competition: 

    They also aim at knowing the quantum of competition prevalent in the market about the product in question. The company may need reliable information about competitor’s moves and strategies which are of immense significance for further planning.

    To Study The External Forces and Their Impact: 

    They provide valuable information by studying the impact of external forces on the organization. External forces may include conditions developing in foreign markets, govt, policies and regulations, consumer incomes and spending habits, new products entering the market and their impact on the company’s products. External forces may include conditions developing in foreign markets, govt, policies and regulations, consumer incomes and spending habits, new products entering the market and their impact on the company’s products.

    Prof. Gilies has rightly pointed out that,

    “The basic objective of marketing research is to supply management with information which will lead to a fuller understanding of the distribution habits and attitudes of present and potential buyers and users, and their reactions to products, packing, selling and advertising methods.”

    Advantages of Marketing research:

    The following advantages of marketing research below are:

    Explains customer resistance:

    Research is useful for finding out customer resistance to the company’s products. Remedial measures are also suggested by the researcher to deal with the situation. This makes the product and marketing policies agreeable to consumers.

    Suggests sales promotion techniques

    Promotion Research; enables a manufacturer to introduce appropriate sales promotion techniques, select the most convenient channel of distribution, suitable pricing policy for the products and provision of discounts and concessions to dealers. They facilitate sales promotion.

    Offers guidance to marketing executives:

    To research, offers information and guidance to marketing executives while framing marketing policies. Continuous research enables a company to face adverse marketing situation boldly. It acts as an insurance against possible changes in the market environment.

    Facilitates the selection and training of the sales force:

    It is useful for the selection and training of staff in the sales organization. It also suggests the incentives which should be offered for the motivation of employees concerned with marketing.

    Promotes business activities:

    They enable a business unit to grow its activities. It creates goodwill in the market and also enables a business unit to earn high profits through consumer-oriented marketing policies and programs.

    Facilitates appraisal of marketing policies:

    Research activities enable business executives to have an appraisal of the present marketing policies in the light of findings of research work. Suitable adjustments in the policies are also possible as per the suggestions made by the researchers.

    Suggests new marketing opportunities:

    Research, suggests new marketing opportunities and how they can be exploited fully. It identifies emerging market opportunities.

    Facilitates inventory study:

    It is useful for the evaluation of the company’s inventory policies and also for the introduction of more efficient ways of managing inventories including finished goods and raw material.

    Provides marketing information:

    Research provides information on various aspects of marketing. It suggests the relative strengths and weaknesses of the company. Based on such information, marketing executives find it easy to frame policies for the future period. MR provides information, guidance and alternative solutions to current marketing problems.

    Provides information on product acceptance:

    They help in knowing the probability of acceptance of the product in its present form. It is also useful for the introduction of modifications in the existing product line of a firm.

    Creates a progressive outlook:

    Research generates progressive and dynamic outlook throughout the business organization. It promotes systematic thinking and a sense of professionalization within the company. It also creates enthusiasm among marketing executives. This brings success and stability to the whole business unit.

    Has wider social significance:

    Research is of paramount importance from the social angle. It is how the ultimate consumer becomes king of the market place, with his desires, prejudice and every whim transmitted to the producer and distributor. In brief, MR has a wider scope of significance. It is useful to all parties involved in the process of marketing.

    Limitations of Marketing Research:

    Now let’s discuss above listed limitations of marketing research.

    Limited scope:

    They solve many business-related problems. However, it cannot solve all business problems. It cannot solve problems related to consumer behavior, income and expenditure relationships, etc. Thus, its scope is limited.

    Costly in the Market:

    It is a costly affair. It needs a lot of money to conduct various market research activities. Huge funds are required to pay salaries, prepare questionnaires, conduct surveys, prepare reports, etc. It is not a viable choice for small businesses. It is suitable only for large companies who can afford its cost.

    Provides suggestions and not solutions:

    They provide data to the marketing manager. It guides and advises him. It also helps him to solve marketing problems. However, it does not solve the marketing problem. The marketing manager solves marketing problems. So, MR only provides suggestions. It does not provide solutions.

    Time-consuming:

    It is a lengthy and time-consuming process. This process involves many important steps. All these steps are crucial and not even a single step can be neglected or avoided. In other words, there are no short-cuts in MR. Generally, it takes at least three to six months to solve a marketing problem. Therefore, it cannot be used in urgent or emergencies.

    Limited practical value:

    They only an academic exercise. It is mainly based on a hypothetical approach. It gives theoretical solutions, it does not give real solutions to real-life problems. Its solutions look good on paper but are harder to implement in a real sense. Thus, it has limited practical value.

    Can’t predict consumer behavior:

    They collect data on consumer behavior. However, this data is not accurate because consumer behavior cannot be predicted. It keeps on changing according to the time and moods of the consumers. Consumer behavior is also very complex. It is influenced by social, religious, family, economic and other factors. It is very difficult to study these factors.

    No accurate results:

    It is not a physical science like physics, chemistry, biology, etc. They are also social science. It studies consumer behavior and marketing environment. These factors are very unpredictable. Therefore, it does not give accurate results. It gives results, but it cannot give 100% correct results.

    Non-availability of technical staff:

    It is done by researchers. The researchers must be highly qualified and experienced. They must also be hard-working, patient and honest. However, in India, it is very difficult to find good researchers. Generally, it is done by non-experienced and non-technical people. Therefore, MR becomes a costly, time-consuming and unreliable affair. So, its quality is also affected due to the non-availability of technical staff.

    Can be misused:

    Sometimes, marketing research is misused by the company. It is used to delay decisions, it is used to support the views of a particular individual. Also, used to grab power (managerial) in the company.

    Non-availability of reliable data:

    The quality of the marketing research report depends on the quality of the collected data. If the data is complete, up-to-date and reliable, then the MR report will also be reliable. However, in India, it is very difficult to get full, latest and trustworthy data. So, the non-availability of reliable data is also its limitation.

    The resistance of marketing managers:

    The marketing managers do not use the suggestions given in the marketing research report. Primarily, they feel that these suggestions are not practical. Secondly, they also feel that their importance will become less if they use these suggestions. There is a conflict between marketing managers and researchers.

    Fragmented approach:

    They study a problem only from a particular angle. Also, it does not consider an overall view. There are many causes of a marketing problem. It does not study all causes. It only studies one or two causes.

    For example, if there is a problem with falling sales. There are many causes for falling sales; like poor quality, high-price, competition, recession, consumer resistance, etc. It will only study two causes viz; low-quality and high price. It will not study other causes. So, it is not a reliable one.

  • Do you Know Price Perception and Pricing Strategy?

    Do you Know Price Perception and Pricing Strategy?

    Do you Understand Meaning of Pricing Strategy and Price Perception

    A company will begins a good pricing with a complete understanding of the value and price of the products or services from the price setting to capture the customers’ perception on value and price. For example, if a customer decides to buy a product but he or she find that the price that set is higher the value which is from a products, this will make the customer making decision that does not buy this product. Definition of Price Perception.

    A company can make the decision on pricing based on two types of value basing pricing which are good-value pricing and value-added pricing. A good-value pricing means a company will sets a fair price by offering the right combination of quality and good service. Besides that, value-added pricing means a company will sets the prices based on customers’ perceptions of product value rather than the manufacture’s cost.

    The customers’ perception on value and price will set the ceiling of price; costs also will set the floor for the price that a company can set. A company needs to know the costs that spend on products before they can decide the pricing decision by using cost-based pricing. Cost-based pricing is a stage that a company set prices that including the producing expenses, distributing expenses. Selling expenses and the value of return on effort and risk. A company should consider the cost-based pricing as the important stage in pricing strategies. The costs that spend on products can be two forms which are fixed costs and variable costs.

    Fixed costs are the costs that do not easily vary with production level while variable costs are the costs that vary directly with the production level. Examples of fixed costs are bills for rent, interest or executive salaries while the examples of variable costs are bills of electricity, packaging expenses and so on. The company must calculate the costs of products carefully. Role of Price Perception in Consumer Buying Process.

    If the company costs are higher than other competitor’s costs during the producing and selling the products, this will make the company set the higher prices to earn some profits. The effects of charging the higher prices of products, the customers will buy the products from other competitors because the price that offers by the competitor is cheaper than the company. Therefore, a company should consider the customers’ perception on value and prices as important elements because customers can determine company performances.

    Consumers’ perceptions of products rely heavily on the pricing strategy that is chosen by the marketing manager. Price will impact not only consumer perception but also profit and speed of product adoption.

    Cheap or a Good Deal?

    It is Valentine’s Day, and you are waiting to unwrap a gift from your significant other. The box is opened to reveal a beautiful gold necklace, that you can’t wait to wear. A week later, you stumble upon the receipt for the necklace and find out it only cost $99. The beautiful gold necklace that you once loved now seems cheap and ugly. Why? The price has altered your perception of the necklace.

    Marketing managers must be careful of the pricing strategy they use to sell their products and services. Consumers’ perceptions of products, and services are drastically affected by different pricing strategies. For example, the staff of the local business called Heart Attack on a Plate Bakery is revamping their products’ prices. They are researching the best pricing strategy to implement for all of their baked goods. They want their prices to reflect a premium image but not be so costly that their consumers perceive their products as unaffordable.

    Pricing Strategy: Everyday Low Price

    One of the most popular pricing strategies in marketing is EDLP (everyday low price). The theory behind using this pricing strategy is that it provides value to the consumer by eliminating. The need to search for better deals elsewhere. It helps the retailer because it offers one price and avoids constant sales, discounts and price changes. Heart Attack on a Plate Bakery does not want to use an EDLP strategy as its products are premium. And area competitors can’t match its quality. Walmart is the leader in EDLP pricing. They stress that the overall price of consumer purchases will be less than the competition.

    Most stores that adopt this type of strategy also use odd pricing in order to further increase. Their consumers’ perception of a good pricing deal. For example, if Heart Attack on a Plate was going to use EDLP pricing. Then its cupcakes would be priced at $1.99 each. The thought is that consumers will ignore the 99 cents and view the cupcakes as costing only $1. Sometimes, the use of odd pricing can backfire and cause the consumer to perceive the product as cheap. For example, if a bride wanted to order a wedding cake from the bakery. And was quote a price of $99.99, there could be a negative price connotation or a lower-quality image.

    Pricing Strategy: High/Low Pricing

    Another pricing strategy that firms can use is called high/low. In this instance, the retailer depends on promotions and sales to temporarily reduce prices. This type of pricing strategy allows consumers to perceive that they’re getting a deal during a sale. It also allows another segment of consumers who are not price-sensitive to pay full price. Which in turn brings in more profits for the company.

    A high/low strategy also makes the consumer perceive excitement. Or that a deadline exists for getting the sale price during a limited-time period. A retailer does provide a reference point. Which is the price against which buyers compare the sales price of the product to the actual price.

    For example, Heart Attack on a Plate Bakery creates signs with the original sales price of its cakes. And then slashes through the price with the sales price revealed: ‘Cookies on sale for $7.99 a pound!’ vs. $9.99. The bakery is going to try to use this type of pricing to create excitement for its baked goods. In the past, it has criticized for higher prices. The staff hopes this new pricing strategy will bring in new customers.

    New Product Pricing Strategies

    There are two additional types of pricing strategies that companies can use to introduce new products. The bakery is introducing a new line of cheesecakes. It can implement a market penetration or price skimming strategy for the cheesecake line. A market penetration strategy is setting an introductory price low to build sales, market share and profits quickly. For example, the bakery could offer its cheesecakes for a low price of $9.99 to gain customer purchases immediately. As time passes, the bakery could increase the price in small increments, if needed, to secure more profits.

    The bakery could also use price skimming as the pricing strategy for its cheesecake line. This strategy appeals to customers who are willing to pay. A premium price for the chance to try the product first. The bakery could price the cheesecakes at $19.99, and describe the rich. Imported ingredients that are used to justify the higher price. In the end, the bakery has decided to pursue a market penetration strategy because it wants a large sales volume. The bakery will offer the cheesecakes at a low price of $9.99.

    Pricing strategies ultimately affect consumers’ perceptions of products and services. Marketing managers must take into consideration the type of product, profit and consumer perception that will fuel sales. High/low, EDLP, penetration or skimming all offer marketing managers a choice in how they price their product and produce sales. Heart Attack on a Plate Bakery has decided to pursue a high/low pricing strategy. They want to offer five different bakery products a week on sale to bring in customers. And get them to try a new product. In the end, pricing is the most flexible. Way to alter the 4Ps of the marketing mix (product, price, promotion and place). Pricing can and will adjusted throughout. The life cycle of any product in order to react to the environmental changes and consumer demands.

    Do you Know Price Perception and Pricing Strategy

  • Role of Price Perception in Consumer Buying Process

    Role of Price Perception in Consumer Buying Process

    Role of Price Perception in Consumer Buying Process with Consumer Behavior

    The price perception has been one of the most important research issues on the consumer behavior for last many years. The concept of reference point is very important in this regard and efforts have been made in order to define it. Consumers establish their reference points according to their personal understanding, annotations, the existing knowledge of prices and their subjective interpretation. Why You Should Be Balancing Your Books on Every Single Month? Definition of Price Perception.

    The reference points are dependent of two factors: the kind of information i.e. external or internal and behavioral process of formation of references. The internal reference point comes from the consumer estimation of price in his mind. The two factors contextual and temporal are involved in this formation. The first factor is related to the perception of different prices within the same category of product while buying.

    The temporal factor depends on the past buying experiences of the customer. The importance of both these factors varies according to the customer’s characteristics. For instance, consumer who purchased the one product more frequently will remember its price more clearly and as a result temporal factor will be more important. External information comes from the marketing and internal form other sources.

    It means any message of the price consumer receives through external channel and which he uses to make comparisons. The seller can control the external information by the marketing efforts i.e. through advertising and some internal factors may be beyond their control. But the information must be credible so that the consumer can use it in making his assessment of the product.

    The external reference point can be the price suggested by the seller on the product’s packaging, or the brand which is more frequently purchased or the price of the dominating brand. The main aim of the external reference point is to increase the internal reference price so that customer perceive existing price as attractive and buy the product

    According to a research study, price perception is clearly more relevant factor in purchasing decision than reality. Research was conducted in five countries to measure the extent to which perception of price is important for retailers. Three factors were identified which are responsible for price perception.

    The first one is the clarity with which price is communicated, second is price communication on entry points and the third is overall environment. The research indicated the fact that the retailers who are perceived as more expensive than others are unable to compete effectively in the market.

    A study conducted on entry level price communication difference of Zara and H&M is a good example on price perception. According to the study, Zara was found to be 31% more costly than H&M, but the customers’ perception of this difference quite low as compared to the actual figure.

    This reveals the Zara’s ability to manage its perception through effective and clear communication of prices. They have been successful in portraying their prices as nearly equal to competitor but in actual their prices are relatively high. The magic of perception has worked really well in this case which reveals the importance of perception the consumers.

    Another classic example is the price perception of Argos which shows how they have been able to build their price perception that is better than reality. They have been able to communicate their price position in a way that results in a cheaper price perception than reality. Their advertising strategy was price centered along with prominent supply of low priced goods in order to create a cheap price perception of their goods.

    In this way, the have been able to portray themselves as low-priced as compared to competitors while the reality may be different. However, the company has to work continuously in order to maintain that perception. How To Make Your Small Business Stand Out? Many Ways You Can Try IT!

    Role of Perception in Consumer Behavior

    The perceptions consumers have of a business and its products or service have a dramatic effect on buying behavior. That’s why businesses spend so much money marketing themselves, honing their customer service and doing whatever else they can to favorably influence the perceptions of target consumers. With careful planning and execution, a business can influence those perceptions and foster profitable consumer behaviors.

    Influencing Perception

    Consumers continually synthesize all the information they have about a company to form a decision about whether that company offers value. In a sense, consumer perception is an approximation of reality, notes the book “Consumer Behaviour,” by Atul Kr. Sharma. Businesses attempt to influence this perception of reality, sometimes through trickery and manipulation but often just by presenting themselves in the best possible light. For example, advertisements often trumpet the quality and convenience of a product or service, hoping to foster a consumer perception of high value, which can pay off with increased sales.

    Reaching Consumers

    A key factor in influencing consumer perception is exposure. The more information consumers have about a product, the more comfortable they are buying it. As a result, businesses do all they can to publicize their offerings. Positive Relationships with Individual and Organization Outside, However, this causes a problem: When every business bombards consumers with marketing messages, consumers tend to tune out. To influence consumer perception, a business not only must expose its product to consumers, it also must make its product stand out from the crowd.

    Risk Perception

    Consumer risk perception is another factor businesses must take into account when trying to encourage buying behaviors. The more risky a proposition is, the more difficult it is to get consumers to act. If consumers aren’t familiar with a brand of product, they can’t assess the risk involved; it could be poorly built, for instance, or too costly compared to substitutes. Businesses can overcome this hesitancy by offering as much product information as possible in the form of advertisements or by encouraging product reviews. Allowing potential customers to handle the product in stores or test it at home also decreases risk perception, as does offering a flexible return policy.

    Customer Retention

    Successful businesses don’t relax once a customer makes a purchase. Rather, they continue to foster perceptions that result in profitable behaviors. Once consumers have tried a product, the task becomes maintaining a good reputation and establishing brand loyalty. Offering superior customer service is an effective tactic because it maintains the perception that the business cares about its customers’ best interests. In return, customers become loyal to the business, which secures a consistent revenue stream for the company and makes it more difficult for competitors to poach customers.

    Role of Price Perception in Consumer Buying Process with Consumer Behavior

  • Definition of Price Perception

    Definition of Price Perception

    Learn, Explain, Meaning, What is Definition of Price Perception?

    Price perception is one of the leading variables when it comes to consumers buying process. Economists, market researchers have already undergone researches and predict that in buying decision price are the driving forces. Several studies explain and determine and explain the same fact thereby concluding the fact with decision making. The determinants of price perception can be both rational and psychological factors. The other factors may become psychological factors and prestige. The key variable to explore and explain consumers. Price perception is the degree of understanding the psychological process of consumers’ price perception. Also, Do you Know Price Perception and Pricing Strategy? Definition of Price Perception! 

    Meaning of Perceived value!

    “Perceived value is the worth that a product or service has in the mind of the consumer. For the most part, consumers are unaware of the true cost of production for the products they buy; instead, they simply have an internal feeling for how much certain products are worth to them. To obtain a higher price for products, producers may pursue marketing strategies to create a higher perceived value for their products.”

    When a firm has seasonal demand, the discrepancies are observed between the supply and demand. Generally, the firm has the excess supply at the time of low demand and scarcity when there is high demand. If the firm commercializes goods and faces seasonal demands, it can minimize the effect through good management of production and storage. The problem becomes more difficult in several sectors such as tourist services. The prices are fixed by these companies and firms drives the price-perception in different aspects. Which can differ according to the individual characteristics? The pricing fixed by the firm by undifferentiated strategies, under price discounts may lead the consumers/individuals to perceive as low-quality products offer. So the price discount strategy becomes ineffective in this case.

    Price perception is a marketing strategy using businesses to increase total sales. Although the practice does not necessarily misrepresent the products sale. It is often considering a covert, or slightly undercover, approach. The success of this strategy is dependent on consumer psychology because the message must convince customers. That expensive items are not that far away in price from less costly products. Ultimately, it is up to customers to decide whether or not products warrant their investment.

    “A business can sometimes benefit from downplaying the value of high-end products instead of treating expensive items as though they are special.” This type of psychology could work because of price perception. Which is the way that consumers interpret the cost for items despite the price tag that might attach to the products? Positioning pricey products in the same area as less expensive inventory could alter a consumer’s price perception. So, that there appears to be less of a discrepancy between high-end and low-end items.

    When a costly product is marketing to fulfill a similar purpose as less expensive items, it may be more acceptable to consumers. Without even knowing it, customers might equate costly items with their less expensive counterparts simply because of the way the items are marketing and placed in a retail outlet. How Do You Know Your Company Wants Help From The Outside? Subsequently, consumers might more incline to pay more for an item simply as a result of price perception. As long as customers understand a price to be acceptable, even if it is a result of strategic marketing efforts by a retailer or manufacturer, they may convince to make a higher-priced purchase that would otherwise ignore.

    Price-perception could work for an organization if a customer feels deceived. For instance, bait and switch is another marketing tactic that businesses can use when performed ethically. It is the practice of advertising an inexpensive item but later attempting to sell inquiring customers a higher-priced item. Retailers can bolster sales by using the customer’s inquiry as an opportunity to switch the cheaper item for a more expensive product. Savvy consumers might not fall for this strategy and price perception could be a less convincing tactic when customers have already decided to pay a certain amount for an item.

    Businesses who are not seeking to capitalize on price perception would focus instead on providing consumers with transparency. This is a marketing approach that attempts to provide as much information and context about a purchase as possible, What is Most Valuable Price? including the potential risks associated with an item. Subsequently, consumers are less likely to make selections they may later regret.

    Definition of Price Perception

  • Case Study Corporate Social Responsibility of Coffee Starbucks

    Case Study Corporate Social Responsibility of Coffee Starbucks

    Starbucks Case Study; It is the world’s largest and most popular coffee company. Case Study; Since the beginning, this premier café has aimed to deliver the world’s finest fresh-roasted coffee. Corporate Social Responsibility of Starbucks Coffee, Case Study; Today the company dominates the industry and has created a brand that is tantamount to loyalty, integrity, and proven longevity. Starbucks is not just a name, but a culture.

    Case Study in Corporate Social Responsibility of Coffee Starbucks!

    It is obvious that Starbucks and its CEO Howard Shultz are aware of the importance of corporate social responsibility. We try to explain the case study of Corporate Social Responsibility of Starbucks Coffee; Every company has problems they can work on and improve in and so does Starbucks. As of recent, Starbucks has done a great job showing their employees how important they are to the company. Along with committing to every employee, they have gone to great lengths to improve the environment for everyone.

    Ethical and unethical behavior is always a hot topic for the media, and Starbucks has to be careful with the decisions they make and how they affect their public persona. The corporate social responsibility of the Starbucks Corporation addresses the following issues: Starbucks’ commitment to the environment, Starbucks’ commitment to the employees, Starbucks’ commitment to consumers, discussions of ethical and unethical business behavior, and Starbucks ‘ commitment and response to shareholders. The following Corporate Social Responsibility of Starbucks Coffee few explain below are;

    Commitment to the Environment.

    The first way Starbucks has shown corporate social responsibility is through its commitment to the environment. To improve the environment, with a little push from the NGO, Starbucks’ first main goal was to provide more Fair Trade Coffee. What this means is that Starbucks will aim to only buy 100 percent responsibly grown and traded coffee. Not only does responsibly grown coffee help the environment, but it also benefits the farmers as well. Responsibly grown coffee means preserving energy and water at the farms.

    In turn, this costs more for the company overall, but the environmental improvements are worth it. Starbucks and the environment benefit from this decision because it helps continue to portray a clean image. Another way to improve the environment directly through their stores is by “going green”. Their first attempt to produce a green store was in Manhattan. Starbucks made that decision to renovate a 15-year-old store. This renovation included replacing old equipment with more energy-efficient ones.

    To educate the community, they placed plaques throughout the store explaining their new green elements and how they work. This new Manhattan store now conserves energy, water, materials, and uses recycled/recyclable products. Twelve stores total plan to be renovated and Starbucks has promised to make each new store LEED, meaning a Leader in Energy and Environmental Design.

    LEED improves performance regarding energy savings, water efficiency, and emission reduction. Many people don’t look into environmentally friendly appliances because the upfront cost is always more. According to Starbucks, going green over time outweighs the upfront cost by a long shot. Hopefully, these new design elements will help the environment and get Starbucks ahead of their market.

    Commitment to Consumers.

    The second way Starbucks has shown corporate social responsibility is through their commitment to consumers. The best way to get the customers what they want is to understand their demographic groups. By doing research on Starbucks’ consumer demographics, they realized that people with disabilities are very important. The company is trying to turn stores into a more adequate environment for customers with disabilities.

    A few changes include: lowering counter height to improve ease of ordering for people in wheelchairs, adding at least one handicap accessible entrance, adding disability etiquette to employee handbooks, training employees to educate them on disabilities, and by joining the National Business Disability Council. By joining the National Business Disability Council, Starbucks gains access to resumes of people with disabilities.

    Another way Starbucks has shown a commitment to the consumers is by cutting costs and retaining loyal customers. For frequent, loyal customers, Starbucks decided to provide a loyalty card. Once a customer has obtained this card, they are given incentives and promotions for continuing to frequent their stores. Promotions include discounted drinks and free flavor shots to repeat visitors.

    Economy talk:

    Also, with the economy being at an all-time low, Starbucks realized that cheaper prices were a necessity. By simplifying their business practices, they were able to provide lower prices for their customers. For example, they use only one recipe for banana bread, rather than eleven!

    It doesn’t end there either! Starbucks recognized that health is part of social responsibility. To promote healthier living, they introduced “skinny” versions of most drinks, while keeping the delicious flavor. For example, the skinny vanilla latte has 90 calories compared to the original with 190 calories. Since Starbucks doesn’t just sell beverages now, they introduced low-calorie snacks. Along with the snacks and beverages, nutrition facts were available for each item.

    Also, one big way to cut costs was outsourcing payroll and Human Resources administration. By creating a global platform for its administration system, Starbucks is able to provide more employees with benefits. Plus, they are able to spend more money on pleasing customers, rather than on a benefits system.

    Commitment and Response to Shareholders.

    One way Starbucks has demonstrated its commitment and response to shareholder needs is by giving them large portions. By large portions, Starbucks is implying that they plan to pay dividends equal to 35% or higher of net income. For the shareholders, paying high dividends means certainty about the company’s financial well-being. Along with that, they plan to purchase 15 million more shares of stock, and hopefully, this will attract investors who focus on stocks with good results.

    Starbucks made its commitment to shareholders obvious by speaking directly to the media about it. In 2004, Starbucks won a great tax break, but unfortunately, the media saw them as “money-grubbing”. Their CEO, Howard Shultz, made the decision to get into politics and speak to Washington about expanding health care and the importance of this to the company. Not only does he want his shareholders to see his commitment, but he wants all of America to be able to reap these benefits.

    In order to compete with McDonald’s and keeping payout to its shareholders high, Starbucks needed a serious turnaround. They did decide to halt growth in North America but not in Japan. Shultz found that drinking coffee is becoming extremely popular for the Japanese. To show shareholders there is a silver lining, he announced they plan to open “thousands of stores” in Japan and Vietnamese markets.

    Commitment to Employees.

    The first and biggest way Starbucks shows their commitment to employees is by just taking care of their workers. For example, they know how important health care, stock options, and compensation are to people in this economy. The Starbucks policy states that as long as you work 20 hours a week you get benefits and stock options. These benefits include health insurance and contributions to the employee’s 401k plan.

    Starbucks doesn’t exclude part-time workers, because they feel they are just as valuable as full-time workers. Since Starbucks doesn’t have typical business hours like an office job, the part-time workers help to work the odd shifts. Another way Starbucks shows its commitment to employees is by treating them like individuals, not just number 500 out of 26,000 employees. Howard Shultz, a CEO, always tries to keep humanity and compassion in mind.

    When he first started at Starbucks, he remembered how much he liked it that people cared about him, so he decided to continue this consideration for employees. Shultz feels that the first impression is very important. On an employee’s first day, he lets each new employee know how happy he is to have them as part of their business, whether it is in person or through a video.

    His theory is that making a good first impression on a new hire is similar to teaching a child good values. Through their growth, he feels each employee will keep in mind that the company does care about them. Shultz wants people to know what he and the company stand for, and what they are trying to accomplish.

    Ethical/Unethical Business Behavior.

    The last way Starbucks demonstrates corporate social responsibility is through ethical behavior and occasional unethical behavior. The first ethically positive thing Starbucks involves itself in is the NGO and Fair Trade coffee. Even though purchasing mostly Fair Trade coffee seriously affected their profits, Starbucks knew it was the right thing to do. They also knew that if they did it the right way, everyone would benefit, from farmers to the environment, to their public image.

    In the fall of 2010, Starbucks chose to team up with Jumpstart, a program that gives children a head start on their education. By donating to literacy organizations and volunteering with Jumpstart, Starbucks has made an impact on the children in America, in a very positive way.

    Of course, some negatives come along with the positives. Starbucks isn’t the “perfect” company like it may seem. In 2008, the Starbucks mobile app decided to close 616 stores because they were not performing very well. For Starbucks to close this many stores in one year, they had to battle many landlords due to the chain breaking lease agreements. Starbucks tried pushing for rent cuts but some stores did have to break their agreements.

    Other thing:

    On top of breaching lease agreements, Starbucks was not able to grow as much as planned, resulting in their future landlords were hurting as well. To fix these problems, tenants typically will offer a buyout or find a replacement tenant, but landlords are in no way forced to go with any of these options. These efforts became extremely time-consuming and costly, causing Starbucks to give up on many lease agreements.

    As for Starbucks ethical behavior is a different story when forced into the media light. In 2008, a big media uproar arose due to them wanting to re-release their old logo for their 35th anniversary. The old coffee cup logo was basically a topless mermaid, which is Starbucks’ opinion is just a mythological creature, not a sex symbol.

    Media critics fought that someone needed to protect the creature’s modesty. Starbucks found this outrageous. To end the drama and please the critics, they chose to make the image more modest by lengthening her hair to cover her body and soften her facial expression. Rather than ignoring the media concerns, Starbucks met in the middle to celebrate its 35th anniversary. Maybe you definitely understand above the information and case study of Corporate Social Responsibility of Starbucks Coffee.

    Case Study in Corporate Social Responsibility of Coffee Starbucks
    Case Study in Corporate Social Responsibility of Coffee Starbucks!