Market research experts in Turkeyhelps you to analyze the current market economy with the software technologies in detail and make you understand your target audience better. Suppose it is necessary to define what market research means in basic terms. In that case, it can be described as the process of the practicability of a newly produced product by analyzing the market according to potential customers and their requests.
Market research enables a company to identify its target industry and obtain opinions and other consumer feedback regarding their preference for a service or product. The main goal of market research is to understand or examine the market related to a specific product or service to determine how the customers will respond to a product or service. The information obtained from market research can be used to tailor marketing/advertising practices or to ascertain what consumers’ feature priorities/service requirements (if any) are.
Companies can contact useful and helpful market research experts to be able to determine such terms as what type of service to provide customers with, how many new products to produce, how to advertise a newly made product, or how to use market research techniques.
To get all the answers to these types of questions that are absolutely related to your company, ERAI Turkey will assist you with all the necessary solutions and detailed surveys. By using real-time statistics and the latest development strategies, the company can gather all the market information that is aimed at by your corporates and points out the best-designed market strategy to help you reach your ultimate goals.
To be able to understand market research in detail, it will be better to list all the subheadings that mention necessary information regarding market research experts:
- The Importance of Market Research
- Types of Market Research
- Methodologies of Market Research
- How Market Research Experts Carry Out Market Surveys
THE IMPORTANCE OF MARKET RESEARCH
Carrying out detailed market research is very beneficial for companies to reduce customer attrition, learn about current market affairs and make a better decision about any products that will be generated. Market research experts in Turkey may help you grow into the business market with the required necessities and promote your company better and more effectively.
It will be better to list the importance of market research below with essential aspects:
- Customer-based: Market research experts aid in determining whatever the customers require and desire. Marketing is centred on the customer, and acknowledging the customer and their needs will help companies design products or services that better match them.
- Required information: Market research provides corporates with the valuable and necessary information, therefore, allowing them to visualize the market and construct well-developed business plans.
- The advantage compared to other companies: By gathering all the information and analyzing customer demand, research experts will bring massive benefits to your company regarding the competition between different companies
- Detailed analysis and plans: Market research experts understand your potential target audience and their needs. After, it helps you to estimate average mass production quantity or average inventory stock by forming beneficial plans.
TYPES OF MARKET RESEARCH
Market research requires different types of analysis and gathering information based upon the company’s target area and potential production quantity. Research experts can use various tools and methods to analyze the market and answer back to the company’s targets.
We can divide these types into groups below:
- Primary Market Research: Primary information covers data that has been directly obtained by the corporation or by market research experts hired to carry out the survey. We can divide this sort of information into two parts which are exploratory research and specific research.
Exploratory research is a type of open-ended research in which a problem is investigated by asking open-ended questions in a detailed format, usually with a small group of people known as a sample. The sample size is limited to 6-10 people in this case. Specific research, on the other hand, is more focused and used to solve problems identified by exploratory research.
- Secondary Market Research: Market research experts in Turkey can also use secondary data information which outsourced organizations has already collected. This can include population data from government census records, trade association research reports published in newspapers, magazines, websites, or research displayed by some other company in the same market sector.
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METHODOLOGIES OF MARKET RESEARCH
Apart from research types, we should also state methodologies regarding different types of data and information gatherings which are:
- Quantitative Research: Organizations benefit from quantitative research methods to conduct an organized market survey by using online research, questionnaires, and polls to gather statistical ideas to make rational choices.
This procedure was being carried out by taking notes beforehand. Now, this has progressed to the distribution of systematic online surveys to participants in order to obtain actionable insights. Researchers typically construct and design their surveys using modern and technology-oriented survey platforms in order to elicit the most responses from participants.
- Qualitative Research: Compared to the quantitative research method, this study approach includes semi-structured or unstructured data collected through some commonly used qualitative research methods. These methods are focus groups, interviews with persons and Ethnographic research, which involves observations through individuals as a part of field research.
HOW MARKET RESEARCH EXPERTS CARRY OUT MARKET SURVEYS
Now that the definition and the types of market research are apparent, it’s time to learn how market experts carry out the desired market observation and approximate predictions regarding potential customer reactions to a newly generated product. It will be more precise and more beneficial for the companies to list the proper order of the market research. The followings are the steps that market research experts in Turkey are taking while conducting market research:
- It is the essence of market research that companies must point clear objectives and goals out before beginning the research.
- The next important step is to identify the target audience and market width.
- Then, experts make sure that your sample size is representative of the audience you are aiming for. It is crucial because there should be enough respondents in the research sample that can reflect a larger target audience.
- Analyzing and choosing the most suitable research type and methodology is the other significant step that research experts are taking into consideration.
- No matter which methodology or research type has been chosen, the research questions are always getting ready by the experts with direct collaboration with your company.
- Now that everything is ready to gain data, experts get into direct contact with questionnaires and make sure that they are getting the necessary information and data.
- When research experts have gathered survey replies, they use remarkable analysis skills and decode findings into research reports to share with the company.
- After market research experts share research reports and filtered analysis outcomes at the end of the market research, it is up to company management to take required steps regarding the production, effective marketing and catchy marketing advertisements to reach the targeted audience.
ERAI Turkey offers its service regarding effective market research to help you promote your company by conducting all the proper steps and research types in the market research sector. Market research in Turkey is significant for business corporations in the matter of understanding the target audience better, calculating the inventory stock and, most importantly, promoting the company’s name and plans more effectively. To take the best place in the market, the company should contact market research experts directly as they utilize all the technology-based software programs to conduct market research in the proper order.