Last updated on August 1, 2019
What is Market Research?
Market research is an important component of the business strategy, as it is an effort to gather information about target markets and customers. It provides important information that helps to identify and analyze the needs of the market, market size and competition. Market research is a way to get an overview of the consumers’ needs and wants. This research could be used to determine how a product can be marketed. It can involve quite a few factors, that are;
- Market Information:
Market information basically helps identify the prices of different products available in the market. Not only that, but it also helps in identifying the supply and demand situation. Market researchers have a big role as they help their clients in understanding different aspects of the market.
- Market Segmentation:
Market segmentation is the process of dividing the market into different segments based on different characteristics. It makes it easier for marketers to personalize their campaigns.
- Market Trends:
Market trend refers to the trends and preferences of consumers within the market over a period of time. Determining the market size would be difficult if one is coming up with an entirely new product, and in this case, figures would need to be derived from the number of potential customers.
- SWOT Analysis:
SWOT Analysis is a strategic planning technique that helps an organization identify Strengths, Weaknesses, Opportunities, and Threats related to the business or project planning. It is intended to specify the objectives of the business venture, and identify the internal and external factors that are both favorable and unfavorable to achieve those objectives.
Market research in Dubai works exactly the same way as it does in different corners of the world.
Market Research Companies:
There are a great number of market research companies in Dubai, that excel in providing their services. However, the top company in this field is IDS Research & Consultancy. It is the leading market research company in the Emirates that specializes in consumer insight and market surveys. They offer the following services:
- Quantitative Market Research:
It is a method of using numerical data and tools in order to make research solutions for clients.
- Qualitative Market Research:
They are a market research data collection agency that provides solutions through various qualitative techniques.
- Computer-Assisted Telephone Interviewing (CATI)
For all of their telephone surveys, interviewing is carried out using CATI systems. They’ve got their automated CATI system based in their Dubai office along with 14 other systems.
- Mystery Shopping:
Their expertise in survey programming and in-depth knowledge of survey platforms allow their clients to see things from a different perspective. IDS can program the client’s online, telephone and in-person interviews using the specific software that is best suited to their requirements.
- Data Processing:
Their data processing department is well equipped keeping the situations of the market under consideration, and they can easily handle any types of study basis the research needs.
IDS also specialized in creating interactive dashboards that allow their clients to freely view their market research on the go.
It is recommended for a fresh entrepreneur to research market research analytics before he sets up his business because those would provide him with the guidance he needs in order to run his business without any hassle.