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| The Need For Consulting & Research |
| Consultancy |
Consulting business is ever increasing worldwide, because every organization wants to implement better strategies time to time, for the growth of the organization. Consulting is needed when an organization fails to perform in its business or marketing strategy, systems & procedures, structure and processes. Apart from new marketing ideas, the consulting experts identifies where the root cause exists for the performance failures.
Consultancy assignment includes the following major steps:
- Understanding of existing scenario.
- Understanding of client’s objective.
- Identification of major causes & opportunities
- Conducting research (Business or Market research).
- Analysis (Self and competitors).
- Solutions (recommendations).
- Implementation.
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| Research |
The need for information on customers and prospects is inevitable for every business. The prime source for such critical information is research. Market research helps the business to stay close to its customers. i.e. the better one understands the needs and wants, excitement and frustration of customers and prospects, the more one will be able to make informed strategic decisions that would positively impact one’s business bottom line.
Through market research businesses can learn a great deal about customers, their needs, how to meet those needs and what the businesses need to do to meet those needs. Various methods of market research are in use to find out information about markets, target markets and their needs, competitors, market trends, customer satisfaction with products and services, etc. |
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| Why Marketing Research is needed? |
- To understand what stakeholders (customers & consumers) really want.
- To identify new market & business opportunities for organization.
- To identify new product and service offerings.
- To understand how organization is perceived compared to competition.
- To measure the real satisfaction level of customers & consumers.
- To understand the effectiveness of current marketing efforts.
- To spot current and upcoming problems in the current market.
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| Marketing Research helps to: |
Customers: To determine how well customer needs are being met, investigate new target markets, and assess and test new services and facilities.
Competition: To identify primary competitors and pinpoint their strengths and weaknesses.
Confidence: To reduce the perceived risk in making marketing & business decisions.
Credibility: To increase the believability of promotional messages among customers. |
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