According to Wikipedia, Marketing research deals with the gathering, recording and the analysis of the quantitative and qualitative and quantitative data that are relating to marketing products and services.
Marketing research can also be said to be a process of gathering, analyzing and interpreting information about a market, about a product or service to be offered for sale in that market, and about the past, present and potential customers for the product or service; research into the characteristics, spending habits, location and needs of your business’s target market, the industry as a whole, and the particular competitors you face
The market research will provide wealthy, accurate and thorough information for the foundation of businesses on prospective and existing customers for a related product or services.
The reason why market research is carried out is to understand and assess how the changing elements of the marketing mix impact customer behaviour.
Marketing research will aid in the following areas:
Primary information can be defined as the information that is gathered by oneself or hiring someone to gather information for you. Primary information can be gotten through interviews, questionnaire, one on one telephone interviews, surveys etc.
When conducting primary research, one can gather two basic types of information which can be Explanatory or Specific.
Explanatory research deals with identifying a certain problem and this normally consists of detailed and unstructured interviews in which lengthy answers are solicited from a small group of respondents.
Specific research is more precise with its scope and it is used to solve a problem that explanatory research has already identified. Under the specific research, the interviews are more structured and formal in approach. The specific research is more expensive than the explanatory research
In conducting primary research, the following guidelines normally increase the response rate:
One of the most effective forms of primary research is the personal interview and the personal interview could be:
Secondary information is information or reports that are already compiled and organized. Examples of secondary information include reports, trade publications, magazines, newspapers and studies by the government agencies, trading associations, and other businesses in your related industry. Secondary sources include the following:
WHO WE ARE?
Matthew Ogagavworia & Co. (Chartered Accountants) is a member of the Matog Consulting Group with years of experience and evidence of work in marketing research. We offer a full range of traditional data and information gathering methodologies as well as forecasting and modelling engagement to arrive at an effective and efficient market research work. At Matthew Ogagavworia & Co. (Chartered Accountants), we always base proposed research designs on a set of first principles reflecting sound market research practices and deep understanding of the technologies, markets and issues
Our market research specialists are adept in gathering hard-to-find information from primary as well as secondary sources, such as social media sites, business directories, forums, online portals, websites, etc. We provide you with valuable insights and forecasts from the industry, facilitating the decision-making process and contributing to successful marketing campaigns.
Our research covers the following broad items:
Our research can also be streamlined into the following:
This consists of the following:
At Matthew Ogagavworia & Co. (Chartered Accountants) we apply the following methodologies to provide capable marketing research:
Step 1: Defining the research objective
The first step in carrying out our methodology research is to clearly define the research objectives with the clients at a meeting. Our experts identify your clients and segment them as per geographic location, demographics, psychographics and socio-cultural factors so that we can effectively run a research strategy. We will also determine your market size and share of the market, provide details about market growth as well as competitive positioning to help you create effective marketing strategies. This phase consists of the following:
Step 2: Determine the research design
After the definition, the next step is to determine the research design. Research design is the framework of research methods and techniques chosen by a researcher. The design allows us to choose research methods that are suitable for the subject matter and set up their studies for success. The design of a research topic explains the type of research (experimental, survey, correlational, semi-experimental, review) and also its sub-type (experimental design, research problem, and descriptive case-study). The essential elements of the research design are:
Step 3: Administration
After determining the research design, the next step is to administer the questionnaires, survey etc. to the target audience. The administration phase will ensure that enough data is collected from individuals which may not be available as a secondary source of information. The administration phase will cover data collection from the targeted audience, key interview and ensuring that we monitor the response rate from the targeted audience
Step 4: Visualization and analysis
The analysis and visualization aspect deals with developing a framework for the situational analysis of the framework carried out. The analysis will be carried out on the data collected from the targeted audience. We will analyze survey results, identify trends and key themes, measure against benchmarks and develop recommendations for an implementation plan. We will review the results of the analysis and, identify and prioritize critical issues facing the client business organization
We have developed a three-step framework for benchmarking engagement tailored specifically to our client needs
Step 5: Report delivery
This is the final step in our methodology after all the previous steps have been carried out. We will create a report based on our findings and analysis to our client. This will ensure that they know the next step to take as we also aid in creating action and implementation plan.
WHY YOU SHOULD HIRE US
At Matthew Ogagavworia & Co. (Chartered Accountants), you should hire us because:
Marketing Research Companies help clarify relationships, verify the market situation, opinions, minimize risks, analyze competition, identify problems, obtain feedbacks, measure interventions, marketing efforts. At Matthew Ogagavworia & Co. (Chartered Accountants), we work closely with our clients to develop an optimum market research program in light of the project objectives, goals, budget constraints, methodology attributes and decision urgency. We understand the strengths and weaknesses of traditional and emerging innovative research options.
For all your marketing research neds in Nigeria, please call 08023200801 or 08075765799. You can email also email firstname.lastname@example.org. Alternatively, you can fill the contact form below