Economic forecasts and market research are conducted to understand economic trends and consumer behavior of a certain market. Businesses find market research useful if they are interested in expanding their services and products in a new market, and need to better understand the current competition. This is called a competitive analysis. In this analysis, businesses can also gather information about what the best price point should be for a service or product they wish to launch in the new market.
Some businesses request market research to gather information before they decide to exit a market or geographic region. Maybe their businesses have not been effective and they require data and evidence to make the strategic decision to exit a market.
Overall, market research is conducted by data-driven businesses who want to be strategic. They gather demographic information to understand opportunities and risks involved in certain markets, particularly as it pertains to their services and products.
For market research, we use the following methods:
· Focus groups
· In-depth interviews
· Content analysis
Contact us for more information or fill out this client pre-engagement form.