Market Research
By
TransVisionary Solutions
www.transvisionarysolutions.com

What is Market Research?
Market research consists of testing the market to determine the acceptance of a particular product or
service, especially amongst different demographics. It is used to establish which portion of the population
will or does purchase a product, based on age, gender, location, income level and many other variables.
Market research allows companies to learn more about past, current and potential customers, including
their specific likes and dislikes.
Based on market research data, businesses can develop a \"target audience.\" A target audience is a specific
group of customers that has a distinct need or desire for a product or service. Market research is used to
determine how often the target audience will buy a particular item, how much they are willing to pay for it,
and their overall satisfaction with it. By analyzing market research information, manufacturers and service
providers learn where to focus their resources most effectively.
Thus marketing research is the systematic and objective identification, collection, analysis, and
dissemination of information for the purpose of assisting management in decision making related to the
identification and solution of problems and opportunities in marketing.[2] The goal of marketing research is
to identify and assess how changing elements of the marketing mix impacts customer behavior.
Marketing research is generally divided into two categories:
1. Consumer Market Research
2. Business-to-Business (B2B) Market Research

What is Consumer Market Research?
Consumer market research surveys give you the data you need to enhance relationships with your current
customers, increase retention and cultivate sales. Once you analyze the opinions of your customers you can
funnel your data into winning marketing and customer service strategies.
Find out what your audience feels, behaves and expects with consumer market research surveys. By
ascertaining this type of important information, you can improve employee performance and profitability.
Our cost-effective and user-friendly consumer market research surveys can help you discover:
 Customers' perceptions of your brand, product and service
 The probability of current customers becoming repeat purchasers
 What your customers think of your competition
 Your customers' future needs and wants

What is Business-to-Business (B2B)
Market Research?
Business to business (B2B) research is inevitably more complicated than consumer research. The
researchers need to know what type of multi-faceted approach will answer the objectives, since seldom is it
possible to find the answers using just one method. Finding the right respondents is crucial in B2B research
since they are often busy, and may not want to participate. Encouraging them to “open up” is yet another
skill required of the B2B researcher. Last, but not least, most business research leads to strategic decisions
and this means that the business researcher must have expertise in developing strategies that are strongly
rooted in the research findings and acceptable to the client.
There are four key factors that make B2B market research special and different to consumer markets:
 The decision making unit is far more complex in B2B markets than in consumer markets
 B2B products and their applications are more complex than consumer products
 B2B marketers address a much smaller number of customers who are very much larger in their
consumption of products than is the case in consumer markets
 Personal relationships are of critical importance in B2B markets.

Role of marketing research
The task of marketing research is to provide management with relevant, accurate, reliable, valid, and
current information. Competitive marketing environment and the ever-increasing costs attributed to poor
decision making require that marketing research provide sound information. Sound decisions are not based
on gut feeling, intuition, or even pure judgment.
Marketing managers make numerous strategic and tactical decisions in the process of identifying and
satisfying customer needs. They make decisions about potential opportunities, target market selection,
market segmentation, planning and implementing marketing programs, marketing performance, and
control. These decisions are complicated by interactions between the controllable marketing variables of
product, pricing, promotion, and distribution. Further complications are added by uncontrollable
environmental factors such as general economic conditions, technology, public policies and laws, political
environment, competition, and social and cultural changes. Another factor in this mix is the complexity of
consumers. Marketing research helps the marketing manager link the marketing variables with the
environment and the consumers. It helps remove some of the uncertainty by providing relevant information
about the marketing variables, environment, and consumers. In the absence of relevant information,
consumers' response to marketing programs cannot be predicted reliably or accurately. Ongoing marketing
research programs provide information on controllable and non-controllable factors and consumers; this
information enhances the effectiveness of decisions made by marketing managers.
Traditionally, marketing researchers were responsible for providing the relevant information and marketing
decisions were made by the managers. However, the roles are changing and marketing researchers are
becoming more involved in decision making, where as marketing managers are becoming more involved
with research.

Role of Marketing Research – Continue…
The role of marketing research in managerial decision making is explained further using the framework of
the DECIDE model:
D - Define the marketing problem
E - Enumerate the controllable and uncontrollable decision factors
C - Collect relevant information
I - Identify the best alternative
D - Develop and implement a marketing plan
E - Evaluate the decision and the decision process
The DECIDE model conceptualizes managerial decision making as a series of six steps. The decision
process begins by precisely defining the problem or opportunity, along with the objectives and constraints.
Next, the possible decision factors that make up the alternative courses of action (controllable factors) and
uncertainties (uncontrollable factors) are enumerated. Then, relevant information on the alternatives and
possible outcomes is collected. The next step is to select the best alternative based on chosen criteria or
measures of success. Then a detailed plan to implement the alternative selected is developed and put into
effect. Last, the outcome of the decision and the decision process itself are evaluated.

Market Research Characteristics
First, marketing research is systematic. Thus systematic planning is required at all the stages of the
marketing research process. The procedures followed at each stage are methodologically sound, well
documented, and, as much as possible, planned in advance. Marketing research uses the scientific method
in that data are collected and analyzed to test prior notions or hypotheses.
Marketing research is objective. It attempts to provide accurate information that reflects a true state of
affairs. It should be conducted impartially. While research is always influenced by the researcher's research
philosophy, it should be free from the personal or political biases of the researcher or the management.
Research which is motivated by personal or political gain involves a breach of professional standards. Such
research is deliberately biased so as to result in predetermined findings. The motto of every researcher
should be, \"Find it and tell it like it is.\" The objective nature of marketing research underscores the
importance of ethical considerations, which are discussed later in the chapter.
Marketing research involves the identification, collection, analysis, and dissemination of information. Each
phase of this process is important. We identify or define the marketing research problem or opportunity and
then determine what information is needed to investigate it., and inferences are drawn. Finally, the
findings, implications and recommendations are provided in a format that allows the information to be used
for management decision making and to be acted upon directly. It should be emphasized that marketing
research is conducted to assist management in decision making and is not: a means or an end in itself. The
next section elaborates on this definition by classifying different types of marketing research.

Classification of Market Research
Organizations engage in marketing research for two reasons:
(1) To identify
(2) Solve marketing problems.
This distinction serves as a basis for classifying marketing research into problem identification research and
problem solving research.
Problem identification research is undertaken to help identify problems which are, perhaps, not apparent on
the surface and yet exist or are likely to arise in the future. Examples of problem identification research
include market potential, market share, brand or company image, market characteristics, sales analysis,
short-range forecasting, long range forecasting, and business trends research. A survey of companies
conducting marketing research indicated that 97 percent of those who responded were conducting market
potential, market share, and market characteristics research. About 90 percent also reported that they
were using other types of problem identification research. Research of this type provides information about
the marketing environment and helps diagnose a problem. For example, a declining market potential
indicates that the firm is likely to have a problem achieving its growth targets. Similarly, a problem exists if
the market potential is increasing but the firm is losing market share. The recognition of economic, social,
or cultural trends, such as changes in consumer behavior, may point to underlying problems or
opportunities. The importance of undertaking problem identification research for the survival and long term
growth of a company is exemplified by the case of PIP printing company.
Once a problem or opportunity has been identified, as in the case of PIP, problem solving research is
undertaken to arrive at a solution. The findings of problem solving research are used in making decisions
which will solve specific marketing problems. More than two-thirds of companies conduct problem solving
research.

Marketing Research Methods
Methodologically, marketing research uses the following types of research designs:
1. Qualitative Marketing Research - generally used for exploratory purposes - small number of
respondents not generalizable to the whole population - statistical significance and confidence not
calculated - examples include focus groups, in-depth interviews, and projective techniques
2. Quantitative Marketing Research - generally used to draw conclusions - tests a specific hypothesis -
uses random sampling techniques so as to infer from the sample to the population - involves a large
number of respondents - examples include surveys and questionnaires. Techniques include choice
modeling, maximum difference preference scaling, and covariance analysis.

Qualitative Market Research
Qualitative marketing research is a set of research techniques, used in marketing and the social sciences, in
which data is obtained from a relatively small group of respondents and not analyzed with inferential
statistics. This differentiates it from quantitative analyzed for statistical significance.
The role of Qualitative Research
Qualitative research methods are used primarily to define a problem and generate hypotheses. They are
often used as the prelude to quantitative research in order to identify determinants, and develop
quantitative research designs. They can be better than quantitative research at probing below the surface
in order to understand what drives and motivates behavior.
Because of the low number of respondents involved and the idiosyncratic nature of some data collection
methods (e.g. unstructured interviews), findings from qualitative marketing research should be applied to
larger populations with caution. They are however, very valuable for exploring an issue and are used by
almost all researchers at various points during large research campaigns.
The main types of Qualitative Research are
 Depth Interviews
 Focus Groups
 Projective Techniques
 Random Probability Sampling

1. Depth Interviews
 Interview is conducted one-on-one, and lasts between 30 and 60 minutes
 Best method for in-depth probing of personal opinions, beliefs, and values
 Very rich depth of information
 Very flexible
 Probing is very useful at uncovering hidden issues
 They are unstructured (or loosely structured)- this differentiates them from survey interviews in which the
same questions are asked to all respondents
 Can be time consuming and responses can be difficult to interpret
 Requires skilled interviewers - expensive - interviewer bias can easily be introduced
 There is no social pressure on respondents to conform and no group dynamics
 Start with general questions and rapport establishing questions, then proceed to more purposive questions
 Laddering is a technique used by depth interviewers in which you start with questions about external
objects and external social phenomena, then proceed to internal attitudes and feelings
 Hidden issue questioning is a technique used by depth interviewers in which they concentrate on deeply felt
personal concerns and pet peeves
 Symbolic analysis is a technique used by depth interviewers in which deeper symbolic meanings are probed
by asking questions about their opposites

2. Focus Groups
 An interactive group discussion lead by a moderator
 Unstructured (or loosely structured) discussion where the moderator encourages the free flow of ideas
 Usually 8 to 12 members in the group who fit the profile of the target group or consumer but may consist of
two interviewees (a dyad) or three interviewees (a triad) or a lesser number of participants (known as a
mini-group)
 Usually last for 1 to 2 hours
 Usually recorded on video/DVD
 May be streamed via a closed streaming service for remote viewing of the proceedings
 The room usually has a large window with one-way glass - participants cannot see out, but the researchers
can see in
 Inexpensive and fast
 Can use computer and internet technology for on-line focus groups
 Respondents feel a group pressure to conform
 Group dynamics is useful in developing new streams of thought and covering an issue thoroughly
 See focus group for a more detailed description

3. Projective Techniques
 These are unstructured prompts or stimulus that encourage the respondent to project their underlying
motivations, beliefs, attitudes, or feelings onto an ambiguous situation
 They are all indirect techniques that attempt to disguise the purpose of the research
 Examples of projective techniques include:
 Word association - say the first word that comes to mind after hearing a word - only some of the words in the
list are test words that the researcher is interested in, the rest are fillers - is useful in testing brand names -
variants include chain word association and controlled word association
 Sentence completion - respondents are given incomplete sentences and asked to complete them
 Story completion - respondents are given part of a story and are asked to complete it
 Cartoon tests - pictures of cartoon characters are shown in a specific situation and with dialogue balloons - one
of the dialogue balloons is empty and the respondent is asked to fill it in
 Thematic apperception tests - respondents are shown a picture (or series of pictures) and asked to make up a
story about the picture(s)
 Role playing - respondents are asked to play the role of someone else - researchers assume that subjects will
project their own feelings or behaviors into the role
 Third-person technique - a verbal or visual representation of an individual and his/her situation is presented to
the respondent - the respondent is asked to relate the attitudes or feelings of that person - researchers assume
that talking in the third person will minimize the social pressure to give standard or politically correct responses

4. Random Probability Sampling
 This type of qualitative research conducts random interviews within a defined universe, e.g. a city- to
understand consumer behavior beyond basic age-gender variables.
 Examples of random sample interviewing include telephone interviewing, mailing-questionnaire's/booklets,
personal interviewing,
 Consumer response for this type of qualitative research could be product usage, personal opinion, events
and activities consumers participate in.
 One key benefit of the random probability sampling technique is the ability to project your results as they
are reflected back to or representative of your universe. For example how many consumers in a city are
republican, democrat, independent, or indifferent.

Quantitative Market Research
Quantitative marketing research is the application of quantitative research techniques to the field of
marketing. It has roots in both the positivist view of the world, and the modern marketing viewpoint that
marketing is an interactive process in which both the buyer and seller reach a satisfying agreement on the
\"four Ps\" of marketing: Product, Price, Place (location) and Promotion.
As a social research method, it typically involves the construction of questionnaires and scales. People who
respond (respondents) are asked to complete the survey. Marketers use the information so obtained to
understand the needs of individuals in the marketplace, and to create strategies and marketing plans.
There are five major and important steps involved in the research process:
1. Defining the Problem
2. Research Design
3. Data Collection
4. Analysis
5. Report Writing & presentation

International Market Research
International Marketing Research follows the same path as domestic research, but there are a few more
problems that may arise. Customers in international markets may have very different customs, cultures,
and expectations from the same company. In this case, secondary information must be collected from each
separate country and then combined, or compared. This is time consuming and can be confusing.
International Marketing Research relies more on primary data rather than secondary information. Gathering
the primary data can be hindered by language, literacy and access to technology.

About TransVisionary Solutions
TransVisionary Solutions (TVS) is a leading market research and information analysis company with a global
presence. We focus on delivering high quality research services to business professionals, organizations and
individuals, thus supporting in maximizing success from the current industry information.
We bring first-hand information and prudent analysis on various industries, technologies market
parameters, potential markets, and key competitors in the industry and give rational forecast on market
trends to help clients identify prospective growth areas and gain competitive edge.
We make company-specific reports to give an insight into a company's operations, financials, market
position, and its core competencies.
Our Company Profile is a more thorough study of a company that provides detailed account on the industry
in which the company is operating. Apart from the aspects covered in company analysis, we identify
business strategies being used by the company to give a competitive insight to the client.
Company Insight is a more intense study of a company and offers precise information on it. We do
comparative analysis of the company to identify its competitive advantages.

Team Profile
Our experienced team of market analysts has expertise in different industries and sectors. The research
analysts gather, identify, and analyze the most reliable information and data to give an insight into the
market. Our expert content researchers and developers are responsible for the development and promotion
of research work.

Types of Market Research we do
1. Qualitative Primary Research
Qualitative primary research involves gathering information from interviews or focus groups.
 Open-ended interviews include questions that cannot be answered with a yes or no. You can get a lot
of information from such interviews and also find out about the dislikes, likes, requirements, trends
and emotional motivators of your primary market
 A focus group should ideally be led by experienced professionals who can lead a group of 6 or more
people and ask them both general and specific questions. Since trained professionals are required to
handle focus groups, they are very expensive
2. Quantitative Primary Research
Quantitative primary research involves the collection of numerical information from surveys. This
information is then analyzed.
 Surveys can provide you with the information you require if the survey has meaningful questions.
More people would be willing to take a survey as it takes less time. The cheapest and easiest way of
conducting a survey is through the telephone and on the place where your product is being sold
CATI Surveys
The best way to out beat competition is to listen to your consumers. Although there are several methods
of collecting reliable data from your customers, most data collection is conducted through CATI
(Computer aided telephone interviews) which are cost-effective as well as reliable. CATI/Telephone
surveys are the most effective method of collecting data from customers.

Our Market Research Services
1. Data Collection
We collect the data from the following methods.
 Web surveys – design, development and hosting
 Telephone surveys
 Email surveys
 Secondary data collection
 Mystery shopping
2. Data Tabulation
Data is undoubtedly the source of the decision making process today. However, data collected and coded
is not useful if it does not reflect any information. Data coding ensures the data is transformed to reflect
and conclude the results. The data is tabulated to reveal the emotions.
3. Questionnaire Designing
When we design a questionnaire we cover:
 Question Focus - specific questions directed at what you want to know.
 Not limiting the options respondents can choose from - ensuring all possibilities are covered.
 Keeping questions brief - long questions can be confusing.
 Keeping questions clear - using simple vocabulary and avoiding complicated sentences.
 Not including leading or loaded questions – reducing biased responses.
 Ensuring questions can be easily answered – gets reliable information and removes frustration.

Our Market Research Services -
Continues
4. Data Analysis
We do analysis on following methods.
 Statistical analysis using standard packages
 Cross tabulation
 Significance testing
 ANOVA
 Weighting
 Conjoint analysis
 Regression & Correlation
We have expertise in using all the common research and analysis tool like SPSS and also in using
different functionalities of MS Excel.
5. Reporting
Marketing research succeeds only when results are synthesized into actionable, user-friendly reports
quickly distributed to the managers most able to affect change.
We provide the reports in the following format.
 Plotting and charting of tabulated data
 Document submission in various formats, i.e. PDF, HTML, XML, word and PowerPoint

Secondary Research Resources
Secondary research is more economical and easier to do when compared to primary research. Here you will
have to analyze the information that has been collected for some other reason. You can find the data that
you require through a set of articles, demographic/ statistical data, studies etc.
Our web research professionals extensively use the internet to access secondary data sources, as most
articles, data or press releases are available online. Our online research professionals then evaluate your
political, social, economic factors. We can also conduct an assessment of your competitors and analyze your
target markets.
The web research team obtains secondary research from a wide array of resources, such as the following:
 Discussion groups
 Books and publications
 Magazines and newspapers
 Wholesalers and manufacturers
 Libraries and other public information centers
 Media representatives
 Competitors
 Business information centers
 Trade associations
 Regional planning organizations

Contact Details
TransVisionary Solutions LLC
220 Evelyn Street
Cheyenne, WY 82007 1031
URL: www.transvisionarysolutions.com
Contact Person
Alex Mithun: 612-325-1985, Email: alex@transvisionarysolutions.com
David Jones: 310-690-2020, Email: david@transvisionarysolutions.com, david@tvcsp.com
Fax: +1-269-585-6022