Contemporary Market Research
Market research in today’s contemporary world aims mostly at data collection for a particular need or a requirement for studying a behavioural pattern by a consumer for a good or a service.
The nature of the need for market research is highly dynamic as consumer behaviour today is under an influence of large online and off line advertising via various media channels. Today’s consumer mind is exposed to a “brands” which about a decade ago used to be in the “brand recall” list of a very miniscule population wherever the same was studied.
Technically market research today is no more “localized” but is more globalized and urbanized. Factors influencing the market research data collection are majorly aimed at getting speedy responses from the targeted respondents. Most responses are may be physically or telephonically collected from specified locations by designated personnel. Many times due to unavailability of desired respondent profile or time constraints or due to any environmental factor, data collection timelines get exceeded. Some of these limitations can be overcome by sending out mass emails for online survey data collection. This type of survey may only be possible if the respondent is exposed to the internet and has an “inherent” willingness” to participate in the research process. However identifying the authenticity of such respondents and further the authenticity and the accuracy of the information obtained from them is a challenge which researchers face today.
Online survey and email survey data collection is by the simplest and the most economical methods of data collection today.
Market research in the west is done mainly through the online method. The major advantage is that a researcher can reach a large sample of respondents in a shorter span of time.
Another method of doing a market research today is the usage of social media for doing both primary and secondary research. Applications of social media strategies for doing market research are one of the high response areas in contemporary market research