Market research is a solid foundation for all Brand Management activities . From new product development, to building marketing campaigns, to brand reputation management, all need to be based on detailed and accurate information obtained from market research.
What is market analysis? Importance and role in business
Market analysis is an indispensable tool for any business that wants to succeed. It is like a road map, helping businesses orient and make the right business decisions. So what is market research and why is it so important?
Definition of market research
Market research is the process of collecting, analyzing, and interpreting data related to markets, customers, competitors, and the business environment. The goal of market research is to provide detailed, reliable information to support strategic business decisions.
For example, a beverage company wants to launch a new product. Before launching the product, they will conduct market research to learn about consumer preferences and needs, evaluate competitors, and analyze market trends. From there, the company can adjust its product and marketing strategy accordingly.
Why is market analysis important for business?
Market analysis plays an important role in:
- Understand customers: When understanding consumer behavior , businesses can create products/services that meet the real needs of customers.
- Make accurate decisions: Based on market data , businesses can make effective investment, production, and marketing decisions.
- Building a competitive strategy: Competitor analysis helps businesses identify competitors' strengths and weaknesses and build competitive advantages.
- New Product Development: Market research helps businesses discover new market trends and business opportunities.
- Performance Evaluation: Data analytics helps businesses evaluate the effectiveness of marketing campaigns and business operations.
In short, market analysis is an indispensable process to help businesses make informed business decisions and achieve sustainable success. Just as a sailor needs a compass to navigate, businesses need market research to find the right path.
To better understand the importance of market analysis, imagine you are standing in front of a giant door. Behind that door is a huge treasure, but you do not know how to open it. Market analysis is the key that helps you open that door and discover endless opportunities.
Common types of market analysis
When conducting market analysis , you will encounter many different types, each with its own characteristics and applications. Let's explore the most common types of market analysis :
1. Quantitative and qualitative analysis
- Quantitative Analysis: Based on numbers, statistics and measurable data. It helps you answer questions like “How much?”, “How often?”, “What percentage?”.
- For example: Customer satisfaction surveys, sales statistics, consumer trend analysis.
- Qualitative Analysis: Based on the views, opinions and feelings of the participants. It helps you gain deeper understanding of your customers' motivations, reasons and emotions.
- Examples: In-depth customer interviews, focus groups, observations of shopping behavior.
2. Primary and secondary analysis
- Primary Analysis: Collecting data directly from the original source, such as surveys, interviews, observations. This is new data, collected specifically for your research purposes.
- Secondary Analysis: Using data that has been collected and published before, such as market reports, government data, newspaper articles. This is readily available data, saving time and money.
3. SWOT, PEST, Porter's Five Forces analysis
- SWOT Analysis: Assess the strengths, weaknesses, opportunities and threats of a business.
- PEST Analysis: Evaluates the political, economic, social and technological factors affecting the market.
- Porter's Five Forces Analysis: Evaluates the level of industry competition through five forces: rivalry among existing firms, threat of new entrants, bargaining power of buyers, bargaining power of sellers, and threat of substitute products.
Each type of analysis has its own advantages and disadvantages, and you can combine them to get a comprehensive picture of the market.
For example, to launch a new product, you might use quantitative analysis to determine market demand, qualitative analysis to gain insight into customer purchasing motivations, SWOT analysis to assess your business's competitiveness, and PEST analysis to assess external factors influencing the market.
By combining different types of analysis, you can make informed and effective business decisions. Remember, each type of analysis has its own value and should be used appropriately for your research goals.
Effective market analysis support tool
To conduct a professional and effective market analysis , you need the support of the right tools. These tools will help you collect, process and analyze data quickly and accurately.
1. Specialized data analysis software
- Google Analytics: This is a free and powerful tool that provides detailed information about website traffic, user behavior, and the effectiveness of marketing campaigns. Google Analytics is an indispensable tool for any business that wants to better understand its customers.
- SPSS: Is a specialized statistical software, widely used in market research . SPSS helps you perform complex analyses such as regression, factor analysis, clustering.
- Excel: Although it is a spreadsheet software, Excel is still an extremely useful tool for data analysis . With functions and calculation formulas, you can easily create tables and graphs to visualize data.
2. Convenient online survey tool
- SurveyMonkey: One of the most popular online survey platforms, it offers a variety of pre-made survey templates and allows you to customize them according to your needs.
- Typeform: Featuring a beautiful interface and smooth user experience, Typeform helps you create engaging surveys and attract more participants.
3. Social data analysis tools
- Hootsuite: More than just a social media management tool, Hootsuite also offers data analytics features that help you measure the effectiveness of your posts, user engagement, and track social media trends.
- Buffer: Similar to Hootsuite, Buffer also offers data analytics features that help you better understand your audience and measure the effectiveness of your social media marketing campaigns.
Choosing the right tool depends on the scope and goals of your research. If you just need to analyze website data, Google Analytics is a great choice. If you need to perform complex statistical analysis, SPSS will be a useful tool. If you want to create online surveys, SurveyMonkey or Typeform are good options to consider.
In addition, there are many other market analysis tools on the market, such as Tableau, Power BI, Adobe Analytics... You can learn more and choose the tool that best suits your needs.
Imagine you are driving a car. Market analysis tools are your compass, helping you navigate and make the right decisions on your business journey.
Detailed market analysis process
Market analysis is a systematic process that helps businesses better understand their markets, customers, and competitors. To conduct an effective market analysis , you need to follow these steps:
Step 1: Define clear market research goals
Before you begin, it is important to clearly define the objectives of your market research . What do you want to learn? The answer to this question will shape your entire research process. Some typical research objectives include:
- Understand customers: Learn about customers' needs, preferences, and shopping behaviors.
- Market assessment: Determine market size, growth rate, development trends.
- Competitor analysis: Compare competitors' products, services, and marketing strategies.
- Evaluate marketing campaign effectiveness: Measure the impact of marketing campaigns on sales and brand image.
Step 2: Collect market data from various sources
Data is the foundation of any market analysis . There are many data sources you can tap into, including:
- Primary data: Data collected directly from customers through methods such as surveys, interviews, focus groups.
- Secondary data: Data that has been collected and published by other organizations, such as market reports, government statistics, data from search engines.
Tools to support data collection:
- Google Analytics: Used to analyze user behavior on the website.
- Social Media Listening Tools: Used to monitor discussions about brands and products on social media.
- SurveyMonkey, Google Forms: Used to create and deploy online surveys.
Step 3: Analyze data to find valuable information
Once you have collected enough data, the next step is to analyze the data to find valuable information. You can use statistical analysis tools such as:
- Excel: Used to create spreadsheets and perform simple calculations.
- SPSS, SAS: Used to analyze complex data and build predictive models.
Data analysis techniques:
- Descriptive analysis: Describes basic characteristics of data, such as mean, standard deviation.
- Correlation analysis: Assesses the relationship between variables.
- Regression Analysis: Predicting the value of one variable based on the values of other variables.
Step 4: Present the analysis results effectively
The results of market analysis should be presented in a clear, concise and easy-to-understand manner. You can use the following presentation formats:
- Report: Presents detailed research results, including tables and graphs.
- Presentation: Use slides to make a concise and visual presentation.
- Infographic: Use images and charts to convey information vividly.
Factors to consider when presenting:
- Brief summary: State the research objectives, key findings, and recommendations.
- Use illustrations: Make the report more vivid and easier to understand.
- Avoid using too much technical jargon: Use simple language that is easy for people to understand.
Market analysis is an important process that helps businesses make the right business decisions. By following the above steps and using the right support tools, you can conduct an effective market research and gain valuable information.
Market Analysis Service Price List
Market analysis is an indispensable service for businesses that want to succeed. However, many people are still unclear about the price of this service. In this article, we will learn about the price list of market analysis services and the factors that affect the price.
Factors affecting market analysis service prices
The price of market analysis services depends on many factors, including:
- Research size: The larger and more complex the research, the higher the price.
- Research Scope: How many markets, subjects, and other factors should the research cover?
- Research method: Use quantitative or qualitative methods, direct or indirect surveys.
- Time to complete: The shorter the time to complete the study, the higher the price.
- Data complexity: The more difficult the data is to collect and analyze, the higher the price.
- Researcher Qualification: Researchers with experience and expertise will command a higher price.
- Geographic location: The location of the business and service provider also affects prices.
Reference price list
Below is a reference price list for popular market analysis services :
|
Service |
Average price |
|
Online Survey |
5 - 10 million VND |
|
In-depth interview |
10 - 20 million VND |
|
Discussion Group |
15 - 30 million VND |
|
Data Analysis |
5 - 15 million VND |
|
Market research report |
10 - 50 million VND |
Note: These are just reference prices and may vary depending on the above factors. To know the exact price of market analysis services that suit your needs, please contact the service providers directly.
By understanding the factors that influence the price of market analysis services and applying cost-saving methods, you can choose the service that fits your budget.
Remember, market analysis is an important investment in the growth of your business. Choosing a reputable and quality service provider will help you achieve the best results.
Brand Manager Specializing in Providing Consulting Services on Market Research
Brand Manager is an important position in any business, especially in today's fiercely competitive era. They are responsible for building and managing the brand, ensuring that the brand is recognized and loved by customers. One of the important tasks of a Brand Manager is market analysis .
The Role of Brand Manager in Market Research
Brand Managers play a central role in market analysis . They are the link between the brand and the market, helping businesses better understand customers, competitors and market trends. Some of the key roles of Brand Managers in market analysis include:
- Identify research objectives: Brand Managers must clearly define the questions that the research needs to answer to ensure that the research brings value to the business.
- Choosing a research method: The Brand Manager must decide on the most appropriate research method, such as surveys, interviews, observations, or secondary data analysis.
- Data Collection and Analysis: Brand Managers must ensure that data is collected accurately and reliably. They must then analyze the data to find useful information.
- Make recommendations: Based on the results of market analysis , the Brand Manager must make strategic recommendations for the business.
Why do we need a specialized Brand Manager?
A Brand Manager with a background in market analysis can bring many benefits to a business. They have in-depth knowledge of research methods, analytical tools, and how to interpret data. This helps them make more accurate and effective recommendations.
In addition, a specialized Brand Manager is also able to build good relationships with market analysis service providers . This helps businesses save time and costs when needing to hire outside services.
In short, a Brand Manager with a background in market analysis is a valuable asset to any business. They can help businesses better understand the market, make informed business decisions, and build a strong brand.