Through market research, we link the consumer, customer, and public to you through the information used to identify and define marketing opportunities and problems. This is done to generate, refine, and evaluate marketing actions; and improve understanding of marketing as a process and how specific marketing activities can be made more effective for your business.
Market research can only tell you what has happened, not what will happen, but knowing what has happened in previous years can benefit your business. It can help you avoid any mistakes other companies have made before.
There are two types of research that we undergo; Competitor analysis & Competition analysis. One is a problem identification research, and the other is problem-solving research.
Problem identification research is carried out to identify problems that are not necessarily apparent on the surface and yet exist or are likely to arise in the future for your business.
Whereas, problem-solving research is undertaken to help solve specific marketing problems that your business could face, such as segmentation, product, pricing, promotion, and distribution research compared to your competition.