Empowering your decisions with data-driven insights
In the twentieth century, market research interview was accepted as the main vehicle for collecting information, and survey companies
blossomed. Managers had objective and systematically collected data to help them understand what people were doing with or thinking about their products.
Then after attitudinal research moved to a different level, surveys were developed to track customer satisfaction. In 21st century, computing power has become cheaper and more powerful.
The emphasis has turned to ‘squeezing’ data for more insights, using models such as factor and cluster analysis for segmentation, conjoint analysis for pricing decisions, data fusion to fill in missing data gaps, and geo-mapping to find the best locations for retailing or distribution.
Managers always make decisions based on their experience, the facts known to them internally, and their intuition. Nothing wrong with intuition, and using ‘common sense’ is a natural part of decision-making in business. However, where the decisions require large financial resources and the costs of failure are high, decision-making is needed based on robust and reliable data.
CQR is here for you, and we know companies operating in large and international markets that are changing apace cannot rely on anecdotal and intuitive approaches to decision-making. The purpose of market research is to reduce business risk.
Surprisingly, major investments and strategic decisions are still made without adequate information. The reasons for this may include some professional failures on the part of market research practitioners, such as an inability or unwillingness to be involved in decision-making, as well as differences in corporate cultures. Market research is almost standard practice to aid in making large decisions in the present business world.
CQR research can show the likelihood of the adoption of new products. We explore unmet needs and provide an understanding of unfamiliar markets. We can measure customer satisfaction to determine how to maintain a competitive edge and help to find new territories for products or services.
CQR explores the unmet needs for the new product and helps estimate the likely demand. It could be used to set prices and shape the specification of the product. We can support you in building a brand through market research. Market research is also widely used in opinion polls (for political marketing), social issues and policy making, and personnel management (for example, employee attitude surveys).