Get Your Market Research Done in Kolkata for just 50% of Market Price

Kolkata or Calcutta, is one of the prominent business hubs in the Eastern parts of India. It is not just the gateway to the state of WB, Orrisa, Bihar, Jharkhand but also to the wider North Eastern region. Since pre-independent times, the city has played an important role in Indian business and economy.

The size of the economy of Kolkata is around USD 160 billion (2020), which places it in the top-5 metros of India. It is home to a wide range of flourishing industries such as metal, mining, textile, jute, power generation, defence, pharma, banking, IT, ITeS, etc. Many large PSUs such as Coal India Limited, Hindustan Copper, Ordinance Factory Board, Damodar Valley Corporation, Geological Survey of India, Tea Board, etc. have their head offices in India. Numerous public sector banks and insurance companies have their head-offices in Kolkata.

In addition to the public sector run entities, Kolkata is also home to a flourishing private sector. As per Ambition Box, there are around 31,000 registered business in the city. Many companies such as KPMG, PWC, CESC, RPG Group, Tata Tea, IHCL have offices in Kolkata. The city is the regional hub of the IT sector in East India with a host of enterprises such as Cognizant, TCS, IBM, Wipro, Mindtree, etc. Most of the IT ventures are located in the Salt Lake Newton area, which is the key business district of the city.

As existing businesses are growing in Kolkata and new businesses will also enter, there will be greater demand for specialized services such as market research. By availing market research services, business in Kolkata can get access to valuable data, insights, and perspectives. This will help them to make better decisions and gain advantages.

One thing never changes in a marketing or commercial setting where change is the norm: the importance of Market Research. Marketing research may be a valuable instrument for organizations to enhance the efficacy of their marketing strategy and leverage data for decision-making. You wouldn't plan a trip without any planning, and the same goes for creating marketing tactics that aren't supported by data and study. To put it briefly, the foundation of well-informed business and marketing decisions is the marketing research process.

Because it requires a significant time and occasionally financial investment, you might be shocked to learn that one of the first items firms remove from their marketing budgets is marketing research. This is not the wisest course of action, particularly if your business intends to introduce a new product or enter a new market.

What Are The Best Five-Step Market Research Process In Kolkata?

1. Understand And Know All The Problems As Well As Opportunities

The most important phase in the Market Research Services and it’s process is identifying the problem. Before you start any type of study or data collecting, you need to be certain about the research questions you aim to answer. Determining the problem that needs to be solved in marketing research will assist you in determining what information you require and how to get it. This will help your business determine the primary problem or opportunity, such how to effectively address losing market share or launch a new product in a certain market niche.

Create questions that help you define your problem (or opportunity) properly, look into all plausible explanations, and focus your research on the information you actually need to solve the problem or decide which course of action to take in regard to the opportunity. Consider as many variables and likely causes as you can.

Read More: Customer Research Decoded

2. Time To Develop Your Market Research Planning

It's time to create a research strategy now that you've investigated every explanation for the problem and have focused your research question on the main cause of the issue. Developing a Market Research plan can be challenging since it includes any strategy that might help answer the research question or look into a possible direction that was identified in the initial stage.

• Few Steps For Conducting Research:

Step 1: Determine the issue.

Step2: Assess the Available Literature.

Step 3: Form Conjectures.

Step 4: Designing the Research.

Step 5: Describe the population in.

Step 6: Gathering Information.

Step 7: Data analysis.

Step 8: Composing the Report.

3. Collection Of Appropriate Data and Information

Unlike qualitative data, which is descriptive and observational, most of the data you gather for marketing research will be quantitative, or in the form of figures or numbers. Combining the two types of information is the best way to gather it. As part of that research study, you may also conduct a number of customer interviews to determine whether or not they would find the new pricing tier acceptable. This gives you more context and meaning from both quantitative and qualitative data.

Make sure the information you collect is accurate and unbiased. Try asking both open-ended and closed-ended questions.

4. Investigate All The Data and Report Findings

Now that all the information has been gathered, it's time for the fun part: data analysis. Even if a single statistic or data could grab your attention, it's more important to look for trends than for individual facts. Refrain from attempting to find patterns in your data analysis that are based on ideas you had before collecting the data.

Sometimes it's important to put up a Market Research Services summary that covers the methodology, results, conclusions, and recommendations for next steps based on the findings. Examine the study and results even if you don't require a formal marketing research report so you can clearly state the recommended course of action.

5. Execution Of The Research Work

Your research is now complete. This is the time to present your findings and decide. Start developing your inbound marketing strategies and tactics. Go ahead and test your outcomes now! The most crucial thing to take away from this is that, even if the present study cycle is completed, it is not yet complete.

Since the problems, the business environment, and the trends are always shifting, your study is never done. The Market Research Services In Kolkata trends that your analysis uncovered are evolving. Regular data analysis will point up areas that need work. Your company and marketing initiatives will have a better understanding of your business, industry, and client profiles. When you look at it that way, you have to wonder why a large number of companies refuse to devote resources, both financial and human, to marketing research.

Conclusion

Businesses may obtain useful insights and information from Market Research Services In Kolkata that is essential for making informed decisions. A thorough, methodical approach is necessary for doing effective marketing research.

These five essential phases are just the beginning of the marketing research process; there are many more processes involved. Good luck and for any further assistance, feel free to drop us a mail at info@theindiawatch.com.

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