Copernicus Market Research

Copernicus Market research is a highly organized effort to gather information about markets, trends, customers or competitors. It is a very important component of business strategy. The term is commonly interchanged with marketing research; however, expert practitioners may wish to draw a distinction, in that marketing research is concerned specifically about marketing processes, while market research is concerned specifically with markets. As members of the Market Research Society (membership no 02179555) Copernicus is committed to delivering the highest possible levels of service, quality data and experienced interpretation on behalf of our clients.

market research society logo Market Research is a systematic, objective collection and analysis of data about a particular target market, competition, and/or environment. It always incorporates some form of data collection whether it be secondary research (often referred to as desk research) or primary research which is collected direct from a respondent.

The purpose of any market research project is to achieve an increased understanding of the subject matter. With markets throughout the world becoming increasingly more competitive, market research is now on the agenda of many organisations, irrespective of size or industry.

The Market Research Process

Before we begin any research project, either as a natural part of a strategic review, a new international market entry plan or a new product launch it is crucial to define the research objectives i.e. what are you trying to achieve from the research? What do you need to know?

After considering the objectives we will utilise many types of research techniques and methodologies to capture the data that we require. All of the available methodologies either collect quantitative or qualitative information. The use of each very much depends on the research objectives however in most instances the results are most useful when the two methods are combined.

Quantitative Research

Quantitative research is numerically oriented, requires significant attention to the measurement of market phenomena and often involves statistical analysis. For example, a bank might ask its customers to rate its overall service as either excellent, good, poor or very poor. This will provide quantitative information that can be analysed statistically. The main rule with quantitative research is that every respondent is asked the same series of questions. The approach is very structured and normally involves large numbers of interviews/questionnaires.

Perhaps the most common quantitative technique is the ‘market research survey’. These are basically projects that involve the collection of data from multiple cases – such as consumers or a set of products. Quantitative surveys can be conducted by using post (self-completion), face-to-face (in-street or in-home), telephone, email or web techniques. The questionnaire is one of the more common tools for collecting data from a survey, but it is only one of a wide ranging set of data collection aids.

Qualitative Research

Qualitative research provides an understanding of how or why things are as they are. For example, a Market Researcher may stop a consumer who has purchased a particular type of computer and ask him or her why that type of computer was chosen. Unlike quantitative research there are no fixed set of questions but, instead, a topic guide (or discussion guide) is used to explore various issues in-depth. The discussion between the interviewer (or moderator) and the respondent is largely determined by the respondents' own thoughts and feelings.

As with quantitative techniques, there are also various types of qualitative methodologies. Research of this sort is mostly done face-to-face. One of the best-known techniques is market research group discussions (or focus groups). These are usually made up of 6 to 8 targeted respondents, a research moderator whose role is to ask the required questions, draw out answers, and encourage discussion, and an observation area usually behind one way mirrors, and video and/or audio taping facilities.

Copernicus approaches every project with a completely open mind and with one clear aim - to provide factual data on which to make strategic decisions. We have considerable experience in on and off line surveys and market research for B2C and B2B clients, all as part of the Copernicus Guide to Success business enhancement programme.

Using Market Research Data

After compiling the data, we will evaluate it and make conclusions and recommendations to our client based upon the findings. We will provide a client with information needed to make decisions on the promotion, distribution, design, and pricing of products or services – information that meets the initial research objectives.

Grant Eligibility

Depending on your individual business circumstances and the nature and type of the project involved, there are substantial UK and EU grants available to businesses using the Copernicus market research scheme for business expansion, particularly in to new export markets.

If you are considering what the next step forward for your business should be, make sure it is in a direction based on hard facts. Contact us today for a free exploratory discussion info@copernicus-consulting.com