Before starting out on the journey of commissioning market research, it is always wise to see if there are any existing published reports or industry analysis on sites such as Research & Markets.
The following excerpt is from their latest market research report looking at the market research industry in India:
The need to conduct market research has changed over the years primarily driven by globalization, and rise in competition, among other factors. The marketing function, which was earlier restricted to creating awareness and building differentiators among products, has expanded and become central to the creation of these new products.
Large corporates are now spending anywhere from $5m to $100m on market research and analysis. Research agencies too have tried to complement the changing needs of clients with professional management, consolidation and creation of value through both delivery mechanisms and interpretation. The increasing use of technology has led to standardization and consolidation in the research industry, thus preparing the ground for greater outsourcing.
Going forward, Indian market research companies are poised to move from research back-office operations to becoming strategic partners in executing research. It is predicted that partnering with other entities in the market research value chain e.g. high-end analytics services, will be aggressively undertaken by Indian market research companies in 2009.
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