With every aspect and decision of business dictated by perceived knowledge of the markets in which they operate, understanding what kinds of data there are, how it is collected and finally its analysis make market research an essential tool for the future development of businesses in Mongolia.
On Wednesday the 13th of May 2015, Mr. Christopher de Gruben, MRICS, Managing Partner of M.A.D and Miss Munkhshur Erdenebat, Senior Research Analyst at M.A.D. presented “an introduction to market research” to an audience of approximately 50 business man and woman during the inaugural BCM Knowledge Share event.
The presentation was held in central Ulaanbaatar and focused on explaining the types of data available, the methods of collection with its pros and cons, an overview of the ethics involved in data collection and finally how to analyse this data. The session involved considerable group work amongst the attendees which culminated in presentations from the various groups to the rest of the room.
Market research is any organised effort to gather information about target markets or customers. 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.
Market research is a key factor in maintaining competitiveness over competitors. Market research provides important information to identify and analyse the market need, market size and competition. Market research, which includes social and opinion research, is the systematic gathering and interpretation of information about individuals or organisations using statistical and analytical methods and techniques of the applied social sciences to gain insight or support decision making. The presentation, its transcript and a summary is now available to download freely from the BCM website.